Maplebear Inc (CART) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Instacart's second 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 年第二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 hand the conference over to Rebecca Yoshiyama, Vice President of Investor Relations, Capital Markets and Treasury.

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

Thank you, operator, and welcome, everyone, to Instacart's second 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 年第二季財報電話會議。今天與我一起通話的有我們的執行長 Fidji Simo 和我們的財務長 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.

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。

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-Q.

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。您可以在我們的 SEC 文件（包括我們最新的 10-Q 表）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.

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

這些 GAAP 和非 GAAP 財務指標之間的對帳包含在我們的股東信函中，您可以在我們的投資者關係網站上找到。

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

現在我將把電話交給 Fidji 來致開場白。

Thanks, Rebecca, and hello, everyone. I hope you had a chance to read my shareholder letter, where I highlighted yet another strong quarter for Instacart. Our performance reinforces how central we are in helping families save time, money and effort when it comes to putting food on the table and the vital role we play in building the technology that will power the future of grocery together with our partners.

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 Instacart 又一個強勁的季度。我們的業績再次證明了我們在幫助家庭節省時間、金錢和精力以購買食物方面所發揮的核心作用，以及我們與合作夥伴共同打造推動食品雜貨未來發展的技術方面所發揮的重要作用。

While this is my last earnings call as Instacart's CEO, I can't imagine a better time to step aside. The strength of our business and the opportunities ahead make me incredibly confident in the future we've built for these companies.

雖然這是我擔任 Instacart 執行長的最後一次財報電話會議，但我無法想像還有比現在更好的時機卸任。我們業務的實力和未來的機會讓我對我們為這些公司所打造的未來充滿信心。

It's clear our business is firing on all cylinders. We've extended our supply advantage by building innovative technologies that make our service easier to use and more affordable, while deepening our retail partnerships and helping retailers grow faster. This includes launching personalized shopping services, family accounts, loyalty integrations and digital flyers to higher frequency offerings like our restaurant partnership with Uber Eats and industry-leading $10 minimum basket size for Instacart+ members to get wave delivery fees.

顯然我們的業務正在全速發展。我們透過建立創新技術擴大了我們的供應優勢，使我們的服務更易於使用和更實惠，同時深化我們的零售合作夥伴關係並幫助零售商更快地發展。這包括推出個人化購物服務、家庭帳戶、忠誠度整合和數位傳單，以及更高頻率的服務，例如我們與 Uber Eats 的餐廳合作夥伴關係，以及業界領先的 10 美元最低購物籃規模，以便 Instacart+ 會員獲得波動送貨費。

Together, our efforts are driving strong user growth and higher order frequency while also delivering better retention, especially among new 2025 customers compared to last year. Paid Instacart+ members are also growing and their engagement as a percent of monthly users continues to deepen, too.

透過共同努力，我們推動了用戶的強勁成長和更高的訂單頻率，同時也實現了更好的留存率，尤其是與去年相比，2025 年的新客戶也實現了更好的留存率。Instacart+ 的付費會員也不斷成長，其參與度佔每月用戶的百分比也不斷加深。

We're also fulfilling orders more quickly and accurately, an exceptionally tough challenge when it comes to big basket grocery shopping. This is where our technology, operating scale and data really set us apart, whether it's AI-driven inventory prediction, new personalized replacement models, store planograms or real-time receipt scanning to catch issues, we are relentlessly improving every step of the process from helping you place your order to when it arrives on your doorstep.

我們還能更快、更準確地完成訂單，這對大宗雜貨購物來說是一個極其艱鉅的挑戰。這就是我們的技術、營運規模和數據真正讓我們脫穎而出的地方，無論是人工智慧驅動的庫存預測、新的個人化替換模型、商店規劃圖還是即時收據掃描以發現問題，我們都在堅持不懈地改進流程的每一步，從幫助您下訂單到貨物送達您家門口。

In addition, experienced shoppers who've completed a median of over 1,000 Instacart orders now shop for nearly two-third of our orders. Together, over the past four years, these advantages have helped us complete orders approximately 25% faster while achieving all-time highs in sound and fill rates. Fulfilling customers' desire for convenience while ensuring they get more of what they order keeps customers coming back to our service and gives us a strategic advantage that is incredibly hard for competitors to replicate.

此外，經驗豐富的購物者已經完成了中位數超過 1,000 個 Instacart 訂單，現在他們購買了我們近三分之二的訂單。在過去四年中，這些優勢幫助我們將訂單完成速度提高了約 25%，同時實現了聲音和填充率的歷史最高水準。滿足顧客對便利性的需求，同時確保他們獲得更多他們所訂購的商品，可以讓顧客再次光顧我們的服務，並為我們帶來競爭對手難以複製的戰略優勢。

Another one of our biggest strengths is our interconnected ecosystem. Improvements we make on our marketplace fit directly into our enterprise solutions and vice versa, creating a virtuous cycle. This allows us to offer scalable, flexible tools that help retailers innovate and compete, especially at a time when the rate of technological change is only increasing.

我們最大的優勢之一是我們的互聯生態系。我們對市場所做的改進直接適用於我們的企業解決方案，反之亦然，從而形成良性循環。這使我們能夠提供可擴展、靈活的工具，幫助零售商創新和競爭，尤其是在技術變革速度不斷加快的時代。

This is evident in the velocity at which we're onboarding new storefront partners, and our capabilities are also benefiting big B2B players, too, like Costco business centers across North America.

這在我們吸收新店面合作夥伴的速度上得到了明顯體現，而且我們的能力也使大型 B2B 企業受益，例如北美各地的 Costco 商業中心。

With in-store technologies like Caper Carts and Carrot Tags, we're creating omnichannel solutions that bridge digital and physical shopping. Caper Carts, for example, are now deployed in over 15 states and are growing globally with retailers like ALDI and Kohl's. It's still early, but I'm incredibly optimistic about the role Instacart will play as the retail enablement partner that will transform omnichannel retail and accelerate growth across our ecosystem.

借助 Caper Carts 和 Carrot Tags 等店內技術，我們正在創建連接數位購物和實體購物的全通路解決方案。例如，Caper Carts 目前已在超過 15 個州部署，並且正在與 ALDI 和 Kohl's 等零售商一起在全球範圍內發展。現在還為時過早，但我對 Instacart 作為零售支援合作夥伴所扮演的角色非常樂觀，它將改變全通路零售並加速我們整個生態系統的成長。

Because of all our key advantages, Instacart continues to be the clear share of sales leader amongst digital-first players based on third-party data. To put a finer point on this, our share of sales is more than 3 times larger than the next player, and we continue to attract the most new GTV to the online category.

由於我們所有的關鍵優勢，根據第三方數據，Instacart 繼續在數位優先企業中佔據明顯的銷售份額領先地位。更確切地說，我們的銷售份額比排名第二的玩家高出 3 倍多，我們繼續吸引最多的新 GTV 進入線上類別。

Our leadership position is driven by our ability to meet customers' full grocery needs, which means winning at big basket, $75 and up because this is where 75% of grocery sales and even more of the profits consistently lives. We continue to activate big basket customers at rates multiples higher than others, and we are also far more effective at converting small basket customers into big basket customers.

我們的領導地位源於我們能夠滿足客戶對食品雜貨的全部需求，這意味著在 75 美元及以上的大購物籃中取勝，因為這是 75% 的食品雜貨銷售額和更多利潤持續存在的地方。我們繼續以比其他公司高出數倍的速度啟動大客戶，並且我們在將小客戶轉化為大客戶方面也更加有效。

When looking at our top 20 retailers that have gone nonexclusive, we see that growth on other platforms eventually plateaus that grocery basket sizes remain under $75, and we remain the share of sales leader among digital-first players at these retailers. This indicates to us that these players are fundamentally serving a different use case and further reinforces the importance of our deep retailer integrations and enterprise advantage.

當我們查看已實現非獨家銷售的前 20 家零售商時，我們發現其他平台的成長最終趨於平穩，購物籃大小仍保持在 75 美元以下，並且我們仍然是這些零售商中數位優先參與者的銷售份額領先者。這向我們表明，這些參與者從根本上服務於不同的用例，並進一步強調了我們深度零售商整合和企業優勢的重要性。

Sprouts, in particular, is a retailer that is more leaned into our services. And based on third-party data, we continue to fuel the strong majority of their online sales while helping them grow faster than our overall platform, too.

尤其是 Sprouts，它是一家更依賴我們服務的零售商。根據第三方數據，我們繼續為其大部分線上銷售提供強勁動力，同時幫助他們比我們的整體平台更快成長。

Based on what we've seen to date, even if all our retailers were to sit on other marketplaces, we remain very confident in our ability to remain the clear category leader amongst digital-first players. Overall, the strength of our operating model reinforces our ability to deliver value for retailers and customers in addition to strengthening our Instacart Ads platform.

根據我們迄今為止所看到的情況，即使我們所有的零售商都位於其他市場，我們仍然非常有信心我們有能力在數位優先的參與者中保持明顯的類別領先地位。整體而言，我們營運模式的優勢除了加強我們的 Instacart 廣告平台之外，還增強了我們為零售商和客戶提供價值的能力。

Over the last four years, we scaled advertising and other revenue to now over $1 billion in annual run rate while expanding from now over 4,000 active brand partners to over 7,500. By continuing to deliver leading performance and attracting more brands to our ecosystem, we are making our platform more resilient, and we're driving more value to Carrot Ads partners and extending our scale advantage as a top five retail media network.

在過去四年中，我們將廣告和其他收入規模擴大到現在的年運行率超過 10 億美元，同時將活躍品牌合作夥伴從現在的 4,000 多個擴展到 7,500 多個。透過持續提供領先的性能並吸引更多品牌加入我們的生態系統，我們正在使我們的平台更具彈性，並為 Carrot Ads 合作夥伴創造更多價值，並擴大我們作為五大零售媒體網絡的規模優勢。

Beyond our platform, we're also helping brands more effectively attract customers on partner sites like Google, Meta, Pinterest, The Trade Desk in addition to now monetizing our consumer insights data, which we believe will become even more valuable as AI transforms our business operates.

除了我們的平台之外，我們還幫助品牌更有效地在 Google、Meta、Pinterest、The Trade Desk 等合作夥伴網站上吸引客戶，此外現在還將我們的消費者洞察數據貨幣化，我們相信，隨著人工智慧改變我們的業務運營，這些數據將變得更有價值。

Our strong financial foundation and operational discipline drive all of this. We've grown gross profit per order to over $8 in Q2. We've achieved this through our relentless focus on scale and efficiency, which includes batching more orders and shaving seconds and pennies off of our delivery cost per order.

我們強大的財務基礎和營運紀律推動著這一切。我們第二季的每筆訂單毛利已成長至 8 美元以上。我們透過堅持不懈地專注於規模和效率實現了這一目標，包括批量處理更多訂單以及將每筆訂單的配送成本縮短幾秒甚至幾分錢。

At the same time, we've made aggressive but disciplined reinvestments into our business as well as deliberate capital allocation decisions. We've made strategic acquisitions to accelerate the growth and capabilities of our enterprise offering.

同時，我們對我們的業務進行了積極但有紀律的再投資，並做出了深思熟慮的資本配置決策。我們進行了策略性收購，以加速企業產品的成長和能力。

And cumulatively, as of the end of Q2, we've bought back over $1.6 billion worth of shares, clearly demonstrating our confidence in our ability to execute.

截至第二季末，我們累計已回購價值超過 16 億美元的股票，這清楚地表明了我們對執行能力的信心。

Finally, I have to highlight AI once again because it's built into our DNA as a company, improving our customer experiences, enabling faster product launches and making our teams more impactful. More than 80% of the code we deployed in Q2 continues to be AI-assisted.

最後，我必須再次強調人工智慧，因為它已經融入我們公司的 DNA，可以改善我們的客戶體驗、加快產品發布速度並使我們的團隊更具影響力。我們在第二季部署的程式碼中有 80% 以上繼續由 AI 輔助。

And now we've also seen the volume of code deployed per engineer grow significantly with average merges per engineer up 30% year-over-year. We're also using AI to automate code reviews and reduce tech debt while transforming nontechnical functions.

現在我們也看到每個工程師部署的程式碼量顯著成長，每個工程師的平均合併量年增 30%。我們也使用人工智慧來自動化程式碼審查並減少技術債務，同時轉變非技術功能。

For example, our sales team has tripled account outreach to high-priority accounts, which resulted in twice as many meetings booked and our legal team is spending significantly less time triaging weekly e-mails. Becoming an AI-first company has fundamentally changed how we operate, and we're just getting started.

例如，我們的銷售團隊將與高優先帳戶的聯繫數量增加了兩倍，這使得預定的會議數量增加了一倍，而我們的法律團隊在分類每週電子郵件上所花費的時間也大大減少。成為一家人工智慧優先的公司從根本上改變了我們的營運方式，而我們才剛起步。

As we look ahead, I could not be more confident in Chris Rogers as he steps into the role of CEO. He has played a pivotal role in everything we've accomplished from scaling ads and enterprise partnerships to developing new growth strategies. Our business would not be what it is today without him, and that's why he's a perfect person to lead Instacart into its next chapter and to further accelerate our lead in the years ahead.

展望未來，我對克里斯羅傑斯出任執行長充滿信心。從擴大廣告和企業合作夥伴關係到製定新的成長策略，他在我們所取得的所有成就中都發揮了關鍵作用。如果沒有他，我們的業務就不會有今天，這就是為什麼他是帶領 Instacart 邁向下一篇章並在未來幾年進一步加速我們領先地位的最佳人選。

I know he's looking forward to stepping into the role and meeting with investors over the coming weeks, and I can't wait to see the impact that he has in this seat. I want to say a deep thank you to all our shareholders for your confidence and support. It's been an immense privilege to serve as CEO over the last four years.

我知道他期待在未來幾週內擔任這一職位並與投資者會面，我迫不及待地想看到他在這個職位上產生的影響。我要向所有股東表達深深的感謝，感謝你們的信任與支持。過去四年來擔任執行長是我的莫大榮幸。

Thank you. And now I'll pass it over to Emily to cover our financials.

謝謝。現在我將把我們的財務事宜交給艾米莉 (Emily) 負責。

Thank you, Fidji. It's been an honor to work with you. And on behalf of the team, we're grateful for the incredible vision, strategy and edge you've established at Instacart. There's so much momentum for us to build on, and I'm confident in all that's ahead for us.

謝謝你，Fidji。我很榮幸能與您合作。我代表團隊對您為 Instacart 建立的非凡願景、策略和優勢表示感謝。我們擁有巨大的發展動力，我對我們未來的一切充滿信心。

Now let me provide a bit more color on our most recent financial results and outlook. We delivered strong Q2 results across the board. We grew GTV by 11% year-over-year, driven by 17% growth in orders, which came from both order frequency and user growth. As we anticipated, our average order value decreased by 5% year-over-year, primarily due to the addition of restaurant orders and our lower basket minimum of $10 for Instacart+ members, partially offset by growth in basket sizes elsewhere.

現在，讓我進一步介紹一下我們最近的財務表現和前景。我們第二季的業績全面強勁。我們的 GTV 年成長了 11%，這得益於訂單量 17% 的成長，而訂單量的成長既來自訂單頻率的成長，也來自用戶的成長。正如我們預期的那樣，我們的平均訂單價值同比下降了 5%，這主要是由於餐廳訂單的增加以及 Instacart+ 會員的最低購物籃金額降低至 10 美元，但其他地方購物籃尺寸的增長部分抵消了這一影響。

Transaction revenue grew 11% year-over-year, held steady at 7.3% of GTV year-over-year and increased from 7.1% quarter-over-quarter. While this sequential expansion was primarily driven by shopper efficiencies, as a reminder, we expect this metric may fluctuate quarter-to-quarter as we reinvest in growth opportunities and manage multiple levers across our P&L.

交易營收年增11%，佔GTV的比重較去年同期持平於7.3%，較上季成長7.1%。雖然這一連續擴張主要是由購物者效率推動的，但需要提醒的是，隨著我們重新投資於成長機會並管理損益表中的多個槓桿，我們預計這一指標可能會逐季度波動。

Advertising and other revenue grew 12% year-over-year, modestly outpacing anticipated GTV growth as we expected. This performance demonstrates the increased resiliency of our ads platform as our diversification efforts are working.

廣告和其他收入年增 12%，略高於我們預期的 GTV 成長。這一表現表明，隨著我們多元化努力的成效，我們的廣告平台的彈性有所增強。

For example, in Q2, one of our largest brand partners pulled back from some of their ad spend due to macro uncertainty and reasons specific to their business. A year ago, this pullback would have decreased our advertising and other revenue year-over-year growth rate by several percentage points. But as you saw in our strong results, we were able to more than offset this pressure with growth from emerging and midsized brand partners.

例如，在第二季度，我們最大的品牌合作夥伴之一由於宏觀不確定性和特定業務原因而減少了部分廣告支出。一年前，這種回檔會導致我們的廣告和其他收入年增率下降幾個百分點。但正如您從我們的強勁業績中看到的那樣，我們能夠透過新興和中型品牌合作夥伴的成長來抵消這一壓力。

In Q2, advertising and other revenue was 2.8% of GTV, which remained flat year-over-year even as we've scaled restaurants, which contributes to our GTV, but is not advertising addressable.

在第二季度，廣告和其他收入佔 GTV 的 2.8%，儘管我們擴大了餐廳規模，但這與去年同期相比仍然持平，雖然這對我們的 GTV 有所貢獻，但不是廣告可尋址的。

Overall, profitability remains strong. GAAP net income was $116 million, up 92% year-over-year, and adjusted EBITDA was $262 million, up 26% year-over-year. We also generated operating cash flow of $203 million, a decrease of $41 million year-over-year, primarily due to fluctuations in working capital. On a trailing 12-month basis, operating cash flow was up 21% year-over-year.

整體而言，獲利能力依然強勁。GAAP 淨收入為 1.16 億美元，年增 92%，調整後 EBITDA 為 2.62 億美元，較去年同期成長 26%。我們也產生了 2.03 億美元的營運現金流，年減 4,100 萬美元，主要原因是營運資金波動。過去 12 個月，經營現金流年增 21%。

In Q2, stock-based compensation was $105 million, up $39 million quarter-over-quarter, which we expected due to the timing of our annual equity refresh grants. We anticipate stock-based compensation to be lower in Q3 versus Q2, primarily due to just over $20 million of reversals associated with previously announced executive departures.

第二季度，股票薪酬為 1.05 億美元，比上一季增加 3,900 萬美元，這是我們預期的，因為我們的年度股權更新授予時間。我們預計第三季的股票薪酬將低於第二季度，主要原因是與先前宣布的高階主管離職相關的 2,000 多萬美元的逆轉。

In Q2, we also bought back $111 million worth of shares and authorized a $250 million increase to our buyback program. We ended the quarter with $357 million of remaining buyback capacity and approximately $1.7 billion in cash and similar assets on our balance sheet.

在第二季度，我們還回購了價值 1.11 億美元的股票，並授權將回購計畫增加 2.5 億美元。本季結束時，我們的剩餘回購能力為 3.57 億美元，資產負債表上有約 17 億美元的現金和類似資產。

Looking ahead to Q3, we anticipate GTV to range between $9 billion and $9.15 billion, reflecting year-over-year growth of 8% to 10%. During this period, we expect year-over-year orders growth to continue outpacing GTV growth with some moderation compared to Q2 as we lap the first full quarter of restaurant contribution.

展望第三季度，我們預計 GTV 將在 90 億美元至 91.5 億美元之間，年增 8% 至 10%。在此期間，我們預計，隨著餐廳貢獻的第一個完整季度結束，同比訂單增長將繼續超過 GTV 增長，但與第二季度相比會有所放緩。

We are also guiding to Q3 adjusted EBITDA of $260 million to $270 million. This reflects our expectation of advertising and other revenue growing year-over-year in line with anticipated GTV growth in the period, a solid outlook given the cautious approach some large brand partners are taking in today's macro environment.

我們也預計第三季調整後的 EBITDA 為 2.6 億美元至 2.7 億美元。這反映了我們對廣告和其他收入同比增長的預期，與預期的同期 GTV 增長一致，考慮到一些大型品牌合作夥伴在當今宏觀環境下採取的謹慎態度，這是一個穩健的前景。

This also highlights our continued ability to deliver year-over-year adjusted operating expense leverage. We remain well on track to achieving year-over-year growth in adjusted EBITDA, both in absolute terms and as a percentage of GTV in 2025.

這也凸顯了我們持續實現年比調整後的營業費用槓桿的能力。我們仍有望在 2025 年實現調整後 EBITDA 的同比增長，無論是絕對值還是 GTV 的百分比。

Overall, our business continues to perform strongly, and we are well positioned for long-term success. With a solid foundation of operating and business fundamentals, we are making deliberate investments to further drive profitable growth and strengthen our leadership in the category.

總體而言，我們的業務持續表現強勁，我們已為長期成功做好了準備。憑藉堅實的營運和業務基礎，我們正在進行有針對性的投資，以進一步推動獲利成長並加強我們在該領域的領導地位。

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)

（操作員指示）

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks so much for taking the question. Fidji, thank you for everything and wishing you the best in the roles ahead. I wanted to come back to some of the comments, Fidji, you made about the competitive landscape more broadly. When you think about the array of supply that the company is bringing into the ecosystem and widening out the experiences that consumers have, can you talk a little bit about improvement in conversion and frequency of behavior and some of the things that we should be thinking about in terms of LTV across the landscape as we look at how the company evolves in the years ahead? Thanks so much.

非常感謝您回答這個問題。Fidji，感謝你所做的一切，並祝福你在未來的角色中一切順利。Fidji，我想回顧一下你對更廣泛的競爭格局所發表的一些評論。當您考慮公司為生態系統帶來的供應範圍以及拓寬消費者的體驗時，您能否談談轉換率和行為頻率的提高，以及在展望公司未來幾年的發展時，我們應該從整個行業的 LTV 角度考慮的一些事情？非常感謝。

Thank you so much, Eric. Yeah. So we think of supply in many different ways. First is continuing to onboard more retailers, but also it's going deeper with existing retailers, and that has been a very, very large source of our growth, whether that's starting to power their enterprise sites, expanding with them into new categories like alcohol, enabling more services with them like EBT SNAP, all of these deepening of integrations is a way to unlock more selection and more services with retailers in general.

非常感謝，埃里克。是的。所以我們以多種不同的方式來考慮供應。首先是繼續吸收更多零售商，同時也要加深與現有零售商的合作，這一直是我們成長的一個非常非常大的源泉，無論是開始為他們的企業網站提供支持，還是擴展到酒精等新類別，還是為他們提供更多服務，例如 EBT SNAP，所有這些深化整合都是一種為零售商提供更多選擇和服務的方式。

In fact, this is very much working because with all of the technology improvements we've made to our enterprise platform, we are now able to onboard these retailers much faster, and we had 40 net new retailers this year alone compared to 30 last year.

事實上，這項措施非常有效，因為我們對企業平台進行了大量技術改進，現在我們能夠更快地吸收這些零售商，光是今年我們就新增了 40 家零售商，而去年只有 30 家。

So that gives you a sense of the acceleration in bringing that supply not just online, but actually powering their own websites as well. This is a part of the market that we have access to that others don't, and that gives us a very, very strong competitive advantage.

因此，這讓您感受到不僅在線供應正在加速，而且實際上也在為他們自己的網站提供支援。這是我們可以進入而其他人無法進入的市場部分，這給了我們非常非常強大的競爭優勢。

In addition to that, we have continued to add new categories to our supply. Obviously, the Uber Eats partnership is contributing a supply of restaurants, which is increasing the types of use cases on Instacart. We continue to grow in retail and in new verticals. And all of that combined is contributing to the strong user growth that we're seeing and higher order frequency.

除此之外，我們也持續增加新的供應類別。顯然，Uber Eats 合作夥伴關係正在提供餐廳供應，這增加了 Instacart 上的使用案例類型。我們在零售業和新垂直領域繼續成長。所有這些因素共同促成了我們所看到的用戶強勁成長和訂單頻率的提高。

It's also contributing to better retention. We called that out, but we are seeing that especially with the new cohorts that we are acquiring in 2025, showing better retention than the 2024 cohort at the same time last year.

這也有助於提高保留率。我們提到了這一點，但我們發現，尤其是在 2025 年我們招募的新員工群體中，他們的保留率比去年同期的 2024 年員工群體要好。

That's also translating in paid Instacart+ members growing and deepening in engagement because as we unlock more supply, obviously, they have more selection and more things to do on the site. We are seeing that Instacart+ customers have shops at, on average, more than five different retailers, and that shows you that selection really matters and our selection lead continues to be a very critical advantage over competitors.

這也意味著付費 Instacart+ 會員的參與度不斷增長和加深，因為隨著我們釋放更多供應，他們顯然在網站上擁有更多選擇和更多事情可做。我們發現，Instacart+ 客戶平均在五家以上的不同零售商處購物，這表明選擇確實很重要，而我們的選擇領先優勢仍然是我們相對於競爭對手的一個非常關鍵的優勢。

Thanks so much.

非常感謝。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼、伯恩斯坦。

Hi there, thank you for taking my question. I had a couple on growth, please. Maybe for the first one, nice to see the acceleration in the quarter around order growth. Can you just help us understand the composition of that between grocery and restaurants? I appreciate you think of it as one ecosystem, but it would just be helpful to understand if grocery orders and GTV also accelerated this quarter? And then I'll follow up with my second one.

您好，感謝您回答我的問題。我有幾個關於成長的問題。也許首先，很高興看到本季訂單成長加速。您能幫助我們了解一下雜貨店和餐廳之間的組成嗎？我很欣賞您將其視為一個生態系統，但了解雜貨訂單和 GTV 本季是否也加速成長會有所幫助嗎？然後我會繼續我的第二個。

Thanks so much for the question. This is Emily. Yes, so as you mentioned, we really do think about the overall ecosystem driving performance, both in orders and GTV because there is a reinforcing effect that you get from a product like restaurants in terms of consumers coming to the platform ordering on restaurants.

非常感謝您的提問。這是艾米麗。是的，正如您所說，我們確實考慮了整個生態系統對績效的推動作用，包括訂單量和 GTV，因為就消費者來到平台訂餐而言，餐廳這樣的產品會產生強化效應。

And when they do that, we see them come back and order more frequently from grocery. Now that all said, as we talk about the impact, if you look over the last several quarters in terms of order growth, what you've noticed is there has been a meaningful acceleration in orders growth.

當他們這樣做時，我們會看到他們回來並更頻繁地從雜貨店訂購。現在，當我們談論影響時，如果您回顧過去幾季的訂單成長情況，您會注意到訂單成長出現了顯著的加速。

And that has been largely driven by two things. The first is the addition of restaurants, which has a higher order frequency is a higher frequency use case as well as more recently, the introduction of lower minimum basket size.

這主要是由兩件事推動的。首先是增加了餐廳，餐廳的訂購頻率更高，是一種更高頻率的用例，同時最近還引入了更低的最低購物籃尺寸。

So just in sort of acknowledging that, of course, what we're saying here is that those are factors that are definitely driving overall orders growth. We also mentioned earlier on the call that as we move into Q3, we would expect some moderation in orders growth.

因此，當然，我們在這裡所說的是，這些因素肯定會推動整體訂單成長。我們之前在電話會議上也提到，隨著進入第三季度，我們預計訂單成長會有所放緩。

And that is, of course, driven by the fact that we are lapping the first full quarter of restaurants contribution from a year ago. So definitely playing a role. But again, what we're happy to be seeing is the fact that our suite of products is driving more engagement on the platform, more order frequency and then that flywheel back to grocery, where we're seeing more engagement on the grocery side as well.

當然，這是因為我們第一季的餐廳貢獻與去年同期持平。所以肯定發揮了作用。但再次，我們很高興地看到，我們的產品套件正在推動平台上的更多參與度、更高的訂單頻率，然後飛輪回到雜貨店，我們在雜貨店方面也看到了更多的參與度。

And then just on the Q3 guide commentary there. So the Uber Eats lapping commentary is clear. On the grocery side of things, are you seeing any moderation or embedding any moderation there as well? Or is it predominantly just the comps in restaurants that you're flagging here?

然後只是關於 Q3 指南的評論。因此，Uber Eats 的評價很明確。在食品雜貨方面，您是否也看到了任何節製或嵌入了任何節制？或者您在這裡標記的主要是餐廳的同類商品？

From a guidance perspective, really, the main thing that we wanted to call out was on the restaurant side. I think from an underlying dynamics perspective, we're really pleased with what we're seeing really across the board, right? So MAU growth, we're seeing order frequency growth as well as, as Fidji mentioned, some really great dynamics around customer retention with customer retention in '25 stronger than what we saw in the same sort of time period in 2024.

從指導的角度來看，實際上，我們想要強調的主要內容是在餐廳方面。我認為從潛在的動態角度來看，我們對所看到的全面情況感到非常滿意，對嗎？因此，我們看到 MAU 成長，訂單頻率成長，同時，正如 Fidji 所提到的，客戶保留方面也出現了一些非常好的動態，2025 年的客戶保留率比我們在 2024 年同一時期看到的要高。

So overall -- and then maybe one more thing to add is just on the Instacart+ engagement and the penetration of Instacart+ as a percentage of overall MAU continuing to grow. So nothing to add really specific to grocery. Again, we do look at it on a platform basis. But as we think about the guide, the primary impact I would think about is on the restaurant side.

所以總的來說——也許還有一點需要補充，那就是 Instacart+ 的參與度以及 Instacart+ 在整體 MAU 中的滲透率持續增長。因此，對於雜貨來說沒有什麼特別需要補充的。再次強調，我們確實是從平台的角度來看這個問題。但當我們考慮指南時，我想到的主要影響是在餐廳方面。

Thanks, Emily, and all the best (inaudible) in the new role.

謝謝，艾米麗，祝她在新的職位上一切順利（聽不清楚）。

Thank you so much.

太感謝了。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Great, good afternoon and Fidji, best wishes, good luck and hope to cross paths again as well. I guess I'd like to talk about the Instacart platform. We hear a lot about Storefront Pro and priority delivery. But maybe you could talk about which parts of the platform are getting the most interest, how much cross-sell opportunity you have and how the enterprise pipeline looks like, including even outside of grocery? Thank you.

太好了，下午好，Fidji，祝一切順利，好運連連，希望再次相遇。我想談談 Instacart 平台。我們聽到了很多關於 Storefront Pro 和優先交付的消息。但也許您可以談談平台的哪些部分最受關注，您有多少交叉銷售機會以及企業管道是什麼樣的，甚至包括雜貨店之外的管道？謝謝。

Thank you for the question, Colin. So you are right. A big part of the focus is on Storefront because that's really the kind of first product you want to sell when you expand platform so that all of these retailers working with us can be powered by our technologies on their own and operated website.

謝謝你的提問，科林。所以你是對的。重點主要放在 Storefront 上，因為這實際上是擴展平台時想要銷售的第一種產品，以便所有與我們合作的零售商都可以在他們自己經營的網站上使用我們的技術。

And that's why we've invested a lot in this platform. And now it's paying off both in terms of the ability to onboard more new retailers as well as go deeper and add more functionality for existing retailers and allow them to do more things on their own property, like adding priority delivery, which we added with Costco, for example, and Kroger recently.

這就是我們在這個平台上投入大量資金的原因。現在，它不僅能夠吸引更多新零售商，還能為現有零售商提供更深入的功能，讓他們能夠在自己的場所做更多的事情，例如增加優先配送功能，例如我們最近為 Costco 和 Kroger 增加的優先配送功能，從而獲得回報。

And so that's a very big part of what the platform does. But then once you have that, there's a lot more products that we can upsell. An obvious one is Carrot Ads, where we allow retailers to monetize their Storefront properties. And even when they're not powered by Storefront, in the case of Schnucks for example, we can also allow them to use Carrot Ads even if they're not using our Storefront technology.

這就是該平台功能的很大一部分。但一旦你擁有了它，我們就可以推銷更多的產品。一個明顯的例子是 Carrot Ads，我們允許零售商透過其店面資產獲利。即使他們沒有使用 Storefront 的支持，例如 Schnucks，我們也可以允許他們使用 Carrot Ads，即使他們沒有使用我們的 Storefront 技術。

And that has been a very, very popular option for retailers who realize that they were going to be too subscale to really operate a retail media business on their own. But by joining our network, they are able to create a completely new profit line really overnight, and that has resulted in us having over 240 Carrot Ads partners in a really like short amount of time.

對於那些意識到自己規模太小而無法真正獨立經營零售媒體業務的零售商來說，這是一個非常受歡迎的選擇。但透過加入我們的網絡，他們能夠在一夜之間創造出一條全新的利潤線，這使得我們在很短的時間內擁有了超過 240 個 Carrot Ads 合作夥伴。

Then on top of that, we see retailers asking us to expand beyond powering their online properties to powering their stores as well. And that's why we have invested in our in-store technology with Caper and Carrot Tags. And we are seeing a lot of virtuous circles between these two technologies.

除此之外，我們還看到零售商要求我們不僅為他們的線上資產提供支持，還為他們的商店提供支援。這就是我們投資 Caper 和 Carrot Tags 來研發店內技術的原因。我們看到這兩種技術之間形成了許多良性循環。

So for example, if you are deploying Caper inside your stores, you can tell customers after they've done purchasing in a Caper Cart to reorder all the items they just ordered in stores, you can like ask them to reorder them online on your website and maybe give them a coupon to be able to do that. So that drives the acquisition of multichannel customers, which are more valuable than online-only customers or in-store-only customers.

舉例來說，如果您在商店內部署 Caper，您可以告訴顧客在 Caper Cart 中完成購買後重新訂購他們剛剛在商店訂購的所有商品，您可以要求他們在您的網站上在線重新訂購，並可能給他們一張優惠券以便他們能夠這樣做。這推動了多通路客戶的獲取，這些客戶比僅在線上的客戶或僅在店內的客戶更有價值。

Carrot Tags is another example where by powering pick to light and electronic shelf tags inside retailers' store, we are able to improve the quality of our online orders because it allows our shoppers to find these items a lot faster.

Carrot Tags 是另一個例子，透過為零售商店內的燈光和電子貨架標籤提供動力，我們能夠提高線上訂單的質量，因為它可以讓我們的購物者更快找到這些商品。

And now we have Carrot Tags powering 10% of orders, which is really incredible knowing that it increases found rate and fill rate meaningfully. So very excited about all of that. Really glad for the question because enterprise is one of the most underappreciated parts of our business and a really critical advantage that other competitors are really not able to touch.

現在，我們的 10% 的訂單都由 Carrot Tags 提供支持，這真是令人難以置信，因為它顯著提高了發現率和填充率。我對這一切感到非常興奮。真的很高興回答這個問題，因為企業是我們業務中最被低估的部分之一，也是其他競爭對手無法觸及的關鍵優勢。

Lee Horowitz, Deutsche Bank.

德意志銀行的李·霍洛維茲。

Great, thanks for the question. I wanted to spend some time on ad revenue. Appreciating the resilience you guys highlighted and the breadth of customers that are allowing you to deliver that. I guess ad penetration was stable. I think you guys have pointed to that being up. I just wonder if you could give any update on what the CPG ad environment looks like today versus what you had mentioned before?

太好了，謝謝你的提問。我想花一些時間在廣告收入上。感謝你們所強調的韌性以及允許你們實現這一目標的客戶廣度。我猜廣告滲透率是穩定的。我想你們已經指出了這一點。我只是想知道，您是否可以介紹一下目前的 CPG 廣告環境與您之前提到的相比如何？

Are there still some concerns? And how do you think that maybe may evolve over the back half of the year and into next year? Thanks so much.

還有一些擔憂嗎？您認為今年下半年和明年這種情況可能會如何發展？非常感謝。

Yeah. Thanks for the question. Yeah, we are very proud of the resiliency of our ad revenue and the fact that the diversification strategy is working. The investment rate has indeed remained stable. When it comes to the CPG environment, I would say it's similar to what we've talked about before, which is that there is a lot of uncertainty in the environment.

是的。謝謝你的提問。是的，我們對廣告收入的彈性以及多元化策略的有效性感到非常自豪。投資率確實保持穩定。說到 CPG 環境，我想說它與我們之前談論的類似，即環境中存在著許多不確定性。

That's not just tariffs, but I would say regulation at large, whether it's SNAP, food dyes, et cetera. And all of these puts additional pressure on companies to deliver on their profitability objectives. And that comes on top of other business-specific challenges, including ongoing changes in consumer preferences. Like, for example, we're seeing fast-growing interest in high-protein snacks and breakfast food, lower sugar and natural soda options, less processed food.

這不僅僅是關稅，我想說的是整體監管，無論是 SNAP、食用色素等等。所有這些都給公司實現盈利目標帶來了額外的壓力。除此之外，還有其他商業特定的挑戰，包括消費者偏好的不斷改變。例如，我們看到人們對高蛋白零食和早餐食品、低糖和天然蘇打水以及少加工食品的興趣日益增長。

So if you're a large CPG that is not -- doesn't have a portfolio that indexes heavily towards that, you are having to make a lot of decisions to kind of reposition your portfolio and really optimize for profitability. And that puts a dampen on your ability to invest.

因此，如果您是大型 CPG，但沒有一個高度依賴該指數的投資組合，那麼您就必須做出很多決定來重新定位您的投資組合併真正優化獲利能力。這會削弱你的投資能力。

And so that's what we're seeing primarily with the large guys, I would say, who are taking a little bit more of a wait-and-see approach are really trying to figure out how to optimize profitability during a time of change. But the good news is that during this time, what we are also seeing is that when CPGs pull back some spend, it allows emerging brands and challenger brands to really rush in and gain share.

所以我想說，我們主要看到的是那些大公司，他們採取了更多的觀望態度，實際上是在試圖弄清楚如何在變革時期優化獲利能力。但好消息是，在此期間，我們也看到，當快速消費品公司削減一些支出時，新興品牌和挑戰者品牌就有機會真正湧入並搶佔市場份額。

And so large CPGs are realizing that's not a good long-term strategy and that the right strategy is to continue capturing the online customers as these customers move online because it's much more expensive to regain them over time.

因此，大型快速消費品公司意識到這不是一個好的長期策略，正確的策略是隨著線上客戶轉向線上而繼續吸引這些客戶，因為隨著時間的推移重新獲得他們的成本要高得多。

And so we continue to remain focused on demonstrating that to the large brands, getting them to optimize for the long term, not just for their short-term bottom line, but really for continuing to maintain or increase our market share in the face of very aggressive emerging brands that are definitely determined to gain share on our platform.

因此，我們將繼續致力於向大品牌展示這一點，讓他們進行長期優化，不僅是為了短期利潤，而是為了在面對那些決心在我們的平台上獲得份額的非常激進的新興品牌時，繼續保持或增加我們的市場份額。

And then maybe just one follow-up on the online grocery industry at large. It seems to us that over the past several quarters, sort of digital penetration rates of the industry have gone up quite nicely after being fairly stagnant for some time despite the fact that inflation has remained fairly sticky.

然後也許只是對整個網上雜貨行業的一次跟進。我們認為，在過去幾個季度中，儘管通貨膨脹率仍然相當高，但該行業的數位滲透率在停滯了一段時間之後，已經相當不錯地上升了。

I wonder from your CPG, what you're maybe seeing that's sort of supporting that for the overall industry where you're able to grow well, competitors and the like. Any shifts you're seeing in demographic trends, pricing trends, anything that you would maybe point to that's perhaps driving that shift more recently?

我想知道，從您的 CPG 來看，您可能看到了什麼，這對整個行業是否有支持作用，使您能夠良好地發展，競爭對手等等。您看到人口趨勢、價格趨勢有什麼改變嗎？或者您認為最近有哪些因素可能推動了這種改變？

I think the biggest thing is the one you mentioned, which is kind of like price sort of stabilizing. That's always something that we look closely at. And certainly, during a time of inflation, we saw that dampen our ability to grow online penetration for the industry in general. Now that it has stabilized, that's certainly much more encouraging. At the same time, the TAM is like massive. This remains one of the industry that is the least penetrated online among all of commerce.

我認為最重要的是您提到的那個，即價格穩定。這始終是我們密切關注的事情。當然，在通貨膨脹時期，我們發現這削弱了我們提高整個產業線上滲透率的能力。現在它已經穩定下來，這當然更令人鼓舞。同時，TAM 規模龐大。這仍然是所有商業領域中線上滲透率最低的行業之一。

So there's a lot of runway to go. And what we're seeing in particular with regards to CPG is that the brands are really seeing the next five years as the biggest opportunity to gain share or lose share depending on how they play their cards given that customers are moving online. And when they move online with a certain brands, they tend to that particular brand online.

因此，還有很長的路要走。就快速消費品而言，我們看到，各大品牌確實將未來五年視為獲得市場份額或失去市場份額的最大機會，因為消費者正在轉向線上，而這取決於他們如何應對。當他們在網路上購買某些品牌時，他們會傾向於購買該特定品牌。

So it's really critical to capture the online customer as they move online. That's why it's so critical that we continue to have the leading ad performance in the market that really allows brands to capture that customer with the highest efficiency.

因此，當線上客戶上網時，吸引他們的注意至關重要。這就是為什麼我們繼續保持市場領先的廣告效果如此重要，這確實使品牌能夠以最高的效率吸引客戶。

Very clear. Thanks so much, and best of luck moving forward.

非常清楚。非常感謝，祝你未來一切順利。

Thank you so much.

太感謝了。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Great. And Fidji, I know your first job over at the new place is going to be wiring up operators who can all order our Instacart through the new (inaudible) Just a follow-up on the advertising question. I think we all understand the macro weakness in large CPG.

偉大的。Fidji，我知道你在新地方的第一份工作是為所有能夠透過新的（聽不清）訂購我們的 Instacart 的操作員接線。這只是關於廣告問題的後續問題。我想我們都了解大型快速消費品的宏觀弱點。

But if we look at stronger growth in emerging brands and then all this new kind of off-site retail media network stuff with like Pinterest and TTD, how should we think about those two areas, the emerging brands and the off-site data deals in terms of contributing to overall ad revenue growth? Like when are those going to be big enough to move the needle relative to the big CPG? Thank you.

但是，如果我們看看新興品牌的更強勁成長，以及 Pinterest 和 TTD 等所有這些新型場外零售媒體網絡，我們應該如何看待這兩個領域，即新興品牌和場外數據交易對整體廣告收入成長的貢獻？例如什麼時候這些規模才會夠大，足以對大型 CPG 產生影響？謝謝。

Yeah. Thanks for the question. So the way I think about it is, one, diversification is working. We've been talking about it for a while, and we are seeing the results of that in what Emily was talking about at our intro. We saw one of the largest brands really pull back some of their spend, and we were able to more than compensate for that with strength in both emerging brands and midsized brands.

是的。謝謝你的提問。所以我的想法是，首先，多樣化是有效的。我們已經討論了一段時間了，我們在 Emily 在我們的介紹中談到的內容中看到了結果。我們看到最大的品牌之一確實削減了部分支出，但我們能夠透過新興品牌和中型品牌的實力彌補這一不足。

So really a lot of strength across these segments, whereas a year ago, it would have taken us down by several points of growth. We have built a lot of tools for emerging brands and midsized brands for them to be able to ramp up on our platform, a lot of AI tools that are allowing them to operate their campaigns much more efficiently, whether that's AI-generated landing pages, whether that's AI optimization and new goals that they can specify that they can optimize for.

因此，這些領域確實表現出了很大的優勢，而一年前，這可能會讓我們的成長速度下降幾個點。我們為新興品牌和中型品牌建立了許多工具，以便他們能夠在我們的平台上發展，許多人工智慧工具使他們能夠更有效地開展活動，無論是人工智慧生成的登陸頁面，還是人工智慧優化以及他們可以指定的可以優化的新目標。

So all of these new product innovation is really working in attracting emerging brands and allowing them to have very high-performing campaigns on a self-serve basis. On the off-platform side, I would say it's slightly earlier in its journey.

因此，所有這些新產品創新確實在吸引新興品牌，並允許它們在自助服務的基礎上進行非常有效率的活動。在平台外方面，我想說它的旅程才剛開始。

Everything we've done to date has been more about establishing very strong foundations of partnerships, and you've seen that with Google, Meta, The Trade Desk, Pinterest. But we still have to really found the right scale motion to start really ramping up these businesses. We are seeing great performance. We are finally at the point where we have the right integrations.

到目前為止，我們所做的一切都是為了建立非常強大的合作關係基礎，這一點您可以從 Google、Meta、The Trade Desk 和 Pinterest 中看到。但我們仍然必須找到正確的規模動議來真正開始推動這些業務。我們看到了出色的表現。我們終於到達了正確的整合階段。

The integration we did with The Trade Desk was really industry-leading this quarter where any brand that advertise on The Trade Desk can now really specify a set of audiences using Instacart data and purchase programmatically directly from The Trade Desk.

本季我們與 The Trade Desk 的整合確實是業界領先的，任何在 The Trade Desk 上做廣告的品牌現在都可以使用 Instacart 數據指定一組受眾，並直接從 The Trade Desk 以編程方式購買。

So we feel like we have all of the right capabilities in place, all the right measurements, right performance in place with these platforms now to be able to scale. And that's still small now, but we expect it to grow over the future, given that we feel like we have nailed the fundamentals down.

因此，我們覺得我們現在已經具備了所有正確的功能、所有正確的測量方法和正確的效能，這些平台現在能夠擴展。目前這個數字仍然很小，但我們預計未來它會成長，因為我們覺得我們已經確定了基本面。

Andrew Boone, Citizens.

安德魯·布恩，公民。

Thanks so much for taking the question. You highlighted gains in batching on the letter. What I'm trying to understand is whether you guys have now more dollars to put towards promotion or customer acquisition or however you want to frame that today versus a year ago.

非常感謝您回答這個問題。您在信中強調了批次帶來的收益。我想了解的是，你們現在是否有更多的資金用於促銷或客戶獲取，或者與一年前相比，你們想如何建立今天的內容。

So can you talk about the gains that you're getting from batching and then how you're deploying that and kind of the intensity of that? And then, Fidji, in your prepared remarks, you talked about the efficiency of AI that's coming across kind of the platform on the back end.

那麼，您能談談您從批次中獲得的收益，以及您如何部署它以及它的強度嗎？然後，Fidji，在您準備好的發言中，您談到了在後端平台上遇到的人工智慧的效率。

Can you connect that either to headcount or OpEx? Or what should our expectations be as AI is just more broadly deployed across Instacart from a cost perspective? Thank you.

您能將其與員工人數或營運支出連結起來嗎？或者從成本角度來看，隨著 AI 在 Instacart 的更廣泛部署，我們的期望應該是什麼？謝謝。

Thanks so much for the question. So on the first part in terms of gains in batching. So what I'd say is we have had gains sort of broadly in shopper pay. Batching is one piece of the equation that we've talked about, but really finding ways to optimize the shopping journey really from beginning to end. So batching is a piece of the puzzle, but shopper pay broadly is an area that we've driven pretty meaningful leverage over the course of the last few years as we've really squeezed out efficiencies.

非常感謝您的提問。因此，第一部分是關於批次處理方面的收益。所以我想說的是，我們在購物者支付方面取得了廣泛的收益。批次處理是我們討論的等式的一部分，但實際上要找到從頭到尾優化購物旅程的方法。因此，大量處理只是難題的一部分，但總體而言，購物者支付是我們在過去幾年中發揮了相當有意義的槓桿作用的一個領域，因為我們確實提高了效率。

As you pointed out, batching has been a key area where we've been able to do a number of things. That's increasing the number of orders per batch, but it's also increasing the types of orders that we can batch. So we mentioned that 25% of our priority orders are now batched, and we're still able to complete those in a way that gets those orders to our customers on the same time frame, which in many cases, is under 30 minutes, which is pretty incredible to see.

正如您所指出的，批次處理是我們能夠做很多事情的關鍵領域。這不僅增加了每批訂單的數量，還增加了我們可以批量處理的訂單類型。因此，我們提到，我們 25% 的優先訂單現在都是分批處理的，我們仍然能夠以一種方式完成這些訂單，以便在同一時間段內將這些訂單發送給我們的客戶，在許多情況下，這個時間是在 30 分鐘以內，這真是令人難以置信。

In terms of what are we doing with those savings, we talked about this in the past. We really are looking for ways to reinvest that across a number of different areas. So you mentioned incentives. That's definitely something that we look at in and when it's the right opportunity when we think that we can meet the consumer at the right point in their customer journey to change the behavior and ultimately create a more retentive consumer. But actually, it's broader than that.

關於我們如何使用這些節省下來的資金，我們過去已經討論過這個問題。我們確實正在尋找在多個不同領域進行再投資的方法。所以你提到了激勵措施。這絕對是我們要考慮的事情，當我們認為有合適的機會時，我們可以在客戶旅程的正確時間點與消費者見面，以改變他們的行為，並最終創造更具留存率的消費者。但實際上，它的範圍比這更廣泛。

So a couple of other examples of places you will have seen us invest. Obviously, we've talked earlier this year about reducing the minimum basket size. That is something that ultimately drives down -- is a negative to transaction revenue, but we can fund that because of the tremendous gains we're able to get on shopper pay.

以下是我們投資的其他幾個地方的例子。顯然，我們今年早些時候已經討論過減少最低購物籃規模的問題。這最終會降低交易收入——對交易收入產生負面影響，但我們可以透過購物者支付獲得巨大的收益來為此提供資金。

So that's just one example, but you can imagine a whole host of things that we've done over the course of last year, making pickup free as an example, as I just mentioned, reducing the minimum basket size, we are ultimately focused on trying to drive affordability for the end consumer.

這只是一個例子，但你可以想像我們在去年所做的一系列事情，例如免費提貨，正如我剛才提到的，減少最低購物籃尺寸，我們最終專注於努力提高最終消費者的負擔能力。

And so if we can drive gains in shopper pay and give that back to the consumer in forms of cheaper delivery as an example, or better targeted incentives, those are the kinds of areas that we're looking to double down.

因此，如果我們能夠提高購物者支付的收益，並以更便宜的送貨費用或更有針對性的激勵措施等形式回饋給消費者，那麼這些都是我們希望加倍努力的領域。

Sorry, can you repeat the second question?

抱歉，您能重複第二個問題嗎？

AI efficiencies and anything to note in terms of headcount or OpEx that we should be thinking through as it's further deployed across the platform?

隨著人工智慧在平台上進一步部署，我們應該考慮人工智慧的效率以及在員工人數或營運支出方面需要注意什麼？

Great. So at this stage, nothing to call out. I think we are certainly very focused on AI adoption across the company. As Fidji mentioned earlier, definitely AI first in terms of how we think with greater than 80% of our code that we're generating today AI assisted. And really, it doesn't stop with the engineering team. We gave a couple of examples earlier, but all of our teams are looking for ways to become more efficient.

偉大的。因此，現階段還沒有什麼好說的。我認為我們確實非常關注整個公司的人工智慧應用。正如 Fidji 之前提到的，就我們的思維方式而言，人工智慧絕對是第一位的，我們今天產生的程式碼中有 80% 以上都是人工智慧輔助的。事實上，這項工作並不僅限於工程團隊。我們之前給了幾個例子，但我們所有的團隊都在尋找提高效率的方法。

Now we don't have immediate plans to have that have an impact from an OpEx perspective. But what you've seen us do to date is to be able to continue to grow this business while being incredibly disciplined from an OpEx perspective.

目前我們還沒有立即制定計劃來從營運支出的角度產生影響。但您迄今為止看到我們所做的是能夠繼續發展這項業務，同時從營運支出的角度嚴格遵守紀律。

And so from a first principle standpoint, I think that's the first way that you'll see it come through. Over time, as we're able to really translate these gains, maybe that's something we could see, but not something we're committing to at this point in time.

因此，從第一原理的角度來看，我認為這是你會看到它實現的第一種方法。隨著時間的推移，當我們能夠真正轉化這些收益時，也許這是我們能夠看到的事情，但不是我們目前承諾的事情。

Thank you.

謝謝。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Thank you for taking my question. I have one on advertising. As you develop your ad tech stack and your advertising business in general, how are you thinking about on-platform advertising versus perhaps some of the partnerships that you are getting and expanding into for non-Instacart placed ads? And how should we be thinking about it in terms of contribution to your business? Thanks a lot.

感謝您回答我的問題。我有一個關於廣告的。當您開發廣告技術堆疊和整體廣告業務時，您如何考慮平台廣告以及您正在獲得併擴展的非 Instacart 投放廣告的一些合作夥伴關係？那麼從對您的業務的貢獻角度來看，我們應該如何考慮它呢？多謝。

Yeah. Thanks for the question. So the way we think about it is that we really want to become the one-stop shop for all CPG brands, and we're well on our way to doing that. We are a top five retail media network. And what we're hearing from CPG brands over and over again is that two things matter, scale and performance.

是的。謝謝你的提問。因此，我們的想法是，我們真正想成為所有 CPG 品牌的一站式商店，而且我們正在順利地實現這一目標。我們是排名前五的零售媒體網路之一。我們一再聽到快速消費品品牌強調兩件事很重要：規模和性能。

And we are able to reach maximum scale through 1,800 retailers on our marketplace more than 240 Carrot Ads partners, but also through the offsite partnership that I mentioned earlier and in the future, scaling in-store as well through ads and Caper Carts, which are really kind of the holy grail of advertising of combining the advantages of online advertising, but in an in-store environment.

我們不僅能夠透過市場上的 1,800 家零售商和 240 多家 Carrot Ads 合作夥伴實現最大規模，而且還可以透過我之前提到的場外合作夥伴關係實現規模擴大，並且在未來，我們還可以透過廣告和 Caper Carts 擴大店內規模，這實際上是將在線廣告的優勢結合在店內環境中的廣告的聖杯。

And so our view is that advertisers should come to us because we can actually optimize for their goals across our entire network. And that's why we've really invested in what we call universal campaigns and optimized bidding, which is a way for advertisers to tell us what their budget is and what their goals are and for us to optimize their campaigns across our entire network, across all of the pieces of the network, both on platform and outside of the platform.

因此，我們的觀點是，廣告商應該來找我們，因為我們實際上可以在整個網路上針對他們的目標進行最佳化。這就是為什麼我們真正投資於所謂的通用廣告活動和優化競價，這是一種讓廣告商告訴我們他們的預算和目標的方式，讓我們能夠在整個網絡、網絡的所有部分（包括平台內和平台外）優化他們的廣告活動。

So we're not -- we're really thinking about it as like one network and advertisers are thinking about it as one network. They are telling us that they do not have the bandwidth nor desire to spend a lot of their energy on subscale retail media network, and they see us as the aggregator for the industry across all of the different retailers that we already have, and that's a very big part of our value proposition. Retail media is still very new. We feel like we're very well positioned by being that aggregator.

所以我們不是——我們真的把它看作一個網絡，廣告商也把它看作一個網絡。他們告訴我們，他們沒有足夠的頻寬，也不願意在小規模的零售媒體網路上投入太多精力，他們將我們視為行業內所有不同零售商的聚合器，這是我們價值主張中非常重要的一部分。零售媒體仍然非常新。我們覺得作為這樣的聚合者，我們的定位非常有利。

Okay. Thanks, Fidji, and wish you all the best.

好的。謝謝，Fidji，祝你一切順利。

Thank you so much.

太感謝了。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

I had two questions, too. From a big picture standpoint, you mentioned personalization in your letter. And I was just curious if there's any KPIs that you're tracking in particular that shows success there or anything you can describe as recent and future success?

我也有兩個問題。從整體角度來看，您在信中提到了個人化。我只是好奇，您是否特別跟踪了某些 KPI 來表明那裡取得了成功，或者您可以描述為近期和未來的成功？

And then Emily, I was just curious, just on the cash flows, it looks like what you're describing for the second half of the year is sort of seasonal from a working capital standpoint. I don't know if that's correct or not, but if you could help on that. Thanks.

然後艾米麗，我只是好奇，就現金流而言，從營運資本的角度來看，你所描述的下半年似乎具有季節性。我不知道這是否正確，但如果您能幫忙的話。謝謝。

I'll take the first one. So personalization is one of the biggest advantage of doing grocery online versus in store. So that's why we really want to lean into that. And all of the advances in AI are really helping us take the 13 years we have of proprietary data and nearly 1.5 billion lifetime orders and really put that data to use by personalizing the experience.

我要第一個。因此，個人化是網上購物相對於實體店購物的最大優勢之一。這就是我們真正想要依靠這一點的原因。人工智慧的所有進步都真正幫助我們利用 13 年來的專有數據和近 15 億個終身訂單，並透過個人化體驗真正利用這些數據。

I would say that customers who use Instacart frequently are seeing a ton of personalization across the board. It starts with the basics like Buy It Again, which is used by more than three-fourth of our customers to buy at least one item to the much more sophisticated things we've done more recently like AI pairings, where if you add avocados, we can surface items you may need for guacamole or SmartShop where we have created health stacks, personalized shopping aisles for like organic products, gluten-free products, all the way to like new recommendation models for substitution that take into account your dietary needs, all of your pricing and past preferences.

我想說，經常使用 Instacart 的客戶會看到全方位的大量個人化服務。它從基礎功能開始，例如“再次購買”，超過四分之三的顧客使用它來購買至少一件商品，再到我們最近做的更複雜的功能，例如人工智能配對，如果您添加鱷梨，我們可以顯示您可能需要的鱷梨醬或 SmartShop 物品，我們創建了健康堆棧、個性化購物通道，例如有機產品、無麩質產品，一直到新的替代需求模型，

And so when we look at kind of how to assess the success of that, we look at it both in terms of does it get existing customers to buy more, add more items to their cart, discover items that they weren't used to buying before, which is always a great sign of success, but also when we get new customers onboarded on the platform, can we do a better job faster at showing them things that are really relevant for them and help them build the basket as well as do the same for lapsed customers that we're redirecting.

因此，當我們考慮如何評估其成功時，我們會從兩個角度來考慮：它是否能讓現有客戶購買更多商品，在購物車中添加更多商品，發現他們以前不常購買的商品（這始終是成功的一大標誌）；而且，當我們在平台上吸引新客戶時，我們能否更快地向他們展示真正與他們相關的東西，幫助他們建立購物車，並對我們正在做的事情流失。

And I would say across the board, we are seeing that all of these personalization efforts are working and are driving more engagement across all of these segments. So we're really excited about what we're seeing.

我想說的是，從整體來看，我們看到所有這些個人化努力都在發揮作用，並且正在推動所有這些領域的更多參與。因此，我們對所看到的一切感到非常興奮。

I can jump in on the cash flow question. So what I'd say about cash flow for us is a little less about seasonality and more about there's -- there are certain elements to our business that can drive fluctuations quarter-to-quarter in terms of flow-through to cash flow.

我可以參與討論現金流問題。因此，我想說，對我們來說，現金流與季節性關係不大，更多的是——我們的業務中有一些因素會導致現金流逐季度波動。

So what I mean by that is, occasionally, those are related to just delayed retailer payments. So we saw that, you may recall, in the back half of last year where we had a bit of an AR buildup that unwinded in Q1. So you saw some impact there.

所以我的意思是，有時這些只是與零售商付款延遲有關。您可能還記得，我們看到去年下半年出現了一些應收帳款積累，但在第一季有所緩解。所以你看到了那裡的一些影響。

Some other areas of the business that just have longer payback periods include alcohol and EBT SNAP. So depending on the timing of launches and sales around those categories, those can result in some lumpiness to cash flow.

其他一些業務領域也需要較長的回報期，包括酒精和 EBT SNAP。因此，根據這些類別的發布和銷售時間，可能會導致現金流出現一些波動。

So the way that I think about it is that we will likely expect to have lumpiness over time over sort of multi-quarter periods. We do sort of trend in line with EBITDA. From a flow-through perspective, if you think about 2024 flow-through, what I just commented on meant that our overall EBITDA to free cash flow rate was slightly depressed because of that AR buildup in the back half of last year.

因此，我的想法是，我們可能會預期在多個季度的時間內會出現波動。我們的趨勢確實與 EBITDA 一致。從流通角度來看，如果您考慮 2024 年的流通，我剛才評論的意味著，由於去年下半年應收帳款的積累，我們的整體 EBITDA 與自由現金流比率略有下降。

So I'd say that was sort of on the lower end of what we'd expect to see. But again, quarter-to-quarter, we will see fluctuations.

所以我想說，這比我們預期的要低。但同樣，每個季度我們都會見到波動。

Great, that's all very helpful. Thank you.

太好了，這一切都非常有幫助。謝謝。

Jason Helstein, Oppenheimer.

傑森·赫爾斯坦，奧本海默。

Thank you for taking the question. I'll just ask one busy night. So I guess, what will it take for advertising to accelerate? Do you need a healthier CPG spending environment broadly? Or are there actions that CART can take to improve to drive more demand? Thank you.

感謝您回答這個問題。我只是在一個繁忙的夜晚問一下。那我猜想，廣告業需要怎麼加速發展呢？您是否需要一個更健康的 CPG 支出環境？或者 CART 可以採取哪些行動來改進以推動更多需求？謝謝。

Thank you for the question. So I think it's a combination of things. First, I think we have planted all of the right seeds to make sure that advertising can continue to thrive in the future. And I touched on some of them, but obviously, continuing to have leading performance, continuing to invest in our measurement capabilities to demonstrate that performance, continuing to diversify the business. We're on a great trajectory there.

謝謝你的提問。所以我認為這是多種因素的綜合作用。首先，我認為我們已經播下了所有正確的種子，以確保廣告業在未來能夠繼續蓬勃發展。我談到了其中的一些，但顯然，我們將繼續保持領先的業績，繼續投資於我們的測量能力以證明這一業績，繼續實現業務多元化。我們正處於良好的發展軌道上。

And the more we diversify, so more we can lean into emerging and midsized brands, which are growing faster than the rest and investing more of their GTV into advertising than large brands. And then I also touched on gaining more scale through all of the actions we are taking to expand our network through Carrot Ads, Caper Carts and offsite partnerships.

我們的多元化程度越高，我們就越能傾向於新興品牌和中型品牌，這些品牌的成長速度比其他品牌更快，而且與大品牌相比，它們將更多的 GTV 投入廣告中。然後，我還談到了透過 Carrot Ads、Caper Carts 和場外合作等方式擴大我們的網路規模。

So we remain highly confident in our ability to reach the 4% to 5% investment rate that we had talked about. But on any given quarter, there's going to be some puts and takes. Sometimes, as Emily mentioned, we are seeing some large brands pull back. We are able to more than compensate for that with the strength in other segments. But obviously, if we were operating under a better macro, we would see more strength.

因此，我們對達到我們所說的4％至5％的投資率的能力仍然非常有信心。但在任何一個季度，都會有一些得失。有時，正如艾米麗所提到的，我們會看到一些大品牌退縮。我們能夠利用其他領域的優勢來彌補這一不足。但顯然，如果我們在更好的宏觀環境下運作，我們會看到更多的力量。

We, in fact, saw that in Q1, where in Q1, we had higher advertising growth, and that's because we saw strength in both emerging brands as well as the large brands in parallel. So certainly, the macro would make things easier. But at the same time, we really believe that with all of the initiatives that we've put in the works, we have the levers to grow in the future.

事實上，我們在第一季就看到了這一點，我們的廣告成長更快，這是因為我們同時看到了新興品牌和大品牌的實力。因此，宏肯定會使事情變得更容易。但同時，我們確實相信，憑藉我們已採取的所有舉措，我們有能力在未來實現成長。

Michael Morton, MoffettNathanson.

麥可莫頓，莫菲特納桑森。

Hey there, thank you for the question. I wanted to talk a little bit about affordability initiatives. We've heard a lot about that from the grocery delivery industry. And what we've seen this year is some of your direct competition has tried to get more competitive by following you into the fee reductions on small baskets, and it's clearly not impacting the momentum in the business.

嘿，謝謝你的提問。我想談一談可負擔性措施。我們從雜貨配送業聽到了很多關於這方面的事情。我們今年看到的是，你們的一些直接競爭對手也試圖透過跟隨你們降低小額購物籃的費用來增強競爭力，但這顯然不會影響業務發展勢頭。

So what -- I would love to learn some more about is what you've learned in the first half of the year, watching this consumer behavior. Maybe you could talk about the stickiness about it and your ability to retain the kind of core customers, but also accelerate the business.

那麼—我很想進一步了解您在上半年透過觀察消費者行為所了解到的情況。也許您可以談談它的黏性以及您留住核心客戶的能力，同時還能加速業務發展。

And then while we are on the small basket topic, I would love any incremental details you could share about how a theoretical small basket unit economics compares to a traditional order, maybe in regards to some batching rates or asset intensity, take rate, anything would be great. Thank you so much.

然後，當我們討論小籃子主題時，我希望您能分享一些增量細節，關於理論上的小籃子單位經濟學與傳統訂單的比較，也許涉及一些分批率或資產強度、接受率，任何事情都很好。太感謝了。

Great. I'll have Emily handle the second part, but I'll answer the first. So on our affordability initiatives, first off, I want to clarify that the change we made to small baskets is one factor, but our affordability strategy is much more broad-based. We are getting more adoption of flyers, of loyalty linking, of a variety of affordability initiatives.

偉大的。我會讓艾蜜莉處理第二部分，但我會回答第一部分。因此，關於我們的可負擔性舉措，首先，我想澄清的是，我們對小額購物籃所做的改變是一個因素，但我們的可負擔性策略的基礎更為廣泛。我們正在越來越多地採用傳單、忠誠度連結和各種可負擔性措施。

And we are working with our retailers to continue to dynamically adjust their markups and with some go all the way to price parity, and we've made some progress there with partners like Schnucks, with Pattinson Group in Canada launching at price parity and more.

我們正在與零售商合作，繼續動態調整他們的加價，並與一些零售商一起實現價格平價，我們與 Schnucks 等合作夥伴已經取得了一些進展，與加拿大的 Pattinson Group 也推出了價格平價等服務。

And we think that's incredibly important because price parity retailers are growing faster on the platform than non-price parity retailers. So really, what we see is that it takes a multipronged approach of delivering affordability through many different ways to the end customers, and we're very committed to all of these different levers.

我們認為這一點非常重要，因為價格平價零售商在平台上的成長速度比非價格平價零售商更快。因此，我們實際上看到的是，需要採取多管齊下的方法，透過多種不同的方式向最終客戶提供可負擔的產品，並且我們非常致力於所有這些不同的手段。

On the $10 minimum basket change specifically, what we have seen is that it has allowed us to grow GTV overall and grow frequency without cannibalizing large baskets, which is really important because that's something where we really wanted to address all of the needs and not shift the mix. And that's certainly what we've seen. It was very incremental and has allowed us to tap into the kind of top-up use case for these customers. So we're really excited about what we're seeing.

具體來說，就 10 美元的最低購物籃變更而言，我們看到的是，它使我們能夠在不蠶食大購物籃的情況下整體增加 GTV 並增加頻率，這一點非常重要，因為我們真正想要滿足的是所有需求，而不是改變組合。這確實是我們所看到的。這是非常漸進的，使我們能夠為這些客戶挖掘充值用例。因此，我們對所看到的一切感到非常興奮。

That's why we're very committed to this change. But I would say, generally, our affordability changes go much broader than this particular change.

這就是我們致力於這項變革的原因。但我想說，總的來說，我們的可負擔能力變化比這一特定變化更為廣泛。

Yeah. On the small basket unit economics, I think first and foremost, I would just say, before thinking about the unit economics, really, what we're trying to do is create a platform that is there for our customers for all of their shopping needs. And we know that the majority of shopping happens in large baskets, large weekly shops, but we also know that customers have use cases when they need to do a fill-in shop midweek or forget something or have a sick kid and need something from the pharmacy.

是的。關於小籃子單位經濟學，我認為首先，在考慮單位經濟學之前，我想說，我們真正想要做的是創建一個平台，滿足客戶的所有購物需求。我們知道，大多數購物都是在大型購物籃、大型每週商店中進行的，但我們也知道，顧客有時需要在周中補充購物，或者忘記某些東西，或者孩子生病需要從藥房買東西。

And we want to be able to make sure that we're there for them. And so that's really a big part of the focus on lowering the minimum basket size and really lowering the threshold at which customers think of Instacart as a provider for all of their needs. So that's sort of the starting point.

我們希望能夠確保我們能為他們提供幫助。因此，這實際上是降低最低購物籃規模和降低客戶將 Instacart 視為滿足其所有需求的提供者的門檻的重點。這就是一個起點。

I think how is Instacart able to create a price point that is sort of best-in-class from a minimum basket size. And that starts with the fact that we have already an existing large network with density of orders at all of these stores.

我認為 Instacart 是如何能夠根據最小購物籃規模創造出同類最佳的價格點的。首先，我們已經擁有一個龐大的網絡，所有這些商店的訂單密度都很高。

So when you reduce the minimum basket size, you layer on what are incremental orders to an existing dense network, that means we're able to serve these orders out of the gate at economics that are already much better than you would be if you're starting from scratch.

因此，當您減少最小購物籃規模時，您可以將增量訂單分層到現有的密集網路中，這意味著我們能夠以比從頭開始更好的經濟條件為這些訂單提供服務。

So our starting point when we did this back in the earlier part of the year was, hey, we can do this out of the gate at economics we like. That doesn't mean that's where we're satisfied with. And you've seen that in some of our commentary around strategies like batching, right? So we've continued to drive up batch rate. We've increased orders per batch meaningfully over the last couple of years.

因此，我們在今年早些時候這樣做時的出發點是，嘿，我們可以在我們喜歡的經濟學上立即這樣做。但這並不意味著我們就滿足於此。您在我們關於批次等策略的一些評論中看到了這一點，對嗎？因此我們不斷提高批量率。過去幾年裡，我們每批的訂單量大幅增加。

And you've seen us talk about now batching 25% of priority orders, which we think is, again, really incredible because we're still getting these orders to customers in under -- median 50 minutes, in many cases, under 30 minutes. And that is really a key part of our success to driving the unit economics here.

你已經看到我們談論現在對 25％ 的優先訂單進行批量處理，我們認為這真的非常不可思議，因為我們仍然可以在平均 50 分鐘內將這些訂單發送給客戶，在許多情況下，在 30 分鐘內。這確實是我們成功推動單位經濟的關鍵部分。

So we're seeing the engagement we like to see from consumers. We're seeing those incremental orders. We're not seeing trade down to these orders, which I think is really, really important when you think about the economics because as long as we can do these orders at economics we like, and we're not hurting our existing base of business, then we think of this as truly additive to the overall ecosystem.

因此，我們看到了消費者樂於參與的情緒。我們看到了這些增量訂單。我們沒有看到貿易下降到這些訂單，我認為當你考慮經濟因素時，這一點非常非常重要，因為只要我們能夠按照我們喜歡的經濟條件完成這些訂單，並且不會損害我們現有的業務基礎，那麼我們認為這對整個生態系統來說是真正的補充。

And we know that if we engage you more regularly throughout the week, ultimately, what we hope is that, that drives you back to Instacart for your weekly shop more regularly. So really focused on the overall use case, making sure that we're there for customers regardless, and we're very happy with being able to serve those use cases for customers.

我們知道，如果我們在一周內更頻繁地與您互動，最終，我們希望的是，這會促使您更頻繁地回到 Instacart 進行每週購物。因此，我們真正關注的是整體用例，確保無論如何我們都能為客戶提供服務，並且我們很高興能夠為客戶提供這些用例。

Thank you.

謝謝。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Great, thanks for taking the questions. So Fidji, you now have a great view into how consumer experiences are going to emerge for the agentic world. How do you think this affects marketplaces like Instacart as maybe agents take a more prominent role in transaction activities directly on the marketplaces.

太好了，感謝您回答這些問題。所以 Fidji，你現在已經對消費者體驗將如何在代理世界中出現有了很好的了解。您認為這會對 Instacart 等市場產生什麼影響，因為代理商可能會在市場交易活動中發揮更重要的作用。

Where would you say Chris and team should be focusing and putting their accelerated product development efforts for, say, the next 6 to 12 months as they get the tech and plumbing ready, potentially for a more independent agentic world?

您認為 Chris 和他的團隊在未來 6 到 12 個月內應該把重點放在哪裡，並將他們的加速產品開發工作投入到哪裡，因為他們已經為更獨立的代理世界做好了技術和管道準備？

And then second question, another big picture one. I mean, we've now seen delivery growth pretty much accelerate across all three large players in the US, including you, Uber and Dash. I know there is a unique aspect for each. But do you think there is some kind of high-level theme on whether there is a new leg to user growth or consumer behavior for these services that we are finding right now?

然後是第二個問題，也是一個大問題。我的意思是，我們現在看到美國三大巨頭（包括你、Uber 和 Dash）的配送成長都大幅加速。我知道每個人都有其獨特之處。但是，您是否認為，我們目前發現的這些服務的用戶成長或消費者行為是否有新的發展方向，存在某種高層次的主題？

Thank you. So on your first question, the main thing that I think is a good principle for Instacart to follow is that we should always be where users are. And as long as you can provide a better experience, you can always find a way to monetize that.

謝謝。所以關於你的第一個問題，我認為 Instacart 應該遵循的一個好原則就是我們應該始終在使用者所在的地方。只要你能提供更好的體驗，你總能找到將其貨幣化的方法。

So in terms of where to go with agents, I think integrating deeply with these agents so that we can make it easy for agents to browse off sites and actually pick the right items for the customer is going to be really critical.

因此，就與代理商的合作而言，我認為與這些代理商進行深度整合，以便我們可以讓代理商輕鬆瀏覽網站並為客戶挑選合適的商品，這一點非常關鍵。

I happen to think that Instacart has really critical advantages in an agentic world, thanks to the selection that we bring to the table of 1,800 different retailers,100,000 stores, a ton of different products and doing that with data sets that are incredibly rich that we've collected over 13-plus years.

我認為，Instacart 在代理商世界中擁有真正關鍵的優勢，這要歸功於我們為 1,800 個不同的零售商、100,000 家商店、大量不同的產品提供的選擇，以及我們 13 多年來收集的極其豐富的數據集。

So I think we're really well positioned, and it's really a matter of figuring out the right integration, the right user experience, which I think is still very early in embryonic and then figuring out monetization once the user experience is nailed, but very optimistic about our position there.

所以我認為我們確實處於有利地位，關鍵在於找到正確的整合方式和正確的用戶體驗，我認為這仍處於萌芽階段，一旦用戶體驗得到改善，再考慮如何盈利，但我對我們的地位非常樂觀。

In terms of the delivering growth accelerating across the market. I would say it points to the fact once again that grocery is still very underpenetrated. Even with this wave of growth, we are still vastly behind other categories of commerce with lots of room to go.

就整個市場的交付成長加速而言。我想說，這再次表明食品雜貨的滲透率仍然很低。即使經歷了這波成長，我們仍然遠遠落後於其他商業類別，還有很大的發展空間。

And I think our service is getting better and better, and that's why you're seeing this accelerated growth. We think that we are improving the experience across all aspects of selection, affordability, speed and quality and obviously, continuing to deepen our lead in our ability to deliver these orders with the best customer experience.

我認為我們的服務越來越好，這就是你們看到這種加速成長的原因。我們認為我們正在改善選擇、可負擔性、速度和品質等各個方面的體驗，並且顯然，我們正在繼續深化我們在以最佳客戶體驗交付這些訂單的能力方面的領先地位。

We are also seeing that retailers are really leaning in and realizing that again, the next few years are going to be a really big opportunity for them to either gain share or lose share. And we're seeing them lean into their enterprise properties, which again gives us a very big advantage because we power those.

我們也看到，零售商們正在真正投入其中，並再次意識到，未來幾年將是他們獲得市場份額或失去市場份額的巨大機會。我們看到他們傾向於企業資產，這再次為我們帶來了非常大的優勢，因為我們為這些資產提供支持。

And when retailers are leaning in, they're usually directing their dollars at owned and operated properties more than third-party marketplaces. And so we're benefiting from these retailers really wanting to accelerate their online growth and us powering that online growth. And in general, also these retailers leaning into affordability, as I mentioned, which is also accelerating market adoption.

當零售商加入進來時，他們通常會將資金更多地投入自有和經營的物業，而不是第三方市場。因此，我們從這些真正希望加速其線上成長的零售商以及我們推動其線上成長中受益。總體而言，正如我所提到的，這些零售商也傾向於價格實惠，這也加速了市場採用。

Got it. Thank you so much, and I appreciate all the help over the last several years.

知道了。非常感謝，我感謝過去幾年來的所有幫助。

Thank you so much.

太感謝了。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great, thanks for taking the question. This is Miles on for Justin. I would like to go back to Instacart+ on your comments of penetration increasing there. You guys have added a lot of value to the membership over the last year. So curious if you could just provide any more information on how you're seeing adoption trend or behavior within members like retention or order frequency or anything on that?

太好了，謝謝你回答這個問題。這是 Miles 為 Justin 表演的。我想回到 Instacart+，談談您對那裡滲透率不斷提高的評論。在過去的一年裡，你們為會員增添了許多價值。我很好奇，您是否可以提供更多信息，說明您如何看待會員的採用趨勢或行為，例如保留率或訂購頻率等？

And then one follow-up on the Costco partnership. I thought that was pretty interesting. Should we be expecting more of these unique retailer offerings moving forward? Or is that just more of a one-off with Costco being such a big retailer? Thank you.

然後是關於 Costco 合作關係的後續事宜。我認為這非常有趣。我們是否應該期待未來零售商能推出更多這樣的獨特產品？或者這只是 Costco 作為大型零售商的偶然事件？謝謝。

I'll take Costco. I will say that we are doing these types of deep integrations with a lot of our retailers. With Costco, obviously, it takes a particular form because they have a specific business model, and we are very excited to be doing a partnership with them to offer a discount for executive members on any orders on Costco same-day or on Instacart.

我要去 Costco。我想說的是，我們正在與許多零售商進行這種類型的深度整合。顯然，對於 Costco 來說，它採取了一種特殊的形式，因為他們有特定的商業模式，我們非常高興能與他們合作，為高級會員在 Costco 當日或 Instacart 上的任何訂單提供折扣。

I assume that's the one you're referring to. So very excited to be able to get so much exposure to the tens of millions of executive members. But if you look back even at the history of our Costco partnership, there has been many times where we have done these types of integrations with them, whether that's powering their entire same-day site, expanding with Costco Business Center more recently in Canada, whether that's powering SNAP for them, whether that's doing all kinds of integration.

我認為這就是你指的那個。我非常高興能夠向數千萬執行委員們展示我的作品。但是，如果你回顧一下我們與 Costco 合作的歷史，你會發現我們已經多次與他們進行過此類整合，無論是為他們的整個當日達站點提供支持，還是最近在加拿大與 Costco 商務中心合作擴展業務，無論是為他們提供 SNAP 支持，還是進行各種整合。

And so I don't think it's -- we should consider that a one-off. These are things that we do with a lot of our retailers. Another example just this quarter is with Publix, we were powering their Storefront app for delivery, but now they integrated that directly into their main app. It's a very deep integration, very strategic for both companies and allowing us to drive more growth.

所以我不認為這是——我們應該將其視為一次性事件。這些都是我們與許多零售商合作做的事情。本季的另一個例子是 Publix，我們為他們的 Storefront 應用程式提供支援以進行配送，但現在他們將其直接整合到他們的主要應用程式中。這是一次非常深度的整合，對兩家公司來說都具有戰略意義，並使我們能夠推動更多的成長。

So these are the kinds of things that you can do when you are not just simply a marketplace that retailers put their selection on, but you are actually a strategic partner at the table with their strategic leader, their IT department and really driving deep integration into the core business of these retailers instead of being just a very thin layer of integration.

因此，當您不僅僅是零售商進行選擇的簡單市場，而且您實際上是與他們的戰略領導者、他們的 IT 部門並肩作戰的戰略合作夥伴，並且真正推動與這些零售商核心業務的深度整合，而不僅僅是一個非常薄的整合層時，您就可以做這些事情。

On the Instacart+ question, I think a couple of comments that I would make there. So first of all, Instacart+ members continue to grow. The engagement with the platform has always been strong. So it's accounted for the majority of our activity for some time and continues to do so. And the reason it's critical to us and a big focus of ours is that these are the most loyal and high-spending customers that we have.

關於 Instacart+ 的問題，我想我可以發表幾點評論。首先，Instacart+ 的會員數量持續成長。該平台的參與度一直很強勁。因此，它在一段時間內佔據了我們活動的大部分，並將繼續如此。這對我們至關重要，也是我們關注的重點，因為這些是我們最忠誠、消費能力最強的客戶。

And so for that reason, we find it attractive to continue to invest in the overall program because we know if you are an Instacart+ member that over time, you spend significantly more GTV on average than non-Instacart+ members.

因此，我們認為繼續投資整個計劃很有吸引力，因為我們知道，如果您是 Instacart+ 會員，那麼隨著時間的推移，您平均花費的 GTV 將比非 Instacart+ 會員多得多。

So those are a couple of factors. We are seeing now Instacart+ members represent more of our monthly users over time. And that's for a number of reasons. As you mentioned, making Instacart+ more valuable. We now have over the last roughly a year, launched our restaurants product for customers.

這些是幾個因素。我們現在看到，隨著時間的推移，Instacart+ 會員占我們每月用戶的比例越來越大。這是有多種原因的。正如您所說，讓 Instacart+ 更有價值。在過去大約一年的時間裡，我們為顧客推出了餐廳產品。

We've reduced the minimum basket size to $10. We have reciprocal memberships, things like Peacock and New York Times Cooking, et cetera. And then we've also expanded it so that family accounts allow multiple people to participate in a single Instacart+ membership.

我們已將最低購物金額降至 10 美元。我們有互惠會員資格，例如孔雀和紐約時報烹飪等等。然後，我們也對其進行了擴展，以便家庭帳戶允許多個人參與單一 Instacart+ 會員資格。

And we know that when you shop with others, first of all, it's more convenient. You can shop and all be adding to the same cart, but you also end up spending more, too. So we love the Instacart+ membership. It's an area we'll continue to invest in, but overall has been a continued growing part of our portfolio.

我們知道，與他人一起購物首先會更方便。您可以購物並將所有商品添加到同一輛購物車中，但最終也會花費更多。所以我們喜歡 Instacart+ 會員資格。我們將繼續在該領域進行投資，但總體而言，該領域是我們投資組合中持續成長的一部分。

Great, thank you, both.

太好了，謝謝你們兩位。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。