Maplebear Inc (CART) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Instacart's first-quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Instacart 2025 年第一季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Rebecca Yoshiyama, VP 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 first-quarter 2025 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 2025 年第一季財報電話會議。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, impacts from macroeconomic conditions and our future performance and prospects, including our expectations regarding our financial results. These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. You can find more information about these risks and uncertainties in our SEC filings, including our last Form 10-K.

在今天的電話會議中，我們將就我們的業務計劃和策略、宏觀經濟狀況的影響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。您可以在我們向美國證券交易委員會提交的文件（包括我們最新的 10-K 表格）中找到有關這些風險和不確定性的更多資訊。

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. 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.

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。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。

Thank you, Rebecca, and good afternoon, everyone. I hope you've had a chance to review my shareholder letter, where I highlighted how we've had a good start to the year and how we're innovating to accelerate online grocery adoption.

謝謝你，麗貝卡，大家下午好。我希望您有機會閱讀我的股東信，我在信中強調了我們今年的開局如何良好，以及我們如何進行創新以加速線上雜貨的普及。

Our operating fundamentals are strong, and we're well positioned to drive growth for both our business and our partners. Groceries are essential, and we operate in a massive market that's still significantly underpenetrated online. Consumers today care deeply about convenience, affordability, quality, and selection, and that's exactly what we deliver.

我們的經營基礎強勁，我們有能力推動我們的業務和合作夥伴的成長。食品雜貨是必需品，我們經營的市場規模龐大，但網上購物的滲透率仍然很低。現今的消費者非常關心便利性、可負擔性、品質和選擇性，而這正是我們所提供的。

Whether it's saving family's time, helping them stick to a budget, or offering the largest selection of retailers, we're making life simpler for millions of households every week. That focus has established Instacart as a clear category leader among digital first players in both small and large baskets. And by doubling down on what we do best, we are consistently driving user growth, order frequency and Instacart+ adoption.

無論是節省家庭的時間、幫助他們堅持預算，還是提供最多的零售商選擇，我們每週都在讓數百萬家庭的生活變得更加簡單。這種專注使得 Instacart 成為小型和大型購物籃領域中數位優先參與者中的明顯領導者。透過加倍努力做好我們最擅長的領域，我們不斷推動用戶成長、訂單頻率和 Instacart+ 的採用。

In terms of recent trends, we look at a lot of data across our business, and even though macro uncertainty remains, we have not seen any unexpected changes in consumer behavior through April. We reached 98% of households in North America and customer engagement remains consistent across geographies and income levels. Customers are continuing to shop at premium and discount retailers, although price parity retailers are collectively growing faster on our marketplace, a trend we've highlighted before.

就近期趨勢而言，我們查看了整個業務的大量數據，儘管宏觀不確定性仍然存在，但截至 4 月份，我們並未看到消費者行為發生任何意外變化。我們涵蓋了北美 98% 的家庭，並且不同地區和收入水平的客戶參與度保持一致。儘管價格平價零售商在我們的市場上整體成長速度更快，但顧客仍在繼續在高端和折扣零售商處購物，這是我們之前強調過的趨勢。

Demand is robust across our many use cases, from weekly grocery trips and stock-up orders, to higher frequency restaurant and shell in grocery orders. Average item prices on our platform continue to track in line with inflation and basket sizes remain resilient as customers generally shop with a budget. A key reason our business can be so resilient is that we have deep retailer partnerships that go beyond surface-level integrations.

在我們的許多使用案例中，需求都很強勁，從每週的雜貨店購物和補貨訂單，到更高頻率的餐廳和雜貨店訂單。我們平台上的平均商品價格繼續與通貨膨脹保持一致，並且由於顧客通常根據預算購物，因此購物籃的大小仍然保持彈性。我們的業務如此具有韌性的關鍵原因是我們與零售商建立了深厚的合作關係，這種合作關係超越了表面層面的整合。

For more than a decade, we have built deep technical partnerships that enable everything from loyalty and promotions to inventory accuracy and fulfillment. Whether it's through our marketplace, white label storefront, or in-store innovation like keeper costs, our solutions are helping retailers modernize faster, operate more efficiently, and better serve our customers.

十多年來，我們建立了深厚的技術合作夥伴關係，支持從忠誠度和促銷到庫存準確性和履行等各個方面。無論是透過我們的市場、白標店面或店員成本等店內創新，我們的解決方案都在幫助零售商更快地現代化、更有效率地運作並更好地服務我們的客戶。

These partnerships also strengthened our platform by expanding value for customers through better prices and selection, improving efficiency across our operations, and giving us access to growing parts of the market that no one else has tapped into like we have.

這些合作關係還透過更好的價格和選擇為客戶擴大價值，提高整個營運的效率，並使我們能夠進入其他人尚未像我們一樣進入的成長型市場，從而增強了我們的平台。

And today, we announced the acquisition of Wynshop, which will allow us to power storefronts for even more retailers and double down on our enterprise strategy. Our retail media offering is another area where we're uniquely positioned.

今天，我們宣布收購 Wynshop，這將使我們能夠為更多零售商提供店面支持，並加倍推進我們的企業策略。我們的零售媒體產品是我們具有獨特優勢的另一個領域。

We provide a one-stop shop for brands looking for highly measurable, highly performing campaigns, that which customers at the point of purchase with precision and scale. This value was reflected in our strong Q1 advertising performance as well as the fact that more and more large partners like Uber Eats and Hy-Vee are choosing Carrot Ads to monetize their own properties with our ad platform.

我們為尋求高度可衡量、高效能活動的品牌提供一站式服務，讓客戶在購買時獲得精準和規模化的信息。這一價值體現在我們強勁的第一季廣告業績上，以及越來越多的大型合作夥伴（如 Uber Eats 和 Hy-Vee）選擇 Carrot Ads 透過我們的廣告平台將自己的資產貨幣化。

While we continue to see strength in our advertising trends to date, we unsurprisingly have started to hear concerns from brands about how uncertainty around trade policies and other regulations could impact their ability to spend on marketing. And even though no ads platform will be immune to macroeconomic risks, our performance driven ad model and the work we've done to diversify our advertising base over the past year, helps make our platform more resilient and very well positioned to remain a leader in the space.

雖然迄今為止我們的廣告趨勢仍然強勁，但我們毫不意外地開始聽到品牌商擔心貿易政策和其他法規的不確定性可能會影響他們的行銷支出能力。儘管沒有一個廣告平台能夠免受宏觀經濟風險的影響，但我們以績效為導向的廣告模式以及過去一年來為實現廣告基礎多元化所做的工作，有助於讓我們的平台更具彈性，並有利於繼續保持在該領域的領先地位。

Finally, across every part of our business, we're continuing to leverage AI to work smarter, move faster, and further establishing Instacart as a leader in AI-driven development. In Q1 alone, 87% of our code was developed with AI assistance, unlocking a level of speed, creativity, and efficiencies that wasn't possible before.

最後，在我們業務的各個部分，我們都在繼續利用人工智慧來更聰明地工作、更快地行動，並進一步確立 Instacart 作為人工智慧驅動開發領域的領導者地位。僅在第一季度，我們 87% 的程式碼都是在 AI 的幫助下開發的，從而實現了以前無法實現的速度、創造力和效率水平。

Whether it's Smart Shop which delivers a more personalized and seamless customer experience, or new tools that benefits retailers, both on our marketplace and their own and operated store fronts, our universal campaigns, which gives brands a simplified and scalable way to connect customers across our ad ecosystem, AI is a driving force behind it all. Ultimately, our purpose is clear. Solve real needs for our customers, drive growth for our partners, and execute towards our long-term vision.

無論是提供更個人化和無縫客戶體驗的智慧商店，還是使零售商受益的新工具（無論是在我們的市場還是他們自己經營的店面），我們的通用廣告活動都為品牌提供了一種簡化和可擴展的方式來連接我們廣告生態系統中的客戶，人工智慧是這一切背後的驅動力。最終，我們的目的是明確的。解決客戶的實際需求，推動合作夥伴的成長，並實現我們的長期願景。

By continuing to lean into what makes us successful and making disciplined but aggressive investments, I'm confident in our ability to not only extend our lead, but help accelerate the future of grocery shopping in a way that benefits everyone.

透過繼續依靠使我們成功的因素並進行有紀律但積極的投資，我相信我們不僅有能力擴大領先地位，而且能夠幫助加速未來的食品雜貨購物，從而使每個人受益。

Now, I'll turn it over to Emily to talk about our financials.

現在，我將讓艾蜜莉來談談我們的財務狀況。

Thank you, Fidji. Q1 was a strong quarter for Instacart and our solid operating fundamentals and growth strategies have us well positioned for continued progress in 2025 and beyond.

謝謝你，Fidji。第一季對 Instacart 來說是一個強勁的季度，我們穩固的營運基礎和成長策略使我們為 2025 年及以後的持續進步做好了準備。

Now let me provide a bit more color on our most recent financial results and outlook. In Q1, we delivered GTV at the top end of our guidance range, growing 10% year-over-year. This performance was driven by a 14% increase in orders, the strongest year-over-year order growth we've delivered in 10 quarters, driven by increases in both order frequency and users.

現在，讓我進一步介紹一下我們最近的財務表現和前景。在第一季度，我們實現了 GTV 達到預期範圍的上限，年增 10%。這一業績得益於訂單量增長 14%，這是我們 10 個季度以來實現的最強勁的同比訂單增長，這得益於訂單頻率和用戶量的增加。

As anticipated, we also saw average order value decreased by 4% year-over-year due to the addition of restaurant orders and reducing our minimum basket size to $10 for Instacart+ members, though this was partially offset by growth in basket sizes elsewhere. Transaction revenue grew 8% year-over-year and held steady at 7.1% of GTV quarter-over-quarter.

正如預期的那樣，由於餐廳訂單的增加以及 Instacart+ 會員的最低購物籃金額降至 10 美元，我們還看到平均訂單價值同比下降了 4%，但這被其他地方購物籃金額的增長部分抵消了。交易收入年增8%，佔GTV的比重環比維持穩定在7.1%。

Advertising and other revenue increased by 14% year-over-year, outpacing GTV growth and exceeding our expectations with strong contributions from both large and emerging brand partners. Profitability remained a highlight, reflecting our solid operating fundamentals and financial discipline, as we continue to effectively manage multiple levers across our P&L to drive efficiencies. GAAP net income of $106 million decreased by $24 million year-over-year, primarily due to the lapping of $95 million of stock-based comp reversals in Q1 of 2024.

廣告和其他收入年增 14%，超過了 GTV 的成長，也超出了我們的預期，這得益於大型和新興品牌合作夥伴的強勁貢獻。獲利能力仍然是一個亮點，反映了我們穩固的經營基礎和財務紀律，因為我們繼續有效地管理損益表中的多個槓桿來提高效率。以美國通用會計準則計算的淨收入為 1.06 億美元，較上年同期減少 2,400 萬美元，主要原因是 2024 年第一季股票補償金沖銷 9,500 萬美元。

Q1 stock-based comp of $66 million was slightly lower than we expected. And as a reminder, we continue to expect Q1 to be our lowest quarter of stock-based comp in the calendar year, followed by a sizable step-up in stock-based comp in Q2 due to the timing of our annual refresh grants. Adjusted EBITDA of $244 million exceeded the high end of our guidance range, growing 23% year-over-year.

第一季股票薪酬為 6,600 萬美元，略低於我們的預期。需要提醒的是，我們仍然預計第一季將是本年度股票薪酬最低的季度，隨後由於年度更新授予的時間安排，第二季度股票薪酬將大幅增加。調整後的 EBITDA 為 2.44 億美元，超出了我們預期範圍的高端，比去年同期成長 23%。

Operating cash flow of $298 million increased $193 million year-over-year, primarily driven by the collection of a large accounts receivable balance from a retailer in addition to our strong operational performance. In Q1, we also bought back $94 million worth of shares and finished the quarter with $218 million of remaining buyback capacity.

營運現金流為 2.98 億美元，較上年同期增加 1.93 億美元，主要得益於我們強勁的營運業績以及從零售商處收取了大量應收帳款餘額。在第一季度，我們也回購了價值 9,400 萬美元的股票，本季結束時剩餘的回購能力為 2.18 億美元。

We ended the quarter with approximately $1.8 billion in cash and similar assets on our balance sheet, and recently used approximately $105 million in cash for our acquisition of Wynshop.

本季末，我們的資產負債表上約有 18 億美元現金和類似資產，最近我們使用約 1.05 億美元現金收購了 Wynshop。

Now for our Q2 outlook. Similar to prior quarters, our guidance is based on our closest to the PIN estimates based on what we've seen in our business through today. However, we are operating in a period with loss of macro uncertainty. And in particular, we know this could lead to more volatility amongst our brand partners and their advertising budgets.

現在來看看我們的第二季展望。與前幾季類似，我們的指導是基於我們今天在業務中看到的情況，最接近 PIN 估計。然而，我們正處於宏觀不確定性喪失的時期。特別是，我們知道這可能會導致我們的品牌合作夥伴及其廣告預算更加不穩定。

Based on current course and speed, we expect Q2 GTV to be between $8.85 billion and $9 billion, representing year-over-year growth between 8% to 10%. We also continue to anticipate that orders growth will outpace GTV growth in the period. We are also guiding to Q2 adjusted EBITDA of $240 million to $250 million.

根據目前的進程和速度，我們預計第二季 GTV 將在 88.5 億美元至 90 億美元之間，年增 8% 至 10%。我們也繼續預計，在此期間訂單成長將超過 GTV 成長。我們也預計第二季調整後的 EBITDA 為 2.4 億美元至 2.5 億美元。

We expect the year-over-year growth in adjusted EBITDA as a percentage of GTV to be primarily driven by ongoing adjusted operating expense leverage, and we expect advertising and other revenue growth to modestly outpace our anticipated GTV growth in the period. Overall, we're pleased with our strong start to the year, and we're well positioned to navigate current macro conditions.

我們預計，調整後的 EBITDA 佔 GTV 的百分比同比增長主要受持續調整後的營運費用槓桿的推動，並且我們預計廣告和其他收入增長將略微超過我們預期的 GTV 增長。總體而言，我們對今年的強勁開局感到滿意，並且我們已準備好應對當前的宏觀環境。

Instacart has proven that we can grow through uncertainty and we're laser-focused on helping our partners succeed no matter what lies ahead. Our operating fundamentals and balance sheet are strong, which gives us the ability to reinvest in growth initiatives while executing on our commitment to deliver annual adjusted EBITDA expansion, both in absolute terms and as a percentage of GTV in 2025.

Instacart 已經證明我們可以在充滿不確定性的情況下成長，並且無論未來如何，我們都致力於幫助我們的合作夥伴取得成功。我們的營運基礎和資產負債表強勁，這使我們能夠對成長計畫進行再投資，同時履行我們的承諾，即在 2025 年實現年度調整後 EBITDA 擴張，無論是絕對值還是 GTV 的百分比。

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) Colin Sebastian, Baird.

（操作員指示）科林·塞巴斯蒂安，貝爾德。

Can you guys hear me okay?

你們聽得到我說話嗎？

We can.

我們可以。

Great. So first question I have, I guess, is on the ads business. Hoping given some of the progress there, you could unpack what you're seeing from both the core CPG advertisers and then maybe the contribution from the longer tail that you've been working to unlock here for some time?

偉大的。所以我想我的第一個問題是關於廣告業務的。希望鑑於那裡取得的一些進展，您可以解讀出您從核心 CPG 廣告商那裡看到的內容，以及您一段時間以來一直在努力解鎖的長尾貢獻？

And then, Fidji, I mean, given some of the early shifts that we're seeing broadly towards agentic commerce and the investments you guys are putting towards that, I wonder if you could expand it then your vision for how Instacart fits in that paradigm of agents placing orders on behalf of consumers? Maybe some details you have on shopping behavior?

然後，Fidji，我的意思是，考慮到我們廣泛看到的代理商務的一些早期轉變以及你們為此所做的投資，我想知道您是否可以擴展一下您對 Instacart 如何適應代理商代表消費者下訂單的模式的看法？也許您有一些關於購物行為的詳細資訊？

You mentioned retention in the letter, but behavior changes that may be influenced by things like the recipe-driven ordering and other things on that would be helpful. Thank you.

您在信中提到了保留，但受到食譜驅動的訂購等因素影響的行為改變可能會有所幫助。謝謝。

Great. Thanks, Colin. I'll start with ads. So we had a very strong Q1, as you saw in the results, and it was driven by both large and emerging brands, which is really encouraging. And as mentioned in past calls, we have been very focused on diversifying our base of advertisers, and we now have more than 7,000 brands that are onboarded and spending with us. And so that diversification really is working.

偉大的。謝謝，科林。我先從廣告開始。因此，正如您在結果中所看到的，我們第一季的業績非常強勁，這得益於大型品牌和新興品牌的共同推動，這確實令人鼓舞。正如在過去的電話會議中提到的那樣，我們一直非常注重廣告商基礎的多元化，現在我們有超過 7,000 個品牌與我們合作並進行廣告支出。所以這種多樣化確實有效。

If you look at Q1, really to prove that the entire strategy is coming together, because it has really been driven by a high performance. We continue to be best-in-class in both ROAS as well as [CTR] among large multi-retailer platforms.

如果你看一下第一季度，你會發現這確實證明整個策略正在形成，因為它確實是由高效能驅動的。在大型多零售商平台中，我們的 ROAS 和 [CTR] 繼續保持最佳水準。

We continue to have product innovation with new ad formats as well as continuing to increase our supply with some of the wins we've had in expanding our Carrot Ads, which are very meaningful and contribute to really a virtuous cycle of getting more supply, which drives more performance, attract more demand and as a result, get more retailers interested in working with us. So it's really a beautiful virtuous cycle that's happening with Carrot Ads and really working now.

我們繼續透過新的廣告形式進行產品創新，並繼續透過擴大胡蘿蔔廣告取得的一些成功來增加我們的供應，這非常有意義，有助於形成一個良性循環，即獲得更多供應，從而提高業績，吸引更多需求，並最終吸引更多零售商有興趣與我們合作。所以，Carrot Ads 確實正在形成一個美好的良性循環，而且確實在發揮作用。

So that's really what we saw, I would say, in Q1 and just saying like the strategy is working, and we continue to see strength. In terms of the shift towards agentic commerce, I would say it's still very early, but our strategy is to really embrace new technologies when they happen and be really the first to bring these technologies to people. Because fundamentally, we believe that if we make it super easy for people to order groceries online, that's going to accelerate market adoption.

所以我想說，這確實是我們在第一季看到的，而且策略正在發揮作用，我們將繼續看到其實力。就轉向代理商務的轉變而言，我想說現在還為時過早，但我們的策略是真正擁抱新技術，並率先將這些技術帶給人們。因為從根本上來說，我們相信，如果我們讓人們能夠非常輕鬆地在網路上訂購食品雜貨，這將加速市場採用。

And as a category leader, we can get more than our fair share of that as people move online because we have the superior experience, a superior selection. And so you have seen us work, for example, with OpenAI on the operator products where we integrate with them for that. We have our own efforts of figuring out how we can include the agenetic experiences directly inside Instacart, especially for things like planning and really helping you with all of your family needs when it comes to putting food on the table.

作為行業領導者，隨著人們轉向網絡，我們可以獲得超出我們應得的份額，因為我們擁有卓越的體驗和卓越的選擇。因此，您已經看到我們與 OpenAI 合作開發營運商產品，並將它們整合在一起。我們正在努力研究如何將遺傳體驗直接融入 Instacart 中，特別是規劃和真正幫助您滿足家庭所有需求（例如購買食物）等方面。

And again, very early, but we think this is something that has a lot of potential, and we want to lean into very early to make sure that we extend our lead in this market.

雖然還處於早期階段，但我們認為這是一個具有巨大潛力的領域，我們希望儘早採取行動，以確保我們擴大在這個市場的領先地位。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

This is [Neeraj] on for Doug. Just wanted to understand, what are the changes you guys need on the shop and to economically execute the $10 minimum basket as well as the store check? Do you need to incentivize the shoppers or create a different order flow? I just want to understand like how much batching is required to do these orders economically?

這是 Doug 的 [Neeraj]。只是想了解一下，你們需要對商店進行哪些改變，以及如何經濟地執行 10 美元的最低購物籃以及商店支票？您是否需要激勵購物者或建立不同的訂單流程？我只是想了解經濟地完成這些訂單需要多少批次？

Yeah. Thanks for the question. So the reason we're able to do these orders at economics we like is because we have a very high density of orders in every store. And in fact, by launching $10 minimum basket, we're increasing that order density, it's giving us more orders that we can potentially match. And so we like the economics we have today.

是的。謝謝你的提問。因此，我們能夠以我們喜歡的經濟條件完成這些訂單的原因是，我們每家商店的訂單密度都非常高。事實上，透過推出 10 美元的最低購物籃，我們增加了訂單密度，這為我們提供更多可能的訂單。所以我們喜歡今天的經濟狀況。

And then once we launch, we continue to optimize those economics and we can increase batching to today more -- the vast majority of our orders are already batched, but we can go even higher with the density of $10 minimum basket. For example, batching orders like four at a time, instead of three at a time. Batching priority orders in the future.

一旦我們推出，我們就會繼續優化這些經濟效益，並且可以將批量處理能力提高到今天水平——我們的絕大多數訂單已經是批量處理的，但我們可以通過 10 美元的最低購物籃密度進一步提高。例如，批量處理訂單，一次處理四個，而不是一次處理三個。未來批量處理優先訂單。

And so these are all things that can continue to improve the economics as our order growth continues. It's also worth mentioning that these orders, the $10 min basket orders, the small basket orders, tends to skew towards snacks and beverages and therefore, categories that are also good for advertising. And given our strength in ads, it's also an advantage to get the economics there to be in a good place.

因此，隨著訂單的持續增長，所有這些都可以繼續改善經濟狀況。另外值得一提的是，這些訂單，即 10 美元最低購物籃訂單、小購物籃訂單，往往偏向零食和飲料，因此這些類別也適合做廣告。鑑於我們在廣告方面的優勢，這也有利於當地經濟保持良好狀態。

You mentioned Store View and Second Store Check. On Second Store Check, it's very much a similar thing. We have few shoppers who visit large-format stores on average 14 times a day. And so that means that we have shopped inside these stores very frequently.

您提到了 Store View 和 Second Store Check。在 Second Store Check 上，情況非常類似。我們很少有購物者平均每天光顧大型商店 14 次。這意味著我們經常在這些商店購物。

And therefore, if a product is not available at a store, it's very easy for us to check if it's available at a store nearby, because in all likelihood, we already have a shopper nearby that can go check that out. And then same thing for Store View, which is scanning aisles with shorter phone to capture videos of inventory, it's a similar thing.

因此，如果某個商店缺貨，我們可以輕鬆地查看附近的商店是否有貨，因為很有可能我們附近已經有一位購物者可以去查看。對於 Store View 來說也是一樣，它使用較短的手機掃描過道來捕捉庫存的視頻，這是類似的事情。

We have a lot of shoppers that are already near the store waiting, or at the store, waiting for an order to come in. So that's really an incremental earning opportunity for them to be able to just scan the aisle and give us access to this incredibly rich data that allows us to improve our inventory accuracy while also giving shoppers more earnings opportunities.

有很多購物者已經在商店附近等候，或在商店裡等待訂單到來。因此，對他們來說，這確實是一個增量獲利機會，他們只需掃描過道，就能讓我們存取這些極其豐富的數據，這不僅能讓我們提高庫存準確性，還能為購物者提供更多的獲利機會。

So it's really leveraging our scale, our order density and the density of shoppers we have at any in same-store scale.

因此，它真正利用了我們的規模、訂單密度以及同店規模的購物者密度。

Got it. And just on ads, I just wanted to understand, great to see the ad acceleration, but how much -- is there any upside that was driven by the launch of ads on Caper Carts?

知道了。就廣告而言，我只是想了解，很高興看到廣告加速成長，但是 Caper Carts 上推出廣告是否會帶來什麼好處？

I would say the launch of ads on Caper Carts is extremely minimal in terms of impact towards ad revenue. The thing that we're excited about when it comes to ads on Caper, is the fact that we are seeing a level of engagement with those ads that is equivalent to online engagement, which gives us a lot of confidence in our ability to monetize costs well in the future. But I would say, given the scale of Caper right now, it's still fairly minimal to our overall ad revenue.

我想說，在 Caper Carts 上推出廣告對廣告收入的影響極為微小。說到 Caper 上的廣告，讓我們感到興奮的是，我們看到這些廣告的參與度與線上參與度相當，這讓我們對未來很好地將成本貨幣化的能力充滿信心。但我想說，考慮到 Caper 目前的規模，它對我們的整體廣告收入來說仍然相當小。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼，伯恩斯坦。

I wanted to ask a longer-term one on advertising. How do you ensure that your ad platform continues to work very well for the long tail of ad buyers that maybe don't have as much organic brand recognition and search? Are there needs very different to that of your big CPG partners? So how do you solve and optimize for that?

我想問一個關於廣告的長期問題。如何確保您的廣告平台能夠繼續很好地服務那些可能沒有太多有機品牌認知和搜尋的長尾廣告購買者？您的需求與您的大型 CPG 合作夥伴有何不同？那麼如何解決和優化這個問題呢？

This is such an excellent question and something we spend a lot of time thinking about. And in fact, you do build a fairly different ad product for emerging brands than you do for large guys. For the reason you mentioned, but also they orient much more towards self-sell tools. So we've done a lot of work to make all tools a lot more self-serve. They have much less time and much fewer resources to analyze insights.

這是一個非常好的問題，我們花了很多時間思考。事實上，你為新興品牌打造的廣告產品與為大品牌打造的廣告產品確實有很大不同。出於您提到的原因，但他們也更傾向於自我銷售工具。因此，我們做了很多工作來使所有工具更加自助。他們用於分析見解的時間和資源少得多。

So we have made it so that with AI, we can deliver insights to them and tell them what to do next to optimize our campaign in a much easier way. So all of these things are things that we definitely do build very differently.

因此，我們利用人工智慧為他們提供見解，並告訴他們下一步該做什麼，以便以更簡單的方式優化我們的活動。所以，所有這些東西都是我們以非常不同的方式建造。

But on your specific point on how do we create discovery for them? This is exactly why we are launching things like our inspiration ads, which are all about being discovered outside of the aisle that you usually are in. So to give a concrete example, we sponsored recipes. That's a good opportunity for buying one particular ingredient if we show you, oh, look at the sponsored recipes to make you discover a lot of other products as part of that.

但是關於您提到的具體問題，我們如何為他們創造發現？這正是我們推出靈感廣告等產品的原因，這些廣告的目的在於讓您在通常所在的過道之外發現它們。舉一個具體的例子，我們贊助了食譜。如果我們向您展示贊助的食譜，讓您發現其中的許多其他產品，那麼這對您購買某種特定食材來說是一個好機會。

And we just released a case study with nature-made honey, which generated 37% new-to-brand sales and a 2 to 4x roll-outs throughout the campaign. And then when we looked at several campaigns from so and so recipe, we saw that 70% of ad impression came out of the aisle of the initial thing that the customer was looking at, which is really good for discovery.

我們剛剛發布了一項關於天然蜂蜜的案例研究，該蜂蜜在整個活動期間產生了 37% 的新品牌銷售額和 2 到 4 倍的推廣量。然後，當我們查看某某食譜的幾個活動時，我們發現 70% 的廣告顯示來自客戶最初查看的商品的過道，這對於發現來說非常有益。

Same thing when it comes to other ad formats like bundles and occasions, which are all about upselling you to different products that you might be interested in based on what you just put in your car. So that's working really well.

其他廣告形式（如捆綁廣告和場合廣告）也是一樣的，它們都是根據您剛放入車內的東西，向您推銷您可能感興趣的不同產品。效果確實很好。

And then the last thing I'll add is we launched this quarter, our universal campaigns. And universal campaigns is basically a way to make sure that if you set up one campaign, we can really automatically, through AI, distribute (technical difficulty) a bunch of different places. And that helps a lot when it comes to emerging brands because sometimes if they just do sponsored products, they might not, to your point, get all of the traffic that they would want.

最後我要補充的是，我們在本季推出了我們的通用活動。通用活動基本上是一種確保如果你設定了一個活動，我們就能透過人工智慧自動地將（技術難度）分配到許多不同的地方的方法。對於新興品牌來說，這有很大幫助，因為有時如果他們只是做贊助產品，他們可能無法獲得他們想要的所有流量。

So we would want to actively redirect those budgets towards display ads where they're going to be discovered in other places and not necessarily in search. And so that allows us to dynamically move budget to make sure that we can maximize the advertisers' goals, maximize discovery, and do that dynamically without the brand having to do a lot of work to figure that out themselves.

因此，我們希望積極地將這些預算轉向展示廣告，這樣它們就會在其他地方被發現，而不一定在搜尋中。這樣，我們就可以動態地調整預算，以確保我們能夠最大限度地實現廣告商的目標，最大限度地提高發現率，並動態地做到這一點，而無需品牌自己做大量的工作來弄清楚這一點。

So we are seeing all of that work, and that's reflected in the strength that we continue to have on emerging brands budgets that are really coming strong into the system.

因此，我們看到了所有這些工作，這反映在我們對真正強勢進入系統的新興品牌預算的持續投入上。

And if I could just follow up on the small basket orders. Now that you've had a bit more time for that program to ramp, are you still confident that these are predominantly incremental orders? And any signs of better Instacart+ retention or conversion rates because of these changed delivery thresholds?

我是否可以跟進小籃子訂單。現在您已經有更多時間讓該計劃順利實施，您是否仍然相信這些主要是增量訂單？這些改變的配送門檻是否意味著 Instacart+ 的保留率或轉換率會提高？

Yeah, it's a strong yes on both. We are seeing a higher GTV, increased order frequency, stronger Instacart+ adoption. And so these are things, as you can imagine, that we track very closely, and we have not seen cannibalization of large baskets. We have seen very clear incremental GTV. And that's coming both from existing users, but also from new users and resurrected users.

是的，兩個答案都是肯定的。我們看到 GTV 更高、訂單頻率增加、Instacart+ 採用率更高。因此，正如您所想像的，這些都是我們密切關注的事情，我們並沒有看到大籃子的蠶食。我們已經看到了非常明顯的GTV增量。這既來自現有用戶，也來自新用戶和復活用戶。

So it's really having a lot of benefits across the board, which is why we feel very good about it. And when I mentioned that it increased order frequency, that really means that it's really increasing order frequency at every stage. So we're moving yearly active orders to be quarterly active more frequently, quarterly active to monthly active and then monthly active to weekly active, all increasing and going in the right direction.

所以它確實在各方面都有很多好處，這也是我們對此感到非常高興的原因。當我提到它增加了訂單頻率時，這實際上意味著它確實在每個階段增加了訂單頻率。因此，我們將年度活躍訂單更頻繁地轉變為季度活躍訂單，將季度活躍訂單轉變為每月活躍訂單，然後將每月活躍訂單轉變為週活躍訂單，所有這些都在增加並朝著正確的方向發展。

So we're really excited about what we're seeing. We're also seeing in terms of qualitative use case that it's driving more midweek filling grocery orders.

因此，我們對所看到的一切感到非常興奮。從定性用例來看，我們還發現它正在推動更多周中雜貨訂單的完成。

And we're seeing that being particularly strong in dense urban areas, where customers are more likely to not have a vehicle. And so it's really fulfilling the promise that energy hypothesis that we had when we launched and that's why we're really committed to it.

我們發現這種現像在人口密集的城市地區尤其明顯，因為那裡的顧客更有可能沒有車輛。因此，它確實兌現了我們推出能源假說時的承諾，這就是我們真正致力於此的原因。

Bernie McTernan, Needham & Company.

麥克特南 (Bernie McTernan)，Needham & Company。

Great. Just given the acquisition of Wynshop, I was hoping we could just take a step back and Fidji, if you could just remind us of your enterprise strategy and if these are discrete revenue opportunities, or more so indirect where you have the opportunity to get more data and integration with your grocery partners, and what hole specifically is Wynshop filling for you guys?

偉大的。鑑於剛剛收購了 Wynshop，我希望我們可以退一步思考，Fidji，您能否提醒我們一下您的企業戰略，以及這些是離散的收入機會，還是更間接的機會，您有機會獲得更多數據並與您的雜貨合作夥伴進行整合，Wynshop 具體為您填補了什麼空白？

Absolutely. So to take a step back, our enterprise strategy is both a big driver of GTV and revenue because it allows us to tap into a part of the market that no one else is able to tap into. And so that makes us really be able to tap into the part of the market that retailers own.

絕對地。退一步來說，我們的企業策略是 GTV 和收入的重要推動力，因為它使我們能夠進入其他人無法進入的部分市場。這使我們真正能夠挖掘零售商所擁有的那部分市場。

And that means that when retailers want to lean into online, they usually decide to put marketing budget behind their own properties. And because we power that, that benefits us a great deal. We have approximately 600 store fronts. So that's, imagine, 600 retail banners really putting their weight behind other part of the market. So that's a big source of GTV and revenue for us.

這意味著，當零售商想要進軍線上業務時，他們通常會決定將行銷預算投入自己的產品。因為我們為此提供了動力，所以這給我們帶來了很多好處。我們有大約 600 個店面。想像一下，600 個零售橫幅確實為市場的其他部分提供了支持。所以這對我們來說是 GTV 和收入的一個重要來源。

But it is also a strategic asset to your point, that is all about creating a deeper integration with retailers being a strategic partner and not just one of the many marketplaces that they sit on. And that allows us to be first to market with a lot of capabilities.

但就您的觀點而言，它也是戰略資產，即與零售商建立更深層次的整合，成為戰略合作夥伴，而不僅僅是他們所在的眾多市場之一。這使我們能夠率先將多種功能推向市場。

So to give you an example, when we went to retailers and told them, hey, it would be really great to implement SNAPs together, a lot of retailers want to start by implementing SNAP on their own and operated properties, obviously. And so we do that for them and automatically get that for our marketplace. Similarly, with loyalty integration, when we build loyalty integration for their store fronts, we get that for our marketplace.

舉個例子，當我們去找零售商並告訴他們，嘿，一起實施 SNAP 真的很棒，很多零售商顯然希望先在自己和經營的場所實施 SNAP。因此，我們為他們做到這一點，並自動將其提供給我們的市場。同樣，透過忠誠度整合，當我們為他們的店面建立忠誠度整合時，我們就會將其應用於我們的市場。

And so it really allows us to have a strategic relationship, be integrated in the right IT road maps, and really called dibs on these limited IT resources that retailers have, and take all of the innovation that we have in enterprise and bring it to marketplace. And vice versa take all of the innovation of marketplace and bring it to enterprise. So we feel very strongly about that strategy.

因此，它確實使我們能夠建立策略關係，融入正確的 IT 路線圖，並真正利用零售商擁有的這些有限的 IT 資源，並將我們在企業中的所有創新推向市場。反之亦然，將市場的所有創新帶給企業。因此，我們對這項戰略抱持著非常強烈的信念。

And so that's why it becomes easy then to make acquisitions like Wynshop. And also, if you look at our track record of acquisition, a lot of them have been in the enterprise space, whether that Caper, Caper, FoodStorm, [Rosie], Eversight because these acquisitions directly build on top of a really strong product suite and fit directly into our strategy.

這就是為什麼像 Wynshop 這樣的收購變得如此容易。此外，如果你看看我們的收購記錄，你會發現很多收購都發生在企業領域，無論是 Caper、Caper、FoodStorm、[Rosie] 還是 Eversight，因為這些收購都直接建立在非常強大的產品套件之上，並直接符合我們的策略。

So with Wynshop, for example, allowing us to power the storefronts for more retailers, go deeper with the ones that we had relationship with, Wakefern is a good example. We have a very strong relationship with them. We already power Caper in 10% of their stores.

以 Wynshop 為例，它使我們能夠為更多零售商提供店面支持，並與我們已經建立關係的零售商建立更深入的合作關係，Wakefern 就是一個很好的例子。我們與他們有著非常牢固的關係。我們已經為 Caper 的 10% 商店提供電力。

But now with Wynshop, we're going to be able to power that storefront as well as well as develop relationships with new retailers, Pattison is a great example where Wynshop is powering their storefront, and that's allowing us to tap into that relationship.

但現在有了 Wynshop，我們將能夠為該店面提供支持，並與新的零售商建立關係，Pattison 就是一個很好的例子，Wynshop 正在為他們的店面提供支持，這使我們能夠利用這種關係。

And then in terms of monetization opportunities, there's obviously the SaaS revenue that Wynshop charges to date, but really the ultimate goal is to upsell to more revenue-generating opportunities whether that our fulfillment technologies that retailers are asking for, and we're going to be available on Wynshop of Carrot Ads. A lot of Wynshop retailers wanted a retail media solution, and with Carrot Ads we are going to be able to do that.

然後就貨幣化機會而言，Wynshop 迄今為止顯然收取了 SaaS 收入，但真正的最終目標是追加銷售更多的創收機會，無論是零售商要求的履行技術，我們都將在 Wynshop 或 Carrot Ads 上提供。許多 Wynshop 零售商都希望獲得零售媒體解決方案，而透過 Carrot Ads，我們就能做到這一點。

Caper is another example that can integrate directly with our storefront to provide an omnichannel experience. So we have a lot of opportunities to upsell now, and that means that there's a lot of upcoming synergies that make this acquisition be a no-brainer.

Caper 是另一個可以直接與我們的店面整合以提供全通路體驗的例子。因此，我們現在有很多機會進行追加銷售，這意味著即將產生的許多協同效應將使這項收購變得輕而易舉。

That's great. And just one follow-up. I know that the shareholder layer talks about AOV declines primarily driven by the lower minimum delivery thresholds in restaurant. But I guess I just wanted to ask directly if you're seeing any trade down or smaller basket sizes within the larger basket? Any evidence of that on the platform or not?

那太棒了。並且只有一個後續行動。我知道股東層談論 AOV 下降主要是因為餐廳最低配送門檻較低造成的。但我想我只是想直接問一下，您是否看到在較大的籃子中存在任何交易下降或籃子規模縮小的情況？平台上有沒有什麼證據？

Yeah. So as we talked about, we saw the 4% on a year-over-year basis decline in AOV and that was driven by restaurants first, and then by the $10 reduction in the minimum basket for IC+. What we're actually seeing is that's been slightly offset by a continued increase in the remaining basket.

是的。正如我們所討論的，我們看到 AOV 同比下降了 4%，這首先是由餐廳推動的，其次是 IC+ 最低購物籃降低了 10 美元。我們實際上看到的是，這項變革被籃子剩餘貨幣的持續增加稍微抵消了。

So we're seeing continued strength and that is a result of exactly what you pointed out, which is we're not seeing trade down. We're seeing this as sort of truly incremental spend. And as Fidji talked about, we see that in terms of the types of orders that we're seeing on the platform. So hence, why we continue to feel quite good about this update.

因此，我們看到了持續的強勢，這正是您所指出的結果，即我們沒有看到貿易下滑。我們認為這是一種真正的增量支出。正如 Fidji 所說，我們從平台上看到的訂單類型中看到了這一點。因此，我們繼續對這次更新感到十分滿意。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Great. So first, on the small basket orders, you talked about the incrementality of these orders. Are you seeing any common theme on maybe the type of retailers you're seeing these orders go towards and perhaps that's helping you gain more scale with some of the retailers with fewer SKUs or so? Is there any theme in terms of diversifying the retailer side that you're observing?

偉大的。首先，關於小籃子訂單，您談到了這些訂單的增量。您是否發現這些訂單流向的零售商類型存在一些共同點，這也許有助於您與一些 SKU 較少的零售商擴大規模？就零售商多元化而言，您是否觀察到了什麼主題？

And then on Uber Eats, now that you've had it for over six months, can you update on the attach rates, penetration gains you're seeing? How has that also helped cart's core grocery business in terms of increasing frequency or perhaps new users coming in primarily through the restaurant orders?

然後是 Uber Eats，現在您已經擁有它六個多月了，您能否更新您所看到的附加率和滲透率增長？這對 Cart 的核心雜貨業務有何幫助？例如，能否增加購物頻率，或能否吸引主要透過餐廳訂單來的新用戶？

Yeah, thanks for the question. So on small baskets, we haven't seen really a big difference between retailers that have run the most from $10 minimum basket. We've seen that be -- I would say, pretty widespread. So nothing really specific to call out here.

是的，謝謝你的提問。因此，對於小額購物籃而言，我們並沒有看到最低購物籃價格為 10 美元的零售商與銷售量最大的零售商之間存在很大差異。我們已經看到這種情況——我想說，相當普遍。因此這裡沒有什麼特別需要指出的。

We are seeing that the types of items purchased are more snacks and beverages, fresh vegetables, frozen desserts, alcohol, dairy, so widespread, but still what you would expect from of midweek fill in orders. So feeling really good about the fact that this change created the use case that we were expecting it to create.

我們發現購買的商品類型更多是零食和飲料、新鮮蔬菜、冷凍甜點、酒精、乳製品，種類繁多，但仍然是您所期望的周中填寫訂單。因此，我們很高興看到這項變更創造了我們期望的用例。

On your second question on Uber and restaurant adoption, we continue to see restaurant adoption deepen and there are still lots and lots of runway to go. On average, customers using restaurants, order groceries more frequently and spend more on the grocery orders than they did prior. And this effect is particularly strong with less frequent and lapsed customers, where we obviously have even more room to grow.

關於您關於 Uber 和餐廳採用的第二個問題，我們繼續看到餐廳採用的深入，並且還有很長的路要走。平均而言，去餐廳用餐的顧客比以前訂購食品雜貨的頻率更高，而且在食品雜貨訂單上的花費也更多。對於不太常光顧和流失的顧客來說，這種影響尤其強烈，顯然我們還有更大的成長空間。

We are seeing high customer engagement, especially with Instacart+ members who are really liking the restaurant offering. And as we've mentioned in the past, we are seeing larger order values on restaurants on average than on other restaurant platforms, which really reflects the families and the strength we have with families on the platform.

我們看到顧客參與度很高，尤其是 Instacart+ 會員，他們非常喜歡餐廳提供的服務。正如我們過去提到的那樣，我們發現餐廳的平均訂單價值高於其他餐廳平台，這確實反映了家庭以及我們在平台上與家庭的聯繫的緊密程度。

So we're feeling very good about restaurants. And as a reminder, the core hypothesis with restaurants was really that it would reinforce groceries and create a virtuous cycle, and we are certainly seeing that with a very strong positive impact on grocery.

所以我們對餐廳的感覺非常好。提醒一下，餐廳的核心假設實際上是它會強化食品雜貨並形成良性循環，我們確實看到它對食品雜貨產生了非常強烈的正面影響。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Mark Zgutowicz, Benchmark.

馬克‧茲古托維奇 (Mark Zgutowicz)，Benchmark。

Maybe just a follow-up on that last one in terms of restaurants. I'm just curious if you can provide any more color on the type of volume growth you're seeing there and what that trajectory looks like through the balance of the year? And then I just had one follow-up.

也許只是關於餐廳方面最後一個問題的後續。我只是好奇，您是否可以提供更多關於您所看到的交易量增長類型的信息，以及全年交易量的增長軌跡是什麼樣的？然後我只進行了一次後續行動。

Thanks, Mark. We don't break out restaurants from the rest of the trends, in particular, because of what I explained just now, which is that a big part of the reason why we entered this market and this partnership is because we assume that it was going to also increase consumption of grocery, and that's certainly what we're seeing with increase order frequency in grocery, increased GTV coming from grocery.

謝謝，馬克。我們不會將餐廳從其他趨勢中分離出來，特別是因為我剛才解釋過，我們進入這個市場和建立合作關係的很大一部分原因是因為我們認為它也會增加雜貨的消費，而這正是我們所看到的，雜貨店的訂單頻率增加，來自雜貨店的 GTV 增加。

And so the two are really deeply intertwined. And for that reason, we don't plan on communicating about them separately because we really run it as one business, and that's the way we look at the business internally.

所以這兩者確實是緊密相連的。因此，我們不打算單獨溝通它們，因為我們實際上將其作為一個整體來運營，這也是我們內部看待業務的方式。

I could just add one comment here, which is just as a reminder, it did launch in June of last year. So we think there's continued runway for growth. But in terms of contribution to overall growth, I would think it moderates in the back half of the year.

我在這裡只能添加一條評論，只是為了提醒一下，它確實是在去年 6 月推出的。因此我們認為其仍有持續的成長空間。但就對整體成長的貢獻而言，我認為下半年它會有所緩和。

That's helpful. And then just in terms of the, I guess, indirect impacts from the affordability initiatives that you're putting in place. Obviously, this is more of an optics question given the higher order density that is coming about.

這很有幫助。然後就您所實施的可負擔性措施的間接影響而言，我想。顯然，考慮到即將出現的更高階密度，這更多的是一個光學問題。

But in terms of the declines in AOV you saw in the quarter as well as transaction revenue. Is that trajectory -- should that -- should we expect the trajectories of both those items to continue to decline a bit here through the year as that sort of filters through your model? Or are we looking at a new baseline, maybe just looking at AOV today, is that a new baseline that sort of look at maybe flatlining here for a little while?

但就本季的平均訂單價值 (AOV) 和交易收入而言，均有所下降。這是軌跡嗎？應該是這樣嗎？我們是否應該預期這兩項的軌跡在今年繼續略有下降，因為這種下降趨勢會透過您的模型進行過濾？或者我們正在看一個新的基線，也許只是看今天的 AOV，這是一個新的基線，可能在這裡暫時持平？

Sure. So we can talk about AOV to start. So as we talked about, we did have the impact in terms of year-over-year -- sorry, from both a combination of restaurants as well as the $10 minimum. And I think that's important to think about just in terms of the launch of restaurants really rolled out in the latter part of Q2 of last year. And so I think the impact there, I expect to have a slightly more dampened impact as we move through the remainder of the year.

當然。因此我們可以先討論一下 AOV。因此，正如我們所討論的，我們確實受到了同比影響——抱歉，這既受到餐廳的影響，也受到 10 美元最低消費的影響。我認為，從去年第二季後半段真正推出的餐廳開幕來看，這一點很重要。因此，我認為，隨著我們度過今年剩餘的時間，我預計那裡的影響會稍微減弱一些。

A $10 minimum obviously launched somewhat more recently. Though that said, we have seen strong uptake from our existing customers, where I think the impact is more pronounced. So overall, I think I do expect, on a year-over-year basis, you probably have some similar impact as we go into Q2 and not commenting much more as we think about the rest of the year.

10 美元的最低限額顯然是最近才推出的。儘管如此，我們已經看到現有客戶的強勁反應，我認為影響更為明顯。因此，總的來說，我認為我確實預計，與去年同期相比，當我們進入第二季度時，你可能會受到一些類似的影響，而當我們考慮今年剩餘時間時，我們不會發表太多評論。

From a transaction revenue standpoint, we've been steady at about 7.1% on a quarter-over-quarter basis, though if you go back over the last couple of quarters, I think we've been pretty consistent in terms of saying that we do expect to see fluctuations in transaction revenue.

從交易收入的角度來看，我們的季度環比成長一直穩定在 7.1% 左右，但如果回顧過去幾個季度，我認為我們一直非常一致地表示，我們確實預計交易收入會出現波動。

We're very much within our long-term range of where we expect transaction revenue to be. And there's a number of things that go on within transaction revenue that can land us up or down 10 or 20 basis points. And so you've seen that a bit throughout the last year.

我們的交易收入目前處於我們預期的長期範圍內。交易收入中發生的許多事情可能會導致我們的收入上升或下降 10 或 20 個基點。您在去年已經看到了一些這樣的情況。

Some of those things are on the downward pressure side, things like investing in the $10 minimum, investing in affordability. So things like value meals and things like free pickup last year. And then on the positive side, you've seen us drive a great amount of leverage from, as an example, our shopper efficiency is becoming much more efficient in terms of our batch rates and our ability to get the shopper through the store. And so there's a number of different offsets there.

其中一些因素屬於下行壓力，例如投資 10 美元的最低限額、投資可負擔性。所以去年就有了超值套餐和免費接送之類的活動。從積極的一面來看，您已經看到我們從中獲得了大量的槓桿作用，例如，就批量率和引導購物者通過商店的能力而言，我們的購物者效率變得更加高效。因此存在許多不同的偏移量。

But again, I think we've been happy with where we are. We've been pretty consistently in the low 7s, and we do expect some continued variability there on an ongoing basis.

但我再次認為，我們對目前的狀況感到滿意。我們的數字一直穩定在 7 出頭的水平，而且我們確實預計它會持續出現一些變化。

Andrew Boone, Citizens.

安德魯·布恩，公民。

I would love to ask about partners for Carrot Ads and you guys with momentum there. Uber Eats was clearly a big sign in. Can you guys just talk about what is causing that momentum in the business, what you guys are seeing? And maybe how do you think about the positioning against the competitive set that's out there?

我很想詢問有關 Carrot Ads 的合作夥伴以及你們那裡的發展勢頭的情況。Uber Eats 顯然是一個重大標誌。你們能否談談是什麼導致了業務的這種勢頭，你們看到了什麼？您如何看待與現有競爭對手的定位？

And then Emily, this may be a more difficult question. But if I think about the demand generation that you guys are doing through promotions, through sales and marketing, can you maybe just compare that versus last year or two years ago and talk to the efficiency of what you guys are seeing on demand? Do you think your position is improving, deteriorating? Like how do you think about that?

那麼艾米麗，這可能是一個更難的問題。但是，如果我考慮一下你們透過促銷、銷售和行銷來產生需求，您能否將其與去年或兩年前進行比較，並談談您對需求的效率？您認為您的地位是在提高還是在下降？您對此有何看法？

I'll take the Carrot Ads question first. So we're very pleased with the momentum. Obviously, Uber Eats picking us was very exciting, and that really builds on the momentum we've had with [Thrive], Hy-Vee, Sprouts, Schnucks and at this point, more than 220 partners signing up for Carrot Ads. It's really a combination of two things.

我先回答一下胡蘿蔔廣告的問題。因此，我們對這一發展勢頭感到非常滿意。顯然，Uber Eats 選擇我們非常令人興奮，這確實鞏固了我們與 [Thrive]、Hy-Vee、Sprouts、Schnucks 合作的勢頭，目前，已有超過 220 個合作夥伴註冊了 Carrot Ads。這其實是兩件事的結合。

One is that we have superior ad technology. And that's in big part because we've had to build this app technology for our own marketplace. So we've had to optimize it and prove it on our own marketplace. And therefore, what we bring to our Carrot Ads retailers is the ad tech that we have built for ourselves and that has really worked for ourselves.

一是我們擁有卓越的廣告技術。這在很大程度上是因為我們必須為自己的市場建立這項應用技術。因此我們必須對其進行優化並在我們自己的市場上證明它。因此，我們為 Carrot Ads 零售商帶來的是我們自己打造的、而且確實有效的廣告技術。

And that's really important because if you're building a technology without a consumer [property] like Instacart app to validate it on you're going to build a technology that's less strong, and that's really what we're seeing in the market.

這非常重要，因為如果你建立的技術沒有像 Instacart 應用程式這樣的消費者[財產]來驗證它，那麼你將建立一項不那麼強大的技術，而這正是我們在市場上看到的。

And then the second thing we're seeing is that we have demand from 7,000 brands in our system. And so that means that when we go to retailers and offer to have them join the Carrot Ads network, we arrive with very meaningful demand that we can bring to them from day-one and add to their profitability really overnight.

我們看到的第二件事是，我們的系統中有 7,000 個品牌的需求。這意味著，當我們找到零售商並邀請他們加入 Carrot Ads 網路時，我們就會帶來非常有意義的需求，我們可以從第一天起就為他們帶來這些需求，並在一夜之間增加他們的獲利能力。

And that is creating, at the end, a virtuous cycle, as I was saying, where the more scale you have with more retailers joining you, the more demand you have from brands, and the more demand you have from brands the more retailers want to work with you. And so we're really in that virtuous part of the cycle where we're seeing that accelerate, and we're very excited about what we're seeing.

正如我所說的，這最終會形成一個良性循環，你的規模越大，加入的零售商越多，你對品牌的需求就越大；你對品牌的需求越大，越多的零售商願意與你合作。因此，我們確實處於週期的良性階段，我們看到這一進程正在加速，我們對所看到的一切感到非常興奮。

And then when you think about position versus competitors, it's really the same thing. It's like the ad tech is superior. The demand is superior and therefore, we are just signing on more retailers.

然後，當你考慮與競爭對手相比的地位時，這實際上是同一件事。就好像廣告技術比較先進一樣。由於需求量較大，因此我們正在與更多零售商簽約。

Great. And I can jump in on the question on demand generation. I think the way that I think about it, you talked about two years ago, a year ago, I think there has been an evolution in terms of how we think about portfolio spend.

偉大的。我可以直接回答有關需求產生的問題。我認為，正如您兩年前或一年前談到的，我們對投資組合支出的看法已經改變了。

You highlighted, I think, incentives as an example. But we really think about not just incentives, but the overall portfolio of where can we spend to drive everything from top-of-funnel brand awareness, and you saw that with us leaning into new channels like the Super Bowl this year, and we're very pleased with the impact that, that had on brand awareness, down through the funnel all the way to incentives.

我認為，您強調了激勵措施作為例子。但我們真正考慮的不僅僅是激勵措施，還有我們可以在哪裡花錢來推動從漏斗頂部品牌知名度的一切的整體組合，而且您看到我們今年傾向於超級碗等新渠道，我們對這對品牌知名度的影響感到非常滿意，一直到漏斗底部的激勵措施。

And that was an example of something you saw us really talk about and lean into last year as we got a lot more efficient and effective at deploying much more targeted incentives to be able to drive specific behaviors that we knew when we're going to drive retentive behavior over time, that continues to evolve.

這就是我們在去年真正討論和傾向的一個例子，因為我們在部署更有針對性的激勵措施方面變得更加高效和有效，以便能夠推動特定行為，我們知道何時我們會隨著時間的推移推動保留行為，並且這種行為會不斷發展。

And so as we talked about a couple of things earlier on the call, like lowering our minimum basket size, some of the investments in pricing. I think about these as all parts of the same portfolio of -- do we think that investing in $10 minimum basket is more or less efficient than the last dollar of paid marketing spend? If we think the answer is yes, then we shift those dollars. And so that we are continually getting more effective and efficient at doing that.

正如我們在電話會議早些時候討論的一些事情，例如降低最低購物籃規模，以及一些定價方面的投資。我認為這些都是同一投資組合的各個部分——我們是否認為投資 10 美元的最低購物籃比最後一美元的付費行銷支出更有效或更無效？如果我們認為答案是肯定的，那麼我們就會轉移這些資金。這樣，我們就能不斷提高效率和成效。

In terms of our regular way marketing spend, I think, as we continue to drive increases in LTV of our customers, that's allowed us to continue to deploy more dollars, we definitely see greater efficiencies at our sort of what we call evergreen marketing.

就我們常規的行銷支出而言，我認為，隨著我們繼續推動客戶生命週期價值 (LTV) 的提高，我們能夠繼續投入更多資金，我們所謂的常青行銷效率肯定會更高。

But that said, we are also constantly experimenting with new types of spend to see what works. And if we see something working, those are the types of things that we lean into, we spend more. If something doesn't work, we'll cut it pretty quickly, but you'll see us continue to experiment and try to get better every day.

但話雖如此，我們也不斷嘗試新的支出方式，以了解其有效性。如果我們發現某些事情有效，我們就會傾向於做這些事情，並投入更多資金。如果某件事不起作用，我們很快就會停止，但你會看到我們繼續嘗試並努力每天做得更好。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Maybe two, if I could. Fidji, one of the questions we continue to get from investors is elements of either household income skew or frequency skew among your existing customer base and how cyclical or not that customer base might be on the commerce side, if there was a slowdown in the economy.

如果可以的話，也許兩個。Fidji，投資者不斷向我們提出的一個問題是，如果經濟放緩，您現有客戶群中的家庭收入偏差或頻率偏差的因素，以及該客戶群在商業方面的周期性如何。

Would love to get any views you have philosophically on stress testing the existing behavior on the platform and how it might arc or change in different consumer behaviors?

我很想聽聽您對壓力測試平台上現有行為的哲學觀點，以及它在不同的消費者行為中可能如何發生或改變？

And then for Emily, similar question, if the economy were to slow down, how do you guys, as a company, think about what investments you might want to make are more fixed in nature because you don't want to miss out on the broader long-term growth opportunity relative to where there might be some flexibility in your investment priorities, looking out over the next six to nine months?

然後對於艾米麗，類似的問題，如果經濟放緩，作為一家公司，你們如何考慮可能想要進行哪些更固定的投資，因為你們不想錯過更廣泛的長期增長機會，相對於未來六到九個月的投資重點可能會有一些靈活性？

Thanks, Eric. So we obviously look very closely at household composition. And when we look at the US market versus all demographic split, we actually very much mirror the US market in terms of household income and in terms of urbanicity. That wasn't the case many years ago.

謝謝，埃里克。因此，我們顯然非常仔細地研究家庭組成。當我們將美國市場與所有人口統計數據進行比較時，我們發現，在家庭收入和城市化方面，美國市場與美國市場非常相似。很多年前情況並非如此。

Obviously, many years ago, grocery delivery was more of a luxury service and it skewed more higher income. But given all of the things that we've put in place, whether that obviously rolling up SNAP, everything we've done on affordability, we have actually gotten to the point where we pretty closely match the US market at this point.

顯然，許多年前，雜貨配送更像是一種奢侈服務，而且它更傾向於高收入者。但考慮到我們已經採取的所有措施，無論是顯然推出的 SNAP，還是我們在可負擔性方面所做的一切，我們實際上已經達到了與美國市場非常接近的水平。

And we are seeing that the product market fit even with lower income audiences is very strong. When I attend focus groups, with lower income audiences, what we see is that these people sometimes are trying to pack two jobs in one day. So they are very time-starved and grocery delivery is a huge benefit. A lot of these people sometime don't have any vehicle and again, that's a huge benefit to have access to grocery delivery.

我們發現，即使對於低收入受眾來說，該產品的市場契合度也非常高。當我參加低收入者的焦點小組時，我們發現這些人有時試圖在一天內完成兩份工作。因此他們非常缺乏時間，而雜貨配送對他們來說是一個巨大的優勢。這些人中許多人有時沒有任何車輛，因此，能夠享受雜貨配送服務是一個巨大的優勢。

And that's why we see that people who are using SNAP dollars to buy an Instacart also use their own dollars to buy on Instacart, which is a strong proof that various product market fit beyond just spending the money that they get from the program.

這就是為什麼我們看到那些使用 SNAP 美元購買 Instacart 的人也會使用自己的美元在 Instacart 上購物，這有力地證明了各種產品市場不僅僅是花費他們從該計劃中獲得的錢。

When we look at the macro and how resilient we can be, I touched on that in my introduction, but I think groceries are an essential spend. It's not a discretionary thing. And grocery delivery is fundamentally all about convenience, and we don't think convenience is going away.

當我們從宏觀角度看我們能有多強的韌性時，我在介紹中提到了這一點，但我認為食品雜貨是一項必不可少的開支。這不是一件可以自由決定的事情。雜貨配送的根本目的就是為了方便，我們認為方便不會消失。

Looking back at end of '22, early '23 when grocery inflation was very high, our business was resilient. We saw prices increase on the platform as much as inflation. But AOV increased not as much as inflation because people tend to shop on a budget.

回顧 2022 年底和 2023 年初，當時食品雜貨通膨率很高，但我們的業務很有彈性。我們看到平台上的價格上漲幅度與通貨膨脹一樣大。但由於人們傾向於在預算內購物，因此平均銷售額增幅不如通貨膨脹率。

And so that means that when prices go up, they might remove an item from the cart and buy maybe one fewer items, but they still try to maximize our budget. And so what we're seeing is that's giving us a lot of resilience when people have kind of one budget in mind that they are always looking to spend.

這意味著當價格上漲時，他們可能會從購物車中移除一件商品並可能少買一件商品，但他們仍會試圖最大化我們的預算。因此，我們看到的是，當人們心中有一個總是想花的預算時，這給了我們很大的彈性。

Now I'll acknowledge though that to accelerate grocery adoption, adding lower prices is always better, and that's why we continue to lean into affordability, no doubt about that. But we feel very well equipped to navigate the macro no matter what comes.

現在我承認，為了加速食品雜貨的普及，降低價格總是更好的，這就是為什麼我們繼續傾向於負擔得起，毫無疑問。但無論發生什麼，我們都覺得自己有能力應付宏觀情勢。

Great. Thanks for the question, Eric. And so to answer the question on if the economy were to slow down, I think a couple of thoughts here.

偉大的。謝謝你的提問，艾瑞克。因此，為了回答經濟是否會放緩的問題，我想提出幾點想法。

I think, first of all, very happy that we're starting from a very strong position. We have an incredibly strong balance sheet. And so we feel like we're in a very good position to be able to weather all scenarios.

我認為，首先，我們很高興我們從一個非常強大的地位開始。我們的資產負債表非常強勁。因此，我們覺得我們處於非常有利的位置，能夠應付所有情況。

I think the other thing that I'd point out is that obviously, we operate profitably today. And so that gives us a lot of flexibility regardless of outcomes to be able -- to manage the business.

我想指出的另一件事是，顯然我們今天的營運是盈利的。因此，無論結果如何，這都為我們提供了很大的靈活性來管理業務。

Going a click deeper there, I think the first thing I'd point to is that the good news is that we do have a lot of, what I'll call, like fast twitch levers that we control. And on a short-term basis, we can adjust depending on the market scenarios.

更深入地講，我認為首先要指出的是，好消息是我們確實有很多可以控制的快速抽搐槓桿。短期內，我們可以根據市場狀況進行調整。

Obviously, what we try to do, really, to your point, on competition and where do you want to invest for the long term, what we try to do is really look at our ability to drive long-term profitable growth. And to the extent we see those opportunities is to continue to invest against them. But we have that discretion to be able to pull back on a short-term basis.

顯然，正如您所說，在競爭以及您希望在哪裡進行長期投資方面，我們真正嘗試做的是考察我們推動長期盈利增長的能力。只要我們看到這些機會，我們就會繼續投資。但我們有權力在短期內撤出。

Obviously, if there were a more dramatic turn, we have other levers at our disposal at a bit more sort of medium term in nature.

顯然，如果出現更劇烈的轉變，我們還可以採取其他更具中期性質的手段。

I think the last thing I'll say is that we obviously continue to drive a lot of efficiencies across the business regardless of the macroeconomic environment and luckily to date, we actually haven't seen any signs of a weaker consumer. And so we feel quite good about how we've been able to operate and think we have quite a bit of flexibility in all types of environments.

我想說的最後一件事是，無論宏觀經濟環境如何，我們顯然都會繼續推動整個業務的效率提高，幸運的是，到目前為止，我們實際上還沒有看到任何消費疲軟的跡象。因此，我們對我們的運作方式感到非常滿意，並認為我們在各種環境中都具有相當大的靈活性。

Lee Horowitz, Deutsche Bank.

德意志銀行的李·霍洛維茲。

A couple on just price gap and price parity online relative to in-store. I guess, do you have any sense or can you give us maybe some high-level numbers about sort of where that stands across your network? And maybe relatedly, are you seeing any softness amongst those stores that don't have price parity more recently, perhaps an indication within those stores, consumers are looking for any affordability?

關於網路上與實體店之間的價格差距和價格平價的幾點。我想，您是否有任何感覺，或者您能否給我們一些關於您的網路狀況的高級數字？也許與此相關的是，您是否發現最近那些沒有價格均等的商店出現疲軟，這或許表明這些商店的消費者正在尋找可負擔的東西？

And then maybe just through the cycle, can you envision a world where to the extent that the economy slows, maybe foot traffic into grocery stores slows a little bit, you guys become a more strategic partner and it could perhaps drive a greater adoption of price parity online in order to drive those volumes that they need against sort of a fixed cost base? Any help across those [two] would helpful and would be great.

然後也許只是透過這個週期，你能否想像這樣一個世界：在經濟放緩的程度上，也許雜貨店的客流量會有所減少，你們會成為更具戰略性的合作夥伴，並且可能會推動在線價格平價的更大採用，以便在固定成本基礎上推動他們所需的銷量？對這 [兩個] 人的任何幫助都會很有幫助，而且會很棒。

Yeah. Thank you. So we continue to see price parity retailers grow faster than the retailers who are not at price parity that has been a trend for a while and it certainly continues. And in terms of adoption of price parity, we continue to make progress. We talked about (technical difficulty) grocers last. We went to price parity with Lowe's this quarter.

是的。謝謝。因此，我們繼續看到價格平價零售商的成長速度快於價格不平價的零售商，這種趨勢已經持續了一段時間，而且肯定會持續下去。在採用平價方面，我們持續取得進展。我們最後討論了（技術難題）雜貨店。本季我們的價格與 Lowe's 持平。

So we continue to make progress, but it's not black and white, meaning that in the past, we were really thinking about either a grocer being totally at price parity or totally marking up. And really, right now, what we're seeing more is a much more nuanced and granular strategy where some retailers go to price parity only on the products in their flyers. Some grocers go-to price parity on the products that are really daily essential for customers that really set price perception.

因此，我們不斷取得進展，但這並不是黑白分明的，這意味著在過去，我們真正考慮的是雜貨商要么完全保持價格平價，要么完全提高價格。事實上，現在我們看到的是一種更細緻、更細緻的策略，有些零售商只對傳單上的產品實施價格平價。一些雜貨店對真正影響價格認知的顧客的日常必需品實行價格平價。

Some grocers go to price parity for customers that are part of their loyalty program. So it's really a multipronged affordability strategy and grocers really modulate that based on the market environment, based on their profitability goals, based on what they're seeing among the consumer, and they all have a very different strategy.

一些雜貨店會針對其忠誠度計畫中的顧客實施價格平等。因此，這實際上是一種多管齊下的可負擔性策略，雜貨商會根據市場環境、獲利目標以及消費者的觀察情況來調整策略，而且他們都有非常不同的策略。

So we see our role as giving them the tools like our (technical difficulty) software to make the best possible pricing decision for their particular objectives and also showing them very clearly like the type of market share that they could gain if they made some pricing changes. So to your point on adding a fixed cost base, if grocers win or lose 1 point of market share in the future because of the move to online, that can have a really disproportionate impact on the earnings.

因此，我們認為我們的職責是向他們提供像我們的（技術難度）軟體這樣的工具，以便他們根據特定目標做出最佳的定價決策，並向他們清楚地展示如果他們做出一些價格調整，他們可以獲得什麼樣的市場份額。因此，關於增加固定成本基礎的觀點，如果雜貨商因為轉向線上銷售而在未來贏得或失去 1 個百分點的市場份額，那麼這可能會對收益產生非常不成比例的影響。

And so our job is to really put that in context and show them that yes, going to price parity might impact our earnings negatively short term, but it might actually impact our earnings very positively long term if that allows them to capture market share that would have otherwise gone to a competitor. And so that's a complex strategic decision that they have to make and we're there with them every step of the way to help them make the right one.

因此，我們的工作就是把這一點放在實際中，向他們表明，雖然價格平價可能會在短期內對我們的收益產生負面影響，但如果這能讓他們奪取原本會被競爭對手搶佔的市場份額，那麼從長遠來看，它實際上可能會對我們的收益產生非常積極的影響。所以這是他們必須做出的一個複雜的策略決策，我們會在每一步陪伴他們，幫助他們做出正確的決定。

Jason Helfstein, Oppenheimer.

奧本海默的傑森·赫爾夫斯坦。

So can you -- first one, can you talk about Storefront Pro adoption levels and what you're doing to drive higher adoption, you obviously alluded to the retailers that use that spend -- get more yield out of it?

那麼，首先，您能談談 Storefront Pro 的採用程度以及您為提高採用率所做的工作嗎？您顯然提到了使用這些支出的零售商可以從中獲得更多收益？

And then, Fidji, I just want to confirm, when you were answering the prior question about -- I think with Andrew's question about advertising, was that -- you were basically referring to what drove the the upside in advertising in the quarter and you were referring to, I think, both more spend and more -- the flywheel of more advertising, more spend for advertisers.

然後，Fidji，我只想確認一下，當您回答之前關於廣告的問題時——我認為是 Andrew 關於廣告的問題——您基本上指的是推動本季度廣告業務上漲的因素，我認為您指的是更多的支出和更多的廣告飛輪，更多的廣告，廣告商的更多支出。

But if that wasn't the answer to that question, just trying to understand what drove the strength in the advertising in the quarter? But don't repeat if that was the answer.

但如果這不是該問題的答案，那麼只是想了解是什麼推動了本季廣告業務的強勁成長？但如果這是答案，就不要重複。

No, good. So on storefront, in terms of adoption, we have more than 600 retail banners now using storefront. And as I mentioned, we're really excited about that because what we're seeing is that as retailers lean more and more into online adoption and making all of their customers omnichannel, they are naturally leaning into promoting their own and operated properties more than they would lean into promoting a marketplace.

不，很好。因此，就店面採用而言，我們現在有超過 600 個零售橫幅使用店面。正如我所提到的，我們對此感到非常興奮，因為我們看到，隨著零售商越來越傾向於採用線上方式並讓所有客戶都享受全通路服務，他們自然會更傾向於推廣自己經營的商品，而不是推廣市場。

And we benefit from their investments by powering their own properties, that allows us to capture a large and growing part of the market and also strengthen our marketplace in the process. So we're excited about that. We continue to power Costco on an operated side, Kroger for fulfillment and lots of other -- Schnucks products, et cetera.

我們透過為他們的資產提供動力而從他們的投資中獲益，這使我們能夠佔領不斷增長的龐大市場份額，並在此過程中加強我們的市場。所以我們對此感到很興奮。我們繼續為 Costco 提供營運支持，為 Kroger 提供配送支持，以及為 Schnucks 產品等提供許多其他支援。

So we feel very good about our Enterprise Solutions. On ads, I don't know exactly which question you are referring to, but I'll just answer your question on what drove some strength in Q1. I would say it's really the combination of the entire strategy working.

因此，我們對我們的企業解決方案感到非常滿意。關於廣告，我不知道您具體指的是哪個問題，但我只想回答您的問題，即是什麼推動了第一季的一些強勁表現。我想說這確實是整個策略發揮作用的結合。

We are seeing very high performance of our ads. We are leading in performance, both in terms of ROAS and CTR amongst multi-retailer and platforms and that's attracting more budget both across large brands and emerging brands. We're seeing strength in both segments in Q1.

我們看到我們的廣告效果非常出色。我們在多零售商和平台中的 ROAS 和 CTR 方面均處於領先地位，這吸引了大品牌和新興品牌的更多預算。我們看到第一季這兩個領域都表現強勁。

And as a result of that additional demand that's allowing us to attract more supply because more retailers want to work with us on Carrot Ads. And because we have more supply, we end up getting better performance and more demand. So that's the virtuous cycle I was referring to that we're really seeing at work and particularly strong in Q1.

由於額外的需求，我們能夠吸引更多的供應，因為更多的零售商希望與我們在 Carrot Ads 上合作。而且由於我們擁有更多的供應，我們最終獲得了更好的性能和更多的需求。這就是我所指的良性循環，我們確實看到了它的作用，並且在第一季表現得尤為強勁。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Can you hear me?

你聽得到我嗎？

Yeah.

是的。

I apologize about the prior technical issue. My question is on advertising revenue. So it's a follow-up on one of the prior questions already. But when you speak with advertisers, and about forward spend or commitment, are they viewing -- I am assuming they're viewing you as bottom of the funnel spend bucket. And so what is top of mind for them ahead of what's going on?

對於之前的技術問題，我深表歉意。我的問題是關於廣告收入的。因此，這已經是對先前的一個問題的後續回答。但是，當您與廣告商談論未來支出或承諾時，他們是否將您視為——我假設他們將您視為漏斗支出桶的底部。那麼，在發生這一切之前，他們最關心的是什麼？

And do you fall under performance spend for them? And is that -- does that give you some level of confidence as we think about perhaps the next few months ahead?

您是否屬於他們的績效支出範圍？當我們考慮未來幾個月的情況時，這是否會為您帶來一定程度的信心？

Yeah. Thanks for the question. So we feel very good about our ability to attract more than our fair share of ad dollars under any macroeconomic conditions. And that's exactly for the reason you mentioned we are a very performance-driven platform. We have very high performance, as I mentioned.

是的。謝謝你的提問。因此，我們對自己在任何宏觀經濟條件下吸引超過應得份額的廣告收入的能力感到非常滿意。這正是您提到的我們是一個高度注重性能的平台的原因。正如我所提到的，我們的表現非常出色。

And for that reason, even when in a context where advertisers might be a little bit more uncertain about the macro in general, they usually decide to focus our dollars on a platform that can drive that performance and can do that at scale.

因此，即使在廣告主對宏觀情況整體不太確定的情況下，他們通常也會決定將資金集中在能夠推動業績並能大規模實現這一目標的平台上。

And that's why the fact that we are a one-stop shop, that we operate across not just our property but also more than 220 other retailer websites and really act as an aggregator for retail media, gives us a lot of advantages in this market where brands are going to look for a few at-scale high-performing partners. So that's really what we're hearing. In terms of the feedback on the macro, I want to be clear that we have unsurprisingly heard caution, but it is not drastic, not widespread. It's really in pockets.

這就是為什麼我們是一家一站式商店，我們不僅在自己的網站上運營，還在超過 220 個其他零售商網站上運營，真正充當零售媒體的聚合器，這讓我們在這個品牌會尋找一些大規模高績效合作夥伴的市場中擁有很多優勢。這確實是我們所聽到的。就宏觀回饋而言，我想明確表示，我們毫不意外地聽到了謹慎的聲音，但這種謹慎並不激烈，也不普遍。它確實在口袋裡。

And it's brand staring at not just tariffs, but also other potential regulations, whether there could be changes to SNAP eligibility, changes to our regulations around which ingredients and food dyes are allowed. And more broadly, changes to consumer behavior in general.

該品牌關注的不僅僅是關稅，還有其他潛在的法規，是否會改變 SNAP 資格，是否會改變有關允許使用哪些成分和食用色素的法規。更廣泛地說，消費者行為總體上發生了變化。

We are seeing, for example, a move from sugary cereals to high-protein yogurt. We are seeing moves from alcohol to nonalcoholic beverages from younger audiences. And so across all of these changes, that's creating a more complex environment for brands to navigate.

例如，我們看到人們從含糖穀物轉向高蛋白優格。我們看到年輕一代的消費者正在從酒精飲料轉向非酒精飲料。所有這些變化都為品牌創造了一個更複雜的環境。

But within that, they are always looking for the same thing, performance and scale. And to the extent that we deliver both, which we have proven that we can, we think that we're incredibly well positioned to navigate the next year.

但同時，他們始終追求同一件事：性能和規模。只要我們能夠實現這兩個目標，並且已經證明我們能夠做到，我們認為我們已經為明年做好了充分的準備。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

This is Miles Jakubiak on for Justin. Just a couple of quick ones. First, a follow-up on universal campaigns. I know it's still early, but just curious if there's any early learnings you can share with that product? And maybe any characteristics of the brands that are adopting that product?

這是 Miles Jakubiak 為 Justin 主持的節目。僅舉幾例。首先，跟進普遍運動。我知道現在還為時過早，但我只是好奇您是否可以分享有關該產品的任何早期經驗？採用該產品的品牌可能具有哪些特色？

And then a similar question on Smart Shop. Just curious since you launched this suite of tools, if you've seen any changes in consumer behavior around this, whether it's with basket sizes or purchase conversion or anything around that would be helpful. Thanks.

然後是關於 Smart Shop 的一個類似問題。只是好奇，自從您推出這套工具以來，您是否看到消費者行為發生了任何變化，無論是購物籃大小還是購買轉換率，或者任何相關的東西都會有所幫助。謝謝。

Of course. So we recently announced our AI-powered Universal campaigns, and the goal is really to our brands of all sizes, create one campaign with a single budget that automatically optimizes across multiple ad formats in real time.

當然。因此，我們最近宣布了由人工智慧驅動的通用廣告活動，目標是讓我們各種規模的品牌都能夠使用單一預算創建一個廣告活動，並即時自動優化多種廣告格式。

Its still really early, so I don't have specific results to share, but I will echo what I said earlier, which is that emerging brands, in particular, are very likely to benefit disproportionately from something like that because it really gives them the ability to set up one campaign and let us optimize across ad formats and ad placement based on their goal and really optimize for the right budget allocation for them, whereas large brands sometimes prefer having a little bit more control over that.

現在還為時過早，所以我沒有具體的結果可以分享，但我將重申我之前所說的話，那就是新興品牌尤其有可能從這樣的事情中獲得不成比例的利益，因為它確實讓他們能夠設置一個活動，讓我們根據他們的目標優化廣告格式和廣告展示位置，並真正為他們優化正確的預算分配，而大品牌有時更喜歡對此有更多的控制權。

When piloting universal campaigns, we saw a brand like Rescue Dog Wines, so a big increase in new-to-brand sales. We saw a brand like 1st Phorm, which is nutrition supplements, so very significant sales lease and really good ROAS. So we feel very good about how this is working.

在試行普世活動時，我們看到了像救援犬葡萄酒這樣的品牌，因此新品牌的銷售額大幅增加。我們看到像 1st Phorm 這樣的品牌，它是營養補充劑，因此銷售收入非常可觀，ROAS 也非常好。因此，我們對這項工作的進展感到非常滿意。

On Smart Shop to make sure everyone understand, this was our launch that was really about personalizing the experience even further so that would understand your implicit preferences like, for example, your family is getting low carb, or if you have any preference and in fact, 70% of customers have at least one dietary preference.

在智慧商店中，為了確保每個人都能理解，這是我們推出的真正關於進一步個人化體驗的產品，以便了解您的隱性偏好，例如，您的家人正在吃低碳水化合物，或者您是否有任何偏好，事實上，70％的顧客至少有一種飲食偏好。

And with Smart Shop we're better able to understand that and then match you to products that match that preference with 30 new health tags that we are applying to about 0.5 million products. That's allowing us to create an experience that is stickier and more relevant. And we're seeing that just more broadly whenever we do more socialization changes. And I think there's still a long way to go because we still hear that people who prefer going to the grocery store instead of shopping online, often do that because they discover more new things at the grocery store.

透過智慧購物，我們可以更了解這一點，然後使用我們應用於約 50 萬種產品的 30 個新健康標籤將您與符合該偏好的產品進行配對。這使我們能夠創造一種更具黏性和更相關的體驗。每當我們進行更多的社會化變革時，我們就會更廣泛地看到這一點。我認為還有很長的路要走，因為我們仍然聽說那些更喜歡去雜貨店而不是網購的人，他們這樣做往往是因為他們在雜貨店發現了更多新東西。

But I think that online, we should be so much better position to personalize the experience and make them discover new products that they wouldn't have discovered before. And we are seeing that not just with Smart Shop but also with AI pairings, where we pair an item with the complementary items.

但我認為，在網路上，我們應該能夠更好地提供個人化體驗，讓他們發現以前無法發現的新產品。我們看到，這不僅體現在智慧購物中，也體現在人工智慧配對中，我們將一件商品與互補商品配對。

This is something that we offer on 75% of marketplace orders and that is driving higher retention, especially among new users who benefit most from this support when they're building their carts for the first few times. So really bullish on personalization in general, and that's one more way in which we are going to convince more people to move their shopping online because it's going to be such a much better of experience.

這是我們為 75% 的市場訂單提供的服務，這可以提高留存率，特別是對於新用戶來說，他們在最初幾次建立購物車時從這種支持中受益最多。所以整體來說，我們非常看好個人化，這也是我們說服更多人轉向線上購物的另一種方式，因為這將是一種更好的體驗。

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

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。