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.

各位好，感謝您稍候。歡迎參加 DoorDash 2021 年第三季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）現在我想把會議交給今天的發言人 Andrew Hargreaves 先生。請開始。

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。各位好，感謝大家參加我們 2021 年第三季財報電話會議。今天很高興與我們的共同創辦人、董事長兼執行長 Tony Xu，以及財務長 Prabir Adarkar 一同出席。我也很高興邀請到特別來賓：Wolt 的共同創辦人兼執行長 Miki Kuusi。

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.

我們想提醒各位，在本次電話會議中我們將作出前瞻性陳述，包括與近期宣布收購 Wolt 相關的陳述，例如市場機會、交易預期效益、增益（accretion）、完成交割所需時間、合併後公司的策略，以及對我們營運市場中客戶的益處；以及我們對業務的預期、未來財務結果與指引，以及策略。

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.

前瞻性陳述存在風險與不確定性，可能導致實際結果與我們前瞻性陳述所描述者有重大差異；其中部分風險已載於我們向美國證券交易委員會（SEC）提交的文件之風險因素中，包括我們的 Form 10-K。您不應將我們的前瞻性陳述視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之義務。

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，我們將討論若干非 GAAP 財務衡量指標。關於我們的非 GAAP 財務結果之資訊（包括將該等非 GAAP 結果與最可直接比較之 GAAP 財務衡量指標進行調節的對照表），可於我們的投資人信函中查閱，該信函可在我們的投資人關係網站取得。這些非 GAAP 指標應與我們的 GAAP 結果一併考量，並非用以取代 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，本次電話會議全程將在我們的投資人關係（IR）網站進行音訊網路直播。會後不久，我們的網站將提供音訊重播。我們通常會直接進入提問環節，但鑑於本次交易公告，我們將先請 Tony 與 Miki 在進入問答（Q&A）前做一些簡短說明。關於 Q&A，請注意，Miki 很樂意回答關於他對產業的看法以及促成此次結合的理由等問題。請不要詢問 Wolt 的財務數據或對未來整合計畫的展望。在交易完成交割前，我們的業務將維持獨立運作，因此目前我們不會回答這類問題。現在我把時間交給 Tony。

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.

很好。謝謝，Andy。各位好，感謝今天加入我們。在 DoorDash，我們的使命是推動並賦能在地經濟。我們從餐飲外送物流起步，而我們的願景一直是打造一個支持所有在地商務的平台，並以全球化方式實現。迄今為止，我們主要以有機成長的方式推進這項目標。這並不是因為我們認為必須以有機方式完成，而是因為我們的併購（M&A）框架門檻很高。

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.

對於之前未聽過的人，我們的併購框架由 3 項核心標準組成：第一，必須在人才方面具增益性（talent-accretive）。我們尋找極具才華、且與我們共享願景與執行方式的團隊；第二，必須解鎖新的產品類別和／或新地理市場。這表示我們尋找能擴大我們總可服務市場（TAM）的機會，無論是我們無法單靠自身做到，或是以比我們自行推進更有效率的方式做到；第三，必須提升我們長期獲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 完全符合這 3 項標準。我們相信 Wolt 帶來卓越的人才、世界級的產品與營運專業能力，將加速我們的進展。過去幾個月，事實上是過去幾年，我們逐漸更深入認識 Miki 與 Wolt 團隊，並相信他們確實非常出色。他們與我們同樣懷抱打造涵蓋所有在地商務的全球平台之雄心，並建立了以創新、極致的營運嚴謹度與行動導向為基礎的文化。這些特質與我們一致；我們相信在策略與文化上的高度契合，使他們成為帶領我們國際業務的全球最佳團隊。

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 個市場營運，其中有 22 個對 DoorDash 而言是全新市場。單就這些市場而言，我們相信它們提供了將我們國際業務規模成長至目前數倍的機會。這應能讓我們以比自行拓展更有效率、且更快的時間表進行投資與擴張。

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 的產品可擴展至多個品類。在某些市場中，該公司已在從美妝到電子產品等多元品類建立了強勢布局。隨著我們希望在全球擴大非餐廳品類，我們預期他們的產品願景與專業能力將提升我們的執行成效。

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，在地商務的機會極為龐大。我們相信，我們合併後所涵蓋市場的潛力，將創造可把總訂單金額（gross order value）提升至目前數倍的重大成長機會。我們預期將在 Wolt 團隊背後積極投入資源，並相信他們的能力將提升我們在國際市場的效率，同時讓我們能更聚焦於美國市場。

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.

在任何市場打造一個規模大且獲利的在地商務平台都很困難；同時在多個市場並行推進則是成倍更難。但解決艱難問題正是 DoorDash 喜歡做的事，我們也知道 Wolt 亦然。能與 Miki 以及 Wolt 這支卓越團隊攜手，共同實現我們的共同願景，我們感到無比興奮。接下來我把時間交給 Miki。

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，Tony。各位好。我是 Miki Kuusi，Wolt 的共同創辦人兼執行長。我與共同創辦人們在 2014 年創立 Wolt，願景是打造一個新的基礎設施層，將餐廳與零售商、外送夥伴與消費者連結起來，以讓城市更美好、讓人們更快樂。我們想打造購物中心的數位版本，但同時具備現代物流引擎所能帶來的便利性。

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.

我們在 2015 年於芬蘭赫爾辛基完成了第一筆配送。創業之初，我們就知道若要打造我們所想像的業務規模，有幾件事必須成立。首先，我們必須走出芬蘭。芬蘭人口不到 600 萬，要建立大型事業，我們從第一天起就必須國際化。我們在服務的各個面向——從產品物流到客戶服務——都以易於輸出為設計理念。這讓我們得以在 2016 到 2020 的 5 年間，於 22 個新國家上線。

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.

第二，我們必須高效率。在北歐，我們面臨小城市、低人口密度、高勞動成本以及「[no-sitting]」文化等具挑戰性的組合。這意味著我們必須以極高水準的物流效率來營運，才能創造出獲利空間。

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，我們必須打造消費者喜愛的產品。我們的毛利結構或銀行帳戶都沒有空間，去用龐大的客戶取得成本來彌補產品品質不佳。我們必須讓行銷支出發揮效益，透過產品把消費者留存率做到比我們在競爭對手那裡看到的更高水準。

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，我們走過了一段令人難以置信的旅程，但我們相信這才剛剛開始。我們只有一次機會打造一個面向本地商務的全球領先平台。透過與 DoorDash 團隊攜手合作，我們預期能讓合併後的公司走上加速推進的道路，並為全球的消費者、商家與外送夥伴帶來更高層次的價值。

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

謝謝你，Miki 和 Tony。接線員，我們現在可以開始提問。

(Operator Instructions)

（接線員指示）

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

第一個問題來自 Barclays 的 Ross Sandler。

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?

我想我們早就知道這一天終究會到來，尤其是在歐洲冷戰開打之際。不過我想，Tony，第一個問題是，看起來 Wolt 的每小時配送量（drops per hour）大致與那邊一些競爭對手相當，而我們的理解是他們在多數市場排名第 2。所以你們究竟帶來了什麼？這次結合可能會如何改變現況，並推動他們在領先梯隊中更上一層樓、甚至登頂？

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.

Ross，我先回答，之後也讓在座其他人補充。我會說，我們在 Wolt 身上看到三件非常了不起的大事。第一也是最重要的，這是一支在執行方式上與 DoorDash 非常相似的團隊。當我們談的是一個以執行為導向的業務——而這正是我們所處的業務——這點的重要性再怎麼強調都不為過。他們透過打造一個能贏的產品來競爭，專注於消除每一個基點的低效率、找出每一分錢的節省空間，並以非常資本效率的方式建立了一門能持續複利、讓客戶滿意的生意。

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.

第二點是，他們打造了一個卓越的業務。正如你在我們上傳的投資人關係簡報中所看到的，該業務的年化總訂單金額（gross order value）已成長至 25 億美元，且以三位數的速度成長。同時，他們也在提升獲利表現。因此，他們不僅在每小時配送量方面非常高效（順帶一提，這個指標包含閒置時間），在從消費者體驗與轉換率、到客服、到在地化等各方面的思考與運作上也都非常有效率。他們建立了一個令人驚嘆的業務。當你把這種資本效率與其市場仍處早期的特性結合來看，作為一家獨立公司，他們仍有非常大的規模成長空間可供擴張。

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.

最後一點是，這對 DoorDash 來說代表著加速的時間表與速度。Wolt 因為起步於其母國芬蘭——相對而言是一個較小的國家——他們從第一天起就知道，若要達到他們所追求的規模，就必須擴張到許多地理區域；而他們如今已拓展至 23 個市場，其中有 22 個對 DoorDash 來說將是全新市場。因此，合併後的團隊將能服務超過 7 億人口。這不僅擴大了我們的 TAM（可服務總市場），也讓 DoorDash 能以單線專注（single-threaded focus）加速提升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.

Ross，我補充 Tony 的觀點：每小時配送量當然是一個重要指標，但在損益表（P&L）的其他面向上，我們對 Wolt 的資本效率之高也感到非常驚訝。他們的留存也非常出色。所以我想表達的是——其實，向 Wolt 學習也幫助提升了我們自身國際投資的效率。

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.

第二點是，Wolt 有 4,000 名員工。因此，如果你思考這對我們的國際業務、或我們拓展國際市場的能力意味著什麼，它就是把我們在美國以外的專注程度提升到更高層級。第三點是，它保留了我們現有的管理帶寬（management bandwidth），讓我們能去追逐美國市場中存在的巨大機會，並讓我們不僅在美國的餐廳品類上、也在便利等新類別上進一步聚焦。

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?

恭喜完成收購。我有一題問 Tony、一題問 Miki。Tony，我想問美國這邊的司機供給與使用率（utilization）。目前看起來司機招募趨勢仍相當健康，但隨著平台上各類別規模化、且不同類別的即時需求也有所差異，我想聽聽你對於是否有必要部署一種雙軌模式的看法：把兼職、全職模式與按需（on-demand）勞動力一起運作。你們在觀察哪些因素，可能會去探索這種模式？

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?

另外，作為對 Ross 問題的延伸，想請教 Miki：你如何看待更廣泛的歐洲市場？考量到部分西歐市場的競爭強度非常不同，你認為短期到中期接下來有哪些擴張機會？

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.

好的，Deepak，我先回答 Dasher 的問題，我覺得你其實問了幾個面向。第一部分是，如果你看 Dashers，他們其實和消費者沒有差別，因為大家都重視選擇。從我們看到的情況是，每季有超過 300 萬名 Dashers 進行配送、合計賺取超過 28 億美元，我想這真正顯示的是：當你以平台形式提供彈性的機會，它確實可以與傳統勞動市場互補。這也是為什麼你會看到市場上的 Dasher 供給維持在健康水準，並隨需求成長而擴大。而當我們進入其他類別時，這也為 Dashers 提供更多選擇與更彈性的機會，例如生鮮雜貨配送、便利商店配送等等。

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.

我認為你問題的第二部分其實是關於 Dasher 的偏好。歸根結底，我們是一個一直以來都在打造 Dashers 想要的東西的平台。因此——我們從提供（選擇）這個基礎出發——而我們一再聽到的，不只是美國，其實在我們所有市場都是：他們非常重視彈性賺取收入的能力。以此為出發點，然後再倒推與地方監管機構、民選官員，以及任何真正想建立不同框架、以符合現代勞動者需求現實的人合作，這就是我們所堅持的立場。Miki，你請。

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。談到歐洲的競爭，很多人都說非常激烈。以我所在的位置來看，其實沒有那麼激烈的感覺。我想是因為你在高壓鍋裡待了 7 年，就會習慣那種壓力。競爭在我們這個產業一直都很激烈，我也預期未來永遠都會如此。這個產業最終比的是你如何把效率與客戶體驗結合起來。但世界上最容易的事，就是花錢去做出很棒的客戶體驗；然而那不是一個長期可持續的生意。

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.

至於競爭，我們的重點不在競爭對手，我們的重點在客戶：為客戶提供價值、為客戶打造卓越的服務，但同時要以高效率、資本效率高且能獲利的方式來做到，這樣我們才能在很長一段時間內持續投資，把更多客戶帶到平台上。

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.

如果我看歐洲，無論是在我們所有的市場，還是在歐洲大多數市場，目前都還非常早期。所以是的，會有競爭，也永遠都會有競爭。但歸根結底，這是一場執行力的競賽：你如何為消費者建立價值。

Next on the queue is Eric Sheridan from Goldman Sachs.

下一位排隊提問的是高盛（Goldman Sachs）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?

我其實只有 1 個問題。當你們談到展望 2022 年 EBITDA 的潛力，以及 Wolt 如何融入那個更大的框架時，能否跟我們多談一點你們最大的優先事項？包括在執行這筆收購上，未來 12 到 18 個月內，哪些因素會讓你們落在那些獲利結果區間的上緣或下緣？

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.

我是 Prabir。謝謝你的問題。我們並沒有正式提供 2022 年的指引。$0 到 $5 億美元的 EBITDA 區間，主要目的是要傳達：即使在收購之後——順帶一提，這還需要通過監管審查並完成——在假設交易完成的前提下，我們預期合併後公司的調整後 EBITDA，基本上會與 DoorDash 在 2022 年以獨立公司基礎所能達到的水準大致相當（接近持平）。

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，即便完成合併，也不會改變我們的優先事項。我們的優先事項仍然是：第一，打造美國第 1 的美食 App；第二，持續在餐飲之外增加多元品類，擴展到便利商店、雜貨、寵物食品、零售等；第三，持續打造我們業務的平台端，由 DoorDash 推動商家線上門店（store fronts）；第四，持續打造一家全球性公司，而我們今天對 Wolt 的討論是其中非常重要的一部分。

Next one on the queue is Douglas Anmuth from JPMorgan.

下一位排隊提問的是摩根大通（JPMorgan）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.

我想問關於 DashPass。你們提到 900 萬以上的會員。我希望你們能多分享一些他們的特徵，例如下單頻率與訂單金額，或是相較於非 DashPass 會員，他們在新垂直品類的採用情況。然後你們提到加拿大與澳洲的市占提升，但顯然在一些國際市場仍屬早期。我也想了解，隨著你們未來進一步國際擴張，你們是否預期這個方案會以相同方式運作。

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.

Doug，謝謝你的問題。是的，我們對 DashPass 感到很興奮。從定位來看，它是我們主要的「可負擔性」策略，因為——DashPass 會員享有 0 外送費，並且服務費也會降低。DashPass 有趣的地方在於，它其實有助於整體留存。DashPass 會員的留存率高於未使用 DashPass 的用戶。互動／使用程度也顯著更高。我們尚未披露具體高多少，但確實顯著更高。第三，我們看到 DashPass 會員更傾向於採用不只是多種產品型態（例如外送與自取），也會跨多個品類消費。

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.

因此對我而言，我把 DashPass 會員數的增加視為未來成長的領先指標。就機會而言，從目前 900 萬的會員規模來看，還有數百萬目前使用 DoorDash 的 MAU（每月活躍用戶）並不是 DashPass 會員。我們還有很多工作要做，去把他們轉換成 DashPass 會員。

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，還有數百萬人根本完全沒有使用 DoorDash。所以對我們來說，當我們持續在選擇性上取得進展——不論是餐廳端或其他品類——提升外送體驗的品質，並持續在可負擔性上努力，我們希望會員基礎能夠成長，進而帶動未來成長。

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.

至於加拿大與澳洲的問題，這是一場苦戰，就像在美國一樣。關鍵仍然是同樣的 3 個向量：選擇性、品質與可負擔性。沒有其他祕密配方；我們會持續在這 3 個面向都推進改善，而這也正轉化為留存提升與品類市占提升。

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

下一位排隊提問的是美國銀行（Bank of America）的 Michael McGovern。

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?

我有幾個關於 Wolt 的問題。我覺得很意外的是，2021 年在我們算是更偏後疫情時期、行動力應該更高、成長理應放緩的情況下，Wolt 仍然呈現這麼高的成長。你能談談是什麼在推動 Wolt 的超預期成長嗎？而且看起來不像是地理擴張所致，那是否是非餐廳的擴張或品類擴張，正在貢獻更高的成長？

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。其實是多種因素共同作用。我不想在交易完成前談太多細節，但這不是因為新增國家，而是因為強勁的留存、強勁的獲客能力，以及品類擴張到——餐飲以外。

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，我們很喜歡你剛剛觀察到的重點：即使我們現在已經來到 2021 年底、距離疫情開始已 2 年，仍然能看到這樣的持續強勁。這些都是我們看到、感到興奮的數據點；坦白說，也要歸功於 Miki 和他的團隊打造的優秀產品，以及帶給客戶的卓越產品體驗。

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，人們一個月會吃 80 到 100 次，所以如果你談的是平均每月 3 到 4 次的使用頻率，現實是我們仍然只佔客戶生活中非常小的一部分。而如果你看更廣泛的人口，大多數人甚至從未嘗試過像我們這樣的服務。所以當你看我們所營運的市場、擴展到新城市、把新商家帶上平台，以及愈來愈不只是餐廳外送服務、而是擴展到零售與其他品類時，我們其實才剛開始。最終，這是一場執行力的競賽。如果你能成為對客戶而言最好的服務提供者，你就會讓客戶更頻繁地使用你，也會有更多新客戶加入平台，而這正是我們專注的方向。

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

下一位排隊提問的是 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?

我有兩個問題。第一，關於這次收購，你能否談談為了實現願景，你們需要做到什麼程度的整合？我想了解哪些是唾手可得的成果（low-hanging fruits），哪些可能需要更長時間才能落地，尤其考量到被收購公司非常、非常大的版圖。

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?

第二，你能否評論一下你們在上一季宣布的 Albertsons 合作夥伴關係？在雜貨外送方面有什麼學習？我記得你們一開始談到大約幾千家門店，你們是否預期在年底前還會有更多合作夥伴關係？

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，我來回答這兩個問題。第一個問題，這次合作的核心是加速與擴張，讓我們能在更大的全球舞台上競逐更大的成果。我認為 Wolt 與 DoorDash 都在各自市場打造出盡可能最好的產品，做得非常出色。而當我想到這次合併——一旦交易在明年上半年完成，合併後將服務超過 7 億人——我們還有很多工作要做。我們必須持續讓客戶感到驚喜，並提供在選擇性、品質、價格與服務上的最佳組合。這在餐廳品類上如此，在餐廳以外的品類也同樣如此。

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.

所以還有很多工作要做。也因此，我們確實希望能網羅所有可能的優秀夥伴。我是說，這項合作並不是為了成本協同效益。這項合作是為了加速與擴張，而我們對前方非常、非常長的成長跑道感到十分振奮。

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.

我想你的第二個問題是關於 Albertsons。與 Albertsons 的合作一直非常成功。你說得沒錯，我們現在已在他們的整個版圖上線，涵蓋超過 2,000 家門市。而且我們也持續看到其他合作夥伴加入這個類別。事實上，在第三季，我們宣布新增超過 40,000 家非餐廳門市，其中包括近期加入的 Total Wine & More、Weis Markets 與 Cardenas Markets（若你關注的是雜貨類別），另外也有 Bed Bath & Beyond，因此甚至不僅限於食品與酒類。

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.

如同我們討論過的，目前 DoorDash 有 4 個主要工作領域。我們正在打造 #1 的美食 App。我們正進入便利與雜貨等新類別。我的意思是，這些都是相對新的類別——我知道我們在美國的便利品類是領先平台，但那裡仍有很長、很長的路要走。我們也持續投資服務，透過 DoorDash Drive 與 Storefront 等產品，協助商家建立自己的數位業務。當然，我們今天也會就國際業務做出重大宣布。

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.

所以再一次，即便在你兩個問題中共同的主題都是：我們如何確保有單線負責的領導架構，讓我們能在所有這些優先領域同時兼顧速度與執行品質。

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

下一位排隊的是 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?

我有兩個問題。Tony，當你思考未來 12 到 24 個月、並把範圍限定在美國時，你認為短期內更大的機會是：提升既有用戶的使用頻率，進而增加更多 DashPass 會員；還是持續擴大平台上的總客戶數？

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?

另外再追問 DashPass：9 百萬名客戶，確實比我們預期的還多。而且你們有一段時間沒有提供更新——我記得去年你們提到的是 5 百萬。你能談談從 5 百萬成長到 9 百萬的節奏嗎？

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.

好的。我先回答第一個，第二個可能讓 Prabir 接著補充。先談第一個，關於美國的機會，我的意思是，我們仍然處於相當早期。我知道顯然 [telemed] 曾大幅加速業務成長。事實上，即使內用已經回升——根據我在第三季看到的最新人口普查局統計，內用幾乎回到歷史高點——你也看到那種消費者行為仍然相當有韌性。因此，光是在餐廳這個類別，我們還有很多工作要做。

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，我們看到消費者互動程度高於 COVID 之前的水準。但如 Prabir 所提到，仍有很多客戶——我的意思是——從未使用過 DoorDash；而且即便是使用過 DoorDash 的客戶，其中也有很多並不是 DashPass 會員。這當然是一個機會。另一個很大的機會，我會說，是我們在其他類別的拓展。我們正快速推進到這些其他類別。第一季時，我們宣布每月活躍用戶中，只有個位數百分比曾在非餐廳類別購物。到第三季，這個數字已提升到 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.

但再一次，便利、雜貨或酒類這些類別都還非常、非常、非常年輕。我們認為前方有巨大的成長跑道，當然也還有很多工作要做，才能持續創新——把這些類別帶到線上。

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.

Bernie，關於你問的成長節奏，我不太確定你具體想問的是我們增加 DashPass 訂閱的速度，還是這些結果是否純粹來自疫情。這麼說吧，自從我們推出這個方案以來，DashPass 會員計畫每一季都呈現季對季成長。

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

下一位排隊的是 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.

Jason，你在線上嗎？我們先進行到 Brad 或下一個問題，如果他再加入我們再回來。

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

那麼下一個問題，我們有 RBC Capital Markets 的 Brad Erickson。

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?

我想問兩個。第一，未來在品牌策略上我們應該怎麼看？你們會在各個市場維持多品牌並行，還是 DoorDash 最終可能在某些國家取而代之？

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?

第二，當交易完成後，你們在優先事項上會怎麼看？是否主要聚焦在雙方目前都在營運的既有國家，還是也可能用其中一個品牌擴張到新的國家？

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.

好的，Brad，我來回答。我想就像我在內部常說的：先爬、再走、再跑。首先，我們得等交易完成，我們預期會在 22 年上半年完成。

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.

第二點，我想你的問題是關於品牌。這些都是高度在地化的業務。同時，雖然它們也有某種全球共通性——不論住在哪裡，人們一天吃三餐、每月在這個類別購物超過 100 次，並且總是在尋求更多便利——但品牌往往是高度在地化的。因此，我們會以如何在各自高度在地的區域中，以最佳方式服務顧客、商家與外送夥伴為優先來做最佳化。事實上，在服務品質方面，至少在第 1 天不會有任何改變，而我們只預期它會隨時間提升。

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.

至於你問題的第二部分——關於既有版圖與新增版圖——我們手上有很多工作要做。我的意思是，交易完成後，我們將需要持續讓 7 億人感到滿意。雖然我們有幸身處高頻次的類別，但我們也認知到這是一門以執行為導向的生意：你必須贏得每一筆訂單、以及下一筆訂單，之後才能贏得下一次服務客戶的資格。所以目前除了這些之外也沒有太多可說的；只能說我們對今天的宣布感到非常興奮，因為我們有一支很棒的團隊，與我們共享願景以及運作方式，而我們前方也還有很多工作要做。

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

下一位排隊的是 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.

如果可以的話我有兩個問題。第一，關於這次收購。聽起來你們雙方各自在效率改善上有不同的強項。我想知道你們如何構想從兩個平台萃取並推廣最佳實務。

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?

第二，能否談談廣告成長？我理解你們——你在信中提到你們正在把廣告的利潤再投資，但你能否讓我們了解它的成長情況，以及上一季的成效如何？

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.

當然可以。我先回答第一題，然後讓 Prabir 接著回覆廣告的問題。就第一個關於效率的問題而言，這個行業沒有什麼一招致勝的靈丹妙藥。這是我學到的。我是說，效率其實無所不在，從消費者的購物體驗本身、到商家的營運、到客服、到外送員效率——我覺得這一點有時候會受到相當多的關注。但實際上這是一個系統性的方程式，你必須檢視每一個組成部分，把它拆解成各項投入，並從第一性原理出發，為客戶打造在選擇、品質、價格與服務之間最佳的組合。

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.

而你說得完全正確。我的意思是，Wolt 團隊在這方面做得非常出色。DoorDash 團隊也是如此。交易完成後，我們當然會分享最佳實務，但這裡沒有什麼靈丹妙藥。這是一門以執行為導向的生意，你必須真正理解各項投入如何轉化為結果，而且你得把每一個變數都做到位。

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.

至於你問到廣告等等的問題，我們目前不會揭露廣告營收。我想說的是，我們在打造這項業務時會非常謹慎。它本質上是一項商家服務，而不是一個 EBITDA 的玩法。我所謂的意思是，我們會花時間確保廣告主的 ROAS 仍然強勁，同時確保客戶體驗保持中性。理想情況下，它應該與客戶體驗相關。正如你指出的，隨著我們取得更多進展，這些利潤美元會再投回成長計畫；如你所說，從我們的角度來看，這不是一個 EBITDA 的玩法。

Next one on the line is James Lee from Mizuho.

下一位在線上的是來自 Mizuho 的 James Lee。

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?

我想請你們更新一下 DashMart 的進展，以及你們目前看到的關鍵學習是什麼？另外，這個業務要擴張需要看到哪些條件？我們應該把這個業務視為互補型業務，還是它可以擴大到成為主要產品？

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，James。我的看法是，我們的便利業務由 1P 與 3P 供給所構成；從客戶的角度來看，他們在意的只是能以合適的品質、可負擔的價格，取得他們需要的選擇。因此對我們而言，這是一個混合策略，透過同時進行 1P 與 3P 的合作夥伴關係，來確保選擇能以最佳的品質與價格提供。

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.

至於你問題的後半段，歸根結底，它是一種「選擇」的形式，就像其他任何東西一樣。而且因為它是第一方（first party），我們不只可以納入餐食、不只可以納入雜貨，還可能納入 AirPods 或其他客戶想要、需求的商品。這是我們策略中的核心組成，我們正在投入其中，這也屬於我先前在對話中提到的第二項優先事項的一部分。隨著我們取得進展，你可以期待更多更新，但今天我們還沒有準備好揭露更多。

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

下一位排隊的是來自 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.

我看到你們剛提交了 Wolt 的招股說明書（prospectus），不過我想問一下，因為也許裡面有寫：你們怎麼看那邊的估值？我不確定你們是否願意分享一些資訊，例如過去 12 個月的營收或毛利？或是任何你們如何思考估值的想法。

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

另外，在第一季你們提到 7% 的業務來自非餐廳訂單。這部分有沒有任何更新？

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

下一位排隊的是來自 Wells Fargo 的 Brian Fitzgerald……

We have to answer Jason's question.

我們得先回答 Jason 的問題。

Yes, go ahead.

是的，你先請。

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.

我可以很快回答 Jason 的問題嗎？非常好。我們沒有揭露新垂直類別的訂單組合（order mix）。我們所說的是：在 9 月，從餐廳以外類別下單的客戶（以 MAU 計）成長了 12%，而這個數字在第一季時還是個位數。這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.

至於估值的問題，我們除了 Wolt 目前的 GMV 現行運行率（run rate）之外，不會揭露其他資訊。事實上，在思考估值時，我們看的是這些業務的長期獲利潛力，考量我們看到的留存動態、各市場投入下的單位經濟，以及成長跑道。我的意思是，Wolt 目前在其營運的國家有 250 萬 MAU，而這些國家的人口超過 3.7 億，所以成長跑道非常大。我也相信這個團隊；如果我們執行得好，我們認為將能產生非常具吸引力的回報。

Brian Fitzgerald, your line is now open.

Brian Fitzgerald，你的線路現在已開通。

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?

我想追問一下 Wolt。你能談談你們過去在那邊做「批次配送」（batching）的程度嗎？如果你們有追蹤的話，它的進展如何？

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?

另外在 DoorDash 方面，我想知道能否更新一下較新的 [15, 25, 30] 佣金等級的市場反應與採用程度，進展如何？你們是否看到有人從一個區間移到另一個？

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。關於批次配送（batching）這個問題，如我所說，目前兩家公司仍是各自獨立營運。我們此時不會提供 Wolt 的批次水平更新。

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.

至於各種定價層級的採用情況，我們上季說過，我們的大多數餐廳選擇了 premium 或 plus。目前這些指標沒有實質更新。我不會說 premier 的組合表現超出我們的預期。而這個問題本質上是單位營收（unit revenue）問題。如我所說，考量到我們的投資會影響 take rate，相較於其他所有變動，這只是較小的因素。

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.

簡報中提到芬蘭是最後一哩在地物流最困難的市場之一。你能解釋為什麼嗎？那個市場特別困難的點是什麼？我之所以問，是因為後續問題是：當你們思考歐洲市場的吸引力——也就是這筆收購若成功將帶你們進入的東歐、北歐市場——在法規、收入要求，以及對勞工的一些規定與勞工分類等方面，這些市場相較於你們目前面對的環境，有沒有什麼更吸引或較不吸引之處？所以，是否有什麼因素讓那些市場更或更不具吸引力？它們仍然可能本質上很有吸引力，但相較於你們目前所在市場可能較不吸引。

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。我可以先開始回答。若你看我們這類型的業務，最終其實是效率與客戶體驗的結合。之所以困難，是因為北歐國家的收入差距是全球最低的，這代表我們的某種「混合成本」會出乎意料地接近我們的平均訂單金額，因此我們必須透過效率讓模型可行；而且那裡並沒有很強的給小費文化，所以你必須在相對較低的配送費與佣金之下生存。

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.

那裡也沒有非常強的既有外送文化，所以你基本上必須教育消費者使用外送。再者，城市密度不高、城市規模也不大。因此你需要能在訂單密度長期不會很高（如果有的話）的環境中取得成功。除此之外，我們還有非常嚴酷的冬天；一年大部分時間天色昏暗，等等。

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，基本上要做我們在做的事情確實很困難。對我們來說有趣的是，當我們走出芬蘭、走出北歐之後，我們才意識到我們所看到的其他每個國家對我們而言都容易得多，因為像在這裡，你必須把這個模式的每一分效能都榨出來、讓它運作得更有效率一點，才能夠營運。

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。而 Mark，我想說——或我想補充的是，我認為 Wolt 團隊真正證明的是，不論市場如何，人們一天吃三餐，而且他們總是在尋找便利的選擇。坦白說，他們的市場，甚至更大的市場之所以特別有吸引力，就在於不論是在餐飲品類，還是餐飲以外的領域，成長跑道都還非常早期。

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.

關於司機供給，我想了解一下，現在一些政府補貼開始減弱之後，你們看到的趨勢是什麼？我知道信中提到平均活躍時數大約增加了 9% 左右。所以想更進一步了解供給端，在目前這個環境下，你們是否仍在吸引並留住司機。

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。我想我可以先說。Dasher 供給在第二季和第三季一直非常、非常健康。我想你看到的仍然是——超過 90% 的 Dasher 每週工作少於 10 小時。平均 Dasher 每週不到 5 小時。所以如果你去想這種工作的性質，它確實非常不同，而且坦白說，與傳統工作是高度互補的。也因此，我們在本季看到超過 300 萬名 Dasher 賺取了超過 28 億美元，而 Dasher 的報酬按每活躍小時計算實際上提高了超過 30%。所以整體非常健康。

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.

但這同樣是一個非常、非常動態的業務。隨著我們進入具有季節性的第四季，我們將必須做一些準備與調整。我們在第一季也看到外生因素的影響，例如部分刺激金進來推升了需求。總之——但整體而言，因為這份工作的性質以及它的高度彈性，Dasher 供給一直相對健康。

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?

希望你們可以更新一下 Drive 的情況。我知道過去你們不太願意披露那邊的具體細節，但也許從定性角度來說，Drive 目前進展如何？

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.

另外一個追問也與 Drive 有關。Wolt 那邊是否有類似的白標（white-label）服務？我知道過去歐洲市場可能比較多是小型獨立商家，較少大型連鎖加盟。所以我想了解一下，你們是否也會考慮在歐洲提供白標方案。

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，我先開始。關於 Drive，你說得完全正確。Drive 是我們已經推出超過 5 年的業務，最早可追溯到 2016 年。它一開始其實是為了幫助餐廳建立自己的數位業務、提供即時配送。但之後它確實已經成長為面向所有零售商的最後一哩物流系統。我們很榮幸能與幾乎各個品類的企業合作，不論是雜貨、健康與美容，或一般商品，我們都看到全面性的需求。

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 業務本身也變得更加多元化。但我們在打造平台服務業務方面仍有很長的路要走：我們不僅想建立最大的在地商務市集，也想打造最大的在地商務平台。我們必須協助這些企業處理物流——那只是其中一個組成——還包括從顧客獲取到客戶服務等各個面向，因為作為企業主，若要建立數位業務，這些都是必須做到的。因此，在平台服務的路線圖上我們還有很長一段路。Drive 是其中非常重要的一部分，我們也很期待把它帶到更多地方。

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

（接線員指示）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?

Tony，當你看那些使用頻率很高但不是 DashPass 會員的用戶時，這些消費者尚未註冊的原因有哪些？你們可以透過哪些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，這是個很好的問題。再說一次，客戶在四個面向上看待或評估我們，對吧：店家選擇的豐富度；配送體驗的品質——以速度、準時性與準確性衡量；當然還有你提到的方案可負擔性，也就是 DashPass；以及客戶支援。因此，這些都是我們必須做對的事情，才能成為足夠有價值的服務，讓我們有資格贏得一位 DashPass 會員。

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.

你也可以看到我們在所有這些領域都在努力。並不一定有某一件事就能推升會員數；真正重要的是把所有投入項都做好。就選擇而言，除了持續增加更多餐廳以及更多與餐廳互動的方式之外，我們不僅是美國外送的領先平台，同時例如在美國，我們也是自取（pickup）的領先平台，以及其他品類的領先平台。

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.

而且如同我們在股東信中提到的，我們的活躍用戶中，嘗試非餐廳品類的比例，從第一季的低個位數或個位數百分比，提升到第三季的 12%。這顯示出一些進展，但我們在那方面仍有很長的路要走。品質是我們持續高度關注的事情，我們不斷嘗試把系統中的低效率以秒、以分鐘為單位削減掉。我們也持續提升準確性，同時讓在我們平台上完成配送變得更容易。

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.

至於服務與可負擔性，我們一直在努力為消費者、商家以及 Dasher 提供更多價值。所以仍有大量工作要做。沒有單一的靈丹妙藥，而是要把各項投入做好，提供最佳的組合，讓我們能夠贏得更多人加入 DashPass 的資格。

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

以上是我們最後一個問題。現在我把電話會議交回給 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.

謝謝各位今天加入我們，也謝謝 Tony、Miki 和 Prabir。我們很快會再與各位交流。祝各位晚安。

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。感謝各位參與。您現在可以掛線。