DoorDash Inc (DASH) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the DoorDash Q3 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Mr. Andrew Hargreaves. Please go ahead.

美好的一天，感謝您的支持。歡迎來到 DoorDash 2021 年第三季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想把會議交給今天的演講者，Andrew Hargreaves 先生。請繼續。

Thanks. Hello, everyone, and thanks for joining us for our third quarter 2021 earnings call. I'm pleased to be joined today by Co-Founder, Chair and CEO, Tony Xu; and CFO, Prabir Adarkar. I'm also pleased to be joined by special guest, co-Founder and CEO of Wolt, Miki Kuusi.

謝謝。大家好，感謝您參加我們的 2021 年第三季度財報電話會議。我很高興今天有聯合創始人、董事長兼首席執行官 Tony Xu 加入；和首席財務官 Prabir Adarkar。我也很高興有特邀嘉賓、Wolt 的聯合創始人兼首席執行官 Miki Kuusi 加入。

We'd like to remind everyone that we'll be making forward-looking statements during this call, including statements regarding the recently announced acquisition of Wolt, including market opportunity, expected benefits to the transaction, accretion, time to close, strategies with the combined company and benefits to customers in the markets in which we operate, our expectations of our business, future financial results and guidance and strategy.

我們想提醒大家，我們將在本次電話會議期間發表前瞻性聲明，包括有關最近宣布收購 Wolt 的聲明，包括市場機會、交易的預期收益、增值、完成時間、與結合公司和我們經營所在市場的客戶的利益、我們對業務的期望、未來的財務結果以及指導和戰略。

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in our forward-looking statements and some such risks are described in our risk factors included in our SEC filings, including our Form 10-K. You should not rely on our forward-looking statements as predictions of future events. We disclaim any obligation to update any forward-looking statements, except as required by law.

前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們的前瞻性陳述中描述的結果存在重大差異，我們在提交給美國證券交易委員會的文件（包括我們的 10-K 表格）中包含的風險因素中描述了一些此類風險。您不應依賴我們的前瞻性陳述作為對未來事件的預測。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

During this call, we will be discussing certain non-GAAP financial measures. Information regarding our non-GAAP financial results, including a reconciliation of such non-GAAP results to the most directly comparable GAAP financial measures may be found in our investor letter, which is available on our Investor Relations website. These non-GAAP measures should be considered in addition to our GAAP results and not intended to be a substitute for our GAAP results.

在本次電話會議中，我們將討論某些非公認會計原則財務措施。有關我們的非 GAAP 財務結果的信息，包括此類非 GAAP 結果與最直接可比的 GAAP 財務指標的對賬，可在我們的投資者信函中找到，該信函可在我們的投資者關係網站上找到。除了我們的 GAAP 結果之外，還應考慮這些非 GAAP 措施，而不是要替代我們的 GAAP 結果。

Finally, this call in its entirety is being audio webcast on our IR website. An audio replay of the call will be available on our website shortly after the call. We typically go straight into questions, but given the transaction announcement, we'll have Tony and Miki give some brief comments before going into the Q&A session. For the Q&A, please note that Miki is happy to answer questions about his approach to the industry and his rationale for the combination. Please don't ask questions about Wolt's financials or outlook for future integration plans. Our businesses will remain independent until the deal closes, so we won't be answering those ones at this point. I'll now pass it on to Tony.

最後，整個電話會議正在我們的 IR 網站上進行音頻網絡直播。通話後不久，我們的網站上將提供通話的音頻重播。我們通常會直接提問，但鑑於交易公告，我們將讓托尼和三木在進入問答環節之前發表一些簡短的評論。對於問答環節，請注意 Miki 很樂意回答有關他對行業的態度以及他合併的理由的問題。請不要詢問有關 Wolt 財務狀況或未來整合計劃前景的問題。在交易完成之前，我們的業務將保持獨立，因此我們目前不會回答這些問題。我現在把它傳給托尼。

Great. Thanks, Andy. Hey, everyone. Thanks for joining us today. At DoorDash, our mission is to grow and empower local economies. We started in food delivery logistics, and our vision was always to build a platform that supports all of local commerce and to do it on a global basis. To date, we have executed against this primarily on an organic basis. That's not because we believe it must be done organically but because our framework for M&A sets a high bar.

偉大的。謝謝，安迪。嘿大家。感謝您今天加入我們。在 DoorDash，我們的使命是發展和增強當地經濟。我們從食品配送物流起步，我們的願景始終是建立一個支持所有本地商業並在全球範圍內開展的平台。迄今為止，我們主要在有機基礎上對此進行了執行。這並不是因為我們認為必須有機地進行，而是因為我們的併購框架設置了很高的標準。

For those who haven't heard it before, our M&A framework is comprised of 3 core standards: first, it must be talent-accretive. We look for teams of superbly talented people that share our vision as well as our approach to execution; second, it must unlock product categories and/or new geographies. This means that we look for opportunities that expand our TAM, either in a way that we couldn't do so on our own or in a way that is much more efficient than we could do so ourselves; and third, it must increase our long-term profit potential and add to shareholder value.

對於那些以前沒有聽說過的人，我們的併購框架包含三個核心標準：首先，它必須是人才增值的。我們尋找與我們的願景和執行方法相同的優秀人才團隊；其次，它必須解鎖產品類別和/或新的地域。這意味著我們要尋找擴大 TAM 的機會，要么以我們自己無法做到的方式，要么以比我們自己能做到的更有效率的方式；第三，它必須增加我們的長期盈利潛力並增加股東價值。

Wolt handily meets all 3 criteria. We believe Wolt brings extraordinary talent, a world-class product and operational expertise that will accelerate our progress. We've gotten to know Miki and the Wolt team well over the last few months, in fact, years and believe that they are truly exceptional. They share our ambition to build a global platform for all local commerce, and they've established a culture based on innovation, intense operational rigor and a bias for action. These characteristics match our own, and we believe our strategic and cultural alignment make them the best team in the world to lead our international efforts.

Wolt 輕鬆滿足所有 3 個標準。我們相信 Wolt 帶來了非凡的人才、世界級的產品和運營專業知識，這將加速我們的進步。在過去的幾個月裡，事實上，幾年來，我們已經很好地了解了 Miki 和 Wolt 團隊，並相信他們確實非常出色。他們分享我們為所有本地商業建立一個全球平台的雄心，他們建立了一種基於創新、嚴格的運營和行動偏見的文化。這些特點與我們自己相匹配，我們相信我們的戰略和文化一致性使他們成為世界上最好的團隊來領導我們的國際工作。

From a market perspective, Wolt operates in 23 markets, of which 22 are new markets for DoorDash. By themselves, we believe these markets provide an opportunity to grow our international business to multiples of what it is today. This should allow us to invest and expand more efficiently than we could have done on our own and on a faster time line.

從市場角度來看，Wolt 在 23 個市場開展業務，其中 22 個是 DoorDash 的新市場。就其本身而言，我們相信這些市場提供了一個機會，可以將我們的國際業務發展到今天的數倍。這應該使我們能夠比我們自己在更快的時間線上更有效地進行投資和擴張。

Finally, Wolt's product scales to multiple categories. In certain markets, the company has already established a strong presence in categories ranging as far as cosmetics and electronics. As we look to grow our non-restaurant categories globally, we expect their product vision and expertise will improve our execution.

最後，Wolt 的產品擴展到多個類別。在某些市場，該公司已經在化妝品和電子產品等類別中建立了強大的影響力。隨著我們希望在全球範圍內發展我們的非餐廳類別，我們期望他們的產品願景和專業知識將改善我們的執行。

From a financial perspective, the opportunity in local commerce is enormous. We believe the potential in our combined markets create a substantial opportunity to grow gross order value to multiples of its current level. We expect to invest aggressively behind the Wolt team and believe their capabilities will improve our efficiency internationally while allowing us to increase our focus in the United States.

從財務角度來看，本地商業的機會是巨大的。我們相信，我們合併市場的潛力創造了一個巨大的機會，可以將總訂單價值增長到當前水平的倍數。我們希望大力投資於 Wolt 團隊，並相信他們的能力將提高我們在國際上的效率，同時讓我們能夠增加對美國的關注。

Building a large and profitable local commerce platform is difficult to do in any market. Doing so across many markets simultaneously is exponentially harder. But attacking hard problems is what we like to do at DoorDash and we know that the same is true for Wolt. We couldn't be happier to be teaming up with Miki and the extraordinary team at Wolt to execute against our shared vision. With that, let me hand it over to Miki.

在任何市場都很難建立一個大型且有利可圖的本地商務平台。同時在多個市場上這樣做要困難得多。但是解決難題是我們在 DoorDash 喜歡做的事情，我們知道 Wolt 也是如此。我們非常高興能與 Miki 和 Wolt 的非凡團隊合作執行我們共同的願景。有了這個，讓我把它交給三木。

Thanks, Tony. Hi, everyone. I'm Miki Kuusi, co-Founder and CEO of Wolt. So my co-founders and I founded Wolt back in 2014 with the vision to build a new layer of infrastructure that connected restaurants and retailers, couriers and consumers in a way that made cities better and people happier. We wanted to build the digital version of the shopping mall but with the convenience that a modern logistics engine can enable.

謝謝，托尼。大家好。我是 Wolt 的聯合創始人兼首席執行官 Miki Kuusi。因此，我和我的聯合創始人早在 2014 年就創立了 Wolt，其願景是建立一個新的基礎設施層，將餐廳和零售商、快遞員和消費者聯繫起來，讓城市變得更好，讓人們更快樂。我們想構建數字版的購物中心，但要具備現代物流引擎可以實現的便利。

We did our first delivery in Helsinki, Finland, back in 2015. When we started, we knew a few things would have to be true if we were going to build the scale of the business we envisioned. First of all, we were going to have to expand beyond Finland. In Finland, we have fewer than 6 million people, so to build a large business, we were going to have to be international from day 1. We built everything about the service from product logistics to customer service with the idea of being easily exportable. This allowed us to launch 22 new countries in the 5 years from 2016 to 2020.

早在 2015 年，我們就在芬蘭赫爾辛基進行了第一次交付。當我們開始時，我們知道如果我們要建立我們設想的業務規模，一些事情必須是真實的。首先，我們將不得不向芬蘭以外的地區擴張。在芬蘭，我們只有不到 600 萬人，所以要建立一家大型企業，我們從第一天起就必須走向國際化。我們建立了從產品物流到客戶服務的所有服務，其理念是易於出口。這使我們能夠在 2016 年至 2020 年的 5 年內推出 22 個新國家/地區。

Secondly, we were going to have to be efficient. In the Nordics, we have a challenging combination of small cities, low population density, high labor costs and [no-sitting] culture. That means we have to build the business to operate at an incredible levels of logistical efficiency in order to generate room for profitability.

其次，我們必須高效。在北歐，我們面臨著小城市、低人口密度、高勞動力成本和 [no-sitting] 文化的挑戰。這意味著我們必須建立業務以實現令人難以置信的物流效率水平，以便為盈利創造空間。

Thirdly, we have to build a product that consumers loved. There was no room in our margin structure or our bank account to make up for poor quality products with a huge customer acquisition spend. We had to make our marketing spend work by using our product to retain consumers at higher levels than what we saw at competitors.

第三，我們要打造消費者喜愛的產品。我們的保證金結構或銀行賬戶沒有空間來彌補質量差的產品以及巨大的客戶獲取支出。我們必須通過使用我們的產品來使我們的營銷支出發揮作用，以比我們在競爭對手看到的更高的水平留住消費者。

We've been on an incredible journey so far but believe we are only getting started. We have 1 chance to build a leading global platform for local commerce. By joining forces with the team at DoorDash, we expect to put our combined company on a path to accelerate our efforts and bring greater levels of value to consumers, merchants and couriers around the world.

到目前為止，我們已經踏上了一段令人難以置信的旅程，但相信我們才剛剛開始。我們有 1 次機會為本地商業建立一個領先的全球平台。通過與 DoorDash 團隊合作，我們希望合併後的公司能夠加快我們的努力，為世界各地的消費者、商家和快遞員帶來更高水平的價值。

Thank you, Miki and Tony. Operator, we can take questions now.

謝謝你，三木和托尼。接線員，我們現在可以提問了。

(Operator Instructions)

（操作員說明）

First question comes from the line of Ross Sandler from Barclays.

第一個問題來自巴克萊銀行的羅斯桑德勒。

I guess we knew this day was going to come eventually with the European Cold War Kicking off. But I guess, Tony, the first question is, it looks like Wolt is doing about the same drops per hour as some of the competitors over there, and our understanding is they're #2 in most of their markets. So I guess, what are you guys bringing to the table? And how might the combination change that and kind of advance them to the top of the lead table?

我想我們知道這一天最終會隨著歐洲冷戰的開始而到來。但我想，托尼，第一個問題是，看起來 Wolt 每小時的滴水量與那裡的一些競爭對手差不多，我們的理解是，它們在大多數市場中都是排名第二的。所以我想，你們要帶來什麼？這種組合會如何改變這種情況，並讓他們躋身排行榜榜首？

Ross, I'll start and I'll let others here follow. I would say there are 3 big things that we saw about Wolt that are just really incredible. First and foremost, this is a team that executes in a very similar way to DoorDash. I cannot understate how important that is when we're talking about an execution-oriented business, which is what we find ourselves in. They really competed by building a winning product, by focusing on removing every basis point of inefficiency, finding every penny of savings and building a business that has compounded its efforts in delighting the customer and doing so in a very capital-efficient way.

羅斯，我會開始，我會讓這裡的其他人跟隨。我想說的是，我們看到了關於 Wolt 的 3 件大事，真是令人難以置信。首先，這是一個執行方式與 DoorDash 非常相似的團隊。當我們談論以執行為導向的業務時，我不能低估這是多麼重要，這就是我們發現自己的所在。他們通過構建成功的產品、專注於消除低效率的每一個基點、找到每一分錢來進行競爭。儲蓄和建立一個業務，以一種非常有效的資本效率的方式來取悅客戶。

The second thing I would say is they've built a remarkable business. I mean, as you saw in the Investor Relations deck that we uploaded, the business has grown to $2.5 billion in annualized gross order value, it's growing triple digits. It's done so while also growing its bottom line at the same time. And so it's become very, very efficient not only in its drops per hour, which includes idle time, by the way, but also just in how it's thought about everything from the consumer experience and conversion to customer support to localization and so forth. They've built an incredible business. When you look at this capital efficiency combined with just how early their markets are, as a stand-alone business, they just have a very large scale to grow into.

我要說的第二件事是他們建立了一個了不起的業務。我的意思是，正如您在我們上傳的投資者關係板塊中看到的那樣，該業務的年化總訂單價值已增長到 25 億美元，並且正在以三位數的速度增長。它這樣做的同時也增加了它的底線。因此，它變得非常非常高效，不僅在每小時滴數（包括空閒時間）方面，而且在它如何考慮從消費者體驗和轉換到客戶支持再到本地化等等的所有方面。他們建立了令人難以置信的業務。當你看到這種資本效率以及他們的市場有多早時，作為一個獨立的企業，他們只有一個非常大的規模可以成長。

The final thing I would say is it really represents an accelerated time line and speed for DoorDash. Wolt, because of where they started in their home country of Finland, a, relatively speaking, smaller country, they knew from day 1 in order to achieve the scale of their addition, they needed to expand into a lot of geographies and they've now grown to 23 markets, of which 22 will be new to DoorDash. So the combined team will be able to serve over 700 million people. And so not only does it grow our TAM but it allows DoorDash to have single-threaded focus here in accelerating our ability to compete on a bigger global stage.

我要說的最後一件事是，它確實代表了 DoorDash 的加速時間線和速度。 Wolt，因為他們從他們的祖國芬蘭開始，一個相對較小的國家，他們從第一天就知道，為了達到他們的增加規模，他們需要擴展到很多地區，他們已經現在發展到 23 個市場，其中 22 個將是 DoorDash 的新市場。因此，合併後的團隊將能夠為超過 7 億人提供服務。因此，它不僅增加了我們的 TAM，而且還允許 DoorDash 在這裡專注於單線程，以加速我們在更大的全球舞台上競爭的能力。

Ross, just to add to Tony's point, deliveries per hour is obviously an important metric, but across other aspects of the P&L, we were actually amazed by what we saw in terms of Wolt's capital efficiency. The retention is also superb. And so what I'm trying to say with that is, it -- actually, learning from Wolt has helped increase the efficiency of our own international investments.

羅斯，只是為了補充托尼的觀點，每小時交付量顯然是一個重要指標，但在損益表的其他方面，我們實際上對沃爾特的資本效率方面所看到的感到驚訝。保留也很棒。所以我想說的是，事實上，向沃爾特學習有助於提高我們自己的國際投資的效率。

The second point I'll make is Wolt has 4,000 people. And so if you think about what that does to our international or our ability to expand internationally, it just raises our level of focus outside the U.S. And then third, it preserves our existing management bandwidth to go after the large opportunity that exists in the U.S. and allows us to sharpen that focus not only in the restaurant category in the U.S. but also in terms of new categories like also in convenience.

我要說明的第二點是 Wolt 有 4,000 人。因此，如果您考慮一下這對我們的國際化或我們在國際上擴張的能力有何影響，它只會提高我們在美國以外的關注度。第三，它保留了我們現有的管理帶寬，以抓住美國存在的巨大機會。並且使我們不僅可以在美國的餐廳類別中加強關注，還可以在便利等新類別方面加強關注。

The next question comes from the line of Deepak Mathivanan from Wolfe Research.

下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

Congrats on the acquisition. One for Tony and 1 for Miki. Tony, wanted to ask about the driver supply and utilization here in the U.S. Now it seems like the driver acquisition trends are still pretty healthy, but with various categories on the platform scaling, with kind of different on-demand needs for now, curious on your thoughts on whether it would make sense to deploy a dual model with part-time, full-time model together with the on-demand workforce. What are you think -- what are the things that you're watching potentially to explore this model?

祝賀收購。一個給托尼，一個給三木。托尼，想問一下美國的司機供應和使用情況。現在看來，司機的獲取趨勢仍然很健康，但是隨著平台上各種類別的擴展，現在有不同的按需需求，很好奇您對部署具有兼職、全職模式和按需勞動力的雙重模式是否有意義的想法。你怎麼想——你正在觀察哪些東西來探索這個模型？

And then maybe as a follow-up to Ross's question on for Miki. Wanted to ask about your thoughts on the broader European market. Where do you see kind of near- to medium-term opportunities to expand next, given that the competitive intensity in some of the western European markets is very different?

然後也許作為羅斯對三木的問題的後續行動。想詢問您對更廣泛的歐洲市場的看法。鑑於一些西歐市場的競爭強度非常不同，您認為接下來在哪裡可以看到中短期的擴張機會？

Yes. Deepak, I'll start on the Dasher question, and I think there's actually a couple of questions in there. I think the first part is if you look at Dashers, they're actually no difference from consumers in the sense that they all value choice. And one of the things that we've seen is with over 3 million Dashers who Dash in the quarter, earning over $2.8 billion, I think what it really goes to show is that when you offer flexible opportunities as a platform, it really can be complementary to the traditional labor market. And that's why I think you've seen healthy levels of Dasher supply in the marketplace that has grown to meet the demand. And as we've gone into other categories, this is even offering Dashers even more choice and more flexible opportunities, whether it's doing grocery deliveries, convenience deliveries, et cetera.

是的。 Deepak，我將從 Dasher 的問題開始，我認為其中實際上有幾個問題。我認為第一部分是，如果你看一下 Dashers，它們實際上與消費者沒有區別，因為它們都重視選擇。我們看到的一件事是，本季度有超過 300 萬 Dashers 使用 Dash，收入超過 28 億美元，我認為它真正表明的是，當你提供靈活的機會作為一個平台時，它真的可以與傳統勞動力市場互補。這就是為什麼我認為您已經看到市場上 Dasher 供應的健康水平已經增長以滿足需求。隨著我們進入其他類別，這甚至為 Dashers 提供了更多選擇和更靈活的機會，無論是雜貨配送、便利配送等。

I think the second part of your question really is around Dasher preference. And at the end of the day, we're a platform that always has built what Dashers wanted. And so -- and then starting from that basis of offering -- and what we hear time and again, not just actually in the U.S., but really in all of our markets is how much they value the flexibility to earn. And starting from that basis and then working backwards with local regulators, elected officials and anyone else really who wants to create different frameworks that really meet the modern-day realities of what it is that workers want, that's what we stand for. Go ahead, Miki.

我認為您問題的第二部分確實與 Dasher 偏好有關。歸根結底，我們是一個始終構建 Dashers 想要的平台。所以 - 然後從提供的基礎開始 - 我們一次又一次地聽到，不僅是在美國，而且在我們所有的市場上，他們都非常重視盈利的靈活性。從這個基礎開始，然後與當地監管機構、民選官員和其他任何真正想要創建真正滿足工人想要的現代現實的不同框架的人合作，這就是我們的立場。來吧，三木。

Yes. On competition in Europe, like a lot of people say that it's very intense. From where I'm sitting, like it doesn't feel that intense. I guess it's because when you're sitting in the pressure kettle for 7 years, you kind of get used to the pressure. Like competition has always been intense in our industry and I expect it always will be. Like this is an industry that is ultimately about how you're able to marry efficiency with customer experience. But the easiest thing in the world is to spend money to have an amazing customer experience, but that's not a long-term sustainable business.

是的。關於歐洲的競爭，很多人都說非常激烈。從我坐的地方看，感覺並不那麼強烈。我想這是因為當你在壓力鍋裡坐了 7 年，你就會習慣這種壓力。就像我們行業的競爭一直很激烈，我希望它永遠都會如此。就像這個行業最終是關於如何將效率與客戶體驗結合起來。但世界上最簡單的事情就是花錢獲得令人驚嘆的客戶體驗，但這不是一項長期可持續的業務。

And when it comes to competition, like our focus is not on competition, our focus is on the customer and providing value to the customer and building an amazing service for the customer but doing it in an efficient, capital-efficient profitable manner, which allows us to keep on investing for a very long time into bringing more customers in the platform.

當談到競爭時，就像我們的重點不是競爭一樣，我們的重點是客戶，為客戶提供價值，為客戶打造令人驚嘆的服務，但以高效、資本效率高的盈利方式進行，這使得我們將在很長一段時間內繼續投資，以在平台上吸引更多客戶。

If I look at Europe, it's still very early, in all of our markets and in most of the markets in Europe as well. So yes, there's competition, there will always be competition. But ultimately, it's a game of execution of how you build value for the consumer.

如果我看看歐洲，在我們所有的市場以及歐洲的大多數市場中，現在還為時過早。所以是的，有競爭，總會有競爭。但歸根結底，這是一場關於如何為消費者創造價值的執行遊戲。

Next on the queue is Eric Sheridan from Goldman Sachs.

隊列中的下一位是高盛的 Eric Sheridan。

Just 1 really. When you think about what you framed as the potential for EBITDA looking out to 2022 and how Wolt fits that broader framework, can you talk to us a little bit about your biggest priorities, including executing against this acquisition about what would push you to the upper or lower band of some of those profitability outcomes as you look out over the next 12, 18 months?

真的只有1個。當您考慮您認為 2022 年 EBITDA 的潛力以及 Wolt 如何適應更廣泛的框架時，您能否與我們談談您最優先考慮的事項，包括執行此次收購，了解哪些因素會將您推向高層還是在未來 12 個月、18 個月內看到其中一些盈利結果的較低範圍？

It's Prabir. Thanks for the question. We're not formally providing 2022 guidance. Really the purpose of the $0 to $500 million EBITDA range was to signal that even post acquisition, which, by the way, has to go through regulatory review and complete, assuming the deal completes, we expect the combined company to have adjusted EBITDA that's basically neutral to what DoorDash would do on a stand-alone basis in 2022.

是普拉比爾。謝謝你的問題。我們沒有正式提供 2022 年的指導。 0 至 5 億美元 EBITDA 範圍的真正目的是表明即使在收購後，也必須經過監管審查並完成，假設交易完成，我們預計合併後的公司將調整 EBITDA，這基本上是與 DoorDash 在 2022 年獨立做的事情無關。

And so despite the combination, it doesn't change our priorities. Our priorities still remain: first, to build the #1 food app in the U.S.; second, to continue adding multiple categories beyond food and expand into convenience, grocery, pet food, retail and so on; third, to continue building the platform side of our business with DoorDash driving store fronts; and then fourth, to continue building a global company, and the Wolt conversation we're having today is a huge part of that.

因此，儘管結合在一起，它並沒有改變我們的優先事項。我們的首要任務仍然是：首先，打造美國排名第一的美食應用程序；二是繼續增加食品以外的多個品類，向便利、雜貨、寵物食品、零售等領域拓展；第三，通過 DoorDash 驅動店面，繼續構建我們業務的平台方面；然後第四，繼續建立一家全球性公司，我們今天進行的沃爾特對話是其中的重要組成部分。

Next one on the queue is Douglas Anmuth from JPMorgan.

隊列中的下一位是摩根大通的 Douglas Anmuth。

I wanted to ask about DashPass. You talked about the 9 million-plus members. I was hoping you could share a little bit more just on their characteristics in terms of frequency and order size and perhaps around new vertical adoption relative to non-DashPass members. And then you mentioned Canada and Australia share gains but obviously early in some of the international markets. Just curious if you expect the offering to work the same way as you expand more internationally going forward.

我想問一下 DashPass。您談到了超過 900 萬的會員。我希望你能分享更多關於他們在頻率和訂單規模方面的特徵，也許是關於相對於非 DashPass 成員的新垂直採用。然後你提到加拿大和澳大利亞分享收益，但顯然在一些國際市場早期。只是好奇您是否希望該產品以與您在國際上進一步擴展的方式相同的方式工作。

Doug, thanks for the question. Yes, I mean, we're excited about DashPass. It's our primary affordability play as you think about it because we -- it has 0 delivery fees as well as reduced service fees for DashPass members. The interesting thing about DashPass is it actually helps with overall retention. DashPass members have higher retention compared to those that do not use DashPass. Engagement levels are significantly higher. We haven't disclosed exactly how much but they are significantly higher. And third, we see DashPass members have a greater tendency to adopt across not just multiple types of products, so delivery and pickup, but also across multiple categories.

道格，謝謝你的提問。是的，我的意思是，我們對 DashPass 感到興奮。正如您所想的那樣，這是我們的主要負擔能力遊戲，因為我們 - 它為 DashPass 會員提供 0 送貨費以及降低的服務費。 DashPass 的有趣之處在於它實際上有助於整體保留。與不使用 DashPass 的成員相比，DashPass 成員的保留率更高。參與度明顯更高。我們沒有透露具體是多少，但它們要高得多。第三，我們看到 DashPass 成員更傾向於採用多種類型的產品，例如送貨和取貨，而且還採用多種類別。

And so to me, I view DashPass membership increases as a leading indicator in terms of future growth. And really, the opportunity for us, as you think about the size of the membership base today, with 9 million, there's millions of other MAUs that currently use DoorDash that aren't DashPass members. And we've got work to do in order to convert them to DashPass members.

所以對我來說，我認為 DashPass 會員的增加是未來增長的領先指標。真的，我們的機會，當您考慮今天的會員群規模時，有 900 萬，還有數百萬其他 MAU 目前使用 DoorDash，但不是 DashPass 會員。為了將他們轉變為 DashPass 會員，我們還有很多工作要做。

Beyond that, there's millions of other people that don't use DoorDash at all. So for us, as we continue making advances in terms of selection, both on the restaurant side as well as other categories, improve the quality of the delivery experience and continue to work on affordability, our hope is that, that membership base grows, which will drive future growth.

除此之外，還有數以百萬計的人根本不使用 DoorDash。因此，對我們而言，隨著我們在餐廳和其他類別的選擇方面不斷取得進步，提高交付體驗的質量並繼續努力提高可負擔性，我們希望會員基礎增長，這將推動未來的增長。

On the question on Canada and Australia, it's a slog like it was in the U.S. It comes down to the same 3 vectors of selection, quality and affordability. And there's no other secret sauce and we'll continue to make progress improving in all 3 dimensions, which is translating into retention gains and category share gains.

關於加拿大和澳大利亞的問題，就像在美國一樣，它歸結為選擇、質量和負擔能力這三個相同的向量。而且沒有其他秘訣，我們將繼續在所有 3 個維度上取得進步，這將轉化為保留收益和類別份額收益。

Next one on the queue is Michael McGovern from Bank of America.

隊列中的下一位是來自美國銀行的邁克爾麥戈文。

Just a couple on Wolt. I was wondering, pretty surprising to see such high growth this year in 2021 when we're kind of more post-pandemic, and there should be higher mobility having presumably some deceleration on growth. So can you talk about what's driving the outsized growth for Wolt? And it doesn't look like geographic expansion, so is there maybe non-restaurant expansion or category expansion that Wolt is seeing that's contributing to higher growth?

沃爾特上只有一對。我想知道，在 2021 年看到如此高的增長非常令人驚訝，當時我們有點處於大流行後的狀態，應該有更高的流動性，可能會對增長有所減速。那麼你能談談是什麼推動了 Wolt 的巨大增長嗎？而且它看起來不像是地域擴張，那麼 Wolt 看到的非餐廳擴張或品類擴張是否有助於更高的增長？

Thanks for the question. It's actually a variety of things. I don't want to go into a lot of detail until the deal closes, but it's not because of adding new countries. It's because of strong retention. It's because of customer acquisition strength, it's because of category expansion into -- beyond food.

謝謝你的問題。這實際上是各種各樣的事情。在交易完成之前，我不想透露太多細節，但這並不是因為增加了新的國家。這是因為強大的保留。這是因為客戶獲取實力，這是因為類別擴展到 - 超越食品。

And so yes, we like exactly the point that you just observed, which is this continued strength despite the fact that we're now sitting here towards the end of 2021, 2 years after the pandemic began. So all those data points are things that we saw, that we were excited by and frankly, the customer to the great product experience and the great product that Miki and his team have built.

所以，是的，我們完全喜歡你剛才觀察到的觀點，儘管我們現在坐在這裡，到 2021 年底，也就是大流行開始兩年後，這種持續的力量。因此，所有這些數據點都是我們看到的，坦率地說，我們為客戶對 Miki 和他的團隊打造的出色產品體驗和出色產品感到興奮。

Yes. I mean, people eat 80 to 100 times a month, so if you're talking about like an average monthly frequency of 3 to 4, like the reality is that like we're still a very small part of our customers' lives. And if you look at the broader population, most people have never even tried a service like us. So we're only getting started when you look at like the markets we operate in, expanding to new cities, bringing new merchants on the platform and increasingly being much more than a restaurant food delivery service, expanding to retail and other categories. So ultimately, it's an execution game. If you're the best possible provider for the customer, you will have customers using you more frequently more often than new customers coming to the platform, and that's what we're focused on.

是的。我的意思是，人們每個月吃 80 到 100 次，所以如果你說的是平均每月 3 到 4 次的頻率，就像現實一樣，我們仍然是客戶生活中很小的一部分。如果你看看更廣泛的人群，大多數人甚至從未嘗試過像我們這樣的服務。因此，當您查看我們經營的市場時，我們才剛剛開始，擴展到新的城市，在平台上引入新的商家，並且越來越不僅僅是餐廳送餐服務，擴展到零售和其他類別。所以最終，這是一個執行遊戲。如果您是客戶的最佳供應商，那麼您將比新客戶更頻繁地使用您的客戶，這就是我們關注的重點。

Next one on the queue is Youssef Squali from Truist Securities.

隊列中的下一位是來自 Truist Securities 的 Youssef Squali。

Two questions for me, please. First, on the acquisition, can you maybe just speak to the level of integration needed for you guys to deliver on the vision? Just trying to understand what are the low-hanging fruits versus things that may take longer to execute on, just considering the large, large footprint of the acquired company?

請教我兩個問題。首先，關於收購，你能否談談你們實現願景所需的整合程度？僅僅考慮到被收購公司的龐大足跡，就試圖了解哪些是唾手可得的成果與可能需要更長時間才能執行的事情？

And second, maybe you can comment on the Albertsons partnership that you've announced last quarter. Any learnings from that for grocery delivery? I think you had initially talked about a couple of thousand stores, and do you anticipate any more partnerships by year-end?

其次，也許您可以評論一下您在上個季度宣布的 Albertsons 合作夥伴關係。雜貨配送方面有什麼經驗嗎？我想你最初談到了幾千家商店，你預計到年底會有更多的合作夥伴關係嗎？

Sure, I'll take both of those. On the first question, this partnership is really about acceleration and expansion to play for a bigger prize on an even larger global stage. I think both Wolt and DoorDash have done a remarkable job in building the best product possible in their respective markets. And really, when I think about the combination now serving over 700 million people once the deal is closed in the first half of next year, we have a lot of work to do. We have a lot of work to keep delighting our customers and offering the best combination of selection, quality, price and service. And that's true in the restaurants category, that's also true beyond restaurants.

當然，我會接受這兩個。在第一個問題上，這種夥伴關係實際上是關於加速和擴展，以便在更大的全球舞台上爭取更大的獎項。我認為 Wolt 和 DoorDash 在各自市場打造最好的產品方面做得非常出色。真的，當我想到明年上半年交易完成後，這個組合現在為超過 7 億人提供服務時，我們還有很多工作要做。我們有很多工作要讓我們的客戶滿意，並提供選擇、質量、價格和服務的最佳組合。這在餐廳類別中是正確的，在餐廳之外也是如此。

So there's a lot of work to do. And in that vein, we really could use all the talented teammates possible. I mean, this partnership is not about cost synergies. This partnership is about acceleration and expansion, and we're very, very excited for the long runway ahead.

所以有很多工作要做。在這種情況下，我們真的可以使用所有可能的天才隊友。我的意思是，這種夥伴關係與成本協同效應無關。這種夥伴關係是關於加速和擴展的，我們對未來的長跑道感到非常非常興奮。

Your second question, I think, was with respect to Albertsons. It's been a fantastic partnership with Albertsons. You're right, we've now launched, across their entire footprint, over 2,000 stores. And we continue actually to see other partners added into this category. In fact, in the third quarter, we announced over 40,000 non-restaurant stores, including recent additions of Total Wine & More, Weis Markets and Cardenas Markets, in the grocery category, if that's where you're focused on, and also Bed Bath & Beyond so even beyond food and liquor.

我認為你的第二個問題是關於艾伯森的。與 Albertsons 的合作非常棒。你是對的，我們現在已經在他們的整個足跡中推出了 2,000 多家商店。我們實際上繼續看到其他合作夥伴添加到此類別中。事實上，在第三季度，我們宣布了超過 40,000 家非餐廳商店，包括最近在雜貨類別中增加的 Total Wine & More、Weis Markets 和 Cardenas Markets，如果這是你關注的地方，還有 Bed Bath & Beyond 所以甚至超越食物和酒。

As we discussed, there are 4 big areas of work right now at DoorDash. We're building the #1 food app. We are getting into new categories such as convenience and grocery. I mean, those are relatively new categories where -- I know we're the leading platform in the U.S. in convenience. There's still a long, long ways to go there. We're continuing to invest in services to help merchants build their own digital business with products like DoorDash Drive and Storefront. And obviously, we're making a big announcement today on our international business.

正如我們所討論的，DoorDash 目前有 4 大工作領域。我們正在構建排名第一的食物應用程序。我們正在進入便利和雜貨等新類別。我的意思是，這些是相對較新的類別——我知道我們在便利方面是美國領先的平台。還有很長很長的路要走。我們將繼續投資於服務，通過 DoorDash Drive 和 Storefront 等產品幫助商家建立自己的數字業務。顯然，我們今天要就我們的國際業務發布一個重大公告。

And so again, the theme even in both of your questions is how do we make sure we have single-threaded leadership in order to have both speed and quality of execution across all of these priority areas.

同樣，即使在您的兩個問題中，主題都是我們如何確保我們擁有單線程領導，以便在所有這些優先領域中同時具有速度和執行質量。

Next one on the queue is Bernie McTernan from Needham & Company.

隊列中的下一位是 Needham & Company 的 Bernie McTernan。

Just 2 for me. Tony, as you think over the next 12 to 24 months in isolating the U.S., what do you see as the greater near-term opportunity for either increasing the frequency of usage from the base, and as a result, you're adding more DashPass members, or just continue to expand the total number of customers on the platform?

對我來說只有2個。托尼，正如您在未來 12 到 24 個月內隔離美國時所想的那樣，您認為在短期內增加基地使用頻率的更大機會是什麼，因此，您正在添加更多 DashPass會員，還是只是繼續擴大平台上的客戶總數？

And then just to follow up on DashPass, the 9 million customers, certainly more than we were expecting. And it's been a while since you provided -- I think it was last year, you provided the 5 million. Can you talk about the cadence of getting from the 5 million to the 9 million?

然後只是跟進 DashPass，900 萬客戶，肯定比我們預期的要多。自從你提供以來已經有一段時間了——我想是去年，你提供了 500 萬。你能談談從500萬到900萬的節奏嗎？

Yes. I'll take the first one and maybe I'll let Prabir to follow on the second one. So on the first one, with respect to just the opportunity in the U.S., I mean, we're still pretty early. I know that obviously [telemed] was a big accelerator into the business. And in fact, you've seen a lot of the resilience of that consumer behavior stay even though in-store dining has returned to effectively all-time highs according to the latest Census Bureau stats that I saw in Q3. So there's just a lot of work still to do in the restaurant category alone.

是的。我會拿第一個，也許我會讓 Prabir 跟著第二個。所以在第一個方面，就美國的機會而言，我的意思是，我們還為時過早。我知道很明顯 [teled] 是業務的一大加速器。事實上，儘管根據我在第三季度看到的最新人口普查局統計數據，店內用餐實際上已經恢復到歷史最高水平，但您已經看到了消費者行為的很多彈性。因此，僅在餐廳類別中還有很多工作要做。

Yes, we're seeing consumer engagement higher than pre-COVID levels. But as Prabir mentioned, there are a lot of customers, I mean, that have never used DoorDash and certainly, you have customers that have used DoorDash, there's a lot of them that are not a part of DashPass. That's certainly an opportunity. Another big opportunity, I would say, is really our work into other categories. We are quickly marching into these other categories. In the first quarter, we announced single-digit percentages of our monthly active users having shopped in a non-restaurant category. That number is now up to 12% in the third quarter.

是的，我們看到消費者參與度高於 COVID 之前的水平。但正如 Prabir 所提到的，我的意思是，有很多客戶從未使用過 DoorDash，當然，您也有使用過 DoorDash 的客戶，其中有很多不是 DashPass 的一部分。這當然是一個機會。我想說，另一個大機會實際上是我們在其他類別中的工作。我們正在迅速進軍這些其他類別。在第一季度，我們公佈了在非餐廳類別購物的月度活躍用戶的個位數百分比。這個數字現在在第三季度高達 12%。

But again, these categories of convenience or grocery or alcohol, they're very, very, very young. We think there's a massive runway ahead and certainly a lot of work to do in order to invent -- to bring these categories online.

但同樣，這些便利、雜貨或酒類，它們非常、非常、非常年輕。我們認為前方有一條巨大的跑道，當然還有很多工作要做才能發明——將這些類別帶到網上。

And Bernie, on your question of cadence, I'm not sure exactly what you're looking for with the question is the speed at which we've added DashPass subs and whether the results from purely the pandemic. Let me put it this way, we've had quarter-on-quarter growth in the DashPass membership program every single quarter since we launched the program.

伯尼，關於你的節奏問題，我不確定你正在尋找的問題是我們添加 DashPass 訂閱的速度以及是否純粹是大流行的結果。讓我這麼說吧，自從我們推出 DashPass 會員計劃以來，每個季度我們的會員計劃都有季度環比增長。

Next one on the queue is Jason Helfstein from Oppenheimer & Co.

隊列中的下一位是來自 Oppenheimer & Co. 的 Jason Helfstein。

Jason, are you there? Let's go on to Brad or the next question and we'll come back if he hops back in.

傑森，你在嗎？讓我們繼續討論 Brad 或下一個問題，如果他重新加入，我們會回來。

So for the next question, we do have Brad Erickson from RBC Capital Markets.

所以對於下一個問題，我們有來自加拿大皇家銀行資本市場的布拉德·埃里克森。

So just a couple, I guess. One, how should we think about the brands going forward here? Do you go with multiple brands across the markets that are kind of in or does DoorDash maybe eventually take over in certain countries?

所以只有一對，我猜。一，我們應該如何看待這裡的品牌？您是否與市場上的多個品牌合作，或者 DoorDash 最終可能會在某些國家/地區接管？

And then second, when you look at the priorities here once the deal does close, is it really to just focus on the existing countries where both are operating or might you also look to expand into new countries with either of the brands?

其次，當您在交易完成後查看這裡的優先事項時，是否真的只關注雙方都在運營的現有國家，或者您是否也希望通過其中一個品牌擴展到新的國家？

Yes, I'll take that one, Brad. I guess crawl, walk, run, like I say a lot internally. And first, we have to wait for the deal to close, which we expect to happen in the first half of '22.

是的，我要那個，布拉德。我猜是爬、走、跑，就像我在內心說的很多。首先，我們必須等待交易完成，我們預計這將在 22 年上半年發生。

The second point around, I think your question, was around brands. These are hyper-local businesses. And at the same time, while they share the kind of global commonality that people, regardless of where they live eat 3 times a day and shop in this category over 100 times a month and are always seeking more and more convenience, brands tend to be hyper-local. And so we're going to optimize for how do we serve customers, merchants and couriers in the best possible way in their hyper-local area. In fact, nothing is going to change in terms of the quality of service, certainly day 1, and we only expect that to increase over time.

我認為你的問題是關於品牌的第二點。這些是超本地化的企業。同時，雖然他們有一種全球性的共性，人們無論住在哪裡，每天吃 3 次，每月在該品類購物超過 100 次，並且總是在尋求越來越多的便利，但品牌往往超本地化。因此，我們將優化我們如何在他們的超本地區域以最佳方式為客戶、商家和快遞員提供服務。事實上，就服務質量而言，沒有什麼會改變，當然是第一天，我們只希望隨著時間的推移而增加。

And then with respect, I think, to the second part of your question around the existing footprint versus adding footprint, we have a lot of work on our plate. I mean, there's 700 million people that the post-deal close, we're going to have to continuously delight. And while we have the benefit and the privilege of living in a high frequency category, we also recognize that as an execution-oriented business, where you have to earn every single order and every next order before we can earn the privilege of serving our customers the next time. So not much more to say than that right now besides super excited about the announcement today with a great team that shares our vision as well as the way we operate, and we have a lot of work ahead of us.

然後，我認為，關於你關於現有足跡與增加足蹟的問題的第二部分，我們有很多工作要做。我的意思是，交易完成後有 7 億人，我們將不得不不斷地高興。雖然我們擁有生活在高頻類別中的好處和特權，但我們也認識到，作為一個以執行為導向的業務，您必須贏得每一個訂單和下一個訂單，然後我們才能贏得為客戶服務的特權下一次。因此，除了對今天的公告感到非常興奮之外，現在沒有什麼可說的了，我們擁有一支與我們的願景和運營方式有著共同願景的偉大團隊，而且我們還有很多工作要做。

Next one on the queue is Steven Fox from Fox Advisors, LLC.

隊列中的下一位是 Fox Advisors, LLC 的 Steven Fox。

Two questions, if I could. Just on the acquisition. It sounds like there's areas where you both have different kinds of efficiency improvements versus the other. I was wondering how you envision sort of getting best practices out of the 2 platforms.

兩個問題，如果可以的話。只是關於收購。聽起來你們在某些領域的效率提升與其他領域不同。我想知道您如何設想從這兩個平台中獲得最佳實踐。

And then secondly, can you just talk a little bit about the ads growth? I understand your -- you said in the letter you're reinvesting profits from ads, but can you give us a sense for how it's growing and how successful it's been in the last quarter?

其次，你能談談廣告增長嗎？我理解你的 - 你在信中說你正在將廣告利潤再投資，但你能告訴我們它是如何增長的，以及它在上一季度的成功程度嗎？

Sure. I'll take the first and I'll let Prabir follow up on the ads question. With respect to the first question on efficiency, there are no silver bullets in this business. That's what I've learned. I mean, there is literally efficiency everywhere, from the consumer shopping experience itself to merchant operations to customer support, to driver efficiency, which I think sometimes gets quite a lot of attention. But there is literally a systemic equation in which you have to look at every component part, break it down into its inputs and from first principles, build the best possible combination of selection, quality, price and service for customers.

當然。我會拿第一個，然後讓 Prabir 跟進廣告問題。關於效率的第一個問題，這個行業沒有靈丹妙藥。這就是我所學到的。我的意思是，從消費者購物體驗本身到商家運營再到客戶支持，再到司機效率，從字面上看，效率無處不在，我認為這有時會引起很多關注。但實際上存在一個系統方程式，您必須在其中查看每個組件，將其分解為輸入，並從第一原則出發，為客戶建立選擇、質量、價格和服務的最佳組合。

And you're absolutely right. I mean, the Wolt team has done an amazing job with that. The DoorDash team has as well. And post deal close, we certainly will share best practices, but there are no silver bullets here. It's an execution-oriented business where you really have to understand how the inputs translate into the outcomes and you have to work every single variable.

你是絕對正確的。我的意思是，Wolt 團隊在這方面做得非常出色。 DoorDash 團隊也有。交易結束後，我們當然會分享最佳實踐，但這裡沒有靈丹妙藥。這是一個以執行為導向的業務，您必須真正了解輸入如何轉化為結果，並且您必須處理每一個變量。

On the question about ads and so on, I mean, we're not disclosing ad revenue at this point. What I will say is we're being careful about how we build it. It's really a merchant service and it's not an EBITDA play. And what I mean by that is we're taking our time to ensure that the ROAS remains strong for advertisers while ensuring that the customer experience remains neutral. Ideally, it's related to the customer experience. And as you pointed out, as we make more progress, those profit dollars will get reinvested back into growth initiatives as you well made the point, it's not an EBITDA play from our perspective.

關於廣告等問題，我的意思是，我們目前沒有披露廣告收入。我要說的是，我們正在小心我們如何構建它。這實際上是一項商家服務，而不是 EBITDA 遊戲。我的意思是，我們正在花時間確保廣告客戶的 ROAS 保持強勁，同時確保客戶體驗保持中立。理想情況下，它與客戶體驗有關。正如你所指出的，隨著我們取得更多進展，這些利潤將重新投資於增長計劃，正如你所說的那樣，從我們的角度來看，這不是 EBITDA 遊戲。

Next one on the line is James Lee from Mizuho.

下一位是瑞穗的詹姆斯·李。

I was hoping to get an update on DashMart and what are the key learnings that you guys are seeing so far? And what do you need to see for this business to expand? Should we think about this business as a complementary business or can it scale to a point into a main product?

我希望獲得有關 DashMart 的最新信息，你們到目前為止看到的主要學習是什麼？為了擴大這項業務，您需要看到什麼？我們應該將這項業務視為一項補充業務，還是可以將其擴展到主要產品？

Thanks for the question, James. I mean, the way I view it is our convenience business consists of 1P and 3P offerings in the sense from a customer's perspective, all they care about is that they get the selection that they need at the right quality and at affordable prices. And so to us, it's a hybrid strategy that involves both 1P and 3P partnerships in order to ensure that the selection is available at the best quality and price.

謝謝你的問題，詹姆斯。我的意思是，我認為我們的便利業務包括從客戶的角度來看的 1P 和 3P 產品，他們關心的是他們以合適的質量和可承受的價格獲得他們需要的選擇。所以對我們來說，這是一種混合策略，涉及 1P 和 3P 合作夥伴關係，以確保以最佳質量和價格提供選擇。

On the latter part of your question, at the end of the day, it's 1 -- it's a form of selection, just like anything else. And it allows us, because it's first party, to include not just food, include not just grocery but potentially AirPods or other things that the customer wants and demands. It's a core component of strategy where we're investing in it, which is part of the second priority I mentioned earlier in the conversation. And you can expect more updates as we make progress, but nothing we're prepared to disclose today.

在你問題的後半部分，歸根結底，它是 1——它是一種選擇形式，就像其他任何東西一樣。它允許我們，因為它是第一方，不僅包括食物，不僅包括雜貨，還包括潛在的 AirPods 或其他客戶想要和要求的東西。這是我們投資的戰略的核心組成部分，這是我在前面的對話中提到的第二個優先事項的一部分。隨著我們取得進展，您可以期待更多更新，但我們今天不准備透露任何內容。

Next one on the queue is Jason Helfstein from Oppenheimer & Co.

隊列中的下一位是來自 Oppenheimer & Co. 的 Jason Helfstein。

I saw you guys just filed the Wolt prospectus, but maybe I'll ask because maybe it's in there, but how do you think about valuation there? I don't know if there's something you want to share as far as like trailing 12-month revenue or gross profit? Or just any thoughts how you thought about valuation.

我看到你們剛剛提交了 Wolt 招股說明書，但也許我會問，因為它可能在那裡，但你如何看待那裡的估值？我不知道您是否想分享一些東西，比如過去 12 個月的收入或毛利潤？或者只是你對估值的看法。

And then in the first quarter, you mentioned 7% of the business was from non-restaurant orders. Just any update there?

然後在第一季度，您提到 7% 的業務來自非餐廳訂單。那裡有更新嗎？

Next one on the queue is Brian Fitzgerald from Wells Fargo...

隊列中的下一位是富國銀行的布賴恩·菲茨杰拉德……

We have to answer Jason's question.

我們必須回答傑森的問題。

Yes, go ahead.

好，去吧。

Can I answer Jason's question real quick? Very great. So we didn't disclose the order mix from new verticals. So what we did say is that the customers are MAUs that order from categories outside of restaurants grew 12% in September, and this number was single digits back in Q1. That's where the second question you asked.

我能很快回答傑森的問題嗎？很好。所以我們沒有透露來自新垂直行業的訂單組合。所以我們確實說的是，9 月份從餐廳以外的類別訂購的客戶是 MAU，增長了 12%，而這個數字在第一季度是個位數。那就是你問的第二個問題。

On the question of valuation, we aren't disclosing anything other than the current run rate GMV from Wolt and in fact as we thought about the valuation, we looked at the long-term profit potential of the businesses, given the retention dynamics we're seeing and the unit economics invested in market as well as the runway. I mean, Wolt currently has 2.5 million MAUs in the countries in which it operates. And these countries have 370-plus million people so there's a lot of runway for growth. And I do believe in the team and I believe if we execute well, we think we'll generate a very attractive return.

關於估值問題，除了 Wolt 的當前運行率 GMV 外，我們沒有透露任何其他信息，事實上，在我們考慮估值時，考慮到我們的保留動態，我們著眼於業務的長期盈利潛力。重新審視和單位經濟投資於市場和跑道。我的意思是，Wolt 目前在其運營所在的國家/地區擁有 250 萬個 MAU。這些國家有 370 多萬人，因此有很多增長空間。而且我確實相信團隊，我相信如果我們執行得好，我們認為我們將產生非常有吸引力的回報。

Brian Fitzgerald, your line is now open.

布賴恩·菲茨杰拉德，您的線路現已開通。

Maybe a follow-up on Wolt. Can you talk about the level of batching that you've done there historically? If you track that, how it has progressed?

也許是沃爾特的後續行動。你能談談你在歷史上在那裡完成的批處理水平嗎？如果你跟踪它，它是如何進展的？

And then on DoorDash, wanted to know if we could get an update on the reception and the adoption levels of the more recent [15, 25, 30] commission levels, how that's progressing, if you're seeing people move out of 1 bucket into another?

然後在 DoorDash 上，想知道我們是否可以了解最近 [15、25、30] 佣金水平的接收和採用水平的最新情況，如果你看到人們從 1 個桶中移出，進展如何進入另一個？

Yes. And maybe on the question on batching, as I said, look, the companies are operating independently today. We're not going to provide an update on Wolt's batch levels at this time.

是的。正如我所說，也許關於批處理的問題，看，這些公司今天是獨立運營的。我們目前不會提供 Wolt 批次級別的更新。

On the adoption of the various pricing tiers, we said last quarter that the majority of our restaurants have chosen the premium or plus. No real update on those metrics. I wouldn't say that the premier mix has outperformed our expectations. And the question was really a unit revenue question. Like I said, this is a smaller factor versus all of the other movements, given our investments that hit our take rate.

關於採用各種定價等級，我們在上個季度表示，我們的大多數餐廳都選擇了溢價或加價。這些指標沒有真正的更新。我不會說首要組合的表現超出了我們的預期。這個問題實際上是一個單位收入問題。就像我說的那樣，鑑於我們的投資達到了我們的收益率，與所有其他走勢相比，這是一個較小的因素。

Next question comes from Mark Mahaney from ISI.

下一個問題來自 ISI 的 Mark Mahaney。

The presentation describes Finland as having one of the most difficult markets for last-mile local logistics. Could you explain why? What's particularly difficult about that market? And I ask that because the follow-up question is, when you think about the attractiveness of the European markets, Eastern, Northern European markets where this acquisition, if it's successful, will take you, is there something about those markets that's more or less attractive than what you currently face in terms of regulation, income requirements and there are some for workers and classification of workers, et cetera? So is there something about those markets that makes them more or less attractive? They can still be intrinsically attractive but less attractive than the current markets that you're in.

該演示文稿將芬蘭描述為最後一英里本地物流最困難的市場之一。你能解釋一下為什麼嗎？這個市場有什麼特別困難的地方？我問這個問題是因為接下來的問題是，當你考慮歐洲市場、東歐和北歐市場的吸引力時，如果此次收購成功，將帶你去哪裡，這些市場或多或少有什麼東西嗎？在監管、收入要求以及工人和工人分類等方面比您目前面臨的更具吸引力？那麼，這些市場是否有一些東西讓它們或多或少具有吸引力？它們仍然具有內在吸引力，但不如您所在的當前市場有吸引力。

Yes. So I can maybe start. So if you look at our type of the business, like ultimately, it's a marriage of efficiency and customer experience. Why it's been difficult, like Nordic countries have the lowest income disparity in the world. It means that our kind of blended cost is going to be surprisingly close to our average order value, so we need to make the model work by the way of efficiency, it's not really tipping culture so you have to survive on relatively lower delivery fees and commissions.

是的。所以我也許可以開始。因此，如果你看看我們的業務類型，最終，它是效率和客戶體驗的結合。為什麼這很困難，就像北歐國家的收入差距是世界上最低的一樣。這意味著我們的混合成本將驚人地接近我們的平均訂單價值，因此我們需要通過效率來使模型發揮作用，這並不是真正的小費文化，因此您必須在相對較低的運費和佣金。

There's not a very strong pre-existing delivery culture, so you have to basically educate consumers to use delivery. And then like cities are not very high density and they're not very big. So like you need to be able to succeed in environments where order density is not going to be very high for a very long time, if ever. And to top it off, like we have very harsh winters. It's dark for most of the year and so forth.

預先存在的交付文化不是很強大，因此您必須從根本上教育消費者使用交付。然後就像城市的密度不是很高，也不是很大。因此，就像您需要能夠在很長一段時間內訂單密度不會很高的環境中取得成功（如果有的話）。最重要的是，就像我們有非常嚴酷的冬天一樣。一年中的大部分時間都是黑暗的，依此類推。

So it's just a difficult basically to do what we do. And the funny thing for us is that as we came out of Finland and out of the Nordics, we just realized that every other country we saw was a lot easier for us to do because like here, like you need to get every single ounce of the model to work out a little bit more efficiently to be able to operate.

所以基本上很難做我們所做的事情。對我們來說有趣的是，當我們離開芬蘭和北歐時，我們才意識到我們看到的每個其他國家對我們來說都更容易做到，因為就像在這裡，就像你需要得到每一盎司該模型的工作效率更高一點，以便能夠操作。

Yes. And Mark, what I would say -- or what I'd add to that is I think what the Wolt team has really proven is regardless of market, people eat 3 times a day and they're always seeking convenience options. And what's been really attractive about, frankly, their markets or even larger markets is just how early the runway is both in the food category as well as beyond.

是的。馬克，我要說的是——或者我要補充的是，我認為 Wolt 團隊真正證明的是，無論市場如何，人們每天吃 3 次，他們總是在尋求方便的選擇。坦率地說，他們的市場甚至更大的市場真正吸引人的地方在於，無論是食品類別還是其他類別，跑道都處於多早的階段。

Next question comes from the line of Ralph Schackart from William Blair.

下一個問題來自 William Blair 的 Ralph Schackart。

Just on driver supply, just curious what are the trends that you're seeing now that some of the government subsidies are starting to wane. I know in the letter talked about the average active hour increasing by about 9% or so. So just curious more on the supply if you're sort of attracting and retain drivers in this current environment.

僅就驅動程序供應而言，只是好奇您現在看到的一些趨勢是什麼，因為一些政府補貼開始減少。我知道在信中談到了平均活躍小時增加了大約 9% 左右。因此，如果您想在當前環境中吸引和留住司機，那就對供應更加好奇。

Yes. I mean I can start. Dasher supply, I think, has been very, very healthy in the second and the third quarter. And I think again, what you see is just again, over 90% of these Dashers work fewer than 10 hours a week. I mean, the average Dasher is under 5 hours a week. And so if you think about the nature of that work, it truly is very different and frankly, very complementary to a traditional job, as a result of which that's why we saw over 3 million Dashers in the quarter that have earned over $2.8 billion, and Dasher pay has actually increased by over 30% per active hour. And so it's been very healthy.

是的。我的意思是我可以開始了。我認為，Dasher 的供應在第二季度和第三季度非常非常健康。我再次想，你看到的只是，超過 90% 的 Dashers 每週工作不到 10 小時。我的意思是，平均 Dasher 每週不到 5 小時。因此，如果您考慮這項工作的性質，它確實非常不同，坦率地說，與傳統工作非常互補，這就是為什麼我們在本季度看到超過 300 萬的 Dashers 獲得了超過 28 億美元的收入， Dasher 的工資實際上每活躍小時增加了 30% 以上。所以它非常健康。

But this is again a business where it's very, very dynamic. As we head into Q4 with seasonality, we're going to have to make certain preparations and changes. And we saw that also with exogenous influence as well in Q1 with some of the stimulus money coming in and driving up demand. And so -- but in general, though, because of the nature of the work and how flexible it is, the Dasher supply has been relatively healthy.

但這又是一個非常非常有活力的行業。隨著我們進入第四季度的季節性，我們將不得不做一些準備和改變。我們在第一季度也看到了外生影響，一些刺激資金進入並推高了需求。所以——但總的來說，由於工作的性質和靈活性，Dasher 的供應相對健康。

Next question comes from the line of Alex Potter from Piper Sandler.

下一個問題來自 Piper Sandler 的 Alex Potter。

Was hoping you could give an update on Drive. I know historically, you haven't wanted to disclose specifics there, but maybe just qualitative, how has Drive been going?

希望您能提供有關雲端硬盤的更新。我知道從歷史上看，你不想透露那裡的細節，但也許只是定性的，Drive 進展如何？

And then a follow-up question also related to Drive. Is there an analogous sort of white-label service with Wolt? I know that historically, the European markets maybe have been more mom-and-pop, less sort of large franchises. So I'm just curious to the extent to which you'd consider a white-label offering in Europe as well.

然後是一個與 Drive 相關的後續問題。 Wolt 是否有類似的白標服務？我知道從歷史上看，歐洲市場可能更像是夫妻店，而不是大型特許經營店。所以我只是好奇你在多大程度上也會考慮在歐洲提供白標產品。

Sure, I'll start. On Drive, you're absolutely right. I mean, it's -- the -- Drive is a business that we've launched now for over 5 years, which really started in 2016. And it really started as a service to help restaurants build their own digital business for on-demand delivery. But since it's really grown into the last-mile logistics system for all retailers, I mean, it's -- we're privileged to get to work with businesses really across every category, whether it be grocery or health and beauty or general merchandise and we've seen it across the board.

當然，我會開始的。在雲端硬盤上，您是絕對正確的。我的意思是，Drive 是我們現在推出的一項業務超過 5 年，真正開始於 2016 年。它真正開始作為一項服務，幫助餐館建立自己的數字業務以實現按需交付.但由於它已經真正成長為所有零售商的最後一英里物流系統，我的意思是，我們很榮幸能夠與各個類別的企業合作，無論是雜貨、健康、美容還是日用品，我們已經全面看到了。

And so the Drive business has really diversified as well. But we have a long way to go in building a platform services business in which we not only want to create the largest local commerce marketplace, we also want to build the largest local commerce platform. We have to help these businesses certainly with logistics, that's one component, but everything from customer acquisition to customer service are things that you're going to have to do as a business owner in order to build a digital business. And so we have quite a long ways to go on the platform services road map. Drive is a huge part of it and we're excited to bring it to most places.

因此，Drive 業務也實現了多元化。但我們要打造平台服務業務還有很長的路要走，我們不僅要打造本地最大的電商市場，還要打造最大的本地電商平台。我們必須通過物流幫助這些企業，這是一個組成部分，但從客戶獲取到客戶服務的一切都是作為企業主必須做的事情，才能建立數字業務。因此，我們在平台服務路線圖上還有很長的路要走。 Drive 是其中的重要組成部分，我們很高興將它帶到大多數地方。

(Operator Instructions) Next one on the queue is Robert Mollins from Gordon Haskett Research.

（操作員說明）隊列中的下一位是 Gordon Haskett Research 的 Robert Mollins。

Tony, when you look at heavy users that aren't DashPass members, what are some of the reasons those consumers haven't signed up? And what levers can you pull to change that?

托尼，當您查看不是 DashPass 會員的重度用戶時，這些消費者沒有註冊的一些原因是什麼？你可以拉什麼槓桿來改變這種情況？

Yes, it's a great question. So again, customers value or are evaluating us across 4 dimensions, right: the selection of stores, the quality of the delivery experience as measured by speed, timeliness and accuracy; certainly, the affordability of the program, which you're referencing DashPass, and customer support. And so those are all of the things that we have to get right to be a valuable enough service where we can earn the privilege of getting a DashPass member.

是的，這是一個很好的問題。再說一遍，客戶在 4 個維度上重視或評估我們，對：商店的選擇、交付體驗的質量（以速度、及時性和準確性衡量）；當然，您引用 DashPass 的程序的可負擔性和客戶支持。因此，這些都是我們必須做好的所有事情，才能成為一項足夠有價值的服務，我們可以獲得成為 DashPass 會員的特權。

And you can see that we're doing work in all of these areas. There isn't necessarily 1 thing that we can do to drive up membership. It's really working on all of the inputs. I mean, a big part of selection in addition to adding more and more restaurants and different ways of interacting with those restaurants, we're not only the leading platform for delivery in the U.S. but we're also the leading platform for pickup, for example, in the U.S. is other categories.

你可以看到我們正在所有這些領域開展工作。我們不一定可以做一件事來提高會員資格。它確實適用於所有輸入。我的意思是，除了增加越來越多的餐廳和與這些餐廳互動的不同方式之外，選擇的很大一部分，我們不僅是美國領先的交付平台，而且我們也是領先的取貨平台，例如，在美國是其他類別。

And as mentioned both in our shareholder letter, the progression from low single digits or single-digit percentages in Q1 of our active user base trying a non-restaurant category to now 12% in the third quarter, I mean, that's showing some of that progression, but we have a long ways to go there. The quality is something that we're constantly obsessing over, constantly trying to shave seconds and minutes of inefficiency out of the system. We're constantly trying to improve accuracy as well as just making it easier also for deliveries to be completed on our platform.

正如我們在股東信中提到的那樣，我們嘗試非餐廳類別的活躍用戶群從第一季度的低個位數或個位數百分比發展到第三季度現在的 12%，我的意思是，這顯示了其中的一些進步，但我們還有很長的路要走。質量是我們一直在關注的東西，不斷地試圖從系統中減少幾秒鐘和幾分鐘的低效率。我們一直在努力提高準確性，同時讓交付更容易在我們的平台上完成。

And with respect to service and affordability, we're always trying to deliver more value to consumers, more value to merchants and more value to Dashers. So a lot of work remains to be done. No single silver bullet, but it's really about working the inputs to offer the best combination so that we can earn the privilege of having more members into DashPass.

在服務和可負擔性方面，我們一直在努力為消費者提供更多價值，為商家提供更多價值，為 Dashers 提供更多價值。所以還有很多工作要做。沒有單一的靈丹妙藥，但它確實是關於工作投入以提供最佳組合，以便我們可以獲得讓更多成員加入 DashPass 的特權。

That was our last question. I will now turn the call over back to Andrew Hargreaves.

那是我們的最後一個問題。我現在將把電話轉回給 Andrew Hargreaves。

Thank you, everybody, for joining us, and thank you, Tony, Miki and Prabir. We will talk to you all soon. Have a great evening.

感謝大家加入我們，感謝 Tony、Miki 和 Prabir。我們很快就會和大家談談。有一個美好的夜晚。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。