Maplebear Inc (CART) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Instacart's third quarter 2025 financial results conference call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。歡迎參加 Instacart 2025 年第三季財務業績電話會議。（操作說明）

Please be advised that today's conference is being recorded. I would now like to turn the conference over to Rebecca Yoshiyama, Vice President of Investor Relations, Capital Markets and Treasury. Please go ahead.

請注意，今天的會議正在錄影。現在我將把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, Michelle, and welcome, everyone, to Instacart's third quarter 2025 earnings call. On the call with me today are Chris Rogers, our Chief Executive Officer; and Emily Reuter, our Chief Financial Officer.

謝謝米歇爾，歡迎各位參加 Instacart 2025 年第三季財報電話會議。今天和我一起通話的是我們的執行長克里斯·羅傑斯和我們的財務長艾米麗·羅伊特。

During today's call, we will make forward-looking statements related to our business plan and strategy, developments in the grocery industry and our future performance and prospects, including our expectations regarding our financial results and share repurchases. These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. You can find more information about these risks and uncertainties in our SEC filings, including our last Form 10-Q. We assume no obligation to update these statements after today's call, except as required by law.

在今天的電話會議上，我們將就我們的業務計劃和策略、食品雜貨行業的發展以及我們未來的業績和前景發表前瞻性聲明，包括我們對財務業績和股票回購的預期。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與預期結果有重大差異。您可以在我們的美國證券交易委員會文件中找到有關這些風險和不確定性的更多信息，包括我們最新的 10-Q 表格。除法律另有規定外，我們不承擔在今天的電話會議後更新這些聲明的義務。

In addition, we will also discuss certain non-GAAP financial measures, which have limitations and should not be considered in isolation from or as a substitute for our GAAP results. A reconciliation between these GAAP and non-GAAP financial measures is included in our shareholder letter, which can be found on our Investor Relations website.

此外，我們還將討論一些非GAAP財務指標，這些指標有其局限性，不應脫離GAAP結果單獨考慮，也不應取代GAAP結果。我們的股東信中包含了這些 GAAP 和非 GAAP 財務指標之間的調整表，您可以在我們的投資者關係網站上找到該信件。

Now I'll turn the call over to Chris for his opening remarks.

現在我將把電話交給克里斯，請他致開幕詞。

Thank you, Rebecca, and good morning, everybody. It's great to be here as my first call as CEO, and I appreciate you taking the time to join us. Over the past six years, I've had the privilege to build many of the capabilities and partnerships that make Instacart so distinct. That experience gives me a unique perspective on our business, where we are today, what makes Instacart truly differentiated and why I'm so confident in our ability to extend our lead and win in this market.

謝謝你，麗貝卡，大家早安。很高興能以CEO的身份參加這次會議，感謝各位抽出時間與我們共聚一堂。在過去的六年裡，我有幸建立了許多使 Instacart 如此與眾不同的能力和合作夥伴關係。那段經歷讓我對我們的業務、我們目前的處境、Instacart 的真正差異化優勢以及我為什麼對我們擴大領先優勢並在這個市場中取得成功充滿信心有了獨特的見解。

Our business is operating from a position of real strength. We have the leading online grocery marketplace, a best-in-class suite of enterprise technologies for retailers and a growing advertising ecosystem that all work better together and have helped us complete more than 1.5 billion lifetime orders. We're also unlocking new growth opportunities that build on that powerful foundation.

我們的業務目前處於非常有利的地位。我們擁有領先的線上雜貨市場、一流的零售商企業技術套件以及不斷發展的廣告生態系統，所有這些要素協同運作，幫助我們完成了超過 15 億筆訂單。我們也正在利用這強大的基礎，開拓新的成長機會。

I'll start by discussing our marketplace, which continues to be -- make up the majority of our business and serves as the backbone of our platform. We've built the best end-to-end online grocery marketplace in North America by staying focused on what matters to customers, great selection, high quality, affordable prices and the kind of experience that makes everyday life easier.

首先，我想談談我們的市場，它仍然是我們業務的大部分，也是我們平台的支柱。我們始終專注於客戶真正關心的事情：豐富的選擇、高品質的產品、實惠的價格以及讓日常生活更輕鬆的體驗，從而打造了北美最好的端到端線上雜貨市場。

Every quarter, we build on those strengths, expanding on how people use our service, improving delivery, speed and reliability and making shopping even more seamless across every touch point. Because of that focus, we built a growing and loyal customer base. We're attracting new customers to Instacart, we're retaining customers at higher rates year-over-year and increasing their order frequency, moving more customers from occasional use to regular monthly and weekly shopping.

每個季度，我們都會鞏固這些優勢，拓展人們使用我們服務的方式，提高交貨速度和可靠性，讓購物在每個接觸點都更加順暢。正是因為這種專注，我們才建立起不斷成長且忠實的客戶群。我們正在吸引新客戶加入 Instacart，我們逐年提高客戶留存率，並提高他們的下單頻率，將更多客戶從偶爾使用轉變為定期每月和每週購物。

And what we see is the longer that customers stay with us, the more frequently they shop and the more that they spend across multiple vectors, through even larger grocery baskets, more top-off orders and additional use cases like other retail categories and restaurants.

我們發現，顧客在我們這裡停留的時間越長，他們的購物頻率就越高，消費額也會在多個方面增加，例如更大的購物籃、更多的補貨訂單以及其他零售類別和餐飲等其他消費場景。

Our most active customers, our Instacart+ members also continue to grow in number and deepen their engagement. All of this gives us confidence that our strategy is working and that -- and it shows that demand for our service remains strong.

我們最活躍的客戶，即 Instacart+ 會員，其數量也在不斷增長，參與度也在不斷提高。所有這些都讓我們相信我們的策略是有效的，並且表明對我們服務的需求仍然強勁。

And all of this growth continues to add to our scale, and that scale makes us more efficient and more profitable over time. To put a finer point on this, our unit economics are positive and continue to strengthen across all basket sizes. We achieved this by relentlessly improving our technology through things like routing and batching and replacements to make orders faster and more accurate.

所有這些成長都在不斷擴大我們的規模，而規模的擴大又使我們隨著時間的推移變得更加高效和盈利。更確切地說，我們的單位經濟效益為正，並且在所有訂單大小範圍內持續增強。我們透過不斷改進技術，例如路線規劃、批量處理和替換等方式，使訂單處理速度更快、準確性更高，從而實現了這一目標。

That creates a flywheel better earning opportunities for shoppers, better experiences for customers and a lower cost to serve for us. That, in turn, allows us to reinvest to make the service more affordable and to spend more on marketing to acquire and engage customers while staying disciplined within our programs.

這形成了一個良性循環：為購物者帶來更好的賺錢機會，為顧客帶來更好的體驗，並降低我們的服務成本。反過來，這使我們能夠將資金再投資，使服務更加實惠，並投入更多資金用於行銷，以獲取和吸引客戶，同時保持我們專案的自律性。

So our marketplace is healthy and growing. And then we do what nobody else does. We take all of the innovation and scale and learnings that we've built on our marketplace, and we put that directly in the hands of retailers through our enterprise platform. That's what truly differentiates Instacart. We are not just a marketplace. We are a technology and enablement partner for the grocery industry. Through our enterprise platform, our technologies empower retailers to win on their owned and operated sites and in their physical stores.

因此，我們的市場健康且不斷發展。然後我們做了別人都沒做過的事。我們將我們在市場平台上累積的所有創新、規模和經驗，透過我們的企業平台直接交付給零售商。這正是Instacart真正的獨特之處。我們不僅僅是一個交易平台。我們是食品雜貨業的科技賦能合作夥伴。透過我們的企業平台，我們的技術能夠幫助零售商在自有網站和實體店面取得成功。

I want to spend a few minutes on this today because it is a key growth driver for us, and honestly, it's one of the most underappreciated parts of our business. Our enterprise platform is built around five key pillars: first, our storefront or white label e-commerce technologies now powers more than 350 retailer e-commerce storefronts on retailers' own websites from large retailers like Costco, Publix and Sprouts, to specialty stores and local independents.

今天我想花幾分鐘時間談談這個，因為它是我們公司發展的關鍵驅動力，而且說實話，它也是我們業務中最被低估的部分之一。我們的企業平台圍繞著五大支柱構建：首先，我們的店面或白標電子商務技術目前為超過 350 家零售商在其自有網站上提供電子商務店面支持，從 Costco、Publix 和 Sprouts 等大型零售商到專賣店和本地獨立商店。

Grocery tech is very complex, and every retailer is unique in how they operate and how they serve customers, which is exactly why this matters. We've built the best grocery-specific platform that can handle that complexity at scale and make it simple for retailers to grow online with us.

食品雜貨技術非常複雜，每家零售商的運作方式和服務客戶的方式都各不相同，而這正是它如此重要的原因。我們打造了最好的專門針對雜貨的平台，能夠大規模地處理這種複雜性，並讓零售商能夠輕鬆地與我們一起在線發展。

Second, we offer highly versatile and high-quality fulfillment services. where we enable the picking and packing and delivery for retailers like Kroger and Wegmans and other retailers like Aldi and Sprouts put our picking technology directly in the hands of their employees, our partners use our best-in-class technology and our flexible labor network to serve their customers more efficiently.

其次，我們提供高度靈活且高品質的物流服務。我們為 Kroger 和 Wegmans 等零售商以及 Aldi 和 Sprouts 等其他零售商提供揀貨、包裝和配送服務，並將我們的揀貨技術直接交付給他們的員工。我們的合作夥伴利用我們一流的技術和靈活的勞動力網絡，更有效率地服務他們的客戶。

Third is our Carrot Ads technology, which brings all of our advertising formats, our tools, our capabilities that we've built on the Instacart marketplace, as well as all the advertising demand from the more than 7,500 brand partners and uses that to power ads on more than 240 partner websites. That includes major retailers like Sprouts and Hy-Vee as well as other marketplaces like Uber Eats, grocery and retail in the US, thrive market and more.

第三項是我們的 Carrot Ads 技術，它將我們在 Instacart 市場上建立的所有廣告格式、工具和功能，以及來自 7,500 多個品牌合作夥伴的所有廣告需求整合起來，並利用這些資源在 240 多個合作夥伴網站上投放廣告。這其中包括 Sprouts 和 Hy-Vee 等大型零售商，以及 Uber Eats、美國雜貨和零售市場、Thrive Market 等其他市場。

Fourth, our in-store technology brings the power of our data, technology and innovation into the physical grocery store where most shopping still happens. We're doing this with our Caper Cart, which will soon be available in nearly 20% of Wakefern stores. as well as with retailers, including Kroger and Sprouts and Wegmans.

第四，我們的店內技術將我們的數據、技術和創新力量帶入實體雜貨店，而大多數購物仍然發生在那裡。我們正在透過我們的 Caper Cart 來實現這一點，這款產品很快就會在近 20% 的 Wakefern 門市以及包括 Kroger、Sprouts 和 Wegmans 在內的零售商處銷售。

In addition, FoodStorm, which provides retailers with technology to digitize the perimeter file of their stores like the deli and bakery and prepared foods, continues to build momentum with retailers like Ahold Delhaize Sprouts in the fresh market.

此外，FoodStorm 為零售商提供技術，使其能夠將熟食店、烘焙店和預製食品店等門市的周邊文件數位化，該公司正與 Ahold Delhaize Sprouts 等生鮮市場的零售商繼續保持增長勢頭。

Finally, our newest pillar AI solutions. Just last week, we launched a suite of AI products that will help retailers use generative and agent AI to gain a real competitive advantage across online, store shelves, smart carts and more.

最後，是我們最新的支柱人工智慧解決方案。就在上週，我們推出了一系列人工智慧產品，這些產品將幫助零售商利用生成式人工智慧和代理人工智慧，在線上、商店貨架、智慧購物車等領域獲得真正的競爭優勢。

Every single retailer that I've talked to so far, has been highly interested in partnering with us on AI. They already see us as their grocery technology partner, and these tools come at the exact moment that retailers need us most. As AI transforms how people shop for groceries and feed their families.

到目前為止，我接觸過的每一家零售商都對與我們在人工智慧領域合作表現出了濃厚的興趣。他們已經將我們視為他們的食品雜貨技術合作夥伴，而這些工具的推出恰逢零售商最需要我們的時候。人工智慧正在改變人們購買食品雜貨和養家糊口的方式。

That's our enterprise platform. It's designed to help retailers of all sizes compete and grow by powering every aspect of their digital strategy. It's built on the same innovation scale and learning that comes from running North America's largest online grocery marketplace. That gives retailers a clear advantage. They get access to world-class technology and engineering resources that would be impossible to build at the same quality pace of price. And retailers can customize their approach, picking and choosing products to solve their specific goals and needs while also benefiting from the simplicity of integrating with a single trusted technology partner.

這是我們的企業平台。它旨在透過增強零售商數位化策略的各個方面，幫助各種規模的零售商提升競爭力並實現成長。它建立在與運營北美最大的線上雜貨市場相同的創新規模和經驗之上。這給零售商帶來了明顯的優勢。他們可以獲得世界一流的技術和工程資源，而這些資源如果以同樣的品質、速度和價格建造出來，是不可能實現的。零售商可以客製化自己的方案，挑選合適的產品來解決自身的特定目標和需求，同時也能受益於與單一可信賴的技術合作夥伴整合所帶來的便利。

Our enterprise platform is also a highly strategic growth lever for Instacart. Each time we land a new enterprise solution with a retailer, we get access to a growing and durable part of their business, and we have the opportunity to expand from there. And because the market is still so underpenetrated, we have years of runway ahead of us to deepen these relationships and layer on additional solutions.

我們的企業平台也是 Instacart 極具策略意義的成長槓桿。每次我們與零售商達成新的企業解決方案合作，我們就能進入他們業務中不斷成長且持久的一部分，並有機會以此為基礎進行擴張。由於市場滲透率仍然很低，我們還有數年的時間可以深化這些關係並增加其他解決方案。

These enterprise relationships make us a true technology enablement partner, deeply embedded in retailers' operations to drive durable long-term growth together. And the benefits are self reinforcing. Every innovation that we build on scale and enterprise strengthens our marketplace and vice versa.

這些企業關係使我們成為真正的技術賦能合作夥伴，深入零售商的經營，共同推動持久的長期成長。而這些益處會自我強化。我們打造的每一項規模化、企業級的創新都會增強我們的市場，反之亦然。

As you'll see in my shareholder letter, we shared a chart that clearly illustrates the power of our enterprise platform and why exclusivity is in critical to our strategy. When we partner deeply with retailers across both the marketplace and the enterprise platform, we grow faster together. That's why we're not concerned when a retailer like Kroger works with other marketplaces. What matters is the depth of our relationships.

正如您將在我的股東信中看到的那樣，我們分享了一張圖表，清楚地說明了我們企業平台的強大功能，以及獨家性對我們的策略至關重要的原因。當我們與零售商在市場和企業平台層面建立深度合作關係時，我們就能共同更快發展。這就是為什麼我們並不擔心像克羅格這樣的零售商與其他電商平台合作的原因。重要的是我們關係的深度。

Kroger announced last week that they're doubling down with us as their primary delivery fulfillment partner across all of their digital properties. That's a great example, a strong vote of confidence in the value that we bring.

克羅格上周宣布，他們將加大對我們公司的投入，使我們成為其所有數位資產的主要配送履行合作夥伴。這是一個很好的例子，是對我們所創造價值的強烈信任。

Moving on to advertising. Our advertising ecosystem enhances our entire platform. When brands advertise with us, they get access to over 1,800 retail banners on our marketplace, more than 240 partner websites to Carrot Ads, dynamic in-store advertising capabilities and increasingly valuable off-platform insights that help them drive performance across other channels. This has been a foundational year for our advertising capabilities.

接下來談談廣告。我們的廣告生態系統提升了我們整個平台的體驗。品牌與我們合作投放廣告，即可獲得我們市場上的 1800 多個零售橫幅廣告位、240 多個 Carrot Ads 合作夥伴網站、動態的店內廣告功能以及日益增多的平台外洞察，從而幫助他們提升其他管道的業績。今年是我們廣告能力發展奠定基礎的一年。

On our platform, we've added new formats, unique to the digital ILS world, including occasions and recipes and bundles. We've added AI tools like AI-generated landing pages, one click recommendations and universal campaigns that make it easier and more effective for brands, especially emerging ones to advertise with us. And all of this has helped us diversify our advertising base and deepen our partnership with more than 7,500 brands.

我們在平台上新增了數位ILS領域獨有的新格式，包括場合、食譜和套餐。我們添加了人工智慧工具，例如人工智慧生成的落地頁、一鍵推薦和通用廣告系列，使品牌（尤其是新興品牌）能夠更輕鬆、更有效地在我們這裡投放廣告。所有這些都幫助我們實現了廣告基礎多元化，並加深了與超過 7500 個品牌的合作關係。

And we're proud that across those brands, we're driving real results. On average, our brand partners see a 25% boost in sales when they advertise on Instacart, translating into measurable growth and higher revenue. We've also expanded our supply with more Carrot Ads partners, entirely new in-store services on Caper Carts, and we've established off-platform partnerships with TikTok and Pinterest as well as Google, Meta, the Trade Desk and more. These partnerships allow us to help brands optimize their campaigns using the power of our data.

我們很自豪，在這些品牌中，我們都取得了實際的成果。平均而言，我們的品牌合作夥伴在 Instacart 上投放廣告後，銷售額可提高 25%，從而轉化為可衡量的成長和更高的收入。我們還擴大了供應範圍，增加了 Carrot Ads 的合作夥伴，在 Caper Carts 上推出了全新的店內服務，並與 TikTok 和 Pinterest 以及 Google、Meta、The Trade Desk 等建立了平台外合作關係。這些合作關係使我們能夠利用自身的數據力量，幫助品牌優化其行銷活動。

Last but not least, we also launched the consumer insights portal to give subscribers another tool to help them make strategic decisions based on our rich data. All of this leaves the foundation for a powerful ads and data ecosystem that delivered over $1 billion of ads and other revenue over the past 12 months.

最後，我們也推出了消費者洞察入口網站，為訂閱用戶提供另一個工具，幫助他們根據我們豐富的數據做出策略決策。這一切為強大的廣告和數據生態系統奠定了基礎，該生態系統在過去 12 個月中創造了超過 10 億美元的廣告和其他收入。

Now while it's not an easy operating environment for many food and beverage CPGs right now, we're confident that by improving our offering, expanding our reach and continuing to diversify our advertising partners we're positioned well to meaningfully grow our advertising platform over time.

雖然目前對許多食品和飲料消費品公司來說，經營環境並不容易，但我們相信，透過改進我們的產品和服務，擴大我們的覆蓋範圍，並不斷使我們的廣告合作夥伴多元化，我們有能力隨著時間的推移，切實發展我們的廣告平台。

When you think about the power of our platform and you really see us as a grocery technology enablement company, you can fully appreciate how scalable our core advantages are. And you can imagine the growth opportunities that open up for us in new categories and regions. Let me give you a couple of examples of what I mean by this.

當你思考我們平台的強大功能，真正將我們視為一家食品雜貨技術賦能公司時，你就能充分理解我們核心優勢的可擴展性。您可以想像，這將為我們在新類別和新地區帶來多少成長機會。讓我舉幾個例子來說明我的意思。

Our capabilities extend beyond individual customers to businesses and from grocers to B2B distributors. Over the past few years, we've built a suite of products tailored to business needs, including features like invoicing and will call delivery where we leverage our shopper network to complete urgent fill-in orders from a distributor's warehouse. And now we're rolling out business features beyond our marketplace to our storefront technology as well.

我們的服務範圍不僅限於個人客戶，還包括企業客戶，從雜貨店到 B2B 經銷商。過去幾年，我們打造了一系列滿足企業需求的產品，包括開票和自提送貨等功能，我們利用我們的購物者網路從經銷商的倉庫完成緊急補貨訂單。現在，我們正在將業務功能從我們的市場平台推廣到我們的店鋪技術平台。

So more retailers can benefit from these capabilities and reach more businesses -- business customers on their own website. This also means our enterprise products are relevant for partners further up the supply chain. We're partnering with distributors like Gordon Food services on Wilco, and we recently launched Storefront Pro with Restaurant Depot, a wholesale supplier that sells primarily to food service professionals.

這樣一來，更多的零售商可以利用這些功能，並在自己的網站上接觸到更多的企業客戶。這也意味著我們的企業產品與供應鏈上游的合作夥伴息息相關。我們正在與 Gordon Food services 等分銷商合作推出 Wilco，並且最近與 Restaurant Depot（一家主要面向餐飲服務專業人士的批發供應商）合作推出了 Storefront Pro。

Another example is international expansion. Today, the as majority of our success is in just North America, but we see tremendous opportunity to grow international -- internationally with an enterprise-led strategy primarily focused on storefront, paper and FoodStorm. We know that there's demand for our technologies because we've already started to make inroads in Europe and Australia with Wind shop and with paper and we're in active conversations with more retailers who face the same challenges that we know how to solve.

另一個例子是國際擴張。目前，我們的大部分成功都來自北美，但我們看到了巨大的國際發展機會——透過以企業為主導的策略，主要專注於門市、紙質媒體和 FoodStorm。我們知道市場對我們的技術有需求，因為我們已經透過 Wind shop 和 paper 在歐洲和澳洲取得了進展，我們正在與更多面臨同樣挑戰的零售商積極洽談，而我們知道如何解決這些挑戰。

Overall, we are closing out the year with strong fundamentals, and we have multiple growth engines for the future. We're building momentum across our marketplace, enterprise and ad platform, and we're leveraging this foundation to expand to new categories. This gives us confidence in our ability to drive sustainable growth in the short, medium and long term, and we're doing this while remaining committed to driving long-term profit and cash flow per share expansion.

總體而言，我們以強勁的基本面結束了這一年，並且我們擁有多個面向未來的成長引擎。我們在市場、企業和廣告平台方面正在積蓄力量，並利用這項基礎拓展到新的領域。這讓我們有信心在短期、中期和長期內實現永續成長，同時我們也將繼續致力於推動長期每股利潤和現金流的成長。

I'll say this one more time because I think it's so important. We're not just a marketplace. We're the leading technology and enablement partner for the grocery industry, transforming and empowering the entire grocery ecosystem to succeed. We're just getting started, and we believe deeply in the strength of this business and the opportunities ahead. That's why we increased our share repurchase program by $1.5 billion, our largest increase yet to underscore our confidence in our path forward. We're leading from a position of strength. We're focused on execution, and we're building a company designed to create lasting value for our customers, our partners and our shareholders.

我再說一遍，因為我覺得這非常重要。我們不僅僅是一個市場。我們是食品雜貨業領先的技術和賦能合作夥伴，致力於變革和賦能整個食品雜貨生態系統，協助其取得成功。我們才剛起步，但我們對這項業務的實力和未來的機會充滿信心。因此，我們將股票回購計畫增加了 15 億美元，這是迄今為止最大的一次增幅，以彰顯我們對未來發展道路的信心。我們憑藉優勢地位領先。我們專注於執行，並致力於打造一家能夠為我們的客戶、合作夥伴和股東創造持久價值的公司。

With that, I'm going to hand it over to Emily to walk through our quarterly results.

接下來，我將把發言權交給艾米莉，讓她來介紹我們的季度業績。

Thank you, Chris. This is an incredibly exciting time for Instacart. We're executing on a robust strategic road map, supported by a strong financial foundation. This enables us to confidently reinvest in the business while continuing to drive more profitable growth over time.

謝謝你，克里斯。對Instacart來說，這是一個令人無比令人興奮的時刻。我們正在執行穩健的策略路線圖，並擁有雄厚的財務基礎。這使我們能夠充滿信心地對業務進行再投資，同時隨著時間的推移繼續推動更盈利的成長。

Now let's dive into our financial results and outlook. We delivered another strong quarter in Q3. We Orders reached $83.4 million, up 14% year-over-year, driving GTV of $9.17 billion, up 10% year-over-year. This performance reflects strong operating fundamentals, fueled by growth in both users and order frequency. As expected, our average order value decreased 4% year-over-year. This was primarily driven by growth in restaurant orders and introduction of a $10 basket minimum for Instacart Plus members, partially offset by growth in basket sizes elsewhere.

現在讓我們深入探討一下我們的財務表現和展望。第三季我們又取得了強勁的業績。我們訂單金額達到 8,340 萬美元，年增 14%，推動 GTV 達到 91.7 億美元，年增 10%。這項業績反映了強勁的營運基本面，這得益於用戶數量和訂單頻率的成長。正如預期的那樣，我們的平均訂單價值年減了 4%。這主要是由於餐飲訂單的增長以及 Instacart Plus 會員最低消費額 10 美元的推出所致，但部分被其他訂單金額的增長所抵消。

Transaction revenue grew 10% year-over-year and represented 7.3% of GTV, which was flat year-over-year. This was driven by improved shopper efficiencies and lower consumer incentives -- which allowed us to reinvest in affordability initiatives aimed at increasing customer engagement. As a reminder, we manage multiple levers across our P&L, so transaction revenue may fluctuate quarter-to-quarter as we strategically reinvest in growth.

交易收入年增 10%，佔 GTV 的 7.3%，GTV 與上年持平。這得益於購物效率的提高和消費者激勵的降低——這使我們能夠重新投資於旨在提高客戶參與度的價格可負擔性計劃。需要提醒的是，我們在損益表中運用了多種槓桿，因此，隨著我們對成長進行策略性再投資，交易收入可能會逐季波動。

Advertising and other revenue grew 10% year-over-year, reflecting the strength of our ads platform. Advertising and other revenue represented 2.9% of GTV, which was effectively flat year-over-year even as restaurant orders contributed to overall GTV growth while not being advertising addressable.

廣告和其他收入年增 10%，反映了我們廣告平台的強勁表現。廣告和其他收入佔 GTV 的 2.9%，與去年同期基本持平，儘管餐飲訂單對整體 GTV 成長做出了貢獻，但這些訂單無法透過廣告投放。

We continue to demonstrate strong financial discipline and operating leverage. GAAP net income was $144 million, up 22% year-over-year, and adjusted EBITDA also grew 22% year-over-year to $278 million. We generated operating cash flow of $287 million, which increased by $102 million year-over-year, primarily driven by strong operational performance.

我們持續展現出強大的財務紀律和營運槓桿。GAAP淨利為1.44億美元，較去年成長22%；調整後EBITDA也較去年同期成長22%，達到2.78億美元。我們實現了 2.87 億美元的營運現金流，比去年同期增加了 1.02 億美元，這主要得益於強勁的經營業績。

In Q3, we repurchased $67 million worth of shares and ended the quarter with approximately $1.9 billion in cash and similar assets on our balance sheet. Stock-based compensation in Q3 was $82 million, down $24 million quarter-over-quarter, largely due to just over $20 million in expected reversals tied to executive departures in the period. In Q4, we expect stock-based compensation to normalize and be more in line with Q2 2025 levels.

第三季度，我們回購了價值 6,700 萬美元的股票，季度末資產負債表上擁有約 19 億美元的現金及類似資產。第三季股票選擇權激勵支出為 8,200 萬美元，比上一季減少了 2,400 萬美元，這主要是由於該季度高階主管離職導致預期收益減少 2,000 多萬美元。我們預計第四季度股票選擇權激勵將趨於正常，並更接近 2025 年第二季的水平。

Now for our Q4 outlook. We anticipate GTV to range between $9.45 billion to $9.6 billion. This represents year-over-year growth between 9% to 11% was orders growth expected to outpace GTV growth. It also reflects strong customer demand in October, continued momentum from landing and expanding enterprise partnerships and is partially offset by the impact of a variety of EBT Snap funding scenarios.

接下來是我們的第四季展望。我們預計 GTV 將在 94.5 億美元至 96 億美元之間。這意味著同比增長率在 9% 到 11% 之間，預計訂單增長將超過 GTV 增長。這也反映了 10 月強勁的客戶需求，以及企業合作夥伴關係持續成長和擴大帶來的良好勢頭，但部分被各種 EBT Snap 融資方案的影響所抵消。

We expect advertising and other revenue to grow 6% to 9% year-over-year. This reflects ongoing strength from emerging and midsized brands, partially offset by some large partners adjusting spend as they manage macro uncertainty and changing consumer trends. While this creates near-term pressure, the fundamentals of our ad ecosystem remains stronger than ever.

我們預計廣告和其他收入將年增 6% 至 9%。這反映了新興品牌和中型品牌的持續強勁勢頭，但部分被一些大型合作夥伴因應對宏觀經濟不確定性和不斷變化的消費者趨勢而調整支出所抵消。雖然這會造成短期壓力，但我們廣告生態系統的基本面仍然比以往任何時候都更強大。

With our performance reach and diversification, we are confident in returning advertising of the revenue to double-digit growth in 2026 and meaningfully growing this part of our business over time. We are also guiding to Q4 adjusted EBITDA of $285 million to $295 million, reflecting our commitment to disciplined execution and steadily increasing profitability.

憑藉我們的業績覆蓋範圍和多元化優勢，我們有信心在 2026 年使廣告收入恢復兩位數增長，並隨著時間的推移，顯著提高我們業務的這一部分。我們也預計第四季度調整後 EBITDA 為 2.85 億美元至 2.95 億美元，這體現了我們對嚴謹執行和穩步提高盈利能力的承諾。

In summary, delivered a great Q3, and our momentum continues to build as we look to finish 2025 strong. As a clear category leader, operating at tremendous scale and driving efficiencies and we're taking a disciplined but aggressive approach to investing to further accelerate our growth and advance the broader industry.

總而言之，我們第三季表現出色，隨著我們力爭在 2025 年取得佳績，我們的發展勢頭將持續增強。作為產業領導企業，我們以龐大的規模經營，不斷提高效率，並採取嚴謹而積極的投資方式，以進一步加速成長，推動整個產業的發展。

To underscore our confidence in long-term value creation, we authorized a $1.5 billion increase to our share repurchase program, bringing our total capacity to $1.65 billion as of this morning. We plan to enter into a $250 million accelerated share repurchase program while continuing to opportunistically repurchase shares.

為了強調我們對長期價值創造的信心，我們批准將股票回購計畫增加 15 億美元，截至今天早上，我們的總回購能力達到 16.5 億美元。我們計劃啟動一項 2.5 億美元的加速股票回購計劃，同時繼續擇機回購股票。

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

接下來，我們將開放提問環節。操作員，您可以開始了。

(Operator Instructions) Eric Sheridan, Goldman Sachs

（操作說明）艾瑞克‧謝裡丹，高盛

Thank you so much for taking the question. Maybe just to dovetail with the comments and all the details in the materials so far today. If you had to isolate what you see as some of the biggest strategic investments you want to make across your technology stack growing supply or aggregating demand. How should we think about what those key investments are to build the types of growth narratives you're talking about today? Thank you.

非常感謝您回答這個問題。或許只是為了與今天為止資料中的評論和所有細節相呼應。如果要你找出你認為在整個技術堆疊中最重要的一些策略投資，例如增加供應或整合需求，你會選擇哪些？我們該如何思考，為了建立您今天所說的這類成長模式，關鍵投資應該是什麼？謝謝。

Yes. Thank you, Eric, for the question. As you can see from our Q3 results, the business is in good shape. We have momentum. We've been driving consistent growth, seven quarters of double-digit growth with consistent EBITDA expansion.

是的。謝謝埃里克的提問。從我們第三季的業績報告中可以看出，公司營運狀況良好。我們現在勢頭正盛。我們一直保持持續成長，連續七季實現兩位數成長，EBITDA 也持續擴張。

So considering the strength of the core business, I'm not coming in and rewriting our entire playbook or making dramatic changes to our underlying vision and strategy. It's going to be fairly consistent. That said, I have started to outline various focus areas that I strongly believe can help us accelerate into the next chapter. There's three of them.

考慮到核心業務的實力，我不會來重寫我們整個策略，也不會對我們的基本願景和策略進行重大改變。它會相當穩定。話雖如此，我已經開始著手規劃各個重點領域，我堅信這些領域能夠幫助我們加速邁入下一個階段。他們有三個。

One of them is affordability, we know that affordability is the number 1 reason why people churn off of the platform. We also think it's a barrier to customers placing their first order. So we've made some significant traction with some of our largest affordability issues, like loyalty integrations with retailers the weekly flyer integrations that we've been doing. But we do believe that there's more we can do with retailers, including working with retailers on their own pricing strategy, including having conversations about price parity on the platform.

其中一個原因是價格承受能力，我們知道價格負擔能力是人們離開平台的首要原因。我們也認為這是顧客首次下單的障礙。因此，我們在解決一些最大的可負擔性問題上取得了顯著進展，例如與零售商的忠誠度整合以及我們一直在進行的每週傳單整合。但我們相信，我們也可以與零售商做更多的事情，包括與零售商合作制定自己的定價策略，包括就平台上的價格一致性進行對話。

The second area you're going to see us continue to invest in is to accelerate enterprise even more. I continue to see significant opportunity to accelerate our enterprise platform based on everything I hear when I talk to retailers. And even though we're already over 350 e-commerce storefronts. There is more room here for us to sign and launch a lot more retailers across North America. And I also see this opportunity to expand outside of North America for the first time in a real way. And once we've landed with a retail partner, there's an opportunity for us to cross-sell with other partners like with caper cards and with FoodStorm.

我們將繼續投資的第二個領域是進一步加速企業發展。根據我與零售商交流時聽到的所有內容，我仍然看到加速我們企業平台發展的巨大機會。儘管我們已經擁有超過 350 家電子商務店。這裡還有更大的空間讓我們能夠簽約並推出更多北美地區的零售商。而且我還看到了一個真正意義上首次向北美以外地區擴張的機會。一旦我們找到了零售合作夥伴，我們就有機會與其他合作夥伴進行交叉銷售，例如與 Caper 卡和 FoodStorm 合作。

And the final area that I want to highlight is ads and data. our ad business is very strong and highly performing, and I plan to continue to invest to build an ad ecosystem that really innovates, on platform with our high-performing and strong measurement off platforms through partnerships with Google and Meta and the Trade Desk and now Pinterest and TikTok. And then, of course, with Carrot Ads, where we're now powering 240 odd partners.

最後我想重點介紹的是廣告和數據。我們的廣告業務非常強勁，業績斐然，我計劃繼續投資，建立一個真正具有創新性的廣告生態系統，包括平台內高效且強大的平台外衡量指標，這得益於我們與Google、Meta、Trade Desk 以及現在的 Pinterest 和 TikTok 的合作。當然，還有 Carrot Ads，我們現在為大約 240 家合作夥伴提供支援。

So I feel strongly that these are going to accelerate our business. And then as a tech company operating in the grocery space, we believe that we can do incredible things with AI together both on our platform and together with our retail partners to accelerate even further.

所以我堅信這些舉措將會加速我們的業務發展。作為一家在食品雜貨領域運營的科技公司，我們相信，我們可以利用人工智慧在我們的平台上以及與我們的零售合作夥伴一起做很多不可思議的事情，從而進一步加速發展。

Thank you.

謝謝。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Yeah, thanks, and good morning. I guess two questions, one on a follow-up. On the AI solutions, Chris, I guess how should we think about the monetization model here? And how you're using those deeper relationships to expand the marketplace side where there are an increasing number of options for consumers.

是啊，謝謝，早安。我想問兩個問題，其中一個是後續問題。關於人工智慧解決方案，克里斯，我想我們應該如何考慮這裡的獲利模式？以及您如何利用這些更深層的關係來拓展市場，為消費者提供越來越多的選擇。

And in terms of the acceleration you're expecting next year within advertising, was maybe just hoping for a little more context around how much of that depends on the macro environment versus platform specific initiatives and maybe opportunities with partners like TikTok and Uber Eats.

至於您預計明年廣告業的加速發展，我或許只是希望您能提供更多背景信息，說明其中有多少取決於宏觀環境，又有多少取決於平台特定的舉措，以及與 TikTok 和 Uber Eats 等合作夥伴的合作機會。

Yes. Thank you, Colin. For the first part of the question about AI, I mean, it's still early days. We announced our launch last week. Again, we have seen -- I have personally experienced that 100% of the retailers that I've spoken to you so far are excited about this. So we do believe we're on to something.

是的。謝謝你，科林。關於人工智慧問題的第一部分，我的意思是，現在還處於早期階段。我們上周宣布了產品發布計劃。再次強調，我們已經看到——我個人也親身經歷過——到目前為止，我接觸過的所有零售商都對此感到興奮。所以我們相信我們找到了正確的方向。

And I just think that it's basically going to be a collection of enterprise offerings that brings AI power capabilities to our retail partners, all of our retail partners, regardless of size, and it's going to connect every part of the shopping journey from how products are discovered online to how shelves are stocked in stores.

我認為它基本上將是一系列企業級產品的集合，為我們所有的零售合作夥伴（無論規模大小）帶來人工智慧能力，並將購物旅程的每個環節連接起來，從線上發現產品到商店貨架的補貨方式。

And so for retailers and why we believe there's a monetization opportunity for us here because it means things like smarter operations, it means better product visibility with the in-store view that we're creating and in-store intelligence. It means more personalized shopping experience for their customers. So we -- early days, very promising start out of the gate, and we do believe that this is going to be something we can monetize over time.

因此，對於零售商而言，我們認為這裡存在盈利機會，因為它意味著更聰明的運營，意味著透過我們正在創建的店內視圖和店內智慧實現更好的產品可見度。這意味著他們的顧客將獲得更個人化的購物體驗。所以，雖然現在還處於早期階段，但開局非常順利，我們相信隨著時間的推移，這將是我們可以實現盈利的項目。

And for the second part of the question on advertising, look, I'll say I'll start by saying, given the somewhat challenging macro that we're seeing, we are very proud of our Q3 results of plus 10%, which was in line with our expectations. And as we think about our guide for Q4 6% to 9%, at over 10% for the full year, we are awaiting several puts and takes across our brand partners.

至於廣告問題的第二部分，我想說，鑑於我們目前面臨的宏觀經濟狀況頗具挑戰性，我們對第三季成長 10% 的業績感到非常自豪，這符合我們的預期。鑑於我們對第四季度 6% 至 9% 的業績預期，以及全年超過 10% 的業績預期，我們正在等待品牌合作夥伴的幾項投入和投入。

So on the one hand, we're seeing real ongoing strength from mid-market and emerging brands. We have seen strong growth from this cohort all year. And then on the other hand, some of our large brand partners are moderating their spend as they navigate a tougher macro environment. In addition, in Q4, we're up against some brands that leaned in heavily towards the end of last year.

一方面，我們看到中階市場和新興品牌持續保持強勁勢頭。今年以來，我們看到這群人取得了強勁的成長。另一方面，由於宏觀環境更加嚴峻，我們的一些大型品牌合作夥伴正在縮減支出。此外，在第四季度，我們還要面對一些在去年年底大力擴張的品牌。

All of that said, I'm not satisfied with where we're guiding for Q4, and I'm focused on reaccelerating as another. I'm confident that we can return to double-digit growth next year, and I'm confident in our ability to achieve our long-term target of 4% to 5% of GTV. And this is because of the foundation that we've been laying over the past year with multiple irons in the fire.

儘管如此，我對我們第四季的業績指引並不滿意，我正專注於重新加速發展。我有信心明年我們能夠恢復兩位數的成長，並且我有信心我們能夠實現 GTV 佔 4% 至 5% 的長期目標。這是因為我們在過去一年同時進行多項工作，打下了堅實的基礎。

And I really believe it's a combination of things that are going to get us there. As a starting point, we are consistently innovating on platform, on site on Instacart, where we can attract larger and larger budgets by innovating and by being laser-focused on driving performance for brands. We have new formats, like the ones I mentioned, shoppable recipes and bundles, but we're also doing enhanced optimizations, including ad relevant systems with LLMs driving stronger sponsored product engagement and higher click-through rates.

我真的相信，多種因素的結合才能讓我們實現目標。首先，我們持續在 Instacart 平台和網站上進行創新，透過創新和專注於提升品牌業績，吸引越來越多的預算。我們推出了新的產品形式，例如我提到的可購買的食譜和套餐，同時我們也在進行增強的優化，包括廣告相關係統，利用 LLM 來推動更強大的贊助產品參與度和更高的點擊率。

But in addition to everything that we're doing on site, we're making significant progress across this ad ecosystem that I referenced. We're up to 240 Carrot Ads partners. Again, that's where we power ad tech on our retailer websites like Hy-Vee who recently launched and on third-party marketplaces like Uber, grocery and retail in the US. But we've also signed room delivery, which is a convenience marketplace. And we just signed Bottle Caps, which is an alcohol marketplace. And we have a robust pipeline of other potential partners, which we think can contribute to long-term growth.

除了我們在網站上所做的一切之外，我們在我提到的這個廣告生態系統中也取得了重大進展。我們目前已有 240 家 Carrot Ads 合作夥伴。同樣，我們利用這項技術為我們的零售商網站（例如最近推出的 Hy-Vee）以及美國的第三方市場（例如 Uber、雜貨店和零售店）提供廣告技術支援。但我們也簽約了客房外送服務，這是一個便利市場。我們剛與 Bottle Caps 簽約，Bottle Caps 是一個酒類交易平台。我們還有一批實力雄厚的潛在合作夥伴，我們認為他們能夠為公司的長期發展做出貢獻。

We also recently launched ads on our paper cards with Wakefern, where cars will soon be deployed at 20% of their stores. And we're also just very pleased with our off-platform partnerships. This is a foundational year for us on a platform with our newest partner, Pinterest, which we announced in Q2 and then TikTok in Q3, where we're the first end-to-end retail media partner to enable targeting and closed-loop measurement.

我們最近也與 Wakefern 合作，在紙卡上投放了廣告，不久之後，這些廣告車將在其 20% 的門市投放。我們對平台外的合作關係也感到非常滿意。對我們來說，今年是與最新合作夥伴 Pinterest 和 TikTok 合作的奠基之年。我們在第二季宣布了與 Pinterest 的合作，然後在第三季又宣布了與 TikTok 的合作。我們是 TikTok 上第一個能夠實現定向投放和閉環衡量的端到端零售媒體合作夥伴。

So when you stack all of these pieces together, combining our high performance on our platform and then extending that high performance onto all of this new supply, we see real growth opportunity over the long term.

因此，當把所有這些因素結合起來，結合我們平台上的高效能，並將這種高效能擴展到所有這些新的供應上時，我們看到了長期的真正成長機會。

Thanks, Chris.

謝謝你，克里斯。

Shweta Khajuria, Wolfe Research

Shweta Khajuria，沃爾夫研究公司

Okay, thank you for taking my questions. Let me try two, please. One for Chris and one for Emily. The new partnerships as well as international growth plans. Can you please talk to both of those. One is how impactful do you think that the new partnerships can be in the near to midterm as well as where are you focused on for international growth? And what is your go-to-market strategy versus how should we be thinking about your plans for near to midterm?

好的，謝謝您回答我的問題。請讓我試試兩個。一份給克里斯，一份給艾蜜莉。新的合作夥伴關係以及國際成長計劃。請您與他們兩人談談。一是您認為新的合作關係在中短期內能產生多大的影響，二是您在國際成長方面關注哪些面向？那麼，你們的市場進入策略是什麼？我們該如何看待你們近期到中期的計畫？

And then finally, the guidance for the fourth quarter, could you please provide a little bit more color in terms of framing the impact of potential EBT SNAP headwinds versus the incrementality of enterprise and the ongoing strength in order growth?

最後，關於第四季度的業績指引，您能否更詳細地闡述潛在的 EBT SNAP 不利因素與企業增量和訂單成長持續強勁之間的關係？

Thank you for the question. On new partnerships, Look, we see potential in so many of our partnerships across the broader business. If you're asking about enterprise specifically, we have, again, 350 storefronts, but we continue to launch more storefronts. We launched 40 new storefronts in the first half alone. We just launched Restaurant Depot, which is our first wholesaler that supplies the food service.

謝謝你的提問。關於新的合作關係，我們看到，在整個業務範圍內，我們與許多合作夥伴都存在著巨大的潛力。如果你問的是企業級業務，我們目前有 350 個店鋪，但我們仍在不斷推出更多店鋪。光是上半年我們就開設了 40 家新店。我們剛剛推出了 Restaurant Depot，這是我們第一家為餐飲服務業供貨的批發商。

We just launched Cub last week on other retailers. So we do believe that this is a very important part of our strategy, and you're going to see us continue to lean into this. Our partnerships on the ad front with off-platform are also going to be critical. Again, this was a foundational year where we struck many partnerships, and we're working through integrations and what our go-to-market motion is going to look like as we talk to brand advertisers about those capabilities.

我們上週剛在其他零售商處推出了 Cub 服務。所以我們相信這是我們策略中非常重要的一部分，你們將會看到我們繼續加大投入。我們在廣告方面與平台外合作夥伴的合作也至關重要。再次強調，今年是奠定基礎的一年，我們建立了許多合作夥伴關係，我們正在努力整合資源，並與品牌廣告商探討這些功能，以確定我們的市場推廣策略。

And then when it comes to international, first of all, I want to say I'm very excited about our plan to take our technology to new markets. We have already spent some time in other countries. We've spoken to retailers. And again, they're trying to solve the same problems as the retailers that I talk to in North America, how to build scalable e-commerce solutions, ads and in-store digital solutions for customers.

至於國際市場，首先，我想說，我對我們將技術推向新市場的計劃感到非常興奮。我們之前已經在其他國家待過一段時間了。我們已經和零售商談過了。他們再次嘗試解決與我在北美接觸的零售商相同的問題，即如何為客戶建立可擴展的電子商務解決方案、廣告和店內數位解決方案。

And that said, while I believe that this is going to be a very promising growth lever for us. I'm also focused on ensuring that we're disciplined on expenses in the way that we do this in a way that's aligned with our profitability objectives and our ability to deliver annual EBITDA progression. So it is probably we're sharing a little bit more about our approach here.

也就是說，我相信這將是我們一個非常有前景的成長槓桿。我還專注於確保我們在支出方面保持紀律性，以符合我們的獲利目標和實現年度 EBITDA 成長的能力。所以，我們可能要在這裡分享更多關於我們方法的資訊了。

So we're exploring the major markets like Europe, but we're doing that with our existing products like Storefront Pro and Caper and Foodstorm. We're not building a new suite of technologies specific to these markets. So we will be investing some. There will be resources applied to this effort, obviously, to do the selling and to localize our products.

所以我們正在探索歐洲等主要市場，但我們使用的是我們現有的產品，如 Storefront Pro、Caper 和 Foodstorm。我們並沒有專門針對這些市場開發一套新的技術。所以我們會進行一些投資。顯然，我們會投入資源來進行銷售和產品在地化。

But again, I tend to be super disciplined and extremely focused on how we do that. And Truthfully, this is, I think, another great example where our internal adoption of AI with our tech teams can help us accelerate and accomplish our goals in North America at the same time abroad.

但話說回來，我做事非常自律，極其註重我們是如何完成這件事的。說實話，我認為這又是一個很好的例子，說明我們內部技術團隊採用人工智慧可以幫助我們加速實現我們在北美和海外​​的目標。

Great. And I can jump in on your question around framing the impact of EBT SNAP. So the way that I think about it is that, first of all, EBT is a relatively small part of our overall business. Obviously, as a company, we're very focused on making sure that we can help families get food on the table. But what we've looked at in terms of our modeling is a variety of funding scenarios because there has been continued uncertainty about how the rest of the year will play out. And ultimately, we believe that we can achieve our guidance in any of those scenarios.

偉大的。我也可以就您提出的關於如何看待 EBT SNAP 影響的問題發表一下看法。所以我的想法是，首先，EBT 在我們整體業務中所佔的比例相對較小。顯然，作為一家公司，我們非常注重確保能夠幫助家庭解決溫飽問題。但由於今年剩餘時間的發展仍存在不確定性，我們在建模方面研究了各種融資方案。最終，我們相信我們能夠在任何這些情況下實現我們的指導目標。

Now what does that mean? It means that we have strong fundamentals in terms of how the business is performing. We did have strong performance in October. That's reflected in our guidance. And as Chris mentioned earlier, we also are seeing continued momentum from our land and expand strategy with our enterprise partnerships.

那是什麼意思呢？這意味著我們的業務基本面非常強勁，營運狀況良好。我們在十月的表現非常出色。這一點體現在我們的指導方針中。正如克里斯之前提到的，我們也看到，透過與企業合作，我們的土地和擴張策略正在持續推進。

So for example, we are deepening relationships with retailers like Wakefern and Cub. As Chris mentioned, we launched 40 net new retailer sites in H1 alone, and so we're starting to see the benefit of that. We launched Restaurant Depot and that is off to a great start. Our embedded marketplace on Grubhub. So a lot of little things that are all coming together to drive overall strength in the business.

例如，我們正在加深與 Wakefern 和 Cub 等零售商的關係。正如克里斯所提到的，僅在上半年我們就推出了 40 個新的零售商網站，所以我們開始看到這樣做的好處了。我們推出了 Restaurant Depot，而且開局非常順利。我們在 Grubhub 上嵌入了市場平台。因此，許多小因素共同作用，推動了企業的整體實力增強。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼，伯恩斯坦。

Hi there, thank you for taking the question. Chris, you've spoken a lot about affordability. Can you maybe level set for us where we are today? What is the direction of travel been on markups over the past year or two? And where are we today versus your desired end goal on this objective?

您好，感謝您回答這個問題。克里斯，你多次談到了價格承受能力。您能否幫我們梳理一下我們目前的狀況？過去一兩年裡，加價的走勢如何？那麼，我們目前與您希望達到的最終目標相比處於什麼位置？

And then when you think about pushing towards price parity or reduced markups, it all makes a lot of sense, but there obviously is some tension with merchant partners that worry about their margins on third-party platforms. So how do you get the partner base to buy into the strategy longer term? And is anything after evolve or change about the Instacart model or structure as more retailers adopt this?

當你考慮到價格一致或降低加價時，這一切都很有道理，但顯然，商家合作夥伴會擔心他們在第三方平台上的利潤率，這造成了一些緊張關係。那麼，如何才能讓合作夥伴長期接受這項策略呢？隨著越來越多的零售商採用 Instacart 模式，其模式或結構是否會改變或演變？

Thank you.

謝謝。

Thank you, Nikhil, for the question. So I think we all know, including our retail partners, how important it is to work on affordability, especially with the competitive environment and the fact that people are increasingly comparing prices online. Oftentimes, actually is the retailer that brings us up with me.

謝謝你的提問，尼基爾。所以我認為我們所有人都知道，包括我們的零售合作夥伴在內，提高商品價格的可負擔性是多麼重要，尤其是在競爭激烈的市場環境下，以及人們越來越多地在網上比較價格的情況下。事實上，很多時候，是零售商把我們帶到我面前。

And as a result, we're working with almost all of our retail partners on our strategy and this can take many forms, including servicing deals more aggressively or reducing the markup or offering sale pricing or going all the way to the same as in-store pricing, which is, I think, is what you're getting out with the question.

因此，我們正在與幾乎所有零售合作夥伴共同製定策略，這可以採取多種形式，包括更積極地提供優惠服務、降低加價、提供促銷價格，或者完全降價到與店內價格相同，我認為這就是你透過這個問題想要表達的意思。

On same-as-in-store pricing specifically, we know it's going to have a positive impact. We can see it in the data. Price parity retailers are growing 10 percentage points faster versus markup retailers. We know they retain better. And that's why many retailers have moved.

具體來說，就與店內價格相同的政策而言，我們知道這將產生正面的影響。我們可以從數據中看出這一點。價格平價零售商的成長速度比加價零售商快 10 個百分點。我們知道他們記憶力比較好。這就是許多零售商搬遷的原因。

In the first half, we announced that Heritage Grocers has makers parity shops. When full price parity. And now we have several banners testing their way into it in major markets like Nashville and Chicago and Dallas and Tucson. So I don't know exactly where it's going to net out, but I do think that, that trend is going to continue.

上半年，我們宣布 Heritage Grocers 擁有與製造商價格持平的商店。當價格完全持平時。現在，我們看到一些橫幅廣告正在納許維爾、芝加哥、達拉斯和圖森等主要市場進行試水。所以我不知道最終結果會如何，但我認為這種趨勢將會持續下去。

We don't break it out, Nikhil, because it's simply not binary. How would we capture a retailer that reduces their markup from 6% to 4%, which just happened it's good news for the customer, but it wouldn't get recorded if we were tracking price parity full stock or retailers that offer price parity, but only for loyalty linked members as an example. All that said, I will likely report out on a quarterly basis any retailers that have moved to price parity, so that you can see any movement.

我們不把它分解開來，尼基爾，因為它根本不是二元的。如果零售商將加價幅度從 6% 降至 4%，這對顧客來說是好消息，但如果我們追蹤的是全庫存價格一致性，或者零售商提供價格一致性但僅對忠誠度會員有效，那麼我們將如何記錄這種情況？綜上所述，我可能會按季度報告哪些零售商已經實現了價格一致，以便大家能夠看到任何變化。

And then for the third part of your question around our approach. For the most part, we're taking a consultative approach, and we're sharing the data with what they might expect to see on Instacart from a sales lift perspective and a retention perspective. We're also sharing longer-term share and sales trends of digital overall, including where a retailer might be losing share to some of the largest players that are going after digital baskets.

然後是關於您提出的關於我們方法的第三個問題。在大多數情況下，我們採取諮詢式方法，並與他們分享數據，讓他們了解從銷售提升和用戶留存的角度來看，他們在 Instacart 上可能會看到什麼。我們也會分享數位業務的長期份額和整體銷售趨勢，包括零售商可能在哪些方面將份額拱手讓給一些正在爭奪數位購物籃的大型競爭對手。

And to the extent that we would invest there are many kind of financial puts and takes with retailers, given the breadth of products and services that we have with most of them. So depending on the broader context, we might put some small dollars towards this, but for the most part, it's the retailers that need to lean in and make the decision and decide how to price their products.

而且，就我們可能進行的投資而言，考慮到我們與大多數零售商的產品和服務範圍之廣，與零售商之間存在著許多類型的財務往來。所以，根據更廣泛的背景，我們可能會在這方面投入一些小資金，但在大多數情況下，零售商需要積極參與並做出決定，決定如何為他們的產品定價。

Thanks, Chris. Appreciate it.

謝謝你，克里斯。謝謝。

Ron Josey, Citi.

Ron Josey，花旗銀行。

Great, thanks for taking the question. Maybe Chris, as a follow-up to that one, and I wanted to ask about the chart in the letter around cards top enterprise partner and the cadence for and looks for those retailers, the six retailers that were highlighted on the multiple platforms. Maybe the exception of two, most had a dip and then flattish growth for returning to that 10% average. So talk to us about the evolution here as competition ramps up or as the subsidy sort of dissipates here?

太好了，謝謝你回答這個問題。也許克里斯，作為對那個問題的後續，我想問一下信中關於信用卡頂級企業合作夥伴的圖表，以及這些零售商的節奏和外觀，也就是在多個平台上重點介紹的六家零售商。或許除了兩個例外，大多數都經歷了一段下跌，然後成長趨於平緩，最終回到了 10% 的平均值。那麼，請您談談隨著競爭加劇或補貼逐漸減少，這裡的發展趨勢會如何？

Thank you.

謝謝。

Yes, sure. Hey, Ron. This is Emily. I can start. I think just to sort of level set on sort of why we included the chart and what we thought was interesting about it. Obviously, we've had a lot of questions around loss of exclusivity and about how our enterprise relationships really solidify us for the future.

當然可以。嘿，羅恩。這是艾米麗。我可以開始了。我想解釋一下我們為什麼要加入這張圖表，以及我們認為它有趣的地方。顯然，我們收到了很多關於失去獨家經營權以及我們的企業關係如何真正鞏固我們未來發展的問題。

And so what we looked at here was retailers where we had an enterprise relationship, what happens to the business when we go nonexclusive. And of course, we're quite pleased to see that in those cases, we're able to continue very strong growth across all of the retailers. And as you likely know, the vast majority, over 80% of our business is nonexclusive today. And of the remaining, that is exclusive the majority of those have an enterprise relationship with us.

因此，我們在這裡研究的是與我們建立了企業合作關係的零售商，當我們轉為非獨家合作時，這些業務會發生什麼變化。當然，我們非常高興地看到，在這些情況下，我們能夠在所有零售商中繼續保持強勁的成長勢頭。正如您可能知道的那樣，目前我們絕大多數（超過 80%）的業務都是非獨家的。剩下的客戶中，絕大多數都與我們建立了企業合作關係。

And so again, just wanted to underscore why we feel confident in our ability to continue to grow our business. Now fluctuations in the chart can be -- there's nothing specific I would call out outside of things like seasonality or launches with individual retailers. So that's what is going to drive some of the fluctuations you see in the chart.

所以，我再次強調我們為什麼對繼續發展業務的能力充滿信心。現在圖表中的波動可能是——除了季節性因素或個別零售商的新品發布等因素外，沒有什麼特別需要指出的。所以，這就是導致圖表中出現一些波動的原因。

Great. Thank you, Emily.

偉大的。謝謝你，艾米麗。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Yes. Great. Just following up on the price parity topic from a couple of questions back. Has Amazon's big push changed the nature of the conversation between you guys and your merchants around price parity. That would be question one.

是的。偉大的。我來跟進一下之前幾個問題中提到的價格平價問題。亞馬遜的大力推動是否改變了你們與商家之間關於價格一致性的對話性質？這是第一個問題。

And then the second question is the new AI offerings look super interesting. Could you just elaborate on how some of this might speed up adoption of merchants migrating to a solution like Instacart or is this just more like kind of offering another service that just adds to the plethora of services that you guys already provide? Is this the materiality of the AI offering, I guess, is the question. Thank you.

第二個問題是，新的人工智慧產品看起來非常有趣。您能否詳細說明一下，這些措施將如何加快商家遷移到 Instacart 等解決方案的速度？或者這更像是提供另一項服務，只是在你們已經提供的眾多服務中又增加了一項？我想，問題就在於，這是否就是人工智慧產品所蘊含的實質內容。謝謝。

Yes. Thanks for the question, Ross. On the first one, as it relates to the competitive environment with Amazon and how retailers are thinking about this and how we're thinking about it. We have assessed the top markets that overlap with where Amazon is rolled out, including the top 30. And we continue to grow in those markets and grow overall, as you can see from our results and guide.

是的。謝謝你的提問，羅斯。關於第一個問題，它與亞馬遜的競爭環境有關，零售商是如何看待這個問題的，以及我們是如何看待這個問題的。我們已經評估了與亞馬遜業務拓展區域重疊的主要市場，其中包括前 30 個市場。正如您從我們的業績和指南中看到的那樣，我們在這些市場以及整體上都持續成長。

And our mix looks good. We're not seeing a shift in basket composition between small and more baskets. We're not seeing anything meaningful in our AOV. That said, third-party data is showing that the largest source of Amazon.com grocery customers have been the in-store customers.

我們的配方看起來不錯。我們沒有看到購物籃的組成從小籃子轉變為大籃子。我們的AOV（平均訂單價值）並沒有顯示出任何有意義的變化。儘管如此，第三方數據顯示，亞馬遜食品雜貨客戶的最大來源是實體店客戶。

And so we are using this as a routing cry with retailers where we're already deeply embedded and who need omnichannel strategies to compete. This can show up in a bunch of different ways. It could show up as us more actively and aggressively engaging in our existing road map depending on what we're working on with that retailer. It might mean that we're moving faster with in-store technologies like Caper Carts. And as part of this, we are discussing pricing strategies.

因此，我們正以此作為與零售商溝通的口號，我們已經與這些零售商建立了深厚的聯繫，他們需要全通路策略才能參與競爭。這可能以多種不同的方式表現出來。根據我們與該零售商的合作情況，這可能表現為我們更積極主動地推進現有路線圖。這可能意味著我們在店內技術（例如 Caper Carts）方面進展更快。作為其中的一部分，我們正在討論定價策略。

And as mentioned, some of our large retailers are testing price parity pilots right now in some of the major cities that I outlined. But I do think that retailers are keenly aware of what's happening in the competitive dynamic. We're helping bring them solutions in order to address that and compete and win.

正如前面提到的，我們的一些大型零售商目前正在我提到的一些主要城市測試價格一致性試點項目。但我認為零售商們非常清楚競爭格局正在發生什麼事。我們正在幫助他們找到解決方案，以應對這些問題，從而參與競爭並贏得勝利。

On the second one, as it relates to AI solutions specifically and how it might speed up adoption of merchants. Look, I do believe that this is going to speed up the entire industry. And the way that we're going about this is very similar to the way that we go about all of our all of our enterprise technologies. We're going to be innovating directly on Instacart and then we're going to take that technology to retailers. And we're going to -- when we do these types of things, what we see as technology accelerates across the grocery ecosystem.

關於第二個問題，具體來說，是關於人工智慧解決方案以及它如何加快商家採用人工智慧解決方案的速度。我相信這將加速整個產業的發展。我們採用的方法與我們採用的所有企業技術的方法非常相似。我們將直接在 Instacart 上進行創新，然後將這項技術推廣給零售商。而且，當我們做這些事情的時候，我們看到的是整個食品雜貨生態系統中科技的加速發展。

So on Instacart, we're going to be building out agentic experiences directly. We have incredible data from our $1.5 billion orders to date. We have a rich catalog from 17 million unique items we understand people's preferences, and we have the best UX. And as a result, we do think we can deliver a also relevant in genetic experience for grocery with a great user interface directly on Instacart.

所以，在 Instacart 上，我們將直接建構智慧代理體驗。我們擁有迄今為止15億美元訂單的驚人數據。我們擁有來自 1700 萬件獨特商品的豐富目錄，我們了解人們的喜好，並且我們擁有最好的用戶體驗。因此，我們認為我們能夠透過 Instacart 平台，以出色的使用者介面，直接為雜貨提供同樣相關的基因體驗。

And then with what we called Cart Assistant last week, we will be bringing these conversational capabilities to our retail partners so that they are going to have similar capabilities at the same pace and scale that we're building out directly on our marketplace.

然後，透過我們上週稱之為「購物車助理」的功能，我們將把這些對話功能帶給我們的零售合作夥伴，以便他們能夠以與我們在市場上直接構建的功能相同的速度和規模獲得類似的功能。

And this is going to, we think, enhance the grocery experience in several ways. You could interact with an assistant upfront or you could interact with a digital assistant throughout the journey. So for example, you could give card assistant a prompt around a party for 10 people, and it would help you build a card based on your cost preferences and any other context that you provide about the other guests or you can shop normally and engage as needed.

我們認為，這將從多個方面提升購物體驗。您可以提前與助手互動，也可以在整個旅程中與數位助手互動。例如，您可以向卡片助手提示一個 10 人聚會，它會根據您的成本偏好和您提供的有關其他客人的任何其他背景信息來幫助您創建卡片，或者您可以像往常一樣購物並根據需要進行互動。

So for example, at the end of the shop, you could say, check my entire basket for any gluten as an example. And so we're going to take that technology. We're going to make it available to our retail partners in the form of this AI solutions. And that means that we're going to be building a Agentic experiences on retailers owned and operated websites like the ones that we've already highlighted, Sprouts and Kroger.

例如，在購物結束時，你可以說，請檢查我整個購物籃裡是否有麩質。所以我們將採用這項技術。我們將以人工智慧解決方案的形式提供給我們的零售合作夥伴。這意味著我們將在零售商擁有和經營的網站上建立 Agentic 體驗，例如我們已經重點介紹的 Sprouts 和 Kroger。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Great. Thank you. A couple of questions. I wonder if you could help us understand the Enterprise Solutions contribution maybe to revenues or just overall to your business besides just retention of retailers? Just financially, how you think about it?

偉大的。謝謝。幾個問題。我想請您幫我們了解企業解決方案除了維繫零售商之外，對貴公司收入或整體業務的貢獻？單從經濟角度來看，您怎麼考慮？

And then second, you did mention that October is off to a strong start. I know there's kind of concerns out there, but are you seeing any changes from new competition in October? Thank you.

其次，您也提到十月份開局強勁。我知道外界存在一些擔憂，但您認為10月份的新競爭會帶來哪些改變？謝謝。

Okay. Justin, I'll start. I'm glad you're asking about the enterprise business because, again, we think it's one of our biggest critical advantages. From an economic perspective, there are some non-direct benefits. It increases our order density. It gives us cost and serve advantages. It allows us to reinvest back into the business. But we don't break out growth or unit economics on enterprise or marketplace because it differs retailer by retailer. And we're constantly working with retailers to launch a host of new services.

好的。賈斯汀，我先來。很高興您問到企業業務方面的問題，因為我們再次認為這是我們最大的關鍵優勢之一。從經濟角度來看，有一些非直接的好處。它提高了我們的訂單密度。它為我們帶來了成本和服務方面的優勢。這使我們能夠將資金重新投入到業務中。但我們不會單獨列出企業或市場的成長或單位經濟效益，因為每個零售商的情況都不一樣。我們一直在與零售商合作，推出一系列新服務。

But what I can tell you is that both marketplace and enterprise are growing parts of our business, both add to our bottom line both reinforce each other in a virtuous cycle. We're an investment in one, if we make an investment in marketplace, it helps us with our investments in enterprise.

但我可以告訴你的是，市場和企業都是我們業務中不斷增長的部分，兩者都提高了我們的利潤，並且兩者相互促進，形成良性循環。我們投資於市場，如果我們投資於市場，這將有助於我們對企業進行投資。

Yes. I think the only thing I would add to that is just that enterprise is not a new part of our business. We're obviously talking about the opportunity for growth. But if you recall back at the time of the S-1, at that time, we talked about how Enterprise was about 20% of our business. So I just wanted to call out that the enterprise economics has been included to date. And so I thought that might be helpful.

是的。我唯一要補充的是，企業並不是我們業務的新組成部分。我們顯然是在談論成長的機會。但如果你還記得 S-1 時期，當時我們談到企業業務約占我們業務的 20%。所以我只想指出，到目前為止，企業經濟學已經被納入其中。所以我認為這或許會有幫助。

Great. And on your -- the second part of your question, just in around competition, look, it's an attractive market. Fortunately, competition isn't new to us, and we're not at all surprised by the evolving competitive landscape given the massive TAM and the market penetration is relatively small relative to other e-commerce categories, but when I take a step back here, it's clear that we're playing a different game. We're leading in areas of the market that our competitors don't really touch such as big baskets, so over $75, which still represents 75% of the online grocery market. And on retailers owned and operated sites, which I've -- as I've already said, we're an enterprise platform.

偉大的。至於你問題的第二部分，關於競爭，你看，這是一個很有吸引力的市場。幸運的是，競爭對我們來說並不陌生，考慮到巨大的市場規模和相對於其他電子商務類別而言相對較小的市場滲透率，我們對不斷變化的競爭格局絲毫不感到驚訝。但是，當我退後一步來看，很明顯，我們正在玩一場不同的遊戲。我們在競爭對手尚未涉足的市場領域處於領先地位，例如超過 75 美元的大額訂單，這仍然佔線上雜貨市場的 75%。而對於零售商擁有和經營的網站，正如我之前所說，我們是一個企業平台。

And because of these key differences, we continue to be the clear leader in online grocery among digital first players. We're leading in share sales by far, were 3 times higher than the next largest digital player. We're leading in new activation GTV where multiple tire and large basket activation, where multiples more effective at converting small basket activations to large baskets. So in my mind, we've proven that we can compete and win in a highly competitive space, and we haven't seen anything in the short term that we changed that.

正是由於這些關鍵差異，我們才能在眾多數位化優先的企業中繼續保持線上雜貨領域的領先地位。我們在股票銷售額方面遙遙領先，是排名第二的數位遊戲公司的三倍。我們在新的激活 GTV 領域處於領先地位，其中多輪胎和大購物籃激活，多輪胎激活在將小購物籃激活轉化為大購物籃方面更有效。所以在我看來，我們已經證明我們能夠在競爭激烈的領域中競爭並取得成功，而且在短期內我們還沒有看到任何改變這一點的跡象。

Great. Thank you.

偉大的。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 question. So Chris, the new AI tools are very interesting. Can you talk about the strategy to kind of merchandise the tools more extensively in front of consumers. And perhaps aim to make Instacart a bigger part of the mail planning service for consumers, just beyond the weekly grocery delivery service? And how much of this experience needs is dependent on sort of like a retailer integrations versus some of the data and tools that you have?

太好了，謝謝你回答這個問題。克里斯，這些新的人工智慧工具非常有趣。您能否談談如何更廣泛地向消費者推銷這些工具的策略？或許可以考慮讓 Instacart 在面向消費者的郵件規劃服務中佔據更重要的地位，而不僅限於每週的雜貨配送服務？這種體驗需求在多大程度上取決於零售商的整合，又在多大程度上取決於你擁有的一些數據和工具？

And then maybe one for Emily. I think Chris noted that the unit economics is positive for all types of orders. Can you talk about the factors that help small basket orders reach profitability? And do you think there's a runway to kind of improve the incremental margins for these over time? Thank you so much.

然後也許還要給艾蜜莉一個。我認為克里斯已經指出，所有類型訂單的單位經濟效益都是正的。能談談哪些因素有助於小額訂單獲利嗎？你認為隨著時間的推移，這些產品的增量利潤率還有進步的空間嗎？太感謝了。

Thank you, Deepak. I'll take the first one around AI tools. So we're actively using AI directly on Instacart in order to enhance the experience, and we're looking for ways constantly to merchandise those. We're focused on better personalization, the most relevant digital shelf for better recommendations, better replacements. And we want to use our rich data set to really capitalize on the rise of our product catalog spans 2 billion product instances were fined in the 17 million unique items. We've completed over 1.5 billion lifetime orders.

謝謝你，迪帕克。我選第一個關於人工智慧工具的。因此，我們正在積極地在 Instacart 上直接使用人工智慧來增強用戶體驗，我們一直在尋找方法來更好地推廣這些技術。我們專注於更好的個人化服務，打造最相關的數位貨架，以便提供更好的推薦和更好的替換方案。我們希望利用我們豐富的資料集，真正利用我們產品目錄的成長，涵蓋 20 億個產品實例，在 1700 萬個獨特商品中被罰款。我們已完成超過15億筆訂單。

And that gives us a real advantage to put personalized experience at the forefront of the consumer experience going forward, including the things like deals, which you've called out, we will have the ability to create customized meal plans based on inputs from consumers in the future, and that's all coming.

這讓我們擁有真正的優勢，可以將個人化體驗置於未來消費者體驗的首位，包括您提到的優惠活動等。未來，我們將能夠根據消費者的回饋創建客製化的飲食計劃，這一切都即將實現。

There's also -- you can start to see some of the things that we're doing on our site already from a merchandising perspective with things like Smart Shop, which is our AI-powered personalized shopping experience, which analyzes customer behavior from -- and dietary preferences to surface that the most relevant products faster.

此外，您還可以從商品銷售的角度，在我們的網站上看到我們正在做的一些事情，例如智慧購物，這是我們的人工智慧驅動的個人化購物體驗，它可以分析客戶的行為和飲食偏好，從而更快地展示最相關的產品。

So we've created virtual aisles today, which are live, which are tailored to specific household needs. So if you have a baby or if you have a pet and -- or a dietary need. We were also doing personal replacements, which is showing up today to consumers. That includes incorporating again, dietary needs as well as pricing and past preferences. So we've really started to surface AI-driven experiences and you're just going to see that continue to accelerate into the future.

因此，我們今天創建了虛擬貨架，這些貨架已經上線，並且是根據特定家庭需求量身定制的。所以，如果你有嬰兒，或是有寵物，或是有飲食上的需求。我們當時也在進行人員替換，現在消費者已經看到了這一點。這包括重新納入飲食需求、價格以及過去的偏好。所以我們已經開始真正展現人工智慧驅動的體驗，而且你會看到這種趨勢在未來繼續加速發展。

On unit economics for various basket sizes. So one of the most important things that drives our ability to create unit economics that we like is really about the density of orders at the same place at the same time because that allows us ultimately to back orders. And what you've seen is that the number of orders that we have per batch has increased by double digits over the last four years. So that's been a key focus of ours.

針對不同購物籃容量的單位經濟效益。因此，我們能夠創造我們滿意的單位經濟效益的最重要因素之一，實際上是同一時間同一地點訂單的密度，因為這最終使我們能夠滿足缺貨訂單的需求。你們也看到了，過去四年裡，我們每批的訂單數量都實現了兩位數的成長。所以，這一直是我們的重點工作。

Additionally, we started to talk about how we were able to batch priority orders, which was something that was new for us over the last several quarters. And we're now batching about a quarter of priority orders that, again, allows us to really take advantage of that overall density.

此外，我們開始討論如何大量處理優先訂單，這在過去幾季對我們來說都是全新的。我們現在將大約四分之一的優先訂單集中處理，這樣一來，我們就能真正利用整體的密度。

The other thing that we focus on is just time to fulfill an order. And again, the time it takes for a shopper to fulfill an order has gone down by 25% over the last foue years. So it's these kind of things that we're really focused on. Again, it's really about shaving off seconds or minutes of an order that allows us to get to a place where when we launched the minimum basket size sort of end of last year into early this year, we said we could do it at economics we like.

我們關注的另一點是完成訂單所需的時間。此外，在過去四年裡，購物者完成訂單所需的時間減少了 25%。所以，我們真正關注的就是這類事情。再說一遍，這實際上就是為了節省訂單的幾秒鐘或幾分鐘，這樣我們才能達到這樣的目標：去年年底到今年年初，我們推出了最低購物籃大小限制，當時我們說我們可以以我們喜歡的經濟效益來實現它。

That said, if I look at the sort of economics of basket sizes since that launch. I'm really, really pleased with our ability to improve the overall profile and really seeing effectively convergence of our ability to be profitable across any basket size. So that allows us ultimately to be the provider that can service any of the consumer needs.

也就是說，如果我看一下自那次推出以來購物籃大小的經濟狀況。我對我們提升整體業績的能力感到非常非常滿意，並且真正看到我們無論訂單大小都能有效盈利的能力趨於一致。因此，這最終使我們能夠成為能夠滿足消費者任何需求的供應商。

Now we've talked about our strength in big baskets. And of course, we think that's critical to being able to serve the primary use case for groceries for families. But the fact that we're able to do that across small baskets as well means that we can be there for you regardless of the use case.

現在我們已經談到了我們在大籃下的優勢。當然，我們認為這對於滿足家庭購買食品雜貨的主要需求至關重要。但我們能夠在小額訂單中做到這一點，這意味著無論使用場景如何，我們都能為您提供服務。

Great. Thank you so much.

偉大的。太感謝了。

Ken Gawrelski, Wells Fargo

Ken Gawrelski，富國銀行

Thank you. Two, if I may, please. First, as digital grocery delivery becomes more ubiquitous, are you seeing any changes to shopper behavior. Our basket size is becoming smaller and maybe shopping occasions becoming more frequent. Do you see any of this in kind of any of your customer cohorts? And if so, what does it mean for Instacart? That's question one.

謝謝。如果可以的話，請給我兩個。首先，隨著線上雜貨配送越來越普及，您是否觀察到購物者的行為發生了任何變化？我們的購物籃容量越來越小，而購物次數也可能越來越頻繁。您在任何客戶群中都發現過類似的情況嗎？如果是這樣，這對Instacart意味著什麼？這是第一個問題。

Second question, please. Just any updates you might have on the New York City delivery minimum wage changes expected in early '26. In any ways you anticipate to mitigate those impacts. Thanks so much.

第二個問題。請問您有沒有關於紐約市外送員最低工資標準將於 2026 年初調整的最新消息？您預計會採取哪些措施來減輕這些影響。非常感謝。

Sure. Yes, I can start with the shopping behavior. So no, we're really not seeing what I would describe as change in -- I'll say consumer because I think when I think of shoppers, I think, of the person executing the basket in the store. So on the consumer side, which I think where your question was, but correct me if wrong, what we're seeing actually is that large basket growth remains consistent.

當然。是的，我可以從購物行為著手。所以，不，我們並沒有真正看到我所說的消費者方面的變化——我之所以說消費者，是因為當我想到購物者時，我想到的是在商店裡把東西放進購物籃的人。所以，就消費者方面而言（我想你的問題就在這裡，但如果我錯了請糾正我），我們實際看到的是，大宗商品購物籃的增長保持穩定。

So it is continuing to be the majority of the market. It's 75% of the market. And so really, what we're seeing is that by reducing the basket size, what we're adding is incremental use cases. And so overall, I think about it more as capturing the full set of needs of the consumer. But the -- in terms of what we're seeing in terms of just general behavior, we continue to see large baskets playing a critical role.

因此，它仍然佔據市場的大部分份額。它佔據了75%的市場。因此，我們看到的是，透過減少購物籃的容量，我們增加了一些新的使用情境。因此總的來說，我認為它更像是捕捉消費者的全部需求。但是——就我們所看到的整體行為而言，我們繼續看到大籃框發揮著至關重要的作用。

And for the second one on New York, I'll speak to it at a high level and then Emily can speak to how we're thinking about it financially. So, what we know is that New York City Council passed a bill that establishes a minimum earning standard for grocery delivery workers. Mayor Adams did veto the bill, but the council ultimately overrode it. The bill extends existing earning standards that restaurant delivery platforms have been operating under since 2024 to grocery delivery workers.

至於第二個關於紐約的問題，我會從宏觀層面談談，然後艾蜜莉可以談談我們在財務方面是如何考慮的。所以我們知道，紐約市議會通過了一項法案，為雜貨配送工人設立了最低收入標準。亞當斯市長否決了該法案，但市議會最終推翻了市長的否決。該法案將餐飲外送平台自 2024 年以來一直沿用的現有收入標準擴展到雜貨配送工人。

And now, we're working with the city during the rule-making process. So, it's a little early to determine the impact, but, look, our mission is to help families put food on the table, and the reason we don't support these types of extreme regulations is that they do the opposite. We know that this is going to come at the detriment of customers and shoppers and retailers in New York City. Customers could see increased fees. Shoppers could see fewer earning opportunities, and they may lose the flexibility to choose when and where they shop.

現在，我們正在與市政府合作進行規則制定過程。所以，現在判斷其影響還為時過早，但是，我們的使命是幫助家庭解決溫飽問題，我們不支持這類極端法規的原因在於，它們會起到相反的作用。我們知道，這將對紐約市的顧客、購物者和零售商造成損害。客戶可能會面臨費用上漲。消費者可能會面臨更少的賺錢機會，並且可能失去選擇何時何地購物的彈性。

Retailers will likely see fewer orders given the cost increase to consumers. But we have dealt with many regulatory changes over the course of Instacart's history, and we're confident we're going to be able to navigate this one and still deliver on our profitability objectives at a company level. To be clear, this is not an outcome that we want or believe is good for stakeholders in New York City.

鑑於消費者成本增加，零售商的訂單量可能會減少。但 Instacart 在其發展歷程中經歷過許多監管變化，我們有信心能夠應對這次變化，並繼續實現公司層面的獲利目標。需要明確的是，這不是我們希望看到的結果，也不是我們認為對紐約市利害關係人有利的結果。

Yes. I think the only thing I would add there is just that for us, New York represents a pretty small percentage of overall GTV. So I agree with everything Chris said in terms of navigating the potential to see increased fees on the consumer side, but not something we haven't seen before and certainly able to navigate at a total company level.

是的。我唯一要補充的是，對我們來說，紐約在總 GTV 中所佔的比例非常小。所以我同意克里斯所說的關於應對消費者方面可能增加的費用的所有觀點，但這並非我們以前從未遇到過的情況，而且我們肯定能夠在公司層面上應對這種情況。

Thank you.

謝謝。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good morning. I just had one question. I was curious if you could talk a little bit more of the reasons behind even pursuing any international expansion at this point as opposed to doubling down on your advantages that you've talked about in the US from two aspects. One, just a here and now that I just mentioned.

您好，早安。我只有一個問題。我很好奇，您能否再多談談在這個時候尋求國際擴張的原因，而不是像您之前談到的那樣，從兩個方面加倍鞏固您在美國的優勢。第一，就是我剛才提到的這個眼前的事。

And secondly, the fact that as you have moderate success there, it's going to lead to bigger and bigger investments, which maybe your investors are less inclined to accept.

其次，隨著你在該領域取得一定的成功，這將導致越來越大的投資，而你的投資者可能不太願意接受這一點。

Yes. Thank you, Steven. I mean we think this is the right moment in time for us to start exploring markets outside of North America. For the last few years, we've been working with retailers throughout North America, and we've established a very strong base. We know -- we understand retailers and the types of challenges that they're trying to solve locally in US and Canada. And we believe, based on all of our conversations, that it's the exact same challenges that they're trying to solve in these other markets.

是的。謝謝你，史蒂文。我的意思是，我們認為現在是我們開始探索北美以外市場的最佳時機。過去幾年，我們一直與北美各地的零售商合作，並建立了非常強大的客戶基礎。我們了解零售商，也了解他們在美國和加拿大本地面臨的各種挑戰。根據我們所有的交流，我們相信，他們在其他市場試圖解決的挑戰與此完全相同。

And so the opportunity feels right. Again, we're going with our existing set of products Storefront Pro and Caper and FoodStorm. These are built.

所以我覺得現在正是好時機。我們將繼續沿用現有的產品組合，包括 Storefront Pro、Caper 和 FoodStorm。這些是建成的。

So yes, we're going to need to invest in the go-to-market motion. But for the most part, we're taking our existing technology, and we're extending that to retailers beyond just North America so that we can continue to grow our business in new markets.

所以，是的，我們需要在市場推廣方面進行投資。但總的來說，我們將利用現有技術，並將其推廣到北美以外的零售商，以便我們能夠在新的市場繼續發展業務。

Yes. I think the one thing I would just add just to clarify, the difference that Chris just mentioned is we're building on products that already exist today. What we didn't mention was trying to build a marketplace solution, which I think has a different investment profile, as you mentioned, Steven, than going with what our sort of effectively enterprise-led solutions.

是的。我想補充一點，以澄清一下，克里斯剛才提到的差異在於，我們是在現有產品的基礎上進行開發。我們沒有提到的是，我們正在嘗試建立一個市場解決方案，我認為正如你所提到的，史蒂文，它的投資性質與我們目前這種以企業為主導的解決方案有所不同。

That's helpful. Thank you.

那很有幫助。謝謝。

Andrew Boone, Citizens.

安德魯‧布恩，市民。

Thanks so much for taking the questions. Chris, you mentioned in a earlier response, the path to 4% to 5% take rates for ads. Can you just walk us through the path there? Is that on platform? Or the Carrot Ads need to grow larger for you guys to be able to reach that target? Any help there would be great.

非常感謝您回答這些問題。Chris，你在先前的回覆中提到過，廣告佣金率要達到 4% 到 5%。你能帶我們走一下那條路嗎？那在平台上嗎？或者說，你們需要擴大胡蘿蔔廣告的規模才能達到目標受眾？如果有人能提供幫助，那就太好了。

And then is there any update you guys can provide in terms of Instacart plus. We haven't talked about that this quarter what's new, what's changing? Kind of what's the plan to grow penetration on. Thank you.

那麼，關於 Instacart Plus，你們有什麼最新消息可以提供嗎？我們還沒有討論過本季有哪些新變化？提高市場滲透率的計畫是什麼？謝謝。

Yes. Thank you for the question, Andrew. Again, I want to reiterate that we do believe -- we're very confident in our ability to achieve our long-term targets of 4% to 5%. And but I do think it's going to come from a combination of things that are going to get us there.

是的。謝謝你的提問，安德魯。我再次重申，我們確實相信──我們非常有信心達到4%到5%的長期目標。但我認為這將是由多種因素共同作用的結果。

As a starting point, we're consistently innovating on platform with new formats optimizations. We're building out new tooling like One Click recommendations, which is now out to 3,000 brands. We just launched AI landing pages, which are now broadly available to brands. And then what's going to build on top of that, everything that we're doing on our own platform is just the ad ecosystem that we're building and the foundation that we've been building throughout the last couple of years.

首先，我們不斷在平台上進行創新，優化新的格式。我們正在開發新的工具，例如一鍵推薦，目前已向 3,000 個品牌推出。我們剛推出了AI落地頁，現在各大品牌都可以廣泛使用。然後，在此基礎上，我們在自己的平台上所做的一切都只是我們正在建立的廣告生態系統，以及我們在過去幾年中一直在建立的基礎。

Carrot ads is going to be a big part of our growth engine longer term, right? Again, we're up to 240 Carrot Ads partners today. So we're extending our existing tech and demand on to all of these retailers' sites, and we're continuing to launch more.

從長遠來看，胡蘿蔔廣告將成為我們成長引擎的重要組成部分，對嗎？目前，我們的 Carrot Ads 合作夥伴已達 240 家。因此，我們將現有技術和需求擴展到所有這些零售商的網站，並且我們將繼續推出更多產品。

And then ads on Caper is, we believe, very promising. Again, we've just launched ads on Caper at Wakefern, where we're at 20% of stores having Caper cards and we believe that that's going to be a very exciting use case -- in-store use case, actually, I think it's one of the most exciting omnichannel advertising use cases that exist today, because we have the ability to target customers and work with retailers to deliver personalized ads in the store.

我們認為，在 Caper 上投放廣告非常有前景。我們剛剛在 Wakefern 的 Caper 平台上推出了廣告，目前已有 20% 的商店擁有 Caper 卡，我們相信這將是一個非常令人興奮的應用案例——實際上，我認為它是當今最令人興奮的全通路廣告應用案例之一，因為我們能夠精準定位客戶，並與零售商合作，在店內投放個性化廣告。

And so that is an exciting vector for us. And then again, we're really pleased with the foundation that we've made with all platform partnerships this year and extending that to more partners, including Pinterest and TikTok.

所以這對我們來說是一個令人興奮的方向。此外，我們對今年與所有平台合作夥伴建立的基礎感到非常滿意，並將這種合作關係擴展到更多合作夥伴，包括 Pinterest 和 TikTok。

So again, when you take all of these, it's not just one thing. When you take all of these strategic pieces together, that's what's going to drive our long-term growth. We're going to extend our high performance on platform that brands they trust our performance. They trust our measurement, and then we're taking all of that performance to all of these new surface areas where we see real growth potential over the long term.

所以，綜合所有這些因素來看，這並非單一因素造成的。將所有這些策略要素綜合起來，就能推動我們的長期成長。我們將繼續在品牌信賴的平台上保持高性能。他們信任我們的測量結果，然後我們將所有這些性能應用到所有這些新的領域，我們認為這些領域在長期內具有真正的成長潛力。

In terms of Instacart plus, so this continues to be a really critical part of our overall strategy. We are focused on doubling down on Instacart plus because these are our best customers. In terms of where we are today, paid Instacart plus members continue to grow, the engagement of those users as a percentage of our monthly users continues to deepen. So that's something we like to see. It has been and continues to represent a majority of activity on the platform.

就 Instacart Plus 而言，這仍然是我們整體策略中一個非常重要的部分。我們正專注於加大對 Instacart Plus 的投入，因為這些都是我們最好的客戶。就目前情況而言，Instacart Plus 付費會員數量持續成長，這些用戶在我們每月活躍用戶的比例也不斷提高。這是我們樂於看到的。它過去是、現在仍然是該平台上大部分的活動。

And then last but not least, I think I would just say that they're more engagement of higher retention than non-Instacart plus. And that's why we continue to look for ways to make the Plus membership even more valuable. You've seen us add subscriptions like New York Times Cooking. You've seen us add restaurants delivery on restaurants over the course of the last year. So you can expect us to continue to find ways to make membership even more valuable and drive continued penetration of the membership.

最後，我想說的是，與非 Instacart Plus 相比，他們的用戶參與度更高，用戶留存率也更高。正因如此，我們才會不斷尋找方法，讓 Plus 會員資格更有價值。您已經看到我們添加了諸如《紐約時報》烹飪等訂閱服務。在過去一年裡，您已經看到我們為餐廳增加了外帶服務。因此，您可以期待我們繼續尋找方法，使會員資格更有價值，並推動會員數量的持續成長。

Thank you.

謝謝。

Jason Holstein, Oppenheimer.

傑森·霍爾斯坦，奧本海默。

Thanks. Two questions kind of related. So I mean, as you're thinking about adding new Instacart plus members. How much of the growth at this point is still like greenfield, meaning like either people who don't have, let's say, another subscription program and again, you can kind of answer that question, however you want.

謝謝。這兩個問題有點關聯。我的意思是，當你在考慮增加新的 Instacart Plus 會員時。目前的成長有多少仍然像綠地一樣，也就是說，有多少人還沒有，比如說，另一個訂閱方案？至於這個問題，你可以用任何你想要的方式來回答。

And then second, it seemed like this earnings season, we heard more commentary from some competitors about deemphasizing large baskets and focusing on more on small baskets, which seems like it will be positive for Instacart, but just if you want to elaborate maybe on some of the competitive dynamics you're seeing in the market around basket size.

其次，似乎在這個財報季，我們聽到一些競爭對手更多地談到要減少大額訂單，更加註重小額訂單，這似乎對 Instacart 有利。但如果您想詳細說明您在市場中看到的圍繞訂單大小的競爭動態，那就太好了。

Sure. In terms of Instacart plus -- sorry, I think the first question was just around whether we think there's greenfield opportunity. I mean I think, look, the reality is we're focused on sort of our own product and service and what we're able to bring to the table. And we know that our membership brings the best of grocery capabilities to users as well as through our partnership with Uber Eats, a leading grocery selection. And so we've seen that be a really powerful combination. And we haven't seen specifically any competitive impacts in terms of our ability to grow those users.

當然。至於 Instacart Plus——抱歉，我認為第一個問題只是關於我們是否認為有新的發展機會。我的意思是，我認為，現實情況是，我們專注於我們自己的產品和服務，以及我們能夠為市場帶來什麼。我們知道，我們的會員服務能夠為用戶帶來最佳的雜貨配送體驗，這得益於我們與領先的雜貨配送服務商 Uber Eats 的合作。所以我們看到，這是一個非常強大的組合。而且，就我們拓展用戶的能力而言，我們還沒有看到任何具體的競爭影響。

So again, it's really about focusing on the suite of services we provide, which is far and away, best-in-class grocery across selection affordability, quality and convenience. Layering on the restaurants capability and then additional partnerships.

所以，歸根結底，我們真正關注的是我們提供的全套服務，這些服務在商品選擇、價格、品質和便利性方面，都是一流的。在提升餐廳能力的基礎上，再增加合作關係。

The other thing that we try to do is continue to make that membership more valuable, things like we extended family accounts to three members. We have partnerships extended with programs like Chase United, their co-brand cards, the Chase Inc. Cards, with in-app monthly credit. So again, we're continuing to find new ways to make these more valuable. But we do think there's continued opportunity to grow our Instacart plus membership base. And again, ultimately, that will drive growth for us.

我們也努力讓會員資格更有價值，例如我們將家庭帳戶的成員人數增加到三人。我們與 Chase United 等計畫建立了合作關係，包括他們的聯名卡、Chase Inc. 卡，並提供應用程式內的每月信用額度。所以，我們仍在不斷尋找新的方法來提升這些產品的價值。但我們認為，Instacart Plus 會員群仍有持續成長的空間。最終，這將推動我們的發展。

And on your second question around small baskets versus large baskets and whether or not there's a trend, we aren't seeing an overall shift toward smaller baskets. 75% of the market is still in large baskets, $75 and above. As I mentioned, we're not seeing a shift in basket composition between the two. We're not seeing meaningful change in our AOV. What I think it's possible that new entrants in these use cases are driving incremental small baskets online, and I think those baskets are coming from the physical store, which is what we're seeing with the Amazon baskets.

關於您提出的第二個問題，即小件商品與大件商品是否存在某種趨勢，我們目前並未看到整體上向小件商品轉變的趨勢。 75% 的市佔率仍集中在大件商品上，即 75 美元及以上的商品。正如我之前提到的，我們並沒有看到兩者在籃框組成上發生變化。我們的平均訂單價值（AOV）沒有出現實質變化。我認為，這些使用情境的新進業者可能會推動線上小額訂單的成長，而且我認為這些訂單來自實體店，就像我們在亞馬遜的訂單中看到的那樣。

I'll also just point out that although we're exceptionally strong in large baskets, we do also participate in small baskets as well. We want to meet the needs of our customers regardless of where they shop. That's why we introduced things like $10 minimum basket, for example, and we're successful in small baskets. As Emily mentioned, we drive efficiencies. We're also converting small basket users to large basket users at multiple times higher than others. And so yes, we're not seeing an overall trend towards small basket, but it is an area that we also do well in.

我還要指出，雖然我們在大籃板方面實力非常強，但我們也參與小籃板比賽。無論顧客在哪裡購物，我們都希望滿足他們的需求。這就是為什麼我們推出了最低購物籃金額為 10 美元之類的措施，而且我們在小額購物籃方面取得了成功。正如艾米麗所提到的，我們致力於提高效率。我們的小額購物車用戶轉換為大額購物車用戶的速度也比其他公司高出好幾倍。所以，是的，我們並沒有看到小訂單的整體趨勢，但這確實是我們做得比較好的領域。

Thank you.

謝謝。

Thank you. And due to the time this does conclude our question-and-answer session for today, and I do want to thank you for participating, and this will conclude today's conference call. You may now disconnect.

謝謝。由於時間已到，我們今天的問答環節到此結束，感謝各位的參與，今天的電話會議也到此結束。您現在可以斷開連線了。