Maplebear Inc (CART) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Instacart's fourth quarter and full year 2024 financial results conference call. (Operator Instructions) Please be advised that today is being recorded.

您好，感謝您的支持。歡迎參加 Instacart 2024 年第四季和全年財務業績電話會議。（操作員指示）請注意，今天正在被記錄。

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

現在，我想將會議交給投資者關係、資本市場和財務副總裁 Rebecca Yoshiyama。請繼續。

Thank you, operator, and welcome, everyone, to Instacart's fourth quarter and full year 2024 earnings call. On the call with me today are Fidji Simo, our Chief Executive Officer; and Emily Reuter, our Chief Financial Officer.

謝謝接線員，歡迎大家參加 Instacart 2024 年第四季和全年財報電話會議。今天與我一起通話的是我們的執行長 Fidji Simo；以及我們的財務長 Emily Reuter。

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 and share repurchases. These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated.

在今天的電話會議中，我們將就我們的業務計劃和策略、食品雜貨行業的發展以及我們未來的業績和前景做出前瞻性陳述，包括我們對財務業績和股票回購的預期。這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與預期結果有重大差異。

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. In addition, we'll 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.

您可以在我們向美國證券交易委員會提交的最新 10-Q 表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，否則我們不承擔在今天的電話會議後更新這些聲明的義務。此外，我們還將討論某些非 GAAP 財務指標，這些指標有局限性，不應孤立地考慮或取代我們的 GAAP 結果。

A reconciliation between the GAAP and non-GAAP financial measures is included in our shareholder letter, which can be found on our Investor Relations website.

我們的股東信中包含了 GAAP 和非 GAAP 財務指標之間的對賬，您可以在我們的投資者關係網站上找到。

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

現在，我將把電話交給 Fidji，請她致開場白。

Thanks, Rebecca, and hello, everyone. I hope you had a chance to read my shareholder letter, where I highlighted our strong finish to 2024 and the positive momentum we're carrying into 2025. As a category leader in a massive and underpenetrated market, we're not just focused on leading in terms of share of sales but also by setting the pace for innovation and growth. And for us, these things go hand in hand. The more we innovate is more indispensable or platform becomes for customers, retailers and brands.

謝謝，麗貝卡，大家好。我希望您有機會閱讀我的股東信，其中我強調了我們在 2024 年取得的強勁成績以及我們在 2025 年保持的積極勢頭。作為龐大且滲透率較低的市場的行業領導者，我們不僅專注於在銷售份額方面領先，還致力於設定創新和成長的步伐。對我們來說，這些事情是相輔相成的。我們的創新越多，平台對於客戶、零售商和品牌就越不可或缺。

Let me share a few recent examples of how we are delivering on this promise. First, for our customers, we are laser focused on becoming an even bigger part of their everyday lives.

讓我分享一些最近的例子來說明我們如何兌現這項承諾。首先，對於我們的客戶，我們致力於成為他們日常生活中更重要的一部分。

In the past year, we launched new service options like Super Sabre and free pickup, expanded family accounts to all users and continuously optimize our marketing and incentive programs. Additionally, our continued momentum with restaurants and the rollout of our industry-leading $10 minimum basket has given customers more reasons to choose Instacart whether that's for delivery from hundreds of thousands of restaurants nationwide or incremental top-up grocery orders. Our efforts have paid off.

在過去的一年裡，我們推出了超級軍刀和免費接送等新的服務選項，將家庭帳戶擴展到所有用戶，並不斷優化我們的行銷和激勵計劃。此外，我們在餐廳業務上的持續發展勢頭以及我們行業領先的 10 美元最低購物籃的推出，讓客戶有更多理由選擇 Instacart，無論是從全國數十萬家餐廳送貨還是增量充值雜貨訂單。我們的努力得到了回報。

We've grown the overall number of people who use Instacart in the past year and drove quarterly users to on order monthly and monthly users to order weekly at faster rates year over year. In addition to growing order frequency, we also offered more value to our Instacart Plus members who are growing faster than monthly users and remain our most loyal and engaged audience.

在過去的一年裡，我們增加了使用 Instacart 的人數，並推動季度用戶從每月訂購變為每月訂購，每月用戶從每週訂購變為每週訂購，而且速度逐年加快。除了增加訂單頻率之外，我們還為 Instacart Plus 會員提供了更多價值，他們的成長速度比月度用戶更快，並且仍然是我們最忠誠和最投入的受眾。

Now for our retail partners. We are committed to helping them better meet our customers' needs, no matter where or how they choose to shop. With grocery prices increasing over 25% since 2019, the need to innovate and enable savings for customers has never been greater. That's why we've built industry-leading solutions such as EBT Snap acceptance, loyalty program integrations, and digital flyers, each of which now covers over 80% of our GTV.

現在介紹一下我們的零售合作夥伴。我們致力於幫助他們更好地滿足客戶的需求，無論他們選擇在哪裡或如何購物。自 2019 年以來，食品雜貨價格上漲了 25% 以上，創新和為顧客省錢的需求從未如此強烈。這就是為什麼我們建立了業界領先的解決方案，例如 EBT Snap 接受度、忠誠度計畫整合和數位傳單，每個解決方案現在都涵蓋了我們 80% 以上的 GTV。

We also continue to encourage growers to move to price parity with our stores as we see that the ones that do have grown much faster on our platform. Recently, Kroger introduced same as in-store pricing on items featured in their weekly ad and Snacks and Heritage Grocers Group both moved to price parity chain-wide and across all items, too. The solution we built don't just benefit to more than 1,800 retail banners in our marketplace, but also the approximately 600 enterprise forefront that we power.

我們也繼續鼓勵種植者與我們的商店實現價格平價，因為我們發現這樣做的種植者在我們的平台上發展得更快。最近，Kroger 對其每週廣告中推薦的商品實施與店內相同的定價，而 Snacks 和 Heritage Grocers Group 也都在整個連鎖店內對所有商品實施價格平價。我們建構的解決方案不僅使我們市場上的 1,800 多家零售店受益，還使我們支持的約 600 家企業受益。

Thanks to our investments in our enterprise solutions, we've driven double-digit percentage point increases in growth for the majority of retailers following their upgrades to our latest stock on technologies, and we are onboarding more new retailers to our enterprise solutions than in the past. In fact, in 2024, we launched certain net new retailer sites more than double the year before. By empowering retailers to grow their businesses, we are expanding our scale and making our technology and service even stronger and more efficient.

由於我們對企業解決方案的投資，在大多數零售商升級到我們最新的技術庫存後，我們的成長實現了兩位數的百分點成長，與過去相比，我們正在為更多的新零售商提供企業解決方案。事實上，到 2024 年，我們推出的某些新增零售商網站數量將比前一年增加一倍以上。透過幫助零售商拓展業務，我們正在擴大規模，並使我們的技術和服務更加強大、更有效率。

And finally, for brands, where helping brands tackle their biggest challenges while positioning ourselves as a one-stop shop for seamless multichannel advertising.

最後，對於品牌而言，我們幫助品牌應對最大的挑戰，同時將自己定位為無縫多通路廣告的一站式商店。

At the heart of this is performance by leveraging our suite of innovative ad products, powerful ML models, advanced targeting and measurement tools our performance remains best-in-class across a number of key metrics like ROAs, click-through rates, and self-lift. This is exactly what brands are looking for when deciding where to allocate budget which is why we've grown to over 7,000 active brand partners on our platform who collectively spent north of $1 billion annual run rate on our platform in Q4.

其核心是透過利用我們的創新廣告產品套件、強大的 ML 模型、先進的定位和測量工具來實現效能，我們的效能在 ROA、點擊率和自我提升等許多關鍵指標上仍然保持最佳。這正是品牌在決定如何分配預算時所尋找的，這就是為什麼我們的平台上已經發展到超過 7,000 個活躍品牌合作夥伴，他們在第四季度在我們的平台上的年度運行費用總計超過 10 億美元。

This leading technology and performance plus the breadth and depth of our demand is why we get to attract more and more retailers who want us to power ads on their own properties, which allows us to gain even more scale. We now have over 220 Carrot Ads partners who contribute more inventory to our network and therefore, allow us to deliver even greater performance for our advertisers.

這種領先的技術和性能，加上我們需求的廣度和深度，使得我們能夠吸引越來越多的零售商，他們希望我們在他們的物業上投放廣告，這使我們能夠獲得更大的規模。我們現在擁有超過 220 個 Carrot Ads 合作夥伴，他們為我們的網路貢獻了更多的庫存，因此使我們能夠為廣告商提供更出色的效果。

This results in a virtuous cycle of growth, performance, and scale. And whilst it was always our strategy, it's really great to see it start to build momentum. Pulling all of this together, our innovation is driving growth across the board. What's particularly exciting is that this momentum is fueled by our solid unit economics and critical advantages, giving us a unique ability to capitalize on the massive opportunity in front of us in ways that our competitors simply can't.

這形成了成長、績效和規模的良性循環。雖然這一直是我們的策略，但看到它開始形成動力確實令人欣喜。綜合所有這些，我們的創新正在推動全面成長。尤其令人興奮的是，這一勢頭得益於我們穩健的單位經濟效益和關鍵優勢，使我們擁有了獨特的能力，能夠以競爭對手無法做到的方式利用擺在我們面前的巨大機遇。

Years after restaurant delivery platforms followed us into the space where still a clear category leader. Among digital first platforms, we are leading in share of sales by far in small baskets and even more so in large baskets with greater than 70% share in baskets of $75 an up. We continue to activate the most new customers to online grocery, in particular, with large baskets where were multiples higher than the next biggest player.

多年後，餐廳外送平台跟隨我們進入該領域，並且仍然是該領域的領導者。在數位優先平台中，我們在小額購物籃的銷售份額遙遙領先，在大額購物籃中的份額更是遙遙領先，在 75 美元起的購物籃中，我們的份額超過 70%。我們持續吸引最多的新客戶使用線上雜貨店，尤其是那些購物籃較大的客戶，其購物籃數量比第二大參與者高出數倍。

All of these results in Instacart capturing the most GTV from new customers placing their first grocery convenience and alcohol order on a digital platform. And after customers start using Instacart, were about 5x better at converting small basket customers to large basket customers than other marketplaces too.

所有這些都使得 Instacart 從在數位平台上首次訂購雜貨便利和酒類商品的新客戶那裡獲得了最多的 GTV。在顧客開始使用 Instacart 後，將小額購物客戶轉化為大額購物客戶的比例也比其他市場高出約 5 倍。

So overall, we are continuing to find new opportunities to make our business even more efficient, which allows us to maintain a disciplined but aggressive approach to reinvesting in growth. By executing on this strategy, we are confident in our ability to extend our category leadership position, deliver short- and long-term profitable growth for Instacart and our stakeholders and transform the industry at large. I couldn't be more excited about what's ahead.

因此，總體而言，我們正在繼續尋找新的機會，使我們的業務更加高效，這使我們能夠保持嚴謹但積極的方式進行再投資以促進成長。透過執行這項策略，我們有信心擴大我們的品類領導地位，為 Instacart 和我們的利害關係人實現短期和長期獲利成長，並徹底改變整個產業。我對未來感到無比興奮。

And with that, I'll turn it over to Emily to talk about our financials.

說完這些，我會把話題交給艾蜜莉來談談我們的財務狀況。

Thank you, Fidji. 2024 was a great year for Instacart and the investments we're making have us well positioned to deliver more profitable growth in 2025 and beyond. Now let me provide a bit more color on our most recent financial results and outlook. In Q4, we closed the year strong. We delivered GTV at the high end of our guidance range, growing 10% year over year.

謝謝你，Fidji。 2024 年對 Instacart 來說是偉大的一年，我們所做的投資使我們在 2025 年及以後實現更盈利的增長。現在，讓我進一步介紹一下我們最近的財務表現和前景。第四季度，我們以強勁的勢頭結束了這一財年。我們實現了指導範圍高端的 GTV，年增 10%。

This performance consisted of an 11% increase in orders driven by growth in both users and order frequency, partially offset by a 1% decline in average order value driven by restaurant orders. Transaction revenue grew 10% year over year as we continue to drive shopper efficiencies and reinvested in affordability initiatives. Advertising and other revenue also increased by 10% year over year, driven by strong performances from emerging brands and many large brand partners.

這一業績包括，由於用戶和訂單頻率的增長，訂單量增長了 11%，但餐廳訂單導致的平均訂單價值下降了 1%，部分抵消了這一增長。由於我們繼續提高購物者效率並重新投資於可負擔性計劃，交易收入比去年同期增長了 10%。受新興品牌和許多大型品牌合作夥伴強勁表現的推動，廣告和其他收入也較去年同期成長了 10%。

This, combined with operating expense leverage resulted in solid profitability across key metrics. A net income of $148 million increased by $13 million year over year, even after lapping a sizable tax benefit in the prior year quarter. Adjusted EBITDA of $252 million exceeded the high end of our guidance range and was up 27% year over year.

這一點，加上營運費用槓桿，使得各項關鍵指標均實現了穩健的獲利。淨收入達 1.48 億美元，較上年同期增加 1,300 萬美元，即便是在去年同期獲得大量稅收優惠之後。調整後的 EBITDA 為 2.52 億美元，超出了我們預期範圍的上限，年增 27%。

Operating cash flow of $153 million decreased year over year due to fluctuations in working capital. We finished 2024 with cash and similar assets of $1.5 billion compared to $2.3 billion in the year prior.

由於營運資金波動，營運現金流較去年同期減少 1.53 億美元。到 2024 年，我們的現金和類似資產為 15 億美元，而前一年為 23 億美元。

In Q4, we also bought back $5 million worth of shares, bringing our cumulative repurchases in 2024 to 46 million shares for approximately $1.4 billion and had $312 million of buyback capacity remaining to opportunistically repurchase shares in 2025 and beyond.

在第四季度，我們也回購了價值 500 萬美元的股票，使我們在 2024 年的累積回購量達到 4,600 萬股，價值約為 14 億美元，並且剩餘 3.12 億美元的回購能力可在 2025 年及以後適時回購股票。

Overall, our Q4 results were underpinned by our strong operating fundamentals. Order growth is being fueled by monthly user growth and higher order frequency. We continue to see deeper penetration of Instacart Plus members among our overall user base and the engagement of our members has been strong, especially as we've launched new use cases like restaurants and $10 minimum basket. From a cohort perspective, we continue to bring in more new users and GTV in 2024 than we did pre-pandemic. In fact, our 2024 cohort delivered the strongest engagement we've seen in recent years.

整體而言，我們第四季的業績得益於強勁的營運基本面。訂單成長主要得益於每月用戶的成長和訂單頻率的提高。我們繼續看到 Instacart Plus 會員在我們的整體用戶群中的滲透率越來越高，而且會員的參與度也很高，尤其是在我們推出餐廳和 10 美元最低購物籃等新用例之後。從群組角度來看，2024 年我們將繼續帶來比疫情前更多的新用戶和 GTV。事實上，我們 2024 年的團隊實現了近年來最強勁的參與度。

At the same time, our existing cohorts are stable and existing users continue to increase their order frequency and spend per user over time, including in the last year. All of this is incredibly encouraging and gives us even more confidence to reinvest the efficiency we continue to drive across our business into many of the growth initiatives Fidji discussed earlier on the call and more.

同時，我們現有的用戶群保持穩定，現有用戶的訂單頻率和每位用戶的消費金額隨著時間的推移不斷增加，包括去年。所有這些都令人難以置信地鼓舞人心，並讓我們更有信心將我們繼續推動的業務效率重新投資到 Fidji 早些時候在電話會議上討論的許多增長計劃中。

We have an incredible opportunity to leverage our critical advantages to innovate in ways that will accelerate online grocery adoption, unlock more growth for our partners, extend our category leadership and generate more value for Instacart and our shareholders. Now for our Q1 outlook. We expect Q1 GTV to be between $9 billion and $9.5 billion, representing year over year growth of 8% to 10% and reflecting our strong start to the year. It also includes just over 1 percentage point headwind from lapping leap day in the prior year period. We also expect average order value to decline year over year, primarily driven by restaurant orders and our new $10 minimum basket feature, resulting in orders growth outpacing GTV growth in the period.

我們擁有絕佳的機會利用我們的關鍵優勢進行創新，以加速線上雜貨的採用，為我們的合作夥伴釋放更多成長空間，擴大我們的品類領導地位，並為 Instacart 和我們的股東創造更多價值。現在來看看我們的第一季展望。我們預計第一季 GTV 將在 90 億美元至 95 億美元之間，年增 8% 至 10%，反映出我們今年的強勁開局。其中也包括去年閏日帶來的略高於 1 個百分點的逆風。我們也預期平均訂單價值將年減，主要原因是餐廳訂單和我們新的 10 美元最低購物籃功能，導致該期間訂單成長速度超過 GTV 成長速度。

We're also guiding to Q1 adjusted EBITDA of $220 million to $230 million. We expect our year over year growth in adjusted EBITDA to be primarily driven by ongoing adjusted operating expense leverage as well as advertising and other revenue growth outpacing our anticipated GTV growth in the period.

我們也預期第一季調整後的 EBITDA 為 2.2 億美元至 2.3 億美元。我們預計，調整後 EBITDA 的年成長主要得益於持續調整後的營運費用槓桿以及廣告和其他收入成長超過我們預期的 GTV 成長。

We also expect adjusted EBITDA to decline quarter over quarter, primarily due to typical seasonality in advertising and other revenue. We remain committed to delivering steady annual adjusted EBITDA expansion even as we maintain an aggressive approach to reinvesting in growth initiatives.

我們也預計調整後的 EBITDA 將環比下降，主要原因是廣告和其他收入的典型季節性。即使我們繼續積極地對成長計畫進行再投資，我們仍然致力於實現年度調整後 EBITDA 的穩定成長。

We also take a disciplined approach to stock-based compensation. Based on a stock price in line with recent trading levels, we are targeting 2025 stock-based compensation to be less than $425 million. with Q1 being the lowest quarter of SBC, followed by an anticipated step-up in Q2 due to the timing of our annual refresh grants.

我們也對股票薪酬採取了嚴格的方法。根據與近期交易水準一致的股價，我們預期 2025 年股票薪酬將低於 4.25 億美元。第一季是 SBC 業績最低的一個季度，由於我們年度更新補助的時機，預計第二季業績將會成長。

With that, we will open up the call for live questions. Operator, you may begin.

接下來，我們將開始現場提問。接線員，您可以開始了。

(Operator Instructions) Doug Anmuth, JPMorgan.

（操作員指示）摩根大通的 Doug Anmuth。

Great. Thanks so much for taking the questions. Can you talk more about some of the key investment areas that you're thinking about for '25, especially some of the in-store solutions. You called out paper carts. And then curious, you highlighted restaurants as well, so if you could talk about those?

偉大的。非常感謝您回答這些問題。您能否詳細談談您正在考慮的 25 年的一些關鍵投資領域，尤其是一些店內解決方案。你喊出了紙車。然後很好奇，您也強調了餐館，所以您能談談這些嗎？

And then Emily, perhaps just when you're thinking about steady annual adjusted EBITDA margin expansion, can you help us understand how you'd frame that? And does that mean carrying through like incremental margins that you're seeing in 1Q through the year or something different than that? Thanks.

然後艾米麗，也許正當您考慮穩定的年度調整後 EBITDA 利潤率擴張時，您能幫助我們了解您將如何制定這一目標嗎？這是否意味著您將在第一季看到的增量利潤率延續到全年，還是有所不同？謝謝。

Thanks, Doug. On our key investment areas, it's important to remember that we still continue to primarily invest in -- and you have seen that for '24 where we have made our course stronger across selection, affordability, convenience, speed and continue to do that. So when you look at 2025, again, this remains the core area that we want to continue investing in.

謝謝，道格。在我們的重點投資領域，重要的是要記住，我們仍然繼續主要投資於 - 而且您已經看到，對於 24 年，我們在選擇、可負擔性、便利性、速度方面使我們的課程更加強大，並將繼續這樣做。因此，當你展望 2025 年時，這仍然是我們希望繼續投資的核心領域。

On the selection side, restaurants is obviously a part of that, that has helped us increase selection on our but we are doing that in grocery as well. So it's really both. I have talked a lot about affordability. We still believe that this is an absolutely critical thing for us to continue leaning into in order to continue accelerating online adoption.

在選擇方面，餐廳顯然是其中的一部分，它幫助我們增加了選擇，但我們在雜貨店也這樣做。所以其實兩者皆有。我已經多次談論了可負擔性問題。我們仍然相信，為了繼續加速線上應用，這對我們來說是絕對關鍵的事情。

And we like what we are seeing with all of the solutions that we've developed from EBT staff in the earlier years to digital fliers more recently. You can expect to see us continue to develop more and more of such solutions in the future. Another thing that is a top priority, as I've talked about, is our Enterprise Solutions as a whole.

我們對我們所看到的所有解決方案感到滿意，從早年的 EBT 員工到最近的數位傳單。您可以期待看到我們在未來繼續開發越來越多這樣的解決方案。正如我所說，另一件最優先考慮的事情是我們的整體企業解決方案。

Caper is certainly one of them, and we're very excited about what we're seeing with Caper, in terms of sales lift that Caper is generating at retailers where it's rolled out. We're seeing double-digit increases in basket size at a lot of the retailers that we have in pilots with, which is really strengthening the business case for broader rollout. So we're very excited about that.

Caper 無疑是其中之一，我們對 Caper 的進展感到非常興奮，因為它為推出該服務的零售商帶來了顯著的銷售提升。我們看到，許多參與試點的零售商的購物籃規模都出現了兩位數的成長，這確實增強了更廣泛推廣的商業理由。所以我們對此感到非常興奮。

But our Enterprise Solutions are bigger than Caper and that includes our forefront technologies or fulfillment technologies. And as I said in my intro, we have seen a lot of strength there. Thanks to past investment in making this technology even more performance, which has driven accelerated growth for retailers that have upgraded to the new technologies, as well as growth from new retailers onboarding on these technologies even faster than in the past with crew retailers coming on to these technologies more than double what we've done in the past.

但我們的企業解決方案比 Caper 更大，其中包括我們的尖端技術或履行技術。正如我在介紹中所說，我們已經看到了很多力量。由於過去對提高這項技術性能的投資，推動了升級到新技術的零售商的加速增長，也推動了新零售商採用這些技術的增長速度比過去更快，其中採用這些技術的員工零售商數量是我們過去的兩倍多。

So we're really excited by the momentum in enterprise. You can expect us to continue to invest in this technology at the time where grocers need them more than ever. And then finally, it's less on the top line, but let's not forget our innovation in advertising. As you've probably seen in the letter, we have innovated massively in the last year across new formats, new measurement capabilities, new metrics, incorporating AI into our products, and that remains a big area of investment for us that is paying off with a revenue project to grow faster than our TV guide in Q1.

因此，我們對企業的發展動能感到非常興奮。您可以期待我們在雜貨商比以往任何時候都更需要這項技術的時候繼續投資這項技術。最後，雖然營收方面有所下降，但我們不要忘記我們在廣告方面的創新。正如您可能在信中看到的，去年我們在新的格式、新的測量能力、新的指標方面進行了大量創新，將人工智慧融入我們的產品中，這仍然是我們投資的一大領域，我們的收入項目在第一季度的增長速度超過了電視指南。

So very excited about that. I'll turn it over to Emily on the second part of the question.

我對此感到非常興奮。我將把問題的第二部分交給艾米麗。

Thanks, Doug, for the question. So as it relates to adjusted EBITDA, what we're committing to is to continue to expand EBITDA on an absolute and margin basis. on an annual basis. So there will be some noise potentially quarter to quarter.

謝謝道格提出這個問題。因此，就調整後的 EBITDA 而言，我們承諾繼續在絕對值和利潤率基礎上擴大 EBITDA。每年。因此每季之間可能會出現一些噪音。

Obviously, we talked about Q1, the impact from advertising seasonality, which is normal cyclical seasonality that you see in the overall ads business. And also to allow us the flexibility to reinvest when we see opportunity to drive long-term profitable growth.

顯然，我們討論了第一季廣告季節性的影響，這是整個廣告業務中常見的正常週期性季節性。當我們看到推動長期獲利成長的機會時，我們也能夠靈活地進行再投資。

But as you saw, obviously, in the last year in 2024, we were able to expand EBITDA meaningfully on both of those metrics, and we expect to continue to do that, although on a somewhat more moderate pace going forward.

但正如您所看到的，顯然，在 2024 年的最後一年，我們能夠在這兩個指標上顯著擴大 EBITDA，並且我們預計將繼續這樣做，儘管未來的速度會稍微溫和一些。

Thank you both.

謝謝你們兩位。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thank you so much. Maybe if I could just ask one question. Looking back to progress you made in 2024, how do you see the platform set up for a mixture of driven and non-grocery driven growth with respect to the contribution to GTV as you see what you're seeing in terms of how users might be using the platform differently or changing behavior or the acceptability of a wider of supply on the platform from a commerce standpoint?

太感謝了。也許我可以問一個問題。回顧您在 2024 年取得的進展，從商業角度來看，您如何看待該平台建立混合驅動和非雜貨驅動的增長，以及您對用戶使用平台的不同方式、行為改變或平台上更廣泛的供應的可接受性的看法，這對 GTV 的貢獻如何？

So what we're seeing is strength across really both that equation grocery and non-grocery side. The thing that I really want to call out is the reason we added restaurants on the platform is not just to create an additional restaurant use case, but because we had a thesis that it would also increase our grocery business by creating more stickiness of the overall product, higher value of Instacart Plus. And that's exactly what we're seeing.

因此，我們看到的是食品雜貨和非食品雜貨兩方面的實力。我真正想說的是，我們在平台上添加餐廳的原因不僅僅是為了創造額外的餐廳用例，還因為我們有一個論點，即透過提高整體產品的黏性、提高 Instacart Plus 的價值，它還可以增加我們的雜貨業務。這正是我們所看到的。

And in fact, we are seeing this halo effect on grocery strengthening over time which is really, really exciting. And so we're not breaking these things out because, in fact, when people engage more with the platform, whether that's adopting a new use case like restaurants or some of our new verticals or whether it's spending more on grocery, it usually has a halo effect on all of the other behaviors.

事實上，我們看到食品雜貨業的光環效應正在隨著時間的推移而增強，這真的非常令人興奮。因此，我們不會將這些事情單獨列出來，因為事實上，當人們更多地參與平台時，無論是採用新的用例（如餐廳或我們的一些新的垂直行業），還是在雜貨上花費更多，它通常會對所有其他行為產生光環效應。

And as a result, that increases the case for continuing to lean into deepening the adoption of these new use cases. We are very pleased with what we're seeing in restaurants, but it's still very early in terms of penetration of our user base and adoption. We are excited about all the potential ahead, and so we expect continued growth from both of those segments, and more importantly, for the combination of them.

因此，這增加了繼續傾向於深化採用這些新用例的理由。我們對餐廳中看到的情況感到非常滿意，但就用戶群的滲透和採用而言，它還處於早期階段。我們對未來的所有潛力感到興奮，因此我們預計這兩個領域都將繼續成長，更重要的是，它們的結合將持續成長。

Thank you.

謝謝。

Nikhil Devani, Bernstein.

尼基爾·德瓦尼，伯恩斯坦。

Hi, thank you for taking my question. I want to ask two, please. First, around the reduction in free delivery thresholds for Instacart Plus, how do we think about the economics of these incremental orders? Do you expect the smaller baskets to be loss leaders to better retain customers and drive LTV? Or do the economics work on a stand-alone basis if someone is placing a $10 or $20 order with free delivery?

你好，謝謝你回答我的問題。我想問兩個問題。首先，圍繞著Instacart Plus免費送貨門檻的降低，我們如何看待這些增量訂單的經濟性？您是否希望較小的購物籃成為虧本銷售商品，以更好地留住客戶並提高 LTV？或者，如果有人下單 10 美元或 20 美元並享受免費送貨，那麼經濟學是否可以獨立發揮作用？

And then my second question, the Coles Australia partnership is quite interesting. While it might be expensive to build consumer-facing platforms internationally, do you see an opportunity to be a global enterprise solution for more grocery stores in more countries, even if you're not operating a consumer-facing marketplace in those regions? Thank you.

我的第二個問題是，與 Coles Australia 的合作非常有趣。雖然在國際上建立面向消費者的平台可能成本高昂，但您是否認為有機會為更多國家的更多雜貨店提供全球企業解決方案，即使您沒有在這些地區經營面向消費者的市場？謝謝。

Nikhil, on -- I'll start with the second one. On call. So we're really excited to have started to deploy Paper Cards with Coles in Australia. As a reminder, we also deployed Keep in Austria with Aldi, where we're very pleased with the results.

尼基爾，我先問第二個問題。隨叫隨到。因此，我們非常高興能夠與澳洲的 Coles 合作開始部署紙卡。提醒一下，我們也與 Aldi 一起在奧地利部署了 Keep，我們對結果非常滿意。

And to your broader question, we very much agree with the stake, which is that we have set of enterprise solutions that have really proven to drive great results for retailers in the US and absolutely no reason why this enterprise solutions wouldn't also benefit international retailers. We are starting to see some traction internationally as you're calling out with retailers really reaching out to us to pilot keeper as part of that, discover the rest of our solutions.

對於您更廣泛的問題，我們非常同意這一點，即我們擁有一套企業解決方案，這些解決方案確實被證明能夠為美國零售商帶來巨大的收益，而且絕對沒有理由說這些企業解決方案不會使國際零售商受益。正如您所呼籲的，我們開始在國際上看到一些牽引力，零售商真正與我們聯繫以將試點作為其中的一部分，並發現我們的其餘解決方案。

I want to call out that is still very early, very, very early in the process, and we're still very focused on the US where there is still a lot of opportunity to go tap into. And we don't want to get distracted. But international is going to be, we think, a driver of growth in the future for Enterprise Solutions, given how performance will be in the US.

我想說的是，這個過程還處於非常非常早期的階段，我們仍然非常關注美國，那裡還有很多機會可以挖掘。我們不想分心。但考慮到美國的表現，我們認為國際市場將成為企業解決方案未來成長的動力。

On your second question on the reduction in minimum basket, what we are seeing so far is an increase in order frequency, an increase in total GTV, and a higher Instacart adoption without seeing any impact on bigger basket orders. So for that reason, we are very excited about what we're seeing with this change. And that's why we're leaning into it.

關於您關於降低最低購物籃數量的第二個問題，到目前為止，我們看到的是訂單頻率增加、總 GTV 增加以及 Instacart 採用率提高，但對更大的購物籃訂單沒有任何影響。因此，我們對所看到的這種變化感到非常興奮。這就是我們傾向於此的原因。

We're able to do this at economics that we like because we have been able to batch some of these orders, given that we have high order density of orders within the store. And again, like this minimum basket size is industry-leading, because we are the ones that have the scale to do that at economics that can be competitive, with more runway to go to continue optimizing as we continue to get order growth.

我們能夠以我們喜歡的經濟效益做到這一點，因為我們已經能夠批量處理其中一些訂單，因為我們商店內的訂單密度很高。再說一次，像這樣的最低購物籃規模是行業領先的，因為我們是擁有規模並在經濟上具有競爭力的企業，隨著訂單的不斷增長，我們還有更大的空間來繼續優化。

Thank you, Fiji.

謝謝你，斐濟。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Great. Thanks for taking question. I had a question for Fiji, and then one for Emily on cost sale. So on affordability FG, I just wanted to understand or hear your thoughts on the investments that Instacart's made to improve overall affordability. Obviously, we just talked about lower delivery fees but then the Kroger partnership on same pricing, there's couponing now on the site. I would love to hear how these aspects or perhaps core drivers of order growth, so one is on affordability progress.

偉大的。感謝您的提問。我有一個關於斐濟的問題，然後還有一個關於成本銷售的問題想問艾米麗。因此，關於可負擔性 FG，我只是想了解或聽聽您對 Instacart 為提高整體可負擔性所做的投資的看法。顯然，我們剛才討論了降低送貨費，但隨後與 Kroger 合作以相同的價格提供優惠券。我很想聽聽這些方面或訂單成長的核心驅動力，其中一個方面是可負擔性的進步。

And then Emily, just on guidance here, we all saw the Super Bowl ad, that was fun. Congrats. I wanted to hear about the impact on marketing spend and if you see any benefits from the ad thus far? Thank you.

然後艾米麗，根據這裡的指導，我們都看了超級碗廣告，這很有趣。恭喜。我想了解這對行銷支出的影響，以及到目前為止您是否看到廣告帶來的任何好處？謝謝。

Great. I'll take the first question. So on the affordability front, we continue to make a lot of progress. In the past year alone, we have helped customers save about $1.2 billion in savings through all of the initiatives that we've put together. And we are continuing to see more and more adoption of these initiatives.

偉大的。我來回答第一個問題。因此，在可負擔性方面，我們繼續取得重大進展。光是在過去的一年裡，我們就透過採取各種措施幫助客戶節省了約 12 億美元。我們不斷看到這些措施得到越來越多的採用。

As I mentioned in my introduction, whether activity staff loyalty or digital flyer, each of them are now at more than 80% of GTV coverage, which is really exciting. And the more we do that, the more we see all of the positive externalities that Emily has talked about in terms of improvement in order frequency, the 2024 cohort being the strongest in recent years.

正如我在介紹中提到的，無論是活動員工忠誠度還是數位傳單，現在它們的 GTV 覆蓋率都超過了 80％，這確實令人興奮。我們這樣做得越多，就越能看到艾米麗提到的所有積極的外部因素，例如訂單頻率的提高，而 2024 年的訂單是近年來最強勁的。

We think that there's very much a link between all of our affordability efforts and the strength in our underlying fundamentals, especially as we enter 2025. There is still a lot more to do, though. We all know that the more retailers we can move to same prices online as the stores the better, and we are pleased with the progress here.

我們認為，我們所有的可負擔性努力與我們的基本面實力之間存在著密切的聯繫，尤其是在我們進入 2025 年的時候。不過，還有很多事情要做。我們都知道，能夠讓越多的零售商在網路上以與商店相同的價格銷售產品就越好，我們對這方面的進展感到滿意。

We are pleased to see snacks moving to in-store prices, same thing with Heritage Grocers, pleased to see Kroger do that on their weekly flier. And we have more and more tools that we are making at their disposal, like our ever side pricing optimization to show them the business case of moving to price parity and help them figure out how to do that while preserving their margins.

我們很高興看到零食價格轉為店內價格，Heritage Grocers 也採取了同樣的做法，很高興看到 Kroger 在其每週傳單上這樣做。我們正在為他們提供越來越多的工具，例如我們的持續定價優化，向他們展示轉向價格平價的商業案例，並幫助他們弄清楚如何在保持利潤率的同時做到這一點。

And so we're excited about what we're seeing, but still continuing to lean into these solutions and developing more like the tender loving basket that you know about.

因此，我們對所看到的結果感到興奮，但仍會繼續依賴這些解決方案，並開發出更像您所知道的溫柔愛心籃的產品。

Emily?

艾米麗？

Yes. Thanks, Ron, for the question. So in terms of overall marketing spend, the way that we think about our frankly, our marketing portfolio, but even more broadly than that is when we decide to invest in something, we're really looking at how are we funding that from the existing portfolio. So I would think about Super Bowl in that same light, where we decided to invest in a Super Bowl opportunity.

是的。謝謝羅恩提出這個問題。因此，就整體行銷支出而言，坦白說，我們考慮的是我們的行銷組合，但更廣泛地說，當我們決定投資某項事物時，我們真正考慮的是如何從現有組合中為其提供資金。所以我會以同樣的眼光看待超級碗，我們決定投資超級盃機會。

That means that think there is better opportunity there than elsewhere in our portfolio. I don't think about it as incremental spend in that sense. Super Bowl ads are kind of designed more for brand awareness, driving brand favorability. And of course, we're in the early days of looking at the impact. But so far, very pleased with what we've seen.

這意味著我們認為那裡比我們投資組合中的其他地方有更好的機會。從這個意義上來說，我不認為這是增量支出。超級盃廣告更多的是為了提高品牌知名度、提升品牌好感度而設計的。當然，我們仍處於研究其影響的早期階段。但到目前為止，我們對所看到的結果感到非常滿意。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Great. One on advertising and then the obligatory AI question.

偉大的。一個是關於廣告，然後是必答的人工智慧問題。

So first on advertising, so the environment for CPG looks a little bit mixed here in 2025. How would you guys characterize your pipeline between large and large CPG and emerging brands? And do you think this new category share of digital shelf space metric is going to help with future budget allocations to Instacart?

首先是廣告，2025 年 CPG 的環境看起來有點複雜。你們如何描述大型快速消費品品牌與新興品牌之間的通路？您是否認為這項新的數位貨架空間類別份額指標將有助於 Instacart 未來的預算分配？

And Emily, I think you said adds would grow faster than GTV for -- was that for the full year for 1Q? And then I'll follow up with the second.

艾米麗，我想您說過，第一季的廣告收入成長速度會比 GTV 更快——這是全年的成長速度嗎？然後我會繼續討論第二個問題。

Great. on the growing faster than our GCV guide, this is for Q1. On your broader point. So as you know, we have talked for the last year about our efforts to diversify our advertiser base and attract more of them to platform and this diversification efforts are absolutely working. We now have 7,000 active brands on the platform.

偉大的。成長速度快於我們的 GCV 指南，這是針對第一季的。關於你的更廣泛的觀點。如你所知，去年我們一直在談論如何實現廣告客戶群多元化，吸引更多的廣告客戶加入我們的平台，而這種多元化的努力絕對是有效的。我們平台上目前有 7,000 個活躍品牌。

We are seeing extreme strength in emerging brands, and so we're very pleased with how that's gone. We are -- it's worth calling out since you mentioned large brands that we also have many large brands leaning in and actually capturing share by leaning into our ads product. In terms of what is going to generate more budget, it's really a mix of things.

我們看到新興品牌的強大實力，因此我們對這一發展感到非常滿意。既然您提到了大品牌，那麼值得一提的是，我們也有許多大品牌傾向於我們的廣告產品，並且實際上透過傾向於我們的廣告產品來佔領市場份額。就什麼能夠產生更多的預算而言，這實際上是多種因素的結合。

The metric you called out, which we released this quarter, which is like share of digital shelf space is a very hopeful metric for our brands to really understand if they're spending enough to show up when customers are looking for these types of products.

您提到的指標，也就是我們本季發布的數位貨架空間份額，對於我們的品牌來說，是一個非常有希望的指標，可以真正了解他們是否在客戶尋找這些類型的產品時投入了足夠的資金來出現。

And that's making them realize that if you pull back and spend, then naturally, you're not going to be there when customers are looking for this category of products and not claims why when brands pull back, they tend to lose share when they mean, they tend to gain share.

這讓他們意識到，如果你退縮並花錢，那麼自然而然地，當顧客尋找這類產品時，你就不會在那裡，這也不能解釋為什麼當品牌退縮時，他們往往會失去份額，而他們的意思是，他們往往會獲得份額。

And so that's a helpful metric to kind of contextualize that and help brands really understand those mechanics. But it's part of a broader suite of things that are getting them to lean in. We have sales lift measurement, which shows a 15% increase in sales. We have integration with a which are showing across several brands, increasing in-store sales, so really improving the incrementality of our ads and that's incredibly important.

因此，這是一個有用的指標，可以將其具體化並幫助品牌真正理解這些機制。但這只是讓他們傾力投入的一系列更廣泛舉措的一部分。我們有銷售提升測量，顯示銷售額成長了 15%。我們與多個品牌進行了整合，增加了店內銷售額，從而真正提高了我們廣告的增量，這一點非常重要。

And then also continuing to innovate with more formats, more reason for brands to spend, whether that's or sponsored recipes products, whether that's free gifts, whether that's our occasions pilot -- all of these are new format innovations that are giving brands more opportunities to show up in maybe searches, they wouldn't have shown up in the past and giving them more reasons to lenient.

然後繼續創新，提供更多形式，讓品牌有更多理由花錢，無論是贊助食譜產品，還是免費禮品，還是我們的試點場合——所有這些都是新的形式創新，讓品牌有更多機會出現在搜尋結果中，而這些在過去是不會出現的，也給了他們更多理由寬容。

So we are pleased with what we are seeing. The strategy is clearly working. The diversification is happening, and we feel as a result in a much stronger position than we were in the past.

因此，我們對所看到的情況感到滿意。這一策略顯然是有效的。多元化正在進行，我們感覺現在的地位比過去更強大。

That's great. And then if I can squeeze one more in on AI. So you guys mentioned how you're using AI to track store inventory and substitutions, and ultimately, reduce the error rates of ordering. So could you just elaborate on that? And then how meaningful of an impact could that kind of thing have on overall customer retention and ultimately, I guess, profitability for the business?

那太棒了。然後如果我能再擠出一點時間在 AI 上的話。所以你們提到如何使用人工智慧來追蹤商店庫存和替代品，並最終降低訂購的錯誤率。能詳細說明一下嗎？那麼這種事情對整體客戶保留率以及最終的企業獲利能力會產生多大的影響呢？

Yeah. So first off, we use AI in everything that we do across the business. This is just one of the many examples, but we did call out in the letter in particular, having made improvements to our replacement by training on 10x more data.

是的。首先，我們在整個業務中所做的每一件事都使用人工智慧。這只是眾多例子中的一個，但我們確實在信中特別指出，透過對 10 倍以上的資料進行訓練，我們的替代品得到了改進。

Just to give you a sense of scale, in 2024, we have made 300 million replacements with 95% satisfaction rate. That is kind of mine growing scale. And that's why we are able to have such accuracy on finding a replacement that you like and getting to that level of satisfaction. So it's a combination of great AI, but that grade AI needs to be powered by a lot of data points and that's where our scale and our leading market position really helps in delivering these results.

只是為了讓您有個規模概念，到 2024 年，我們已經進行了 3 億次更換，滿意度為 95%。這就是礦井不斷擴大的規模。這就是為什麼我們能夠如此準確地找到您喜歡的替代品並達到您的滿意度。所以它是偉大人工智慧的組合，但這種等級的人工智慧需要由大量數據點驅動，而這正是我們的規模和領先的市場地位真正有助於實現這些結果的地方。

And that applies to replacement, but that also applies to your point on managing inventory in general, where we not only integrate with retailers on the inventory management system, but also take into account all of the shopper data that we get from shoppers telling us what's on the shelves and not on the shelf, which is much more real time than what we get from retailers.

這適用於替換，但也適用於您關於一般庫存管理的觀點，我們不僅在庫存管理系統上與零售商整合，而且還考慮從購物者那裡獲得的所有購物者數據，告訴我們貨架上有什麼，貨架上沒有什麼，這比我們從零售商那裡獲得的信息更加實時。

And we're going to augment that in the future with what I mentioned in the letter, which is technology for shoppers to scan the aisles of the grocery store and through computer vision, having the ability to extract even more data even more often on what's currently on the shelf.

我們將在未來利用我在信中提到的技術來增強這一點，即讓購物者掃描雜貨店的過道，並透過電腦視覺技術，能夠更頻繁地提取有關貨架上現有商品的更多數據。

You asked whether that drives customer retention. I can tell you it's absolutely does. Quality is critical to moving the grocery industry online. And every point of fund rate and fuel rate matters enormously to drive retention. And I'm proud that we've been able to increased both found rate NCL rate for 10 consecutive quarters.

您詢問這是否有助於保留客戶。我可以告訴你，絕對是如此。品質對於雜貨業的線上化發展至關重要。資金利率和燃料利率的每一點對於提高保留率都至關重要。我很自豪我們能夠連續 10 個季度提高發現率和 NCL 率。

We are now at very high levels. And despite that, we continue to these new technologies, whether that be the thing I just talked about or integrating with retailers electronic shelf tag for (inaudible) to continue getting these numbers up because we sweat the basis points on these metrics.

我們現在處於非常高的水平。儘管如此，我們仍在繼續採用這些新技術，無論是我剛才談到的還是與零售商電子貨架標籤相結合的（聽不清），以繼續提高這些數字，因為我們在這些指標上努力爭取基點。

Jason Helfstein, Oppenheimer.

奧本海默的傑森·赫爾夫斯坦。

Just one question. GTV and order growth for the fourth quarter and first quarter outlook is solid, but we're struggling to understand why the company can't grow advertising faster. I think most people would look at these numbers and think you're losing share to the larger retail media platforms. So I guess the question is like what is the unlock to get advertising growth to 15% to 20% over some kind of medium term -- or is this like an unrealistic expectation? Or however you want to take the question?

只有一個問題。第四季和第一季的 GTV 和訂單成長前景穩健，但我們很難理解為什麼該公司不能更快地實現廣告成長。我認為大多數人看到這些數字後會認為你們的市場份額正在被更大的零售媒體平台搶走。所以我想問題在於，怎麼才能在中期內讓廣告成長率達到 15% 到 20%——或者這是一個不切實際的期望？或者您想以任何方式回答這個問題？

So first off, we do expect add another revenue to grow faster than our GCB guide in Q1. So that's a strong signal of going in the direction that you are mentioning. I think, fundamentally, when you compare us towards other retail media platforms, it's worth remembering that many of these retail media platforms are many other sources of demand than just food and beverage.

因此，首先，我們確實預計第一季的另一項營收成長速度將快於我們的 GCB 指南。所以這是一個朝著您提到的方向發展的強烈信號。我認為，從根本上來說，當你將我們與其他零售媒體平台進行比較時，值得記住的是，這些零售媒體平台中的許多平台除了食品和飲料之外還有許多其他需求來源。

And as we discussed in the prior question, the macroeconomic environment on food and beverage is still challenged. So we feel very good about our position within that because we have leading performance, and therefore, we attract a very good share of these budgets, but it's worth remembering that we are in a macro environment where specific food and beverage budgets are still challenged.

正如我們在上一個問題中討論的那樣，食品和飲料的宏觀經濟環境仍然面臨挑戰。因此，我們對自己在其中的地位感到非常滿意，因為我們擁有領先的表現，因此，我們吸引了很大一部分預算，但值得記住的是，我們處於一個宏觀環境中，特定的食品和飲料預算仍然面臨挑戰。

Now I don't think that stays like that. And I think the way to continue to drive accelerated growth in the future is to continue leaning into our performance, which is why you're seeing us release more and more ways to measure and demonstrate our performance to advertisers continue to lean into innovation, which is why you're seeing us really new formats and give more reasons to advertisers to spend with us.

現在我不認為情況會一直如此。我認為，未來繼續推動加速成長的方法是繼續依靠我們的業績，這就是為什麼您會看到我們發布越來越多的方法來衡量和向廣告商展示我們的業績，繼續依靠創新，這就是為什麼您會看到我們真正新的形式，並為廣告商提供更多理由與我們一起消費。

Continue to lean into diversification because we see emerging brands growing much, much, much faster than the large guys and that's what makes us continue to be very confident in our long-term target range of ads being between 4% to 5% of GTV. So for -- between all of these things, we feel very good about our ad business, but also worth remembering that we are still operating under a challenged macro.

繼續傾向於多元化，因為我們看到新興品牌的成長速度比大品牌快得多，這讓我們繼續對我們的長期目標廣告範圍充滿信心，即 GTV 的 4% 到 5% 之間。因此，在所有這些事情之間，我們對我們的廣告業務感到非常滿意，但也值得記住的是，我們仍然在充滿挑戰的宏觀環境下運作。

James Lee, Mizuho Securities.

瑞穗證券的詹姆斯李 (James Lee)。

Great. My question is regarding shopper supply trends. Can you maybe talk about the supply and demand dynamics there? Any impact on tighter immigration controls here? Thank you.

偉大的。我的問題是關於購物者供應趨勢。您能談談那裡的供需動態嗎？這對加強移民控制有何影響？謝謝。

Our shopper supply is very healthy. In fact, we still continue to have a wait in most cities. And so that makes us feel very good about that. We continue to have extremely good retention of shoppers. And in fact, now the majority of our orders are delivered by almost 10-year shoppers, which has a direct impact on the quality of these orders.

我們的購物者供應非常健康。事實上，在大多數城市我們仍然需要等待。這讓我們感到非常高興。我們的購物者保留率仍然極高。事實上，現在我們的大部分訂單都是由近 10 年的購物者交付的，這直接影響了這些訂單的品質。

So that's why we care so much about 10 year, because with the more tenure you have usually a higher quality of orders you can deliver. And so we feel very good about our retention. It's also worth remembering that our demographics are very different from the demographics of, let's say, ridesharing or restaurant delivery because the job is different. It's much more spent inside the store.

這就是為什麼我們如此關心 10 年，因為期限越長，通常可以交付的訂單品質就越高。因此，我們對我們的保留感到非常滿意。還值得記住的是，我們的人口統計數據與共乘或餐廳外賣的人口統計數據非常不同，因為工作不同。在商店內花的錢更多。

So we tend to see about two-thirds of our shoppers being females, more than 50% of them being parent and so forth. All of these reasons, we feel very good about our supply dynamics and the ability to continue ramping up our supply to serve additional demand.

因此，我們經常看到大約三分之二的購物者是女性，其中超過 50％ 是父母等等。基於所有這些原因，我們對我們的供應動態以及繼續增加供應以滿足額外需求的能力感到非常滿意。

Thank you.

謝謝。

Michael Morton, Moffett Nathanson.

麥可莫頓、莫菲特納桑森。

Thank you so much for the question. I was wondering if you could maybe talk a little bit about the take rate quarter-over-quarter and just also thinking about the seasonality compared to last year. Could you talk about some of the drivers behind it, where you're investing some of the impacts of the fee structure, contra revenue and you have restaurants flowing through the business?

非常感謝您的提問。我想知道您是否可以談談季度環比的接受率，以及與去年相比的季節性。您能否談談其背後的一些驅動因素，例如您投資費用結構的一些影響、抵消收入以及您的餐廳業務？

And then there's a lot of moving parts with inflation and grocery and you were talking about the macro environment. Could you maybe talk about the performance for AOVs of the core grocery business year over year? Thank you.

然後，通貨膨脹和食品雜貨方面有很多變動因素，而您剛才談到的是宏觀環境。您能否談談核心雜貨業務的 AOV 逐年表現如何？謝謝。

Sure. So I believe when you're mentioning take rate, you're referring to transaction revenue. So I'll speak to that, but let me know if that's okay, great. So when we're thinking about transaction revenue, we've been operating as a percentage of DTV in the upper half of our long-term target range and really consistently over the last year and even before then, we've talked about being very happy where we are and actually talked about the fact that expect this to fluctuate over time.

當然。所以我相信，當您提到接受率時，您指的是交易收入。所以我會談論這個，但如果可以的話請告訴我，那太好了。因此，當我們考慮交易收入時，我們的 DTV 營運百分比一直處於長期目標範圍的上半部分，並且在過去一年甚至在此之前一直保持穩定，我們已經談到對現狀感到非常滿意，並且實際上談到了預計這一比例會隨著時間的推移而波動。

Now why does it fluctuate? There's a number of different factors within transaction revenue. Everything from retailer revenue, that's the revenue we get from our retail partners, customer revenue, payment revenue. And then that's offset on the negative side by how much it costs us to deliver each order, so a shopper pay. It's offset by coupons, incentives, things like that, and it's also offset by appeasements and refunds.

那為什麼它會波動呢？交易收入涉及許多不同的因素。零售商的所有收入，包括我們從零售合作夥伴那裡獲得的收入、客戶收入、支付收入。然後，這筆錢就會從負面抵消我們運送每份訂單的成本，也就是購物者支付的費用。它可以透過優惠券、獎勵等方式來抵消，也可以透過安撫和退款來抵消。

So there's a lot going on within transaction revenue. And that's specifically why we've said in the past we are not intending to drive transaction revenue up and to the right, because a lot of the decisions when we talked about early on the call, actively managing our business, a lot of the decisions that we're making involve choices that we're making regarding reinvesting in the business and reinvesting specifically in transaction revenue.

因此，交易收入中有很多事情發生。這就是為什麼我們過去說過我們不打算提高交易收入，因為很多決定，當我們在電話會議早期談到積極管理我們的業務時，我們所做的許多決定都涉及我們在業務再投資和交易收入再投資方面所做的選擇。

Within transaction revenue, we've continued to drive efficiencies with Shopper Pay, and that's allowed us to reinvest in initiatives like affordability. So that's things like we talked about, offering customers the best pricing, lowering delivery cost options for people who maybe need lower price options. Those are things like no rush and Super Saver and pickup that we talked about earlier.

在交易收入方面，我們繼續透過 Shopper Pay 提高效率，這使我們能夠對可負擔性等計劃進行再投資。這就是我們所談論的事情，為客戶提供最優惠的價格，為可能需要較低價格選擇的人降低運輸成本選擇。這些就是我們之前談到的不加急、超級節省和提貨等事情。

It also involves ramping new use cases, so restaurants, the impact of restaurants would be captured there. And then it also factors in the impact of additional ICs benefits. We talked a lot today about the $10 minimum basket. Now as I said, these will fluctuate within quarters depending on where we're reinvesting. It also depends on where we're investing across the P&L.

它還涉及到增加新的用例，因此餐廳及其影響將在那裡被捕捉到。然後它也考慮了額外 IC 效益的影響。今天我們討論了很多有關 10 美元最低購物籃的問題。正如我所說，這些將在幾個季度內波動，具體取決於我們在哪裡進行再投資。這也取決於我們在損益表中的投資位置。

So in the past, I've talked about trade-offs we make between investments we make in sales and marketing, as an example. So we may choose to spend more in incentives in 1 quarter and more in regular way sort of paid marketing that hit sales and marketing in a different quarter. Overall, as I talked about, our goal is to drive steady annual adjusted EBITDA progression, and we want to maintain that flexibility to operate the business where we see the best return on every dollar of spend.

因此，過去我曾討論過我們在銷售和行銷投資之間所做的權衡，作為一個例子。因此，我們可能會選擇在一個季度投入更多的激勵資金，並在另一個季度投入更多的常規付費行銷資金來促進銷售和行銷。總的來說，正如我所說的，我們的目標是推動年度調整後 EBITDA 穩步成長，並且我們希望保持這種靈活性，以便經營業務，使每一美元的支出都能獲得最佳回報。

Oh, sorry, that was the second question on the macro environment in terms of AOV in core grocery. So as I talked about -- as I talked about earlier, in Q4, a broader AOV was down on a year over year basis due to restaurants.

哦，抱歉，這是關於核心雜貨的 AOV 的宏觀環境的第二個問題。正如我之前提到的，在第四季度，由於餐廳的原因，更廣泛的平均訂單價值 (AOV) 年比有所下降。

The other thing that I would note, and we talked about this a year ago is that on a quarter-over-quarter basis, we do have some impact of smaller orders in the lead-up to holidays. So think about this as in the day or two leading up to Thanksgiving or Christmas when people are doing smaller fill-in orders, so there is a small seasonality impact as well.

我還想指出的另一件事，我們一年前就討論過這個問題，那就是與上一季度相比，假期前夕的訂單減少確實對我們產生了一定的影響。因此，想像一下，在感恩節或聖誕節前的一兩天，人們會進行較小的補充訂單，因此也會受到較小的季節性影響。

From a Q1 perspective, we'll continue to see that impact from restaurants where, of course, restaurant orders are smaller AOV in general, even though our restaurant orders are meaningfully higher than the industry, but we'll also start to see the impact of the $10 minimum basket. As a result of all of that, we do expect that orders will grow faster than GTV in Q1.

從第一季的角度來看，我們將繼續看到餐廳帶來的影響，當然，餐廳訂單的 AOV 總體上較小，儘管我們的餐廳訂單明顯高於行業水平，但我們也將開始看到 10 美元最低購物籃的影響。綜合上述所有因素，我們確實預期第一季訂單量的成長速度將快於 GTV。

Thank you.

謝謝。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

I have two. The first one actually goes back to your last point about sort of the trade-offs you make and kind of the investments that you're making. Could you just sort of talk to us a little bit about the 2025 budgeting process and how you think about constraints to faster top line growth? Are there areas where you could lean in more at lower incremental margins to drive more growth or the areas you're pulling back? Just so we can kind of understand the growth versus profitability framework for 2025.

我有兩個。第一個問題實際上回到了您最後的觀點，即您所做的權衡和所做的投資。您能否向我們簡單介紹 2025 年的預算流程，以及您如何看待限制更快營收成長的因素？您是否可以在較低的增量利潤率下更多地投入以推動更多成長，或者您正在撤退哪些領域？這樣我們就可以了解 2025 年的成長與獲利框架。

And then the second one, just on the pressure from the restaurant AOVs. Can you just help us how large is restaurant as a percentage of GTV in the fourth quarter? Just we can kind of get an understanding for the core versus the restaurant impact? Thanks.

第二個是關於餐廳 AOV 的壓力。您能否幫助我們了解第四季度餐廳佔 GTV 的比例是多少？我們是否可以了解核心與餐廳的影響？謝謝。

Sure. So starting with the 2025 budgeting process. As we talked about earlier, one of the somewhat constraining factors is that we've committed to and are committed to continuing to show and prove out the economics of our business. We've obviously done a great job of that in the past, having expanded adjusted EBITDA very meaningfully in 2024 on both an absolute and percentage basis. And so, we want to continue to do that.

當然。因此從 2025 年預算流程開始。正如我們之前所討論的，其中一個限制因素是我們已經承諾並將繼續展示和證明我們業務的經濟效益。顯然，我們過去在這方面做得非常出色，2024 年的調整後 EBITDA 無論是在絕對值還是百分比上都得到了非常顯著的增長。因此，我們希望繼續這樣做。

Above and beyond that, we are continuing to grind down costs in our business become very efficient across every line in the business. And you've seen that. Obviously, adjusted OpEx meaningfully expanding on a year over year -- sorry, meaningfully, the margin is getting much better on a year-over-year basis. And so we'll continue to look at ways to sort of grind down costs, and that allows us to free up incremental dollars to reinvest in the business.

除此之外，我們還在持續降低業務成本，讓每個業務線都變得非常有效率。你已經看到了。顯然，調整後的營運支出較去年大幅增加──抱歉，是大幅增加，利潤率較去年同期大幅提高。因此，我們將繼續尋找降低成本的方法，這使我們能夠釋放增量資金來重新投資於業務。

Now above and beyond that, we're really looking at our full portfolio of options. Now that includes investing in things like marketing and paid marketing. And we're looking very actively week-to-week, month-to-month, that what are the returns of those dollars? Do we like those returns, and we do that within the context of a five-year NTV, but obviously looking for faster returns than that, but giving ourselves the flexibility to invest in things that will return over the long term.

現在，除此之外，我們還在認真考慮我們全部的選擇組合。現在包括對行銷和付費行銷等方面的投資。我們每週、每月都在積極關注這些資金的回報是多少？我們是否喜歡這些回報，我們在五年 NTV 的背景下這樣做，但顯然尋求比這更快的回報，但讓我們自己可以靈活地投資於長期回報的東西。

We then look at opportunities, as I mentioned, within transaction revenue. And that can be how do we think about our fee structures as we talked about $10 room basket as something we're adding to Instacart Plus memberships. So really sort of a holistic view of everything that we can be doing, how do they line up to the priorities of driving selection, affordability, speed, quality that we're trying to drive in the business.

然後，正如我所提到的，我們會研究交易收入中的機會。當我們談到向 Instacart Plus 會員添加 10 美元房間購物籃時，我們如何考慮我們的費用結構。因此，對於我們能做的所有事情，我們實際上有一個整體的看法，它們如何與我們在業務中試圖推動的駕駛選擇、可負擔性、速度、品質等優先事項保持一致。

And those are not static. So of course, we have a 2025 plan.

而這些並不是靜態的。所以當然，我們有 2025 年計畫。

But as things are working better, in some cases, we'll lean in, other things that maybe aren't working as well will certainly pull back. And so I think of it as a very active management process that we have throughout the year.

但隨著事情進展得越來越好，在某些情況下，我們傾向於採取進一步行動，而其他可能進展不順利的事情肯定會退縮。所以我認為這是我們全年都會進行的一個非常積極的管理過程。

The last thing I'll say on that is there are also longer-term bets as you know, that we're making in the business. So something like paper, as an example, is a part of the business that we've already been investing in for some time. So that's not new incremental cost necessarily. But something that obviously factors into our overall 2025 budgeting process.

最後我要說的是，如你所知，我們在業務上也做了長期投資。以紙張為例，它是我們已經投資了一段時間的業務的一部分。所以這不一定是新的增量成本。但這顯然會影響我們 2025 年的整體預算過程。

From a restaurant percent of GTV perspective, we really don't break out restaurants because, as VJ mentioned earlier, this real flywheel effect that comes back to grocery. It was really the thesis of the deal we saw it play out from the beginning, and we're seeing it strengthen over time. And so we really think about this as a set of offerings, a platform that we have for our users where we want them to come use restaurants and then have that create a situation where they've been then purchasing more grocery orders and more grocery GTP.

從餐廳佔 GTV 的百分比來看，我們實際上並沒有單獨列出餐廳，因為正如 VJ 之前提到的，這種真正的飛輪效應最終會回到雜貨店。這確實是我們從一開始就看到的該協議的主題，並且我們看到它隨著時間的推移而加強。因此，我們真的將其視為一系列產品，一個我們為用戶提供的平台，我們希望他們來使用餐廳，然後創造一種情況，讓他們購買更多的雜貨訂單和更多的雜貨 GTP。

What I would say is that restaurant adoption is still very early. So we do see much more runway to continue to go throughout 2025 and beyond.

我想說的是，餐廳採用該技術還處於早期階段。因此，我們確實看到了在 2025 年及以後將繼續發展的更多跑道。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

This is Miles Jakubiak on for Justin. First, just one on Caper Carts. It seems like early learnings there have been really positive. So curious how quickly you guys think that you can ramp the implementation of Caper Carts to a meaningful amount? And what are the main sticking points to getting that meaningfully ramped?

這是 Miles Jakubiak 為 Justin 主持的節目。首先，僅介紹一個關於 Caper Carts 的內容。看來早期的學習成果確實非常正面。所以很好奇你們認為可以多快將 Caper Carts 的實施提升到有意義的程度？那麼，實現這目標的主要癥結是什麼？

And then just one on the 1Q guide. It seems like guidance implies some pretty strong order volume growth, especially comping the leap year extra day within there. So wondering if you could just provide some more context on what's driving that? and if there's anything with the fee changes or restaurant business that we should keep in mind there? Thank you.

然後 1Q 指南上只有一個。看起來，指引暗示著訂單量將出現相當強勁的增長，尤其是考慮到閏年額外一天的情況。所以想知道您是否可以提供一些有關推動這一現象的更多背景資訊？費用變化或餐飲業務方面有什麼需要我們注意的嗎？謝謝。

I'll take the first question on Caper. We are seeing very good results from the pilot across a variety of aspects. One, that is obviously the most important one is do customers love the product. And we are seeing extremely strong product market customers are telling us that it makes their shopping experience more fun, that it allows them to discover more products and engage with coupons and discounts on gamification capabilities or increasing engagement with that. So we're really excited about what we're seeing on the consumer side.

我來回答關於 Caper 的第一個問題。我們看到試點在各方面都取得了非常好的成果。首先，顯然最重要的一點是顧客是否喜歡產品。我們看到非常強大的產品市場客戶告訴我們，它使他們的購物體驗更加有趣，它使他們能夠發現更多產品，並透過遊戲化功能的優惠券和折扣參與其中或增加參與度。因此，我們對消費者方面所看到的情況感到非常興奮。

On the retailer side, that translates into an increase in basket size, and therefore, sales as a result of that customer excitement. And that means that retailers definitely leaning into the results of these pilots and being excited by what they're seeing.

從零售商的角度來看，這意味著購物籃規模的增加，導致顧客興奮感的增加，銷售額也隨之增加。這意味著零售商肯定會傾向於這些試點的結果並對他們所看到的感到興奮。

It's also worth noting that as part of rolling out of Caper, we also share ad revenue with retailers on those costs, and that creates an additional revenue stream for retailers. So on top of an increase in sales that is in the double-digit range with many grocers, you also have an additional new revenue stream that's an increase in advertising.

另外值得注意的是，作為 Caper 推出的一部分，我們還與零售商分享廣告收入，這為零售商創造了額外的收入來源。因此，除了許多雜貨店的銷售額達到兩位數成長之外，您還可以獲得額外的新收入來源，即廣告收入的成長。

And on that advertising business line, we rolled out Caper Carts this quarter and we're seeing is an engagement with Caper Carts that's in line with online engagement, which is very exciting and shows us that there is real potential there for advertising, for our brands, but also as a result for creating a revenue stream for retailers and for ourselves.

在廣告業務方面，我們在本季推出了 Caper Carts，我們看到與 Caper Carts 的互動與線上互動一致，這非常令人興奮，並向我們展示了我們的品牌在廣告方面具有真正的潛力，同時也為零售商和我們自己創造了收入來源。

In terms of ramp, we have thousands of core commitments in the works right now with retailers, that for cross retail is big and small. So we are very excited about what we're seeing.

在成長方面，我們目前正與零售商進行數千項核心承諾，對於跨零售而言，這些承諾有大有小。因此，我們對所看到的一切感到非常興奮。

That being said, it's worth remembering that these are physical products that you need to deploy across thousands of stores make sure that operationally, it lends very well, make sure that the stores are ready and trained to receive that.

話雖如此，值得記住的是，這些都是實體產品，您需要在數千家商店部署它們，確保在運營上運作良好，確保商店已做好準備並接受過培訓以接收這些產品。

The good news is that this is our bread and butter. This is what we know how to do very well. We've done very similar things when we rolled out the pickup business across the US. So we know how to do that, but it does take a little bit of time because it's very operational.

好消息是，這是我們的生計。這是我們非常擅長做的事情。當我們在美國推出皮卡業務時，我們也做過非常類似的事情。所以我們知道如何做到這一點，但這確實需要一點時間，因為它非常具有操作性。

But then once you've done that and you are showing this double-digit increase in sales, you have integrated with retailers operations and you are showing them an additional revenue stream, it's a product that has the potential to be exceptionally sticky and allowing us to address the 87% of grocery sales that haven't moved online yet.

但是一旦你做到了這一點，並且銷售額實現了兩位數的增長，你就已經與零售商的運營進行了整合，並且向他們展示了額外的收入來源，這是一種具有極強粘性潛力的產品，使我們能夠解決尚未轉移到線上的 87% 的雜貨銷售問題。

The last thing I'll add, which I think is exciting is that we also started testing the ability to tell users about reordering their cart online from the cart and when you think about moving people from our plant to online and making them multichannel customers, Caper Carts are going to be a fundamental touch point in our ability to do that and make it very easy for someone in an in-store customers to reorder their basket online and vice versa. So excited about what we are seeing still early days.

最後我要補充的是，我認為令人興奮的是，我們還開始測試告知用戶從購物車在線重新訂購購物車的功能，當您考慮將人們從我們的工廠轉移到網上並使他們成為多渠道客戶時，Caper Carts 將成為我們實現這一目標的一個基本接觸點，並使店內客戶可以非常輕鬆地在線重新訂購他們的購物車，反之亦然。我們對於目前所見的早期成果感到非常興奮。

From a guidance and order volume growth perspective, what I'd say is if you go back a couple of quarters, a majority of our growth was being driven -- a majority of our orders growth was being driven by mow growth. And so what we started to see in Q3 and Q4 was that order frequency was starting to grow. And that does align with around the time that we launched our restaurants integration. And so that is a factor that's at play.

從指導和訂單增長的角度來看，我想說的是，如果回顧幾個季度，我們的大部分成長都是由割草成長所推動的。因此，我們在第三季和第四季開始看到訂單頻率開始成長。這與我們推出餐廳整合的時間一致。這就是起作用的一個因素。

Now Q4 was the first quarter where orders growth outpaced GTV growth, and that's something we expect to see going into Q1. So I think the way that I would describe it is that part of that is a continuation of the trend that we saw from restaurants in the back half then we're layering on the impact of small baskets order frequency that we're starting to see in the first part of this year.

第四季是訂單量成長超過 GTV 成長的第一個季度，我們預計第一季也會出現這種情況。因此，我認為我對此的描述是，這部分是我們在下半年從餐廳看到的趨勢的延續，然後我們將注意力集中在今年上半年開始看到的小籃子訂單頻率的影響上。

Now the other thing I would just mention is that where we see the most adoption of both restaurants and also small baskets is going to be with our Instacart Plus members, because these are benefits where specifically they get outsized benefit. And these are our most engaged users. So you see that again show up in that order frequency metric.

現在我想提到的另一件事是，我們看到餐廳和小籃子的採用率最高的是我們的 Instacart Plus 會員，因為這些好處是他們獲得超額利益的地方。這些都是我們最投入的用戶。因此您會看到它再次出現在該順序頻率指標中。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Thanks a lot for taking my questions. I guess my question is on advertising development through the year. So if you were to point to perhaps two to three key investments that you are excited about and focused on to drive that ad revenue growth? What would you point to? Is it the technology, the ad tech stack partnerships with brands keeping macro aside?

非常感謝您回答我的問題。我想我的問題是關於全年的廣告發展。那麼，您是否可以指出兩到三項讓您感到興奮並致力於推動廣告收入成長的關鍵投資？你會指出什麼？是技術，還是廣告技術堆疊與品牌的合作將宏觀放在一邊？

Swetha, I would say it's big things. One is performance; second, scale, service diversification and forces innovation. So I'll go through them one by one.

Swetha，我想說這是一件大事。一是性能；第二，規模化、服務多角化、力量創新。因此我將逐一介紹它們。

On performance, I've touched on it, but I will continue hammering that because that is fundamentally always the most important thing. And so we're very proud of having the leading as leading CTR of multi-retailer platform. That's continuing to demonstrate that and improve that with more capabilities remains the number one way in which you attract advertising budget.

關於性能，我已經談過它，但我會繼續強調這一點，因為從根本上來說，它始終是最重要的。因此，我們非常自豪能夠擁有領先的多零售商平台點擊率。這將繼續證明這一點，並透過更多的功能進行改進仍然是吸引廣告預算的首要方式。

Second one is scale. And by that, I mean not just scale on our marketplace, but also through Carrot Ads. And that's a big area of investment for us. We now have 220 retailers would ads repower on their own properties. So that's a number that's growing.

第二個是規模。我這樣說，不僅意味著在我們的市場上擴大規模，還意味著透過 Carrot Ads 擴大規模。這對我們來說是一個很大的投資領域。我們現在有 220 家零售商在自己的物業上投放廣告。所以這個數字還在不斷增加。

And we also, beyond that, wants to have business off-line with paper ads, as I just mentioned, as well as many partnerships with Meta, Google, Locus, TradeDesk, NBCU that allow us to also power ads on the ad platforms with our data. And that gives us massive scale and really makes us the one-stop shop for brands.

除此之外，正如我剛才提到的，我們還希望透過紙本廣告開展線下業務，並與 Meta、Google、Locus、TradeDesk、NBCU 建立了許多合作夥伴關係，這使我們能夠利用數據在廣告平台上投放廣告。這給了我們巨大的規模，並真正使我們成為品牌的一站式商店。

And what we're hearing from brands is that they love the performance and measurability of retail media. They do not like the fragmentation of retail media and the fact that there's proliferation of them. It doesn't make sense for brands to go to hundreds of different retail media platforms, and they want to turn to us as the aggregator for these platforms that can really be the hub for all of that.

我們從品牌那裡聽到的是，他們喜歡零售媒體的性能和可測量性。他們不喜歡零售媒體的分散和激增的現狀。品牌沒有必要去數百個不同的零售媒體平台，他們希望我們成為這些平台的聚合器，真正成為所有這些平台的中心。

And we've had a lot of success doing that, again, because we have leading performance, leading demand leading technology that gives us a perfect rationale for more retailers to come enjoy in our platform. We have seen that with fliers reform which we launched in Q4, and the results have exceeded our expectations.

我們在這方面取得了巨大的成功，因為我們擁有領先的性能、領先的需求和領先的技術，這為更多零售商使用我們的平台提供了完美的理由。我們已經看到，我們在第四季度推出的傳單改革取得了超出我們預期的效果。

We just signed Hive as an additional partner expanded with snacks, where our retail media revenue together increased by 7x. And so again, scale is absolutely critical, and Carrot Ads is a huge area of opportunity and investment for us. The third axis I talked about was diversification. Again, that's because attracting more new advertisers is obviously a level of growth, but that's also because we are seeing high investment rates among these advertisers, and we think there's a big opportunity to continue to diversify our advertiser base. And then lastly, innovation.

我們剛與 Hive 簽約，作為我們零食業務拓展的額外合作夥伴，我們的零售媒體收入總共增加了 7 倍。所以，再次強調，規模絕對至關重要，而 Carrot Ads 對我們來說是一個巨大的機會和投資領域。我談到的第三個軸心是多樣化。再一次，這是因為吸引更多新廣告商顯然是一種成長水平，但這也是因為我們看到這些廣告商的投資率很高，我們認為有很大機會繼續實現廣告商基礎的多樣化。最後，創新。

I won't repeat all of them, but you see us innovating in new formats, especially formats that allow advertisers to advertise in aisles that are not usually are surfacing.

我不會重複所有這些，但你會看到我們在新格式上進行創新，特別是允許廣告商在通常不會出現的過道上做廣告的格式。

So for example, through sponsored recipes, you are able to advertise your salsa when someone is looking for chip and that's an opportunity for advertisers to capture more demand that they wouldn't have gotten with existing formats, and we're really industry leading on these new formats. We sponsor recipes, for example, we're seeing 35% new to brand sales, which is really important for brands to track new customers and 70% of impression coming from isles that are not the typical aisle of that advertiser.

舉例來說，透過贊助食譜，當有人尋找薯片時，您可以宣傳您的莎莎醬，這對廣告商來說是一個機會，可以捕捉到更多需求，而這些需求是他們透過現有形式無法獲得的，而我們在這些新形式方面確實處於行業領先地位。例如，我們贊助食譜，我們發現新品牌銷售額佔 35%，這對於品牌追蹤新客戶非常重要，而 70% 的印象來自非該廣告商典型過道的過道。

So very strong results very strong results with our new AI lending pages, which are generating a 20% increase in sales for the campaign with Celsius, for example, great results with our new measurement capability like share of digital shelf. And so it's really a combination of all of these innovations that not only set us out immediately better, but also lays the groundwork for more growth in the future as we give advertisers more reasons to spend with us. Thank you.

因此，我們的新 AI 借貸頁面取得了非常強勁的成果，例如，它為 Celsius 的活動帶來了 20% 的銷售額成長，我們的新測量功能（如數位貨架份額）也取得了巨大的成果。因此，所有這些創新的結合不僅讓我們立即變得更好，而且為未來的進一步成長奠定了基礎，因為我們為廣告商提供了更多理由在我們這裡消費。謝謝。

Justin Post, Bank of America.

美國銀行的賈斯汀·波斯特 (Justin Post)。

I was wondering if you can give us an update on your subscriber growth or percentage of GTV from subscribers? And then any update on the Walmart relationship testing in the US?

我想知道您是否可以向我們介紹一下您的用戶增長或用戶 GTV 百分比？那麼美國沃爾瑪關係測試有什麼最新消息嗎？

Yeah. So the majority of our GCG is still coming from Instacarts member. And as I said at the beginning, while we don't update on specific subscriber numbers, the growth of Instacarts Plus members has outpaced the growth of our monthly active orders. And that means we're seeing deeper penetration of Instacart as well as very strong engagement from members. So we really like what we're seeing.

是的。因此，我們的大部分 GCG 仍然來自 Instacarts 會員。正如我在一開始所說的，雖然我們沒有更新具體的訂閱用戶數量，但 Instacarts Plus 會員的成長速度已經超過了我們每月活躍訂單的成長速度。這意味著我們看到 Instacart 的滲透率越來越高，會員的參與度也越來越高。所以我們真的很喜歡我們所看到的。

And that's a direct result of having created a lot more value inside Instacart Plus over the last year, obviously, through the addition of hundreds of thousands of restaurants, through the addition of the $10 minimum basket, partnership with New York Times and Peacock, the ability to add more members of your family to your Instacart Plus account all of these things have contributed to the strength we're seeing in cigars. So we feel very good about that.

這直接得益於 Instacart Plus 在過去一年中創造了更多的價值，顯然，透過增加數十萬家餐廳、增加 10 美元的最低購物籃、與紐約時報和 Peacock 合作、將更多家庭成員添加到您的 Instacart Plus 帳戶，所有這些都促成了雪茄的強勁增長。因此我們對此感到非常高興。

As for Walmart, as you know, we have rolled out in several hundred sold with Walmart in the US, in addition to a rollout with Sam's Club, as well as out with Walmart in Canada. We continue to see that we are highly incremental to their own business. And for that reason, we think the results are highly positive.

至於沃爾瑪，如您所知，我們已經在美國與沃爾瑪合作推出了數百種產品，此外還與山姆會員店合作推出了產品，還與加拿大的沃爾瑪合作推出了產品。我們繼續看到我們對他們自己的業務高度增量。因此，我們認為結果非常積極。

However, when it comes to an expansion, of course, we would love to expand with Walmart. But that's our decision, not ours, and nothing to report on that side.

然而，說到擴張，我們當然願意與沃爾瑪一起擴張。但這是我們的決定，不是我們的，這方面沒有什麼好報告的。

Thank you.

謝謝。

Steven Fox, Fox Advisors LLC.

史蒂文·福克斯（Steven Fox），福克斯顧問有限責任公司（Fox Advisors LLC）。

I just had one big picture question. And apologize if this underappreciates the complexity of your business. But you've highlighted a ton of different initiatives that seem to generally be having success. And I know they're in different stages, but it seems like as you move on that there's an opportunity to accelerate the business further from -- as some of these mature. I guess I was wondering how you would sort of maybe come that idea or maybe support that idea if we were thinking out maybe over the next 12 to 24 months for some even better top line growth?

我只有一個大問題。如果這低估了您業務的複雜性，我們深表歉意。但您已經強調了大量似乎普遍成功的不同舉措。我知道它們處於不同的階段，但隨著業務的不斷推進，似乎有機會進一步加速業務發展——因為其中一些已經成熟。我想知道，如果我們考慮在未來 12 到 24 個月內實現更好的營收成長，您會如何提出這個想法或支持這個想法？

Thanks, Stephen. So as you know, we don't guide beyond Q1, but what I can tell you is that I personally look at the leading indicators of our business. And the leading indicators are typically are we increasing the number of users who are attracting to the platform? The answer is a strong resounding yes. In fact, the 2024 cohort was larger than the 2019 cohort and was also the strongest engagement that we've seen in recent years.

謝謝，史蒂芬。所以如你所知，我們不會對第一季之後的情況做出預測，但我可以告訴你的是，我個人會專注於我們業務的領先指標。領先指標通常是我們是否增加了吸引到該平台的用戶數量？答案是肯定的。事實上，2024 年的隊列比 2019 年的隊列規模更大，也是我們近年來看到的最激烈的參與度。

So in terms of new user acquisition and retention, I feel very good about that. I feel very good about our existing users, also increasing order frequency over time, thanks to all the new use cases that we created as well as our affordability initiatives. I feel very good about the Instacart Plus penetration continuing to deepen as we've just talked and share data around. I feel very good about the competitive environment, where we continue to have category leadership and continue to see that we are far ahead of competition on the core fundamentals of the business.

因此，就新用戶的獲取和保留而言，我感覺非常好。我對我們現有的用戶感到非常滿意，隨著時間的推移，訂單頻率也在增加，這要歸功於我們創造的所有新用例以及我們的可負擔性舉措。正如我們剛才討論和分享的數據，我對 Instacart Plus 的滲透率不斷加深感到非常高興。我對競爭環境感到非常滿意，我們繼續保持產品類別的領先地位，並在業務的核心基本面繼續遙遙領先競爭對手。

Obviously, selection, but also quality, which is very, very hard to get to the level we're at and we continue to get even better. And so we feel like these advantages are incredibly defensible and should continue to contribute to our success in the long run.

顯然，不僅要選擇，還要有質量，要達到我們現在的水平是非常非常困難的，而且我們會繼續做得更好。因此，我們認為這些優勢具有極強的可防禦性，並且應該會繼續為我們的長期成功做出貢獻。

And because we have the strong operating fundamentals, so that gives us even greater confidence in our ability to reinvest in growth and lean into our role as category leader, which is to accelerate the move of the industry from offline to online.

而且由於我們擁有強大的營運基礎，因此我們對再投資成長和鞏固行業領導者地位的能力更有信心，這將加速產業從線下到線上的轉變。

We know it's an industry that has moved slower than certainly anyone wished. And we see that as our role to accelerate that adoption. We feel that we have all of the ingredients in place to do that and to continue leading into our last category leader in ways that competitors just can't match. So for all of these reasons, I feel very good about our future.

我們知道這個產業的發展速度比任何人想像的都要慢。我們的職責就是加速這項應用。我們認為，我們已經具備了實現這一目標的所有條件，並以競爭對手無法比擬的方式繼續成為我們最後一個類別的領導者。因此，由於所有這些原因，我對我們的未來感到非常樂觀。

Great. That's very helpful. Thank you.

偉大的。這非常有幫助。謝謝。

That's all the time we have for questions. This concludes today's conference call. Thank you for participating. You may now disconnect.

我們回答問題的時間就這麼多了。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。