Maplebear Inc. (CART) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Instacart first-quarter 2026 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Instacart 2026 年第一季財務業績電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Rebecca Yoshiyama, Vice President, Head of Investor Relations. Please go ahead.

現在我想把會議交給今天的第一位講者：投資人關係部副總裁暨主管 Rebecca Yoshiyama。請開始。

Thank you, operator, and welcome, everyone to Instacart's first-quarter 2026 earnings call. On the call with me today are Chris Rogers, our Chief Executive Officer, and Emily Reuter, our Chief Financial Officer. During today's call, we will make forward-looking statements related to our business plans and strategy, developments in the grocery industry, and our future performance and prospects, including our expectations regarding our financial results and share repurchases.

謝謝接線員，也歡迎各位參加 Instacart 2026 年第一季財報電話會議。今天與我一同出席的有我們的執行長 Chris Rogers，以及財務長 Emily Reuter。在今天的會議中，我們將就公司業務計畫與策略、雜貨產業的發展，以及我們未來的表現與前景發表前瞻性陳述，包括我們對財務結果與股票回購的預期。

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-K. We assume no obligation to update these statements after today's call, except as required by law.

這些前瞻性陳述受到風險與不確定性影響，可能導致實際結果與預期有重大差異。與上述預期不同。您可在我們向 SEC 提交的文件中找到更多關於這些風險與不確定性的資訊，包括我們最近一期的 Form 10-K。除法律要求外，我們不承擔在今天會議後更新這些陳述的義務。

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 press release, which can be found on our Investor Relations website.

此外，我們也將討論若干非 GAAP 財務衡量指標；這些指標具有侷限性，不應孤立於我們的 GAAP 結果之外看待，亦不應作為 GAAP 結果的替代。GAAP 與非 GAAP 財務衡量指標之間的調節表已包含於我們的新聞稿中，可於我們的投資人關係網站查閱。

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

現在，我把電話交給 Chris，請他發表開場致詞。

Thanks, Rebecca. Good morning, everybody, and thanks for joining us. Q1 was a strong start to the year. We grew GTV 13% and total revenue 14% year-over-year, surpassing $10 billion in GTV and over $1 billion in total revenue for the first time. We also expanded profitability and repurchased $349 million in shares, reflecting our continued confidence in the business.

謝謝你，Rebecca。各位早安，感謝大家加入我們。第一季為今年帶來強勁的開局。我們的 GTV 年增 13%，總營收年增 14%，首次突破 100 億美元 GTV 與超過 10 億美元總營收。我們也提升了獲利能力並回購 3.49 億美元股票，反映我們對業務持續的信心。

Stepping back, the headline is simple. Our strategy is working. We're the leading grocery technology platform delivering a best-in-class consumer experience, powering retailers through our Marketplace and Enterprise capabilities, and operating a scaled advertising ecosystem for brands.

退一步看，重點很簡單。我們的策略正在奏效。我們是領先的雜貨科技平台，提供同級最佳的消費者體驗，透過 Marketplace 與 Enterprise 能力賦能零售商，並為品牌營運具規模的廣告生態系。

Each part of our strategy is getting stronger on its own, and more importantly, they're compounding together. When we improve the consumer experience and scale our Marketplace, we drive growth for our retail partners. We extend those capabilities into retailers-owned and operated channels, which deepens our integrations and allows us to create better, more differentiated experiences for consumers.

我們策略的每個部分本身都在變得更強，而更重要的是，它們彼此疊加、相互增強。當我們改善消費者體驗並擴大 Marketplace 規模時，就能帶動零售合作夥伴的成長。我們也將這些能力延伸到零售商自有且自營的通路，深化整合，並讓我們能為消費者打造更好、更具差異化的體驗。

And as our platform grows, it creates more opportunities for us to expand our ads and data capabilities, while also unlocking efficiencies that we can reinvest back into the business. That combination is what's driving our results and gives us confidence in our runway ahead.

而隨著平台成長，我們能獲得更多機會擴展廣告與數據能力，同時也能釋放效率，將節省下來的資源再投資回業務。這樣的組合正是推動我們業績的動力，也讓我們對未來的成長跑道充滿信心。

Now, let me walk you through what we're seeing across each of our key growth engines. Starting with Marketplace, our fundamentals are strong, and we remain laser-focused on delivering the best end-to-end grocery experience. We center on what matters most to customers: selection, quality, affordability, and convenience, and we're increasingly using AI to make our experience more personalized and intuitive. You can see this in all the product improvements we've made, which may sound simple individually, but at our scale, they compound quickly.

接下來，我將帶各位看看我們在各個關鍵成長引擎上的觀察。先從 Marketplace 開始，我們的基本面強勁，並持續高度專注於提供最佳的端到端雜貨體驗。我們聚焦於客戶最在意的要素：選擇、品質、可負擔性與便利性，同時也愈來愈多地運用 AI，讓體驗更個人化、更直覺。這可從我們所做的各項產品改進看出來；單看每一項可能很簡單，但在我們的規模下，效果會快速累積放大。

For example, we continue to enhance our Search functionality, making it faster and more relevant, while also guiding more new users toward Search earlier in the journey. That matters because customers who use Search are about five times more likely to place their first order. We're also improving how consumers discover and access savings, making promotions more visible and easier to understand, including offers like free pasta sauce when you buy $10 more of meat. That's helping customers stay while also driving larger baskets.

例如，我們持續強化搜尋功能，使其更快速、更相關，同時也引導更多新用戶在旅程更早期就使用搜尋。這很重要，因為使用搜尋的客戶下第一筆訂單的機率約為其他人的五倍。我們也在改善消費者發現與取得省錢優惠的方式，讓促銷更醒目、更容易理解，包括像是「再買 10 美元的肉品即可免費獲得義大利麵醬」這類優惠。這有助於留住客戶，同時也帶動更大的購物籃。

And as we continue to raise the bar on quality, we've upgraded our AI-powered replacement flow to better reflect consumer preferences in real time, a strong example of how data and technology have come together to improve outcomes for both shoppers and customers. On top of this strong foundation, we're introducing new AI-powered capabilities. With over 1.6 billion lifetime orders, we have a unique and deep understanding of the grocery journey. And we're using that to build the gold standard of agentic grocery AI.

此外，隨著我們持續提高品質標準，我們已升級 AI 驅動的替代品流程，以更即時地反映消費者偏好；這是數據與科技結合、同時改善採購員與客戶成果的有力例證。在這個強大基礎之上，我們也正在推出新的 AI 驅動能力。憑藉超過 16 億筆歷史訂單，我們對雜貨購物旅程有獨特且深入的理解。我們正運用這些優勢，打造代理式（agentic）雜貨 AI 的黃金標準。

We recently began testing Cart Assistant, our AI-powered conversational shopping experience, now available to about 25% of US customers. Early feedback is encouraging, with customers using it to discover recipes, build meal plans, quickly assemble baskets, and research products. These are some of the most time-consuming parts of grocery shopping, which highlights the meaningful role generative AI can play in enhancing the online grocery experience.

我們最近開始測試 Cart Assistant，這是我們 AI 驅動的對話式購物體驗，目前約對 25% 的美國客戶開放。早期回饋令人鼓舞，客戶用它來探索食譜、建立餐食計畫、快速組合購物籃，以及研究產品。這些都是雜貨採買中最耗時的部分，凸顯生成式 AI 在提升線上雜貨體驗方面能扮演的重要角色。

These advancements are also why we've decided to integrate Instacart with AI platforms like ChatGPT and most recently with Claude. We want customers to experience conversational grocery shopping combined with the power of Instacart selection, data, and fulfillment wherever and however they choose to shop.

這些進展也是我們決定將 Instacart 與 ChatGPT 等 AI 平台整合、並在最近與 Claude 整合的原因。我們希望客戶無論在何處、以何種方式購物，都能體驗結合 Instacart 的選品、數據與履約能力的對話式雜貨購物。

In addition to all of these product improvements, affordability remains a key growth ladder. Consumers are very focused on value, and we're continuing to give retailers better tools to deliver that. For example, over the past several quarters, we partnered closely with Sprouts to launch Sprouts Rewards across their online properties, in addition to enabling native sign-up, account linking, and digital coupons directly on our Marketplace at the same time they rolled out the program in stores. We're also seeing club retailers continue to outperform on the platform, driven in part by programs we helped launch, like Costco's Executive Member Benefit.

除了上述所有產品改進之外，可負擔性仍是關鍵的成長槓桿。消費者非常重視價值，我們也持續為零售商提供更好的工具來交付這些價值。例如，過去幾個季度，我們與 Sprouts 緊密合作，在其線上渠道推出 Sprouts Rewards；同時在其門市推行該計畫之際，我們也在 Marketplace 直接支援原生註冊、帳戶連結與數位優惠券。我們也看到會員制零售商在平台上的表現持續優於平均，部分動能來自我們協助推出的方案，例如 Costco 的 Executive Member Benefit。

We're also making progress on price parity. Retailers who offer price parity, meaning no markup on item prices, continue to grow faster on our platform. We saw that with both Hy-Vee and Raley's after they moved to price parity in Q1, and we're building on that momentum with more recent launches of Fareway, as well as several other local independent grocers.

我們在價格同價（price parity）方面也取得進展。提供價格同價的零售商（亦即商品價格不加價）在我們平台上的成長速度持續更快。第一季 Hy-Vee 與 Raley's 轉為價格同價後，我們就看到了這一點；而我們也在此動能上持續推進，近期上線的包括 Fareway，以及其他數家在地獨立雜貨商。

Our next growth engine is our Enterprise platform. Retailers choose Instacart because of our purpose-built grocery technology across e-commerce, retail media, in-store and AI solutions. The breadth and depth of our platform is difficult to replicate, and it delivers clear results. At the center of our Enterprise platform is our storefront technology, which powers over 380 grocery e-comm sites.

我們下一個成長引擎是 Enterprise 平台。零售商選擇 Instacart，是因為我們在電商、零售媒體、店內與 AI 解決方案方面提供為雜貨量身打造的技術。我們平台的廣度與深度難以複製，並能帶來明確成果。Enterprise 平台的核心是我們的店面（storefront）技術，為超過 380 個雜貨電商網站提供支援。

Our flagship offering, Storefront Pro, supports partners like Costco, Publix, and Sprouts and continues to gain traction because it drives meaningful outcomes. On average, groceries who upgrade to Storefront Pro see an over 10 percentage point lift in online sales and a more than 5 percentage point lift in 90-day new user retention.

我們的旗艦產品 Storefront Pro 支援 Costco、Publix 與 Sprouts 等合作夥伴，並因能帶來具體成效而持續獲得採用。平均而言，升級至 Storefront Pro 的雜貨商，其線上銷售可提升超過 10 個百分點，且 90 天新用戶留存率可提升超過 5 個百分點。

A strong example of this is ALDI. In Q1, they launched a redesigned US website and mobile app nationwide powered by Storefront Pro, another clear signal of how valuable our technology can be to large, established retailers. We partnered with ALDI for a long time, starting with our Marketplace and expanding into services like alcohol, EBT SNAP, flyers, and a custom integration to bring their weekly finds online. Since 2019, we've also powered their online grocery delivery and their pickup experience through our fulfillment technology. So their decision to double down with Storefront Pro and launch Carrot Ads is a clear example of our Enterprise strategy in action.

ALDI 就是一個很好的例子。第一季，他們在全美推出由 Storefront Pro 驅動的重新設計美國官網與行動 App，這再次清楚顯示我們的技術對大型、成熟零售商能帶來多大價值。我們與 ALDI 合作已久，從 Marketplace 起步，並擴展到酒類、EBT SNAP、傳單（flyers），以及客製化整合，將其每週精選商品（weekly finds）帶到線上。自 2019 年起，我們也透過履約技術為其線上雜貨配送與自取體驗提供支援。因此，他們決定加碼採用 Storefront Pro 並推出 Carrot Ads，正是我們 Enterprise 策略落地執行的明確例證。

We're now extending that approach with our newest Enterprise offering, AI solutions. As we build leading AI capabilities on our Marketplace, we're bringing those same tools to retailers' owned and operated channels. We're already seeing strong engagement here, particularly with Cart Assistant, where we're working with partners like Kroger and Sprouts to bring these capabilities to life. And we've also recently signed additional partners, including Food Bazaar, Heritage Grocers, Restaurant Depot, Save Mart, and Woodmans.

我們現在正透過最新的企業級產品「AI 解決方案」來延伸這一做法。在我們於 Marketplace 上打造領先的 AI 能力之際，我們也將同樣的工具帶到零售商自有與自營的通路。我們已在此看到強勁的參與度，特別是在 Cart Assistant 方面；我們正與 Kroger、Sprouts 等合作夥伴攜手，將這些能力落地實現。我們最近也簽下更多合作夥伴，包括 Food Bazaar、Heritage Grocers、Restaurant Depot、Save Mart、以及 Woodmans。

All of this growth across Marketplace and Enterprise strengthens our advertising and data capabilities. In Q1, we grew advertising and other revenue 16% year-over-year, our fastest growth rate since Q3 2023, driven by continued expansion and diversification across both sides of our ecosystem, where we're accelerating both supply and demand. On the supply side, we're expanding inventory and providing our best-in-class ads capabilities across more surfaces.

Marketplace 與 Enterprise 的全面成長，強化了我們的廣告與數據能力。在第一季，我們的廣告及其他收入年增 16%，為自 2023 年第三季以來最快的成長率；這主要受惠於我們生態系兩端持續擴張與多元化，並加速供給與需求兩側的成長。在供給端，我們正擴大可售庫存，並在更多觸點提供業界領先的廣告能力。

This is driven by our healthy, growing Marketplace and our expanded network of over 310 carat ad partners, where we recently launched new partners like ALDI, Dierbergs, Fareway, and Jerry's Foods. On the demand side, we're seeing broad-based strength across over 9,000 brands advertising on our platform. This is supported by our focus on making it easier for brands to get started and scale.

這主要由我們健康且持續成長的 Marketplace，以及已擴展至超過 310 家 Carat 廣告合作夥伴的網路所帶動；我們近期也新增了 ALDI、Dierbergs、Fareway 與 Jerry's Foods 等新合作夥伴。在需求端，我們看到在平台上投放廣告的 9,000 多個品牌呈現廣泛的強勁表現。這得益於我們專注於讓品牌更容易開始使用並擴大規模。

New brands to our ecosystem can now launch high-performance campaigns in minutes with fully automated tools, and our AI-powered recommendation engine in our self-service platform, Ad Manager, continues to gain traction. We're also using AI to enhance performance across our platform. For example, we recently launched a new generative recommendation system that can use real-time context to better understand a consumer's intent.

新加入我們生態系的品牌，現在可透過全自動化工具在數分鐘內啟動高效能行銷活動；而我們自助式平台 Ad Manager 中的 AI 驅動推薦引擎也持續獲得採用。我們也運用 AI 來提升整個平台的成效。例如，我們近期推出新的生成式推薦系統，可利用即時情境更好地理解消費者意圖。

Previously, adding milk to your cart might result in a recommendation to add cookies or cereal or sliced cheese. Now, based on additional items in your cart like flour and eggs, we can better predict that you're actually shopping for baking essentials. This leads to more valuable suggestions like vanilla extract and cinnamon, and early data shows that this is driving higher engagement and better results for advertisers.

過去，把牛奶加入購物車可能會導致系統推薦你加購餅乾、麥片或切片起司。現在，根據你購物車中的其他商品（如麵粉與雞蛋），我們能更準確預測你其實是在採買烘焙必需品。這會帶來更有價值的建議，例如香草精與肉桂；初步數據顯示，這正帶動更高的互動度，並為廣告主帶來更佳成效。

Beyond advertising, we're also making progress on data monetization. Our off-platform partnerships, where we allow brands to leverage our first-party data to make their campaigns more effective on platforms like Meta, The Trade Desk, TikTok, and more, we're continuing to scale as we attract incremental budgets from ad partners. And our Consumer Insights portal, which aggregates real-time high-quality insights into consumer behavior, continues to attract new subscribers like Kraft Heinz and drive deeper engagement with existing partners like Advanced Solutions.

除了廣告之外，我們在數據變現方面也取得進展。我們的站外合作夥伴關係（讓品牌可運用我們的第一方數據，在 Meta、The Trade Desk、TikTok 等平台上提升投放成效）持續擴大規模，並在吸引廣告合作夥伴新增預算的同時持續成長。此外，我們的 Consumer Insights 入口網站彙整即時且高品質的消費者行為洞察，持續吸引如 Kraft Heinz 等新訂閱者，並推動與既有合作夥伴（如 Advanced Solutions）更深度的互動。

So when you step back, our growth engines are working the way we want them to, and we're carrying that momentum into Q2. We're also continuing to invest in longer-term growth opportunities. International is off to a strong start. As you'll recall, we're taking an enterprise-led approach, partnering with retailers and scaling technologies that have already proven to solve retailers' needs. In Q1, we launched Storefront Pro with Costco in Spain and France. And while it's still early, consumer demand is encouraging and tracking ahead of our initial expectations.

因此，從整體來看，我們的成長引擎正如我們所期望地運作，並將這股動能延續到第二季。我們也持續投資於更長期的成長機會。國際業務開局強勁。如各位所知，我們採取以企業端為主導的策略，與零售商合作，並擴大已被證明能解決零售商需求的技術。在第一季，我們與 Costco 在西班牙與法國推出 Storefront Pro。雖然仍在早期階段，但消費者需求令人鼓舞，且表現優於我們最初的預期。

A few weeks ago, we acquired Instaleap, a strategic acquisition that aligns perfectly with our goal of bringing our grocery technology to a global audience. Instaleap has built a versatile fulfillment platform that can adapt to different market dynamics across regions. And just as importantly, they've built strong relationships with grocery retailers around the world, particularly in Europe and Latin America. This is exactly how we want to expand internationally, focused, partner-led, and grounded in existing capabilities that we know work.

幾週前，我們收購了 Instaleap；這是一項策略性收購，與我們將雜貨科技帶給全球受眾的目標高度契合。Instaleap 建立了一個多功能的履約平台，可因應不同地區的市場動態進行調整。同樣重要的是，他們與全球各地的雜貨零售商建立了穩固關係，特別是在歐洲與拉丁美洲。這正是我們希望推動國際擴張的方式：聚焦、以合作夥伴為主導，並以我們已知有效的既有能力為基礎。

We're also seeing strong progress with our in-store technologies. Caper, our AI-powered smart card, is now live in more than 100 cities, including recent expansions with Wake Fern and Allegiance retailers. Customers are continuing to enjoy their Caper experience, which is driving higher baskets, new loyalty and omni-channel activations, and early traction with our real-time inventory and aisle-aware advertising experiences.

我們的店內技術也取得顯著進展。Caper（我們的 AI 驅動智慧購物車）目前已在 100 多座城市上線，近期也與 Wake Fern 與 Allegiance 旗下零售商擴大部署。顧客持續享受 Caper 體驗，帶動更高的客單、全新的忠誠度與全通路啟用，並在即時庫存與具備走道感知的廣告體驗方面取得初步進展。

Alongside Caper, solutions like FoodStorm and Carrot Tags are helping retailers modernize in-store operations and improve both efficiency and customer experience. When you put this all together with signals from our shopper network and deep retail integrations, we're developing a truly complete view of the omnichannel grocery experience.

除 Caper 之外，FoodStorm 與 Carrot Tags 等解決方案也正協助零售商現代化店內營運，並提升效率與顧客體驗。結合我們購物者網路的訊號與深度零售整合，我們正在建立對全通路雜貨體驗真正完整的視角。

That's already starting to unlock new capabilities. For example, we've begun piloting Store View with partners like McKeever, Sprouts, and more, who are leveraging real-time computer vision to improve shelf availability and accuracy. Over time, we expect this to translate into additional benefits across our ecosystem, including better availability, better recommendations, more efficient fulfillment, and more valuable advertising for retailers and brands.

這已開始解鎖新的能力。例如，我們已開始與 McKeever、Sprouts 等合作夥伴試點 Store View，運用即時電腦視覺提升貨架可得性與準確度。隨著時間推進，我們預期這將為整個生態系帶來更多效益，包括更佳的可得性、更好的推薦、更高效率的履約，以及為零售商與品牌帶來更有價值的廣告。

Okay, before I hand it to Emily, let me close where I started. Our strategy is working. Our Marketplace, Enterprise platform, and advertising ecosystem are each getting stronger, and we're gaining momentum on longer-term growth initiatives that are built on our critical advantages. Together, this creates an increasingly powerful platform that positions us very well for durable, profitable growth.

好，在交給 Emily 之前，讓我回到一開始做個總結。我們的策略正在奏效。我們的 Marketplace、Enterprise 平台與廣告生態系都在持續變強，同時我們也在以關鍵優勢為基礎的長期成長計畫上累積動能。綜合而言，這打造出一個日益強大的平台，使我們在實現可持續且具獲利性的成長方面具備非常有利的定位。

We're operating from a position of strength in a large, under-penetrated category, and we're focused on extending our lead by continuing to drive value for our partners. While growing the pie across the ecosystem.

我們在一個龐大且滲透率仍低的類別中，以強勢地位運營，並專注於持續為合作夥伴創造價值，以擴大我們的領先優勢。同時推動整個生態系的總量成長。

With that, I'll turn it over to Emily to walk through the financials.

接下來，我把時間交給 Emily，請她帶大家回顧財務表現。

Thank you, Chris, and hello, everyone. We entered 2026 with strong momentum, and our Q1 results clearly demonstrate that our focus and investments across our key growth engines and new initiatives are working. Our performance continues to be supported by strong operating fundamentals, with multiple levers in our P&L that allow us to balance growth and profitability in a disciplined way.

謝謝你，Chris，各位大家好。我們以強勁動能進入 2026 年，而第一季的結果清楚顯示，我們在關鍵成長引擎與新計畫上的聚焦與投資正在奏效。我們的表現持續受到強健的營運基本面支撐；在損益表中我們擁有多個槓桿，使我們能以嚴謹的方式在成長與獲利之間取得平衡。

Now, let me provide more color on our Q1 results. In Q1, GTV was $10.29 billion, up 13% year-over-year, primarily driven by orders of $91.2 million, up 10% year-over-year. As we expected, GTV growth outpaced order growth as we last the launch of our $10 minimum basket feature for Instacart+ members in Q1 2025. The average order value of $113 was up 3% year-over-year, reflecting the ongoing deepening of customer engagement across our platform and strong performance from club retailers, which tend to have larger AOVs.

接下來，我補充更多第一季結果的細節。第一季 GTV 為 102.9 億美元，年增 13%，主要由訂單量 9,120 萬筆所帶動，年增 10%。如我們所預期，GTV 成長快於訂單成長，因為我們在比較基期中已涵蓋 2025 年第一季為 Instacart+ 會員推出 10 美元最低購物籃門檻功能的影響。平均訂單金額（AOV）為 113 美元，年增 3%，反映平台上顧客參與度持續加深，以及會員制零售商（通常 AOV 較高）的強勁表現。

Transaction revenue was $733 million, up 13% year-over-year, representing 7.1% of GTV. Transaction revenue as a percent of GTV was flat on a year-over-year basis, driven by increased fulfillment efficiencies, largely offset by lower payment revenue. As a reminder, because we managed multiple levers across our P&L, we expect transaction revenue as a percent of GTV may fluctuate from quarter to quarter.

交易收入為 7.33 億美元，年增 13%，相當於 GTV 的 7.1%。交易收入占 GTV 的比例與去年同期持平，主要由履約效率提升所帶動，但大致被較低的支付收入所抵銷。提醒各位，由於我們在損益表上管理多個槓桿，我們預期交易收入占 GTV 的比例可能會在各季度之間有所波動。

Advertising and other revenue was $286 million, up 16% year-over-year. As Chris noted, this was our strongest growth rate since Q3 2023 and helped drive our advertising and other investment rate to 2.8%, up from 2.7% in Q1 2025. This outperformance in Q1 was driven by broad-based strength, large brands performed well, while mid-market and emerging brands leaned in particularly strongly to start the year.

廣告及其他收入為 2.86 億美元，年增 16%。如 Chris 所提，這是自 2023 年第三季以來我們最快的成長率，並推動我們的廣告及其他投資率達到 2.8%，高於 2025 年第一季的 2.7%。第一季的超預期表現來自廣泛的強勁需求：大型品牌表現良好，而中型市場與新興品牌在年初的投入尤為積極。

Total revenue was $1.02 billion, up 14% year-over-year, primarily driven by GTV growth. GAAP gross profit was $738 million, up 10% year-over-year, representing 7.2% of GTV compared to 7.4% in Q1 2025. The year-over-year decrease in GAAP gross profit as a percent of GTV was primarily driven by an increase in cost of revenue as payments to publishers scale with the expansion of Carrot Ads and off-platform partnerships.

總營收為 10.2 億美元，年增 14%，主要由 GTV 成長所帶動。GAAP 毛利為 7.38 億美元，年增 10%，占 GTV 的 7.2%，相較於 2025 年第一季的 7.4%。GAAP 毛利占 GTV 比例的年減，主要是因為隨著 Carrot Ads 與站外合作夥伴關係擴張，對出版商的付款隨規模擴大而帶動營收成本上升。

As a reminder, we expect year-over-year growth in payments to publishers to moderate in 2026 compared to 2025. GAAP total operating expenses were $556 million, representing 5.4% of GTV compared to 6.1% of GTV in Q1 2025. Adjusted total operating expenses, which exclude the impact of stock-based compensation expense and certain other expenses, were $463 million and represented 4.5% of GTV compared to 4.9% of GTV in Q1 2025.

提醒一下，我們預期 2026 年對出版商付款的年增率將較 2025 年放緩。GAAP 總營業費用為 5.56 億美元，占 GTV 的 5.4%，相較於 2025 年第一季占 GTV 的 6.1%。調整後總營業費用（排除以股票為基礎之薪酬費用及其他特定費用的影響）為 4.63 億美元，占 GTV 的 4.5%，相較於 2025 年第一季占 GTV 的 4.9%。

The year-over-year improvement in both GAAP and adjusted total operating expenses were primarily driven by increased operating leverage across all line items. In particular, G&A benefited in Q1 from the repeal of Canada DST late in the quarter, which is not a benefit we expect moving forward now that this matter is resolved. As a reminder, we continue to expect Q1 to be our lowest quarter of stock-based comp in a calendar year, followed by a sizable step-up in stock-based comp in Q2 due to the timing of our annual refresh grant.

GAAP 與調整後總營業費用的年對年改善，主要來自所有費用項目營運槓桿的提升。特別是，一般及行政費用（G&A）在第一季受惠於加拿大 DST 於季末被撤銷；由於此事項已解決，我們預期未來不會再有此項利益。提醒一下，我們仍預期第一季將是曆年中以股票為基礎之薪酬最低的季度，之後第二季將因年度例行補發授予（annual refresh grant）的時點而出現顯著上升。

GAAP net income was $144 million, up 36% year-over-year. Adjusted EBITDA was $300 million, up 23% year-over-year. We also generated operating cash flow of $268 million and free cash flow of $253 million, both down 10% year-over-year, primarily due to the collection of a large accounts receivable balance from a retailer that benefited cash flow in Q1 2025 and the payment of $60 million in regulatory settlements made in Q1 2026.

GAAP 淨利為 1.44 億美元，年增 36%。調整後 EBITDA 為 3.00 億美元，年增 23%。我們亦產生營運現金流 2.68 億美元與自由現金流 2.53 億美元，兩者皆年減 10%，主要因 2025 年第一季收回某零售商一筆大額應收帳款餘額而推升當期現金流，以及 2026 年第一季支付 6,000 萬美元的監管和解金。

In Q1, we repurchased $349 million of shares and ended the quarter with $323 million of remaining buyback capacity. We closed Q1 with approximately $880 million in cash and similar assets. While our balance sheet remains strong and we expect to generate meaningful cash flow in 2026, we recently established a $500 million unsecured revolving credit facility to provide additional operating liquidity.

第一季我們回購了 3.49 億美元的股票，季末剩餘可回購額度為 3.23 億美元。第一季結束時，我們持有約 8.80 億美元的現金及類似資產。儘管我們的資產負債表仍然強健，且預期 2026 年將產生可觀的現金流，我們近期仍設立了一項 5.00 億美元的無擔保循環信用額度，以提供額外的營運流動性。

Separately, today we announced a $1 billion increase to our buyback authorization. We are well on track to return the majority of free cash flow via repurchases this year, and this increase will enable us to remain opportunistic in our buyback approach in 2026 and beyond.

另外，我們今天宣布將股票回購授權額度增加 10 億美元。我們正按計畫在今年透過回購返還大部分自由現金流，而此次增加將使我們在 2026 年及其後能在回購策略上保持更具彈性的機會性操作。

Now on to our Q2 outlook. We anticipate GTV to range between $10.1 billion to $10.25 billion. This represents year-over-year growth between 11% to 13%, with GTV expected to continue to outpace orders growth. We expect advertising and other revenues to grow 11% to 14% year-over-year, reflecting the ongoing benefits of diversification across both supply and demand on our platform, even as brands continue to navigate a dynamic macro environment. We are also guiding to Q2 adjusted EBITDA of $290 million to $300 million, representing year-over-year growth of 11% to 15%.

接著談我們對第二季的展望。我們預期 GTV 將介於 101 億至 102.5 億美元。這代表年增 11% 至 13%，且預期 GTV 將持續快於訂單量成長。我們預期廣告及其他營收年增 11% 至 14%，反映我們平台在供給與需求兩端持續多元化所帶來的效益，即使品牌仍在因應多變的總體環境。我們亦預估第二季調整後 EBITDA 為 2.90 億至 3.00 億美元，代表年增 11% 至 15%。

For the full year, we continue to expect adjusted EBITDA to grow faster than GTV, while moderating in rate of expansion as we reinvest to accelerate across our multiple growth engines and lapse some of the more significant operating expense efficiencies realized in 2024 and 2025. Overall, we delivered strong Q1 results and are building on the momentum as we enter Q2. Our operating fundamentals are strong, and we're well-positioned to continue driving long-term profitable growth and shareholder value.

就全年而言，我們仍預期調整後 EBITDA 的成長將快於 GTV，但擴張速度將趨於放緩，因我們將再投資以加速多個成長引擎，同時 2024 與 2025 年實現的一些較顯著的營業費用效率改善也將逐步消退。整體而言，我們交出強勁的第一季成果，並在進入第二季之際延續這股動能。我們的營運基本面穩健，且具備良好定位以持續推動長期的獲利性成長與股東價值。

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

接下來，我們將開放現場提問。接線員，請開始。

(Operator Instructions)

(接線員指示)

Colin Sebastian, Baird.

Colin Sebastian，Baird。

Thanks, and good morning. I appreciate the question. Maybe just following up on the Q1 performance and the acceleration in overall revenue growth, if you look across the platform at the core products and the newer initiatives where you're making investments, maybe it would be helpful to break down that growth a bit in terms of what's driving the most incremental improvement in Marketplace, Enterprise and advertising and how you see those factors playing out as we look ahead to Q2 and the balance of the year, particularly given some of the shifts in the macro and competitive environments. Thanks.

謝謝，早安。感謝讓我提問。我想延續第一季表現與整體營收成長加速的話題：若從平台角度看核心產品以及你們正在投資的新計畫，或許能請你們把成長拆解一下，說明是哪些因素在 Marketplace、Enterprise 與廣告方面帶來最多的增量改善，以及在展望第二季與今年剩餘期間時，你們如何看待這些因素的發展，特別是在總體與競爭環境出現一些變化的情況下。謝謝。

Yeah, thanks, Colin, for the question. So look, we are happy with our growth results. As you heard, Q1 was another strong quarter, up 13%. It was our ninth consecutive quarter of double-digit growth, and we surpassed $10 billion in quarterly GTV, which that was a milestone for us. And we do think that the consistency of our growth is an important indicator. And that's why I said our overall strategy is working.

好的，謝謝 Colin 的提問。我們對成長成果感到滿意。如你所聽到的，第一季又是強勁的一季，成長 13%。這是我們連續第九個季度維持雙位數成長，而且季度 GTV 超過 100 億美元，這對我們而言是一個里程碑。我們確實認為成長的一致性是一個重要指標。這也是我說我們整體策略正在奏效的原因。

We're continuing to attract and engage more monthly customers because we're relentlessly focused on making our service better every quarter with constant improvements across the entire customer journey from when a customer opens the app to when they're building their basket, to when they check out, right through to when they get the delivery, do the exact thing that they ordered.

我們持續吸引並提升每月客戶的參與度，因為我們始終如一地專注於每一季都把服務做得更好，並在整個客戶旅程中持續改進：從客戶打開 App、建立購物籃、結帳，一直到收到配送，且確實拿到他們所下單的商品。

So that might sound simple, but again, at our scale, these improvements compound quickly. And then at the same time, we're extending that experience and all of our technology across more surfaces with our strong Enterprise momentum. We're now at over 380 storefront clients, and our recent launches, like Restaurant Depot, as an example, and Cub from Q4, they're performing well. And in Q1, we're very proud that ALDI returned to Storefront Pro.

這聽起來也許很簡單，但在我們這樣的規模下，這些改進會很快產生複利效應。同時，我們也藉由強勁的 Enterprise 動能，將這些體驗與我們的技術延伸到更多觸點。我們目前已有超過 380 家 Storefront 客戶，而我們近期的上線案，例如 Restaurant Depot，以及第四季的 Cub，表現都很好。而在第一季，我們也非常自豪 ALDI 回到 Storefront Pro。

And then across all of it, AI continues to meaningfully accelerate our progress. It's allowing us to onboard retailers faster, it's allowing us to customize for retailers faster, it's allowing us to improve personalization for customers while also unlocking entirely new experiences, for example, with Cart Assistant, which as I mentioned upfront, we're now testing with 25% of customers.

此外，在所有這些方面，AI 持續顯著加速我們的進展。它讓我們能更快導入零售商、更快為零售商進行客製化，也讓我們能改善對客戶的個人化，同時解鎖全新的體驗；例如 Cart Assistant，如我一開始提到的，我們目前已對 25% 的客戶進行測試。

Early feedback is encouraging, and that's only going to get better over time. So when you put it together, there's multiple engines driving our growth across the company, our strategy is working, we're strengthening our core experiences, we're expanding our technology across more surfaces, and then it's AI is further accelerating our growth. So we feel really good about the fundamentals and how we're executing at our trajectory overall.

早期回饋令人鼓舞，而且隨著時間推進只會更好。因此綜合來看，公司有多個引擎在驅動成長：我們的策略正在奏效，我們正在強化核心體驗，我們正在把技術擴展到更多觸點，而 AI 也在進一步加速我們的成長。所以我們對基本面以及整體執行與成長軌跡感到非常有信心。

Thanks, Chris.

謝謝你，Chris。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，Goldman Sachs。

Thanks so much for taking the question. Maybe two, if I can. One, on the advertising side, what do you see as some of the most interesting growth opportunities that present in new mediums or new formats for advertising, as you think, over the next 12 to 18 months? And building on the answer on the Enterprise side, we'd love to go a little bit deeper in the Instaleap acquisition and what you think that means for an international opportunity around Enterprise in the years ahead. Thanks so much.

非常感謝讓我提問。如果可以的話我有兩個問題。第一，在廣告方面，展望未來 12 到 18 個月，對於廣告的新媒介或新格式，你們認為有哪些最有趣的成長機會？第二，延續剛才對 Enterprise 的回答，我們也想更深入了解 Instaleap 的收購案，以及你們認為這對未來幾年 Enterprise 的國際機會意味著什麼。非常感謝。

Thanks for the question, Eric. I mean, there's no question in our mind that the innovation around ads is going to come from AI and everything related to how AI can advance advertising mediums and platforms. For us, AI is completely core to our advertising efforts at this point, and we're using it in a few major ways. One is we're using it behind the scenes with ranking and relevance and personalization. We're making all of our sponsored ads more relevant with AI. We're driving stronger engagement and more items added to the cart.

謝謝你的提問，Eric。我的意思是，我們毫不懷疑，廣告相關的創新將會來自 AI，以及所有與 AI 如何推進廣告媒介與平台相關的一切。對我們而言，AI 目前已完全是我們廣告工作的核心，我們正以幾個主要方式運用它。其一是我們在幕後用它來做排序、相關性與個人化。我們正透過 AI 讓所有贊助廣告更具相關性。我們正在帶動更強的互動，以及更多商品被加入購物車。

With advertising tools and efficiencies, we're making it easier for advertisers to manage and drive performance of campaigns, especially when it comes to emerging brands. There have been multiple examples over the last few months, including our AI-powered recommendations for advertisers. Alongside a suite of bid and budget and category imagery recommendations, this is all fueled by AI. We also launched AI-powered landing pages for display campaigns.

在廣告工具與效率方面，我們讓廣告主更容易管理並提升行銷活動的成效，尤其是在新興品牌方面。過去幾個月已有多個例子，包括我們為廣告主提供的 AI 驅動建議。搭配一整套出價、預算與品類圖像建議，這些都由 AI 驅動。我們也為展示型行銷活動推出了 AI 驅動的落地頁。

And then the third pillar here, and I think this is going to become increasingly relevant, is AI with conversational commerce and agentic experiences. We're innovating here alongside the team that's building our agentic consumer experiences, and our ads are going to be informed by how consumers engage in agentic shopping. So our strategy is going to be to build trust and utility with consumers and leverage all of the learning across everything we know from online, but also in-store in our learnings from Caper Cart to incorporate that into the overall shopping experience there.

接著第三個支柱，我認為這將變得愈來愈重要，就是 AI 在對話式商務與代理式（agentic）體驗上的應用。我們正與打造代理式消費者體驗的團隊一同在此創新，而我們的廣告也將依據消費者在代理式購物中的互動方式來獲得洞察。因此，我們的策略將是建立消費者的信任與實用性，並運用我們從線上所學到的一切，同時也把我們從 Caper Cart 的店內學習納入，整合到整體購物體驗中。

On Instaleap specifically, so look, we view Instaleap as an extremely strategic acquisition for us, despite the relatively small size. It's fantastic tech, it's a really special team. This is a great example of our M&A philosophy in action. We look for technologies and capabilities that complement our existing platform and accelerate our growth in a disciplined way. And Instaleap is just a great combination of that. Their grocery technology is resonating with retailers around the world, and they have deep retailer relationships in markets that we want to pursue.

就 Instaleap 而言，坦白說，儘管規模相對不大，我們仍將 Instaleap 視為對我們極具策略性的收購。這是很棒的技術，也是一支非常特別的團隊。這是我們併購（M&A）理念落地的絕佳例子。我們尋找能補強既有平台、並以嚴謹紀律的方式加速成長的技術與能力。而 Instaleap 正是這兩者的絕佳結合。他們的雜貨技術正在全球各地與零售商產生共鳴，並且在我們想要拓展的市場中，擁有深厚的零售商關係。

And so that puts them in a sweet spot for us as a grocery tech company with global ambitions and a land and expand strategy on the Enterprise side where we can offer all of their current customers many more products with our existing services from our Enterprise suite of products. So we're thrilled to have them as part of our team.

因此，作為一家具有全球企圖的雜貨科技公司，並在企業端採取「先落地、再擴張」（land and expand）策略，他們對我們而言正處於甜蜜點；我們可以透過既有的企業產品組合（Enterprise suite），以現有服務為其所有現有客戶提供更多產品。所以我們非常興奮能讓他們成為我們團隊的一部分。

John Colantuoni, Jefferies.

John Colantuoni，Jefferies。

Great. Thanks for taking my questions. Chris, last quarter, you mentioned aspiring to faster growth. As you look back at what you've accomplished in the first four months of the year, what needs to happen for you to realize that goal?

很好。謝謝讓我提問。Chris，上季你提到希望追求更快的成長。回顧今年前四個月你們所達成的成果，要實現那個目標，還需要發生什麼？

And second, could you just talk a little bit about what drove the broad-based strength in the advertising business? I'm curious if this was more of an industry dynamic or more of a unique dynamic to Instacart. Thanks.

第二，能否請你談談是什麼驅動了廣告業務的全面性強勁表現？我想了解這比較像是產業面的動態，還是 Instacart 特有的動態。謝謝。

Yeah, thanks for the question. You're right, we did say our ambition was to accelerate and we have been accelerating our growth. We're very happy to provide another double-digit guide of 11% to 13% for Q2. And although we don't guide beyond our current quarter, I can talk a little bit about why I'm confident in our ability to drive long-term durable growth.

是的，謝謝你的提問。你說得對，我們確實表示我們的企圖是加速，而我們也一直在加速成長。我們很高興在第二季再次提供雙位數的指引，為 11% 到 13%。雖然我們不會提供超出當季的指引，但我可以談談為什麼我對我們推動長期、可持續的成長能力有信心。

Our strategy is unique and differentiated. No one else is doing what we're doing, and we've built a model with multiple paths for growth that all reinforce each other. So our core experience, so that's across Marketplace and Enterprise, that continues to improve, and there's more one way to go because we're the category leader in a very large under-penetrated category. And then our Enterprise platform in particular, which leverages all of our Marketplace innovation, that continues to be a real strategic advantage with retailers, and the model is simple. We help enable retailers to grow, and we grow with them.

我們的策略獨特且具差異化。沒有其他人正在做我們所做的事，而我們建立了一個具有多條成長路徑、且彼此相互強化的模式。因此，我們的核心體驗——涵蓋 Marketplace 與 Enterprise——持續改善，而且仍有很大的提升空間，因為我們是這個非常龐大、但滲透率仍偏低的品類的領導者。尤其是我們的 Enterprise 平台，能運用我們在 Marketplace 的所有創新，持續成為零售商端真正的策略優勢，而這個模式很簡單。我們協助零售商成長，而我們也隨之成長。

And we're now operating at considerable scale, as mentioned, 380 storefronts. And we believe that there's even more upside to land more retailers in North America and abroad, big and small, and to expand with more products and services with our existing partners. And as we look forward to get to your question about some of the newer initiatives, our foundation is allowing us to invest in many of these new initiatives. We're taking our Enterprise products to new international markets. That unlocks a much larger market opportunity for us.

而且如前所述，我們現在已在相當的規模下營運，達到 380 個 storefronts。我們相信，無論在北美或海外，無論大型或小型零售商，都還有更多上行空間可以拓展更多零售商，並與既有合作夥伴擴展更多產品與服務。再往前看，回到你對一些新計畫的提問，我們的基礎讓我們能投資於許多這些新計畫。我們正把 Enterprise 產品帶到新的國際市場。這為我們解鎖了更大的市場機會。

We're extending beyond e-commerce into omni-channel with in-store technologies like Caper Carts, like FoodStorm, Carrot Tags, and because we're already deeply embedded with retailers because of our Enterprise platform, we're in a unique position to help power that shift.

我們也正從電商延伸到全通路（omni-channel），透過像 Caper Carts、FoodStorm、Carrot Tags 這些店內技術；而因為我們透過 Enterprise 平台已深度嵌入零售商，我們處於獨特的位置，能協助推動這個轉變。

And then once again, AI is a real accelerant for us, helping us move faster across everything and power entirely new customer experiences, including AI solutions for retailers, which is just starting to get off the ground. So look, when I step back and I look at the total picture here, we have strong execution in the core business, and we're layering in new growth drivers that are going to expand our platform over time. And that's what gives me a very high degree of confidence in our ability to drive sustained long-term durable growth.

再者，AI 對我們而言再次成為真正的加速器，幫助我們在各方面更快推進，並驅動全新的客戶體驗，包括面向零售商的 AI 解決方案，而這才剛開始起步。所以，當我退一步看整體全貌時，我們在核心業務上執行強勁，同時也疊加新的成長驅動因素，將隨時間擴展我們的平台。這就是我對我們推動可持續、長期且具韌性的成長能力抱持高度信心的原因。

On your second part on ads, look, we're also really happy with the momentum on the ad side. As mentioned, Q1 was our strongest ads and other revenue growth since Q3 of 2023, and we feel great about the underlying fundamentals that are driving the business. So first of all, the fact that we're driving overall platform growth year-on-year does drive more advertising participation.

至於你第二部分關於廣告的問題，我們也對廣告端的動能感到非常滿意。如前所述，第一季是我們自 2023 年第三季以來，廣告及其他營收成長最強的一季，我們對驅動業務的基本面感到非常樂觀。首先，我們推動平台整體年對年成長，確實會帶動更多廣告參與。

But we're also seeing strength in our core on-platform offering, where we're continuing to innovate, that includes with sponsored products, which continues to be the main growth driver from a format perspective. And again, this quarter, strength came from all brand cohorts, so large accounts, mid-market accounts, and emerging brands.

但我們也在平台內的核心產品上看到強勁表現，我們持續創新，其中包括贊助商品（sponsored products），就廣告格式而言，這仍是主要的成長驅動因素。而且同樣在本季，強勁表現來自所有品牌族群，因此包括大型客戶、中型市場客戶，以及新興品牌。

But maybe backing up, what you're seeing here is also a reflection of our plan in action. So our ambition is to build one of the largest and most effective ads ecosystem where brands come to us to drive performance across Instacart and multiple other surfaces. And our strategy to get there is working. We're laser-focused on building diversification across supply, meaning more surfaces where we place ads, and demand, meaning more brands investing and current brands investing more.

不過也許先退一步看，你在這裡看到的同時也是我們計畫落地的反映。我們的企圖是打造最大且最有效的廣告生態系之一，讓品牌來到我們這裡，在 Instacart 以及多個其他觸點上推動成效。而我們達成目標的策略正在奏效。我們高度聚焦於在供給與需求兩端建立多元化：供給端意指我們投放廣告的觸點更多；需求端意指有更多品牌投入，以及既有品牌投入更多。

And to break that down, on the supply side, we're continuing to grow our carat ads network, where this is where we extend our reach and our tech and our demand onto retailer websites. We're now at 310 partners. We have a healthy pipeline. And remember that as we expand with Storefront Pro, those clients almost always enable Carrot Ads. So our Enterprise expansions also helps build our ads ecosystem.

具體來說，在供給端，我們持續擴大 Carrot Ads Network；這是我們把觸及、技術與需求延伸到零售商網站的方式。我們目前已有 310 家合作夥伴。我們有健康的案源管線。而且請記得，當我們透過 Storefront Pro 擴張時，這些客戶幾乎都會啟用 Carrot Ads。因此，我們在 Enterprise 的擴張也有助於建立我們的廣告生態系。

We recently signed partners, as I mentioned up front, like ALDI and Dierbergs and Fareway and Jerry's. On the demand side, we're seeing broad-based strength from over 9,000 brands that are advertising with us. Large brands performed well in Q1, but also in particular, we saw strong engagement from mid-market and emerging brands.

如我一開始提到的，我們最近簽下了合作夥伴，例如 ALDI、Dierbergs、Fareway 以及 Jerry's。在需求端，我們看到與我們合作投放廣告的 9,000 多個品牌呈現廣泛的強勁動能。大型品牌在第一季表現良好，此外我們也特別看到中型市場與新興品牌的高度參與。

We've also been expanding off platform through partnerships with Meta and Google and TikTok and Pinterest and The Trade Desk. So this is where CPGs use their first-party data to target our high-intent audiences, and then we provide them with measurements and performance on Instacart. And importantly, with this initiative, we believe we're gathering incremental budgets for these campaigns because we're tapping into existing digital ad spend. So at the highest level on the ad side. Our stated strategy of building one of the most powerful ads ecosystems is working, and you're seeing that show up in our results.

我們也透過與 Meta、Google、TikTok、Pinterest 以及 The Trade Desk 的合作，持續擴展至平台之外。這使得 CPG（消費性包裝商品）公司能運用其第一方資料鎖定我們高意圖的受眾，而我們則在 Instacart 上為他們提供衡量指標與成效表現。更重要的是，透過這項計畫，我們相信正在為這些活動帶來增量預算，因為我們切入了既有的數位廣告支出。因此，在廣告業務的最高層面來看，我們所宣示、打造最強大廣告生態系之一的策略正在奏效，而你也能在我們的業績結果中看到這一點。

Ron Josey, Citi.

Ron Josey，花旗。

Great. Thanks for taking the question. Chris, I want to ask just a little bit more on price parity here, just given it drives greater adoption and sales. And specifically, in your conversations with retailers and how they think about price parity, just talk to us about how they are approaching this as Instacart becomes more of a weekly and habit as opposed to just convenience overall.

很好。謝謝讓我提問。Chris，我想再多問一點關於價格同價（price parity）的議題，因為它會帶動更高的採用率與銷售。具體來說，在你與零售商的對話中、以及他們如何看待價格同價這件事上，請談談當 Instacart 逐漸成為每週固定使用的習慣、而不只是整體上的便利性工具時，他們是如何因應的。

And then as you think about Enterprise and Storefront Pro and the 10-point lift in online sales after launching Storefront. Just talk just about what's driving specifically adoption here. Is it just greater penetration of these retailers on the platform or greater sales? Any insights there would be helpful. So price parity and adoption of Storefront Pro. Thank you.

另外，談到 Enterprise 與 Storefront Pro，以及在上線 Storefront 後線上銷售提升 10 個百分點。請談談具體是什麼在推動這裡的採用。是因為這些零售商在平台上的滲透率更高，還是銷售更高？任何洞見都會很有幫助。所以是價格同價與 Storefront Pro 的採用。謝謝。

Yeah, thanks for the question. So on price parity, just to be very clear, so retailers set item level prices on our Marketplace and on their owned and operated sites, obviously. So some choose to mark up prices to help offset the fees that we charge the retailer, but many do charge -- offer price parity.

好的，謝謝你的問題。關於價格同價，我先非常清楚地說明：零售商會在我們的 Marketplace 以及他們自有自營的網站上，設定到單品層級的價格。因此，有些零售商會選擇加價，以協助抵銷我們向零售商收取的費用，但也有許多零售商確實採用——提供價格同價。

That said, if I come at this from a bit of a consumer lens, customers are seeking value and the retailers on our platform who are delivering it, they're growing faster and they're retaining customers better over time on our platform. And so the data is clear, price parity retailers grow faster, they grow 10 percentage points faster.

話雖如此，若從消費者角度來看，顧客正在尋求更高的性價比；而在我們平台上能提供價值的零售商，成長更快，且隨時間推移在平台上的顧客留存也更好。因此數據很清楚：採用價格同價的零售商成長更快，快 10 個百分點。

And so this gives the retailers an ability to drive incremental sales on Instacart, especially, as they're competing with each other for share. So that can be very critical to them in the long run. We're a very large platform now, and retailers are motivated to win share on Instacart, but it's also important because they don't want to lose share to other large digital players who are increasingly trying to win share of the grocery market.

因此，這讓零售商能在 Instacart 上帶動增量銷售，特別是在他們彼此競爭市占的情況下。所以從長期來看，這對他們可能非常關鍵。我們現在是一個非常大的平台，零售商有動機在 Instacart 上贏得市占；同時這也很重要，因為他們不希望把市占拱手讓給其他大型數位玩家——這些玩家正日益試圖在雜貨市場中爭取更高的份額。

So that's where the conversation with retailers centers with us. It's an incremental sales and share opportunity for them, the results that we're seeing over are very clear. And so we work with them. We work with them on this, and we work with them, obviously, on a bulk of other affordability strategies to allow them to perform well with consumers who are looking for value on the platform.

因此，我們與零售商的對話重點就在這裡。這對他們而言是增量銷售與市占的機會，而我們看到的結果非常明確。所以我們會與他們合作。我們在這方面與他們合作，當然也會在其他多項可負擔性策略上與他們合作，讓他們能在平台上面對尋求價值的消費者時表現出色。

Your second question was around Enterprise and the adoption of Enterprise. And what I'd say here is like, look, why do retailers use us? It's because we're able to extend all of the scale from our Marketplace, where we're doing hundreds of millions of orders, and we're able to offer that to them in a way that allows them to compete with some of the largest digital players with a very high-quality experience. And so if you look at the fact that we're offering end-to-end technology right through from e-commerce, including.

你的第二個問題是關於 Enterprise，以及 Enterprise 的採用。我想說的是：零售商為什麼使用我們？因為我們能把 Marketplace 的規模延伸出去——我們處理數億筆訂單——並以一種方式提供給他們，讓他們能以非常高品質的體驗，與一些最大的數位玩家競爭。因此，如果你看我們提供端到端的技術，從電商一路涵蓋到，包括。

And all the relevancy and the personalization that we're continuing to offer, combined with our efficient cart and checkout and order orchestration right through to when it gets delivered to the customer's home, that's a very complex experience. It's difficult to get right. And that's why when retailers are evaluating their options on how they want to perform and compete in the e-commerce sphere, they look to Instacart because we're able to give them that scale to leverage those learnings.

以及我們持續提供的相關性與個人化能力，再加上我們高效率的購物車、結帳與訂單編排（order orchestration），一路到配送到顧客家中為止，這是一個非常複雜的體驗。要把它做好並不容易。這也是為什麼當零售商在評估他們要如何在電商領域表現並競爭時，他們會選擇 Instacart，因為我們能提供規模，讓他們得以運用這些學習成果。

We are seeing a 10% lift in performance, and that's because, again, because of the experience that we're driving on Marketplace that we're able to extend onto their sites. And so what I'll say is we think there's quite a bit of runway here. Again, we're at 380 retailers overall. We're seeing performance on the side of the business for them and for us, and we're going to continue to lean into this as a strategic growth driver.

我們看到表現提升 10%，原因同樣是因為我們在 Marketplace 上打造的體驗，能延伸到他們的網站上。因此我想說的是，我們認為這裡還有相當大的成長空間。再說一次，我們目前總共有 380 家零售商。我們看到這項業務對他們與對我們都帶來成效，我們也會持續把它作為策略性成長動能來加大投入。

Great. Thank you.

很好。謝謝。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Hi, can you hear me?

嗨，你聽得到我嗎？

Yes.

聽得到。

Okay. Thank you for taking my question. Can you please talk to the opportunity and/or risk with agentic? I mean, you addressed that a little bit. I guess one of the questions we get is around the development of AI platforms where a consumer can order for delivery a basket of items, and then the AI platform chooses whether it is Instacart or DoorDash or Uber Eats, which platform is the best use case, potentially risking organic traffic. So could you please talk to how you view this and what your pushback is?

好的。謝謝讓我提問。你能談談 agentic（代理式）帶來的機會和／或風險嗎？我的意思是，你剛剛有稍微提到。我想我們收到的一個問題是，關於 AI 平台的發展：消費者可以在上面下單一籃商品要求配送，然後 AI 平台會選擇使用 Instacart、DoorDash 或 Uber Eats——也就是選擇哪個平台是最佳使用情境，這可能會對自然流量造成風險。所以你能談談你如何看待這件事，以及你們的因應／反制是什麼嗎？

And then the second question is, could you please talk to the order growth versus AOV, anything in particular beyond the $10 minimum that we should think about? Thanks a lot.

第二個問題是，你能談談訂單成長相對於 AOV（平均訂單金額）嗎？除了 10 美元最低門檻之外，還有沒有什麼我們應該特別留意的？非常感謝。

Yes. Thank you for the question. As it relates to third-party platforms and AI platforms and how we think about that, our strategy here is pretty simple. We want to be wherever customers are, while also maintaining control of the experience and maintaining control of our data. So -- and at the same time, I should mention that we're building the gold standard of agentic experiences using all of our proprietary data directly on Instacart and our retailer partner side. So we want our direct agentic experiences to be the gold standard.

是的。謝謝你的問題。關於第三方平台與 AI 平台，以及我們如何看待這件事，我們的策略其實很簡單。我們希望出現在顧客所在之處，同時也要維持對體驗的掌控，以及對我們資料的掌控。所以——同時我也要提到，我們正在運用所有自有的專有資料，直接在 Instacart 以及我們零售合作夥伴端，打造代理式體驗的黃金標準。因此，我們希望我們的直連代理式體驗成為黃金標準。

In terms of traction with some of these other platforms that we've chosen to integrate on, like OpenAI and now Anthropic, it's still very early in engagement. But we are viewing this as an incremental demand channel in a very large, again, under-penetrated category. If we co-create the experience with these partners, these integrations will allow us to allow customers to engage with Instacart in new ways, and we believe it's going to help accelerate online grocery adoption over time.

至於我們選擇整合的其他平台（例如 OpenAI，現在還有 Anthropic）的進展，目前互動仍處於非常早期。但我們將其視為一個增量的需求通路，因為這是一個非常大、而且再次強調仍屬低滲透的品類。如果我們與這些合作夥伴共同打造體驗，這些整合將讓顧客以新的方式與 Instacart 互動，而我們相信這將隨時間推進，加速線上雜貨的採用。

If that happens as a leader in the online grocery category, we think we're going to win. And that's, again, we're very disciplined when it comes to things like data. We're staying disciplined when it comes to how we're surfacing that. So we're doing that in a very controlled way to minimize any disintermediation risk and continue to have our proprietary data be a strength of ours as we build the experience on our first party.

如果真是如此，作為線上雜貨品類的領導者，我們認為我們會勝出。而且再次強調，我們在資料等議題上非常自律。在如何呈現／揭露這些資料方面，我們也會保持自律。因此我們會以非常可控的方式來進行，以將任何去中介化風險降到最低，並在我們打造第一方體驗的同時，持續讓我們的專有資料成為我們的優勢。

For the second part, I will turn it to Emily to talk about the orders growth.

第二部分我會交給 Emily，請她談談訂單成長。

Sure. Let me first speak to orders growth, and then I'll jump into AOV. So orders growth of 10%, as you noted, was a little bit of a step down from prior quarters, and this was largely in line with what we expected and communicated. And so in specifics, in Q1, the main dynamic, as you pointed out, was that we were lapping the full rollout on a year-over-year basis of the $10 minimum basket benefit that we had applied for Instacart+ members.

好的。我先談訂單成長，接著再談 AOV。如你所提到的，訂單成長 10% 相較前幾季確實略有放緩，而這大致符合我們的預期與先前的溝通。具體來說，在第一季，主要動態如你指出的，是我們在年對年比較時，正好遇到 Instacart+ 會員適用的 10 美元最低購物籃優惠在去年完成全面上線所形成的基期效應。

So through the year in 2025, the $10 minimum really drove smaller incremental orders, and that was a meaningful driver of order frequency throughout 2025, in addition, obviously, to ongoing order growth. And so as a result of that, you're seeing GTV at this point grow faster than orders. As we look ahead, we expect that to continue. We expect user growth to be the primary driver of order growth. And while frequency will continue to play a role, we do expect, as I said, user growth to be the primary driver.

因此在 2025 年全年，10 美元最低門檻確實帶動了較小幅度的增量訂單，這在 2025 年期間成為訂單頻率的重要推動因素之一，當然也加上持續的訂單成長。因此你現在看到的是，GTV 目前的成長速度快於訂單。展望未來，我們預期這種情況會持續。我們預期用戶成長將成為訂單成長的主要驅動力。雖然頻率仍會扮演一定角色，但如我所說，我們確實預期用戶成長會是主要驅動因素。

On AOV, similarly, this was again, largely in line with what we had expected and communicated in prior quarters. If you look back at 2025, we consistently said that AOV, if you excluded the impact of restaurants, which launched in 2024, and the $10 minimum basket benefit, was actually continuing to increase year-over-year. So what you're now seeing is that underlying strength coming through a bit more clearly as we lap the impact of $10 minimum and now two years into restaurants.

至於 AOV，同樣地，這也大致符合我們先前幾季的預期與溝通。回顧 2025 年，我們一再表示，如果排除餐廳業務（於 2024 年推出）以及 10 美元最低購物籃優惠的影響，AOV 其實仍在年對年持續上升。因此你現在看到的是，隨著我們跨過 10 美元最低門檻的影響、且餐廳業務也進入第二年，這股基本面強勁的趨勢更清楚地顯現出來。

And so what I'd say on AOV is that there's a couple of things driving that underlying strength. One is the ongoing deepening of customer engagement across the platform, and that's because, of course, retained customers typically go on to shop more and spend more over time. We have continued strength in the weekly grocery shops. We have strong performance from club retailers who tend to have a bit higher AOVs. And we're also seeing high-value business customers shopping at some of our recent launches like Restaurant Depot. So really seeing some great trends in AOV across the board.

所以我對 AOV 的看法是，有幾個因素在推動這股基本面強勁。其一是平台上客戶互動持續加深，因為留存下來的客戶通常會隨時間推移買得更多、花得更多。我們每週的雜貨採買仍維持強勁。會員制倉儲型零售商表現也很強，這類零售商的 AOV 往往更高。此外，我們也看到高價值的企業客戶在一些近期上線的合作夥伴（例如 Restaurant Depot）上購物。因此整體而言，我們在 AOV 各方面都看到非常好的趨勢。

Okay. Thank you both.

好的。謝謝你們兩位。

Josh Beck, Raymond James.

Raymond James 的 Josh Beck。

Thank you for taking the question. I wanted to go back to the Cart Assistant. It sounds like 25% of your customers are starting to see the functionality. What have been some of the early learnings, has anything stood out with respect to conversion or basket size, ad monetization? We've heard some comments from others in the industry, so just kind of curious what you are seeing there.

謝謝讓我提問。我想回到 Cart Assistant。聽起來你們有 25% 的客戶開始看到這項功能。一些早期的學習是什麼？在轉換率或購物籃大小、廣告變現方面，有沒有什麼特別突出的地方？我們也聽到產業內其他人的一些評論，所以想了解你們那邊看到的情況。

And then also on the Search functionality, it sounds like there's a enhancement underway. Is it kind of moving from a more of a keyword index framework to maybe something a little more nuanced with LLM? Just kind of curious what's going on under the covers there. Thank you.

另外關於搜尋功能，聽起來你們正在做強化。是否是從較偏關鍵字索引的架構，轉向更細緻、可能結合 LLM 的方式？想了解一下底層大概在做什麼。謝謝。

Yeah, thanks for the question, Josh. So first of all, on Cart Assistant, again, we've been investing in this. It's still early. We're at 25% of our US consumers who are being exposed. And the learnings were really what I described upfront, which was consumers are using it to save time and get additional value and get inspiration and drive discovery with things like recipes and meal planning. We're seeing consumers do product research through our Cart Assistant.

好的，謝謝你的問題，Josh。首先談 Cart Assistant，我們確實一直在投入。目前仍在早期階段。我們在美國有 25% 的消費者正在接觸到這項功能。而我們的學習其實就是我一開始描述的：消費者用它來節省時間、獲得額外價值、取得靈感，並透過食譜與餐點規劃等方式促進探索與發現。我們也看到消費者透過 Cart Assistant 進行商品研究。

And remember, when we're building these types of experiences, we're really trying to understand how consumers are going to engage with this longer term. Of course, you can come to Instacart, and you can engage with Cart Assistant as a digital agent to help you build a basket faster from the onset.

請記得，當我們打造這類體驗時，我們真正想理解的是消費者長期會如何與之互動。當然，你可以來到 Instacart，從一開始就把 Cart Assistant 當作數位代理，協助你更快建立購物籃。

But we're also looking at experiences throughout the customer journey where customers can interact with Cart Assistant a little bit more behind the scenes to help them with things like understanding if there's any gluten in their cart, as an example. And so we're still studying a lot of the engagement data, and we're still learning. But from an impact perspective, what I will say is that, I mean, we do think AI overall is going to be a meaningful growth driver for the category over time at a high level, it's because what it does is it makes grocery shopping simpler and more intuitive, and that should accelerate online adoption by driving better conversion and higher retention and larger baskets and more frequent ordering.

但我們也在看整個客戶旅程中的各種體驗，讓客戶能在更「幕後」的情境下與 Cart Assistant 互動，例如協助他們了解購物車裡是否含有麩質等。因此我們仍在研究大量互動數據，也仍在學習中。不過就影響而言，我想說的是：我們確實認為，從更宏觀的角度看，AI 隨時間推移將成為這個品類的重要成長驅動力，因為它能讓雜貨購物更簡單、更直覺，並透過更好的轉換、更高的留存、更大的購物籃與更高的下單頻率，加速線上採用。

And we think we are in a very unique position to bring all of that to life because of our proprietary data from our 1.6 billion lifetime orders, and because we're operating an at-scale fulfillment network with shoppers in physical stores, and because of our deep retailer integrations. For example, with inventory systems. No one else has this combination, and that's what's allowing us to move from more of a front-end AI experience to experience that will actually help you complete your order, and that's going to be very difficult to replicate.

而我們之所以能把這些真正落地，是因為我們擁有來自累計 16 億筆歷史訂單的專有數據；也因為我們營運的是具規模的履約網路，並有在實體門市作業的採購員；同時我們也與零售商有很深的整合。例如與庫存系統的整合。沒有其他人同時具備這樣的組合，這也讓我們能從較偏前端的 AI 體驗，進一步走向真正能幫你完成下單的體驗，而這將非常難以複製。

On your second question around Search. Search, in particular, helps customers find what they want faster, and customers that Search are 5 times more likely to place their first order. Key to Search is having rich data as well, right? We need to be able to access the catalog. It's not easy to do in grocery, and that's another reason why we see so much traction on the Enterprise side of the business because Search is a very nuanced example of something that takes years of data and millions of orders to get right and that's really what we're seeing there.

至於你第二個關於搜尋的問題。搜尋特別能幫助客戶更快找到他們想要的商品，而使用搜尋的客戶，其首次下單的可能性高出 5 倍。搜尋的關鍵也在於要有豐富的數據，對吧？我們必須能存取商品目錄。在雜貨領域這並不容易，這也是為什麼我們在企業端（Enterprise）業務看到這麼多動能：搜尋是一個非常細緻的例子，需要多年數據與數百萬筆訂單才能把它做好，而這正是我們目前所看到的。

So we're going to continue to innovate. We want Search to be as relevant as possible for consumers. We do think Search helps consumers complete their basket faster, and we know that it drives that likelihood to place a first order. We're going to continue to invest there.

因此我們會持續創新。我們希望對消費者而言，搜尋能盡可能相關且精準。我們確實認為搜尋能幫助消費者更快完成購物籃，而我們也知道它會提高首次下單的可能性。我們會持續在這方面投入。

That's super helpful. Thank you.

非常有幫助。謝謝。

Justin Patterson, KeyBank.

KeyBank 的 Justin Patterson。

Great. Thank you very much. Could you talk about some of the guardrails you have around AI costs? We've seen a lot of companies taking different approaches to managing increased token consumption, so I'd love to hear about how you're thinking about that. And then separately, I'd also love to hear about how you're thinking about just advances in recommendation and ranking models, benefiting both conversion rates over time and having applications for the ad side. Thank you.

很好。非常感謝。你們能談談在 AI 成本方面有哪些護欄（管控機制）嗎？我們看到很多公司用不同方式管理 token 消耗增加，所以很想聽聽你們是怎麼思考的。另外，我也想聽聽你們如何看待推薦與排序模型的進展，如何隨時間推移同時有利於轉換率，並在廣告端也有應用。謝謝。

Sure. In terms of guardrails around AI costs, look, I think this is something that's evolving real-time. So I think about 2025 as a point in time where we were more experimenting and seeing where we were seeing adoption and allowing people to try to adopt AI across their workflows and then of course, across the consumer experience as well. So I think we're definitely monitoring this real time and to the extent we're seeing either efficiencies in workflows, finding ways to offset those costs in other ways.

當然。就 AI 成本的護欄而言，我想這是一個正在即時演進的議題。我把 2025 年視為一個時間點：我們更多是在做實驗，觀察採用情況，讓大家嘗試在工作流程中導入 AI，當然也包括消費者體驗。因此我們確實在即時監控；而在我們看到工作流程效率提升的情況下，也會尋找其他方式來抵銷這些成本。

As it relates to consumer experience, I'd say it's still early, but we are looking for metrics around ways to again offset those costs through things like better customer engagement, better conversion, et cetera. So I think it's still early, something we're monitoring and adapting to, really quarter by quarter.

就消費者體驗而言，我會說現在仍屬於早期階段，但我們正在尋找一些指標，看看如何透過更好的客戶互動、更高的轉換率等等方式，再次抵銷這些成本。所以我認為現在還早，我們正在持續監測並調整，基本上是逐季因應。

Great. And to your second question about recommendations, as I mentioned upfront, we're using data and demand signals to invest to make recommendations as relevant as possible. And the major innovation here has again been around AI, and this is why I've talked about this as both as a consumer experience element, but also a brand and advertising element because now you're able to do it across your cart content with semantic intelligence.

很好。至於你第二個關於推薦的問題，如我一開始提到的，我們正在運用數據與需求訊號來投資，讓推薦盡可能貼近相關性。而這裡的主要創新同樣圍繞在 AI，這也是為什麼我把它同時視為消費者體驗要素、也是品牌與廣告要素，因為現在你能以語意智慧在你的購物車內容上全面做到這件事。

So our view is that as we make recommendations more relevant, we're just going to help consumers to find what they're looking for and complete perfect orders. And we think that that's going to help us on both the advertising side and just with overall consumer experience.

因此我們的看法是，當我們讓推薦更相關時，我們就是在幫助消費者找到他們要找的商品，並完成最理想的訂單。我們認為這將同時在廣告端以及整體消費者體驗上帶來幫助。

Nikhil Devnani, Bernstein.

Nikhil Devnani，Bernstein。

Hi. Thanks for taking the question. I wanted to ask about Enterprise. So you have several products now available to retailers. I guess when you step back at the aggregate level, how should we be thinking about the size of this business now in terms of contribution to revenue or GTV? And then also the economics of these orders, as this product continues to grow and become a bigger portion of the mix of the business for Instacart, how do the economics stack up relative to your Marketplace business? Thank you.

嗨。謝謝讓我提問。我想問一下 Enterprise（企業方案）。你們現在有好幾項產品提供給零售商使用。我想從整體層面退一步看，現在我們應該如何看待這項業務的規模，例如對營收或 GTV 的貢獻？另外，隨著這項產品持續成長、在 Instacart 的業務組合中占比提高，這些訂單的經濟性相較於你們的 Marketplace（市集）業務表現如何？謝謝。

Yeah. Thanks, Nikhil, for the question. Why don't I take a step back and talk about how we think about the Enterprise business, and then Emily can dive a little bit deeper into the margin side of the question. So look, we do believe that Enterprise is playing an overall highly strategic role with us, with retailers and our ability to deliver for them, but also deliver the best customer experience across both Enterprise and Marketplace. To really emphasize why that is, first of all, Enterprise enables these much deeper retailer relationships, and it gets us on the same side of the table where we're innovating with them.

好的。謝謝你，Nikhil，這個問題。不如我先退一步談談我們如何看待 Enterprise 業務，接著 Emily 可以再更深入說明你提到的毛利/利潤率面向。我們確實相信 Enterprise 對我們而言具有高度策略性：它關係到我們與零售商的合作，以及我們為他們交付成果的能力，同時也能在 Enterprise 與 Marketplace 兩端提供最佳的客戶體驗。為了強調原因，首先，Enterprise 讓我們能與零售商建立更深層的關係，讓我們坐在同一邊一起創新。

We're now -- we do short and long-term planning, and these relationships often lead to these technical integrations that really only exist to make the experience better, which they do across their owned and operated sites and our Marketplace. And Enterprise, of course, drives overall efficiency for us. We make very good use of our Marketplace innovation by extending it to Enterprise clients, and as a result, it lowers our cost to serve through shared infrastructure. It also allows us to reinvest even more in shared technology and capabilities that benefit everyone. And it also increases order volume and density, which also helps us on the cost side.

我們現在會進行短期與長期規劃，而這些關係往往會帶來技術整合；這些整合的存在目的就是為了讓體驗更好，而且確實能同時改善他們自有自營網站以及我們 Marketplace 上的體驗。當然，Enterprise 也能為我們帶來整體效率提升。我們會把 Marketplace 的創新延伸到 Enterprise 客戶，因此透過共享基礎設施降低我們的服務成本。這也讓我們能再投入更多資源到共享技術與能力上，讓所有人都受益。同時它也提高訂單量與密度，這也能在成本端幫助我們。

As we've stated in the past both Enterprise and Marketplace are growing, but the way that we think about Enterprise is less as a standalone line item and more of a core part of how the overall platform compounds over time.

如同我們過去所說，Enterprise 與 Marketplace 都在成長，但我們看待 Enterprise 的方式，與其把它當作獨立的單一項目，不如把它視為整體平台隨時間複利成長的核心部分。

So Emily, do you want to expand on that?

Emily，你要補充說明一下嗎？

Yeah, sure. So from an economic standpoint, I mean first of all we don't break out the specifics of economics, in part because as Chris spoke to, really all parts of our ecosystem work together. So for example, the fact that we have Marketplace and Enterprise benefits our fulfillment costs as just one example of how we think about scaling the two sides of our ecosystem.

好的，當然。從經濟性角度來看，首先我們不會拆分揭露經濟性的細節，部分原因是如 Chris 所說，我們生態系的各個部分其實是一起運作的。例如，我們同時擁有 Marketplace 與 Enterprise，這會讓我們的履約成本受益；這只是我們如何看待生態系兩端規模化的一個例子。

We -- what I would say is that both Marketplace and Enterprise generate profit positive dollars. I'd say both are contributing to overall growth. And when we think about the specific economics, I'd also say that each retailer is really different. Our contracts, retailer by retailer, are bespoke.

我們——我會說 Marketplace 與 Enterprise 兩者都能產生正向的利潤貢獻。我會說兩者都在推動整體成長。而當我們看具體的經濟性時，我也會說每一家零售商都非常不同。我們的合約是逐一零售商量身訂做的。

And that is because when we go to a retailer, we're working with them to figure out the right construct or constellation of different products and services and how they work together. We're really looking holistically at that partnership to say, does this make sense from an economic standpoint for us, for them? It makes it difficult to disentangle any one part of our ecosystem.

這是因為當我們與零售商合作時，我們會一起找出合適的架構，或是不同產品與服務的組合，以及它們如何協同運作。我們會以更整體的角度看待這段合作關係，去判斷從經濟性角度對我們、對他們是否合理。因此很難把我們生態系中的任何單一部分單獨拆解出來看。

Thank you. If I could just add a quick follow-up. So to what extent do you want to scale white label logistics for these partners internationally as you offer Enterprise? And if that is a big part of the roadmap, I guess, how do you think about the investment required to do that in a new country with less of an existing infrastructure already?

謝謝。如果我可以再追問一個簡短問題。當你們提供 Enterprise 時，你們希望在國際市場把白標物流為這些合作夥伴擴張到什麼程度？如果這是路線圖中的重要部分，那麼在一個既有基礎設施較少的新國家，你們如何看待所需的投資？

Yeah, I can take that. Thanks, Nikhil. Like, look, we're very excited about our plan to take our tech and our Enterprise tech to new markets for the first time. And we believe that that is a very promising future growth lever for us. We, of course, have ambitious plans. But that said, we're being very disciplined on how we approach it. That's why our strategy is an Enterprise-led strategy.

好的，我來回答。謝謝你，Nikhil。我們對於首次把我們的技術、以及 Enterprise 技術帶到新市場的計畫感到非常興奮。我們相信這會是非常有前景的未來成長槓桿。我們當然有很有企圖的計畫。但即便如此，我們在推進方式上會非常自律。這也是為什麼我們的策略是以 Enterprise 為主導的策略。

We're taking proven products like Storefront Pro and Caper Carts and FoodStorm to retailers who are facing the same challenges that we've already solved in North America. And that's what also gives us confidence in product market fit in other markets. Retailers are telling us that there's a fit. And we're seeing encouraging signs. As I mentioned upfront Costco's Storefront Pro expansion in France and Spain is performing ahead of our initial expectations.

我們把已被驗證的產品，例如 Storefront Pro、Caper Carts 和 FoodStorm，帶給那些正面臨與我們在北美已經解決過的相同挑戰的零售商。這也讓我們對於在其他市場的產品市場契合度更有信心。零售商告訴我們這是契合的。而我們也看到令人鼓舞的跡象。如我一開始提到的，Costco 的 Storefront Pro 在法國與西班牙的擴張表現超出我們最初的預期。

So we're very excited about this. We're excited about our Instaleap acquisition as an accelerant for what we're trying to do internationally. But again, we're going to be very disciplined. We're taking our current products to new markets, which again, gives us cost leverage.

所以我們對此非常興奮。我們也對 Instaleap 的收購感到興奮，因為它能加速我們在國際市場想做的事情。但同樣地，我們會非常自律。我們是把現有產品帶到新市場，這也再次讓我們在成本上取得槓桿效益。

And yeah, anything to add, Emily?

好的，Emily，你還有要補充的嗎？

Yeah. I think the only thing I'd add is that our focus really is on the technology layer. So if you think about Instaleap, it's about fulfillment tech, the orchestration layer, the great retailer relationships they bring to Bear. As Chris mentioned, Enterprise-led, really focused on existing tech like SFP, FoodStorm and Caper. So the question was asked, really, I think with a focus on logistics. I think that is something that we can do internationally. I wouldn't say it's our priority. So we will obviously consider that on a case-by-case basis.

有。我想我唯一要補充的是，我們的重點其實是在技術層。所以如果你想到 Instaleap，它關乎履約技術、編排（orchestration）層，以及他們帶來的優質零售商關係。如 Chris 所提到的，以 Enterprise 為主導，主要聚焦在既有技術，例如 SFP、FoodStorm 和 Caper。所以這個問題我理解是更聚焦在物流。我認為這是我們在國際上可以做的事情。但我不會說這是我們的優先事項。因此我們顯然會逐案評估。

Thank you. Appreciate it.

謝謝。感謝。

Jason Helfstein, Oppenheimer.

Jason Helfstein，Oppenheimer。

Thanks, appreciate it. Maybe two quick ones. Can you give us your thoughts on the advertising outlook for the rest of the year? Obviously, this quarter was quite strong. And then I don't think we heard anything on Instacart+, just any thoughts you want to share, is this an increased focus this year? And any just concerns with lapping any of the credit card promotions around Instacart+. Thanks.

謝謝，感謝。也許兩個簡短問題。你們能分享一下對今年剩餘時間的廣告展望嗎？顯然本季表現相當強勁。另外我想我們沒有聽到太多關於 Instacart+ 的內容；你們是否願意分享一些看法，今年是否會更聚焦在這上面？以及對於 Instacart+ 相關信用卡促銷活動進入比較基期（lapping）是否有任何擔憂？謝謝。

Yeah, thanks for the question, Jason. I'll start on the ads side. So look, looking ahead on ads, we just provided another strong guide for Q2, 11% to 14% growth for ads and other. And although we don't provide specific quarterly guidance beyond that, we are confident in our ability to deliver our long-term targets on ads of 4% to 5% of GTV. And that's because at the highest level, we believe that we have the right strategy, we're executing against it, and we're successfully expanding our scale and reach towards our goal of being a leading ad ecosystem.

是的，Jason，謝謝你的提問。我先從廣告業務談起。展望廣告方面，我們剛剛再次給出強勁的第二季指引：廣告及其他收入成長11%到14%。雖然我們不會提供超出此範圍的單季具體指引，但我們對於達成長期目標充滿信心，也就是廣告收入占GTV的4%到5%。原因在於，從最高層面來看，我們相信我們有正確的策略、正在按策略執行，並且正成功擴大規模與觸及範圍，朝著成為領先廣告生態系的目標前進。

And when we break that down into some of our core building blocks and components, we do see headroom across the ecosystem. So starting in our core, we're continuing to innovate on platform. As mentioned in an earlier question, we're using AI innovation more than ever to provide tooling like our new AI-powered recommendations. We're using AI to drive more personalization and relevancy, which all translates to better performance for brands. And then we're taking that innovation, and we're extending it onto our Carrot Ad networks, where we're at 310 partners and growing, and we have a healthy pipeline.

當我們把它拆解成一些核心基石與組成要素時，我們確實看到整個生態系仍有很大的成長空間。先從核心開始，我們持續在平台上創新。如同先前一個問題提到的，我們比以往更大量運用AI創新，提供像是全新的AI驅動推薦等工具。我們運用AI帶來更多個人化與相關性，這些都會轉化為品牌更好的成效。接著，我們把這些創新延伸到我們的Carrot廣告聯播網，目前已有310個合作夥伴且持續成長，並且有健康的合作管線。

And we're extending our ads innovation in store with Caper Carts, which is still very early, but I firmly believe is going to be one of the most interesting advertising opportunities for brands in store. And then we're monetizing our data in a couple of ways, off platform, which we touched on. But again, it's -- we've built a strong foundation with all of the right partners. We're excited to scale that further and tap into incremental budgets.

我們也透過Caper Carts把廣告創新延伸到門市端；這仍非常早期，但我堅信這將成為品牌在店內最有趣的廣告機會之一。此外，我們也以幾種方式在平台外將數據變現，這點我們先前也提到過。但再次強調，我們已與所有合適的合作夥伴建立了穩固的基礎。我們很期待進一步擴大規模，並切入更多增量預算。

And with our new data solutions, like our Consumer Insights Portal, where brands can access unique real-time data insights. So again, we're confident in our ability to scale ads and other over time. Of course, there's lots of puts and takes in the advertising business on a quarterly basis, but we firmly believe in our ability to hit our long-term targets.

同時，透過我們新的數據解決方案，例如Consumer Insights Portal（消費者洞察入口網站），品牌可以取得獨特的即時數據洞察。因此，我們對於隨時間推進擴大「廣告及其他」的規模很有信心。當然，廣告業務在單季層面會有許多正反因素拉扯，但我們堅信自己有能力達成長期目標。

On IC+, I wouldn't say it's an increased focus specifically. I think it's a continued focus for us. It has always been a key part of our overall strategy, and we are seeing paid IC+ members continue to grow. They are continuing to represent the majority of GTV and orders on the platform, and they also continue to be more engaged and retain better than non-members. And effectively, how we think about this is that it is -- that strength is really reflected in our overall fundamentals. So you'll remember last year, we talked about the fact that our MAL, we're seeing the best retention in a few years, right? You're seeing that in MAL growth and just in overall user engagement.

關於IC+，我不會說我們特別提高了聚焦程度。我認為這是我們持續的重點。它一直是我們整體策略的關鍵部分，而且我們看到付費IC+會員持續成長。他們仍然貢獻平台上大多數的GTV與訂單，且相較非會員更投入、留存也更好。實際上，我們的看法是——這樣的強勁表現確實反映在我們整體基本面上。你會記得去年我們提到，我們的MAL留存率是近幾年來最佳，對吧？你也能在MAL成長以及整體用戶互動中看到這點。

So we're focused on continuing to drive overall, value for the program, right? It's anchored in the zero-dollar delivery minimum, which we lowered to $10 for grocery and $25 for restaurants. Obviously, things like access to New York Times Cooking and Peacock, and we're always evaluating new ways to drive value for members. In terms of lapping the benefits, I wouldn't say there's anything I would call out as it relates to lapping to IC+. But we're, of course, continuing to look for ways to drive increased value for our members.

因此，我們專注於持續提升整體、也就是方案本身的價值。其核心是「零美元」免運門檻，我們已將其下調至：雜貨10美元、餐廳25美元。當然也包括像是可使用《紐約時報》Cooking與Peacock等權益，我們也一直在評估為會員創造價值的新方式。至於權益的同比基期（lapping），我不會說有任何與IC+相關、特別需要指出的事項。但我們當然會持續尋找提升會員價值的方法。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Thank you very much. Could you talk about the factors impacting incremental margins in the 2Q guide? Obviously, some strong GTV growth guided you at the high end, but maybe a bit softer incremental margins, if you could talk about the factors. That's question one.

非常感謝。能否談談影響第二季指引中增量利潤率的因素？很明顯，你們指引的GTV成長在高端相當強勁，但增量利潤率可能稍微偏弱；如果可以的話，請談談相關因素。這是第一個問題。

And question two, please. Maybe can you talk about the success you are having with partners working towards price parity? What what are the continued challenges? What are the successes maybe you've had there, and how would you evaluate your progress? Thank you.

第二個問題。也許能否談談你們與合作夥伴推動價格同價（price parity）方面的進展？持續面臨哪些挑戰？有哪些成功之處？你們會如何評估目前的進度？謝謝。

Perfect. Okay, thank you for the question. On the first one, look, I'll let Emily speak to some of the shorter-term kind of puts and takes between quarters. But at the highest level, as it relates to profitability, nothing's changed about our strategy. We're confident in our ability to hit our long-term targets of 4% to 5% of GTV. But let me share how we're thinking about investing in our business overall.

好的。謝謝你的提問。第一個問題，我先說，關於季度之間短期的一些正反因素，我會讓Emily來補充。但從最高層面來看，就獲利能力而言，我們的策略沒有改變。我們對達成長期目標充滿信心，也就是利潤占GTV的4%到5%。不過我想分享一下我們如何思考整體的業務投資。

So as a reminder, we are the category leader in a very early market with tons of upside. So yes, we're investing, and we should be investing. We're investing in our core, where our fundamentals are strong. Our product keeps getting better, which means that we can acquire and retain customers more efficiently. And in many ways, we're still early in our journey when you think about some of our mid to long-term growth areas, like in-store technology, where the bulk of grocery transactions still happen, international markets where we're just getting started, although again, being very disciplined there, and building leading-edge AI solutions.

提醒一下，我們是品類領導者，且市場仍非常早期，還有大量上行空間。所以是的，我們正在投資，而且我們也應該投資。我們投資在核心業務上，而我們的基本面很強。我們的產品持續變得更好，這意味著我們能更有效率地獲取並留住客戶。而且從許多角度來看，當你想到一些中長期成長領域時，我們仍處於早期階段，例如店內科技（因為大多數雜貨交易仍發生在店內）、我們才剛起步的國際市場（雖然我們在那裡也非常自律），以及打造領先的AI解決方案。

And on all of these, we have high conviction that these investments are going to pay off over time because they're proven models like land and expand with Enterprise, which is our international play. We have a right to win in these areas. We are investing in a very intentional way and in a very disciplined way so that we can continue to deliver profitable growth. And again, we feel good about our ability to hit our long-term targets of 4% to 5%. But in the meantime, we're going to continue to invest because we see so much opportunity in front of us, and we see attractive investment opportunities to drive growth.

在這些領域上，我們都高度確信這些投資會隨時間帶來回報，因為它們是已被驗證的模式，例如Enterprise的「先落地再擴張（land and expand）」——這也是我們的國際策略。我們在這些領域具備勝出的條件。我們以非常有目的、也非常自律的方式投資，讓我們能持續交付具獲利性的成長。再次強調，我們對達成4%到5%的長期目標感到樂觀。但在此同時，我們會持續投資，因為我們看到眼前有非常多機會，也看到能推動成長、且具吸引力的投資機會。

Yeah. Just to add a little bit of color, specifically on Q1 and Q2. I don't think there's anything fundamental that's changed in the business from Q1 to Q2. And I think we've also been consistent with saying that we do expect the pace of margin expansion in 2026 to moderate versus 2025. So again, nothing new or different that we're seeing in terms of what's happening a layer deeper inside the business. And a couple of things I might call out as it relates to Q1 and Q2. So I did mention on the call earlier that Q1 benefited from the repeal of Canada's Digital Services Tax. What happened there was it happened very late in the quarter.

是的。我再補充一些背景，特別是關於第一季與第二季。我不認為從第一季到第二季，業務有任何根本性的改變。而且我們也一直一致地表示，我們預期2026年的利潤率擴張速度會較2025年放緩。所以，再次強調，就更深入一層的業務運作而言，我們沒有看到任何新的或不同的變化。至於第一季與第二季，我可能會點出幾件事。我先前在電話會議中提到，第一季受惠於加拿大數位服務稅（Digital Services Tax）的廢止。那件事發生在季度非常後期。

So typically, we manage through surprises that come, whether they're positive or negative, meaning we reinvest things that come to the upside, or we manage around things to the downside. But what happened here is it was something we expected in Q2, and it ended up happening in the last couple of days of the quarter. So we just didn't have time to reinvest at levels that we found attractive. And so that is something that doesn't recur in Q2. In fact, as I mentioned earlier, it was something we expected to happen in Q2 and got pulled forward into Q1.

通常，無論是正面或負面的意外狀況，我們都會加以管理：也就是說，若有上行，我們會把多出來的部分再投資；若有下行，我們會調整以因應。但這次的情況是，我們原本預期會在第二季發生，結果卻在季度最後幾天就發生了。因此，我們沒有足夠時間以我們認為具吸引力的水準進行再投資。所以這個因素在第二季不會重複出現。事實上，如我先前提到的，這原本是我們預期在第二季發生的事項，結果被提前到第一季。

The other thing I might call out is that Q2 of 2025, we did see a step-up in transaction revenue as a percentage of GTV from 7.1% to 7.3%. And so again, when you're thinking about the year-over-year comparison, there's just going to be some differences in terms of how you look at Q1 versus Q2. And so generally speaking, that's why we really focus on overall annual improvement in EBITDA and EBITDA margin because in terms of operating the business, you may have just quarterly fluctuations. I wouldn't think about anything, truly different in Q2 that we're seeing relative to the last couple of quarters.

我另外想特別指出的是，2025 年第二季，我們確實看到交易收入占 GTV 的比例從 7.1% 提升到 7.3%。因此同樣地，當你在思考年對年比較時，Q1 與 Q2 的觀察方式在某些面向上會有所不同。總體而言，這也是為什麼我們真正聚焦在全年 EBITDA 與 EBITDA 利潤率的整體改善，因為在營運業務的過程中，季度之間可能會有一些波動。我不會認為我們在第二季看到的情況，與過去幾個季度相比有任何真正不同之處。

Thank you.

謝謝。

And to your question on price parity, look, the success that we've seen is a steady drumbeat of retailers moving towards price parity since we've really outlined this as a priority and an opportunity for retailers last year. So we saw Schnucks move to price parity last year, Heritage Grocers so far this year, Hy-Vee, Raley's, Fareway, several independent retailers. We're seeing that play out in their performance. Again, the data is very clear that retailers at market price parity see a 10 percentage point acceleration. They retain better. The challenge, of course, being here that ultimately, retailers set pricing on the platform.

至於你關於價格平價（price parity） 的問題，你看，我們所看到的成功，是自從我們在去年將此明確列為零售商的優先事項與機會以來，零售商持續、穩定地朝價格平價邁進。因此我們看到 Schnucks 去年轉向價格平價，Heritage Grocers 今年迄今也已如此，Hy-Vee、Raley's、Fareway，以及數家獨立零售商亦然。我們也看到這在他們的表現上逐步反映出來。同樣地，數據非常清楚：達到市場價格平價的零售商，會看到 10 個百分點的加速成長。他們的留存也更好。當然，這裡的挑戰在於，最終平台上的定價是由零售商決定的。

It's up to them to make that investment and to kind of evaluate the short and long-term return and the strategic nature of wanting to capture digital sales and share versus some of the retailers on our platform, but also some of the largest digital players that they're ultimately competing with. And so the challenge is really it's a retailer's decision whether or not to go to eliminate a markup and price parity to stores.

是否要做這項投資，以及評估短期與長期的回報、並從策略角度思考要如何在數位銷售與市占上取得成果——不僅相對於我們平台上的其他零售商，也相對於他們最終要競爭的一些最大型數位玩家——這些都取決於他們。因此，真正的挑戰在於：零售商是否決定要取消加價（markup），並讓平台價格與門市價格平價。

Andrew Boone, Citizens.

Andrew Boone，Citizens。

Thanks so much for taking the question. I just wanted to ask about Caper Carts. Chris, you mentioned the opportunity with in-store. Can you just flesh that out, talk about where you guys are in terms of scaling that and then expectations we should have going forward? Thank you.

非常感謝讓我提問。我想問一下 Caper Carts。Chris，你提到門市內（in-store）的機會。你能否再具體說明一下，談談你們在擴大規模方面目前進展到哪裡，以及我們對未來應有的預期？謝謝。

Sure. Thanks for the question. So first of all, at the highest level, we very much believe in the in-store opportunity for technology. E-commerce is at low double digits, so the vast majority of transactions will still happen in store for the foreseeable future. And there is a massive opportunity to modernize and digitize that experience with seamless operations, advanced personalization, wayfinding, advertising to help customers in-store discover products, save money while they shop.

當然。謝謝你的問題。首先，從最高層面來看，我們非常相信門市內科技的機會。電商目前約在低雙位數占比，因此在可預見的未來，絕大多數交易仍會發生在門市。而要以無縫營運、進階個人化、導購導航（wayfinding）、以及廣告等方式來協助門市顧客發現商品、在購物時省錢，進而讓整體體驗現代化與數位化，這裡有非常巨大的機會。

On Caper specifically, we're seeing great momentum with Caper. We're now live in more than 100 cities with over 12 retail banners. From a scale perspective that we're continuing to expand with Wakefern, where we're now live at about 20% of stores. We've launched new pilots recently with Sprouts and Wegmans and Coles in Australia, where we've announced an upcoming pilot with Morrisons in the UK.

就 Caper 而言，我們看到 Caper 有很好的動能。我們目前已在超過 100 個城市上線，涵蓋超過 12 個零售品牌（banners）。就規模擴張而言，我們持續與 Wakefern 擴展合作，目前約有 20% 的門市已上線。我們最近也與 Sprouts、Wegmans，以及澳洲的 Coles 啟動了新的試點；同時我們也宣布將在英國與 Morrisons 展開即將到來的試點。

So I'm confident that Caper has a runway ahead. Strong product market fit with consumers and retailers. This is one of my main learnings. Customers love the experience of using the card, and retailers love it for the operational benefits and the potential to turn their in-store customers into omnichannel customers. And it's also driving higher basket sizes for retailers. So we're making traction on Caper. We're making traction with ads on Caper, and we think that it's a great mid to long-term growth lever for us.

所以我有信心 Caper 還有很長的成長跑道。在消費者與零售商端都有很強的產品市場契合度。這是我最主要的心得之一。顧客很喜歡使用購物車的體驗，而零售商則喜歡它帶來的營運效益，以及把門市顧客轉化為全通路（omnichannel）顧客的潛力。它也在推動零售商更高的每筆購物金額（basket size）。因此我們在 Caper 上持續取得進展。我們在 Caper 上的廣告也持續取得進展，並且我們認為這對我們而言是很好的中長期成長槓桿。

Thank you.

謝謝。

Thank you. This concludes the question-and-answer session. We'd like to thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝。問答環節到此結束。感謝各位參與今天的電話會議。本次會議至此結束。您現在可以斷線。