DoorDash Inc (DASH) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the DoorDash Q2 2021 Earnings Call.

女士們，先生們，感謝您的支持，歡迎參加 DoorDash 2021 年第二季度財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to turn the conference over to your host, Mr. Andy Hargreaves.

我現在想將會議轉交給您的主持人安迪·哈格里夫斯先生。

Please go ahead.

請繼續。

Thank you very much, Cris.

非常感謝你，克里斯。

Hello, everyone, and thanks for joining us for our second quarter 2021 earnings call.

大家好，感謝您加入我們的 2021 年第二季度財報電話會議。

I'm pleased to be joined today by our Co-Founder, Chair and CEO, Tony Xu; and our CFO, Prabir Adarkar.

今天很高興我們的聯合創始人、董事長兼首席執行官 Tony Xu 加入我們的行列；和我們的首席財務官 Prabir Adarkar。

I would like to remind everyone that we'll be making forward-looking statements during this call, including statements regarding our expectations of our business, future financial results and guidance and strategy.

我想提醒大家，我們將在本次電話會議期間發表前瞻性陳述，包括關於我們對業務的預期、未來財務業績以及指導和戰略的陳述。

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 such risks are described in our risk factors included in our SEC filings, including Form 10-K.

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，此類風險在我們提交給美國證券交易委員會的文件（包括 10-K 表格）中的風險因素中有所描述。

You should not rely on our forward-looking statements as predictions of future events.

您不應依賴我們的前瞻性陳述作為對未來事件的預測。

We disclaim any obligation to update any forward-looking statements, except as required by law.

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 discuss certain non-GAAP financial measures.

在本次電話會議中，我們將討論某些非公認會計準則財務措施。

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.

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，可以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。

These non-GAAP measures should be considered in addition to our GAAP results and are not intended to be a substitute for our GAAP results.

除了我們的 GAAP 結果之外，還應考慮這些非 GAAP 措施，並且不能替代我們的 GAAP 結果。

Finally, this call, in its entirety, is being audio webcast on our Investor Relations website.

最後，本次電話會議的全部內容將在我們的投資者關係網站上進行網絡音頻廣播。

An audio replay of the call will be available on our website shortly after the call ends.

通話結束後不久，我們的網站將提供通話的音頻重播。

Cris, we'll go straight into questions today.

克里斯，我們今天將直接進入問題。

So please go ahead and read the first question.

所以請繼續閱讀第一個問題。

(Operator Instructions) Your first question comes from the line of Ross Sandler from Barclays.

（操作員說明）您的第一個問題來自 Barclays 的 Ross Sandler。

Two questions, Tony.

兩個問題，托尼。

Your nonrestaurant delivery business has several strategies in place, both in Marketplace and in Drive.

您的非餐廳外賣業務在 Marketplace 和 Drive 中都有多種策略。

What are you most excited about thus far?

到目前為止，您最興奮的是什麼？

What's adding the most to your financial performance?

什麼對您的財務業績貢獻最大？

And second question is, in the letter, you mentioned that same-store sales for your merchants is up about 35%.

第二個問題是，在信中，您提到您的商家的同店銷售額增長了約 35%。

I assume that's dramatically higher than anybody in the peer set.

我認為這比同行中的任何人都要高得多。

But if overall GOV starts to decelerate and normalize next year, how does that work as far as continuing to add merchants while growing same-store sales?

但如果明年整體 GOV 開始減速並趨於正常化，那麼在增加同店銷售額的同時繼續增加商家的效果如何？

And any thought on how you balance out that?

關於如何平衡這一點有什麼想法嗎？

And what that might mean for merchant retention?

這對商家保留意味著什麼？

Nice quarter.

漂亮的季度。

Hey, Ross, I'll take the first question, and I'll let Prabir start the second.

嘿，羅斯，我會回答第一個問題，然後讓 Prabir 開始第二個問題。

So on the first question, with respect to new categories.

所以關於第一個問題，關於新類別。

I mean you're right, we're super excited about our progress.

我的意思是你是對的，我們對我們的進步感到非常興奮。

In Q1, we announced that about 7% of our business was coming from orders outside of restaurants.

在第一季度，我們宣布約 7% 的業務來自餐廳以外的訂單。

And that has grown sequentially, and it's grown certainly faster than our restaurants business.

這已經連續增長，而且它的增長速度肯定比我們的餐館業務要快。

And it does touch upon the strategy of creating both a marketplace where we're generating incremental demand and really building best-in-class point solutions category by category where we bring everything inside the neighborhood to consumers in minutes, not hours or days.

它確實涉及創建一個市場的戰略，我們正在產生增量需求，並真正建立一流的單點解決方案類別，我們在幾分鐘內將社區內的所有東西帶給消費者，而不是幾小時或幾天。

And then on the other side, we are also building a first-party capability on behalf of retailers and merchants so that they can create their own digital businesses.

另一方面，我們還代表零售商和商家建立第一方能力，以便他們可以創建自己的數字業務。

The goal of DoorDash has always been to create the largest local commerce marketplace as well as the largest local commerce platform.

DoorDash 的目標一直是打造本地最大的商貿市場和本地最大的商貿平台。

And we think that this strategy is certainly playing out not just in our core and original category of restaurants but now also heading into other categories.

我們認為，這種策略肯定不僅在我們的核心和原始餐廳類別中發揮作用，而且現在也在進入其他類別。

Yes.

是的。

And Ross, just to add on to Tony's point, I mean the reason we're about these new categories, both in our Marketplace -- primarily in the Marketplace, in addition Drive, is -- what the early data suggests is that when consumers buy from other categories in our Marketplace, in addition to the food category, they subsequently now then increase their retention and engagement with the Marketplace as a whole compared to customers who do not buy across categories.

羅斯，補充一下托尼的觀點，我的意思是我們之所以關注這些新類別，都在我們的市場中——主要是在市場中，除了 Drive，是——早期數據表明，當消費者從我們市場中的其他類別購買，除了食品類別，與不跨類別購買的客戶相比，他們現在提高了對整個市場的保留和參與度。

And so we're seeing this behavior.

所以我們看到了這種行為。

It's super exciting.

這是超級令人興奮的。

It's improving the value proposition of Dash products, which is why we're investing behind it, both on the Marketplace as well as for Drive.

它正在改善 Dash 產品的價值主張，這就是我們在 Marketplace 和 Drive 上進行投資的原因。

Now for Drive, it's a slightly different strategy because we don't own the customer relationship in Drive.

現在對於 Drive，這是一個稍微不同的策略，因為我們不擁有 Drive 中的客戶關係。

But as we add more orders from other categories to the ecosystem, we're just creating density and order density that, frankly, lowers our cost structure and then you know the rest of the flywheel.

但是，隨著我們將更多來自其他類別的訂單添加到生態系統中，我們只是在創造密度和訂單密度，坦率地說，這降低了我們的成本結構，然後你就知道飛輪的其餘部分了。

So that's on the first part of your question.

所以這是你問題的第一部分。

On the second question, I think I understand what you're getting at.

關於第二個問題，我想我理解你的意思。

But the way I view it is, first, if you think about it from a merchant standpoint, the Marketplace GOV is just one portion of the sales that we generate.

但我的看法是，首先，如果您從商家的角度考慮，Marketplace GOV 只是我們產生的銷售額的一部分。

It doesn't capture the value of Drive orders, right?

它沒有捕捉到雲端硬盤訂單的價值，對吧？

So remember that.

所以記住這一點。

So the true sales, from a merchant perspective, is very different than what's implied by the GOV growth.

因此，從商家的角度來看，真正的銷售額與 GOV 增長所暗示的非常不同。

The second is, if you look at what happened to our order frequency over time, we're currently at all-time highs.

第二個是，如果你看看我們的訂單頻率隨著時間的推移發生了什麼變化，我們目前處於歷史最高水平。

And the order frequency is high, both for our DashPass subscribers as well as for non-DashPass users.

我們的 DashPass 訂閱者和非 DashPass 用戶的訂單頻率都很高。

And so both sets of -- both cohorts of users have actually achieved not just year-on-year but lifetime high order frequency, and that will continue to increase over time as our selection improves, the affordability improves and as quality improves.

因此，這兩組用戶實際上不僅實現了同比增長，而且實現了終生高訂購頻率，並且隨著我們選擇的改進、可負擔性的提高和質量的提高，這將隨著時間的推移而繼續增加。

That will then continue to drive GOV growth for our merchants.

這將繼續推動我們商家的 GOV 增長。

Your next question comes from the line of Brian Fitzgerald from Wells Fargo.

您的下一個問題來自富國銀行的 Brian Fitzgerald。

I had 2 questions.

我有 2 個問題。

One was around the beat and the guidance.

一個是圍繞節拍和指導。

How much of that was driven by international versus new categories, if you could parse that out or give us some color on that?

其中有多少是由國際與新類別驅動的，如果你能分析出來或給我們一些顏色？

And then could you talk to the kind of different take rates or pricing points you rolled out last quarter?

然後你能談談你上個季度推出的那種不同的收取率或定價點嗎？

Can you talk to us about the adoption rates?

你能和我們談談採用率嗎？

Is there a tendency to move up or down versus cohorts of somebody who started at a certain percentage and then started moving up to 25% to 35%?

與從某個百分比開始然後開始上升到 25% 到 35% 的人相比，是否有上升或下降的趨勢？

Sure.

當然。

So Brian, on the first question, we basically saw strength across the board on just core consumer metrics, right?

所以布萊恩，在第一個問題上，我們基本上在核心消費者指標上看到了全面的優勢，對吧？

So it wasn't that one part of our business beat and another didn't.

因此，並不是我們業務的一部分勝過而另一部分沒有。

But across the board, we started to see, as I alluded to earlier, strong order frequency development.

但是，正如我之前提到的，我們開始全面看到強勁的訂單頻率發展。

You saw pickup on DashPass subs not just in the U.S. but also growth in our international regions.

您不僅在美國看到了 DashPass 訂閱量的增加，而且在我們的國際地區也看到了增長。

As a matter of fact, our international business actually grew faster both quarter-on-quarter and year-on-year compared to our U.S. business.

事實上，與我們的美國業務相比，我們的國際業務環比和同比增長都更快。

We continue to see strength on retention and order frequency for our consumer cohorts, both those cohorts that were acquired this year compared to new cohort we had pre-COVID and retention order frequency benefits for existing cohorts that were acquired prior to the pandemic.

我們繼續看到我們的消費者群體的保留和訂單頻率的優勢，這兩個群體是今年獲得的，與我們在 COVID 之前獲得的新群體相比，以及在大流行之前獲得的現有群體的保留訂單頻率優勢。

So across both new cohorts and existing cohorts, retention and order frequency continues to be above pre-COVID levels.

因此，在新群組和現有群組中，留存率和訂單頻率繼續高於 COVID 之前的水平。

So a long way of saying we're seeing strength across all these fundamental consumer metrics that then ultimately led to order volume beat that then translate to GOV in the rest of the P&L.

因此，很長一段時間以來，我們都看到了所有這些基本消費者指標的優勢，最終導致訂單量超過了訂單量，然後在損益表的其餘部分轉化為 GOV。

On your question around the pricing packages, what I would say is the majority of restaurants have chosen either the premium or the plus package and the premium mix actually has outperformed our expectations.

關於您關於定價套餐的問題，我想說的是大多數餐廳選擇了高級套餐或加價套餐，而高級套餐實際上超出了我們的預期。

And so on the whole, it's performing in line, slightly better than expectations.

總的來說，它的表現符合預期，略好於預期。

If it's a take rate question, I don't think the impact on our take rate will be noticeable because there are other factors like DashPass mix and fundamental efficiency improvements that usually are much larger in magnitude than the shifts that are created by the pricing packages.

如果這是一個接受率問題，我認為對我們的接受率的影響不會很明顯，因為還有其他因素，例如 DashPass 組合和基本效率改進，通常比定價包產生的變化大得多.

Next up, we have Youssef Squali from Truist Securities.

接下來，我們有來自 Truist Securities 的 Youssef Squali。

Two questions for me.

我有兩個問題。

When I read the letter, I noticed that it's really peppered by language mostly about the need for a higher level of investments.

當我讀到這封信時，我注意到它的語言確實充斥著關於需要更高水平投資的語言。

So can you maybe quantify the higher level of investment in DashDoor supply and new categories and international kind of that you qualified?

那麼，您能否量化對 DashDoor 供應以及您合格的新類別和國際類型的更高水平的投資？

How long do you think or do you anticipate this investment cycle to last some?

你認為或預計這個投資週期會持續多久？

Just kind of what's the primary driver?

主要驅動因素是什麼？

You've obviously been aggressively investing to date, but it seems like this is a step-up from what you've been doing so far?

到目前為止，您顯然一直在積極投資，但這似乎是您迄今為止所做的一個進步？

Yes, Youssef, so maybe just to take a step back, I just want to reiterate and remind people of how we manage the business and the philosophy, which is we're super early in terms of the opportunity not just in food but also when you add in these other categories that we have now recently entered into, such as convenience, grocery, pet food, alcohol and others.

是的，優素福，所以也許只是退後一步，我只是想重申並提醒人們我們如何管理業務和理念，即我們在機會方面非常早，不僅在食物方面，而且在什麼時候您添加了我們最近進入的這些其他類別，例如便利、雜貨、寵物食品、酒精和其他。

So we're a tiny, tiny fraction of the potential of these categories.

所以我們只是這些類別潛力的一小部分。

And that's why we're investing.

這就是我們投資的原因。

So if you take a look at where we're investing, it's largely driven by new categories and to build our international business.

因此，如果你看看我們在哪裡投資，它主要是由新類別驅動並建立我們的國際業務。

We're not going to break out the quantum of the investment.

我們不會透露投資的數量。

But I will say that we're fortunate in that we've got a U.S. business that is, firstly, large; second, growing; and third, has improving margins, which increases the larger profit pool that we can then use to invest in these other opportunities that are ahead of us.

但我要說的是，我們很幸運，因為我們有一家美國企業，首先，它很大。第二，成長；第三，利潤率提高，這增加了更大的利潤池，我們可以利用這些利潤池來投資我們面前的其他機會。

Next, we have Douglas Anmuth from JPMorgan.

接下來是摩根大通的 Douglas Anmuth。

I was hoping you could just talk a little bit more about the Japan market launch.

我希望你能多談談日本市場的推出。

I know it's fairly new, but just curious what some of the nuances are in that market relative to the U.S.?

我知道這是相當新的，但只是好奇這個市場相對於美國有哪些細微差別？

And then if you could also talk about how you're thinking about Europe as well.

然後，如果您也可以談談您對歐洲的看法。

Yes.

是的。

I mean Japan, we launched the market.

我的意思是日本，我們推出了市場。

I don't even think it's been 2 months, so it's too early to draw any conclusions.

我什至認為這還不到 2 個月，所以現在下任何結論還為時過早。

But whenever we launch these markets, in the beginning, I mean, we're super focused on, I'm going to call it, product market parameters more so than actual financial parameters.

但是，每當我們推出這些市場時，我的意思是，我們一開始就非常關注產品市場參數，而不是實際的財務參數。

So let me describe what I mean.

所以讓我描述一下我的意思。

We're looking for retention improvements.

我們正在尋找留存改進。

We're looking for order frequency improvements.

我們正在尋找訂單頻率的改進。

We're looking to ensure that customers aren't retaining simply for discounts versus creating a habit with us.

我們希望確保客戶不會僅僅為了折扣而留住客戶，而不是與我們一起養成習慣。

And so again, it's been 2 months.

再說一次，已經2個月了。

I don't want to -- it's too early to declare victory or anything like that, but we're encouraged by what we see.

我不想——現在宣布勝利或類似的事情還為時過早，但我們對我們所看到的感到鼓舞。

We're currently in one market, which is largely -- which is Sendai.

我們目前處於一個市場，主要是仙台。

And what we're noticing is that the opportunity is available because these markets are relatively underpenetrated compared to core open city centers.

我們注意到，機會是可用的，因為與核心開放城市中心相比，這些市場相對滲透率較低。

And so lots more work to do, and we'll keep people posted on the progress.

還有很多工作要做，我們會讓人們隨時了解進展情況。

And in terms of just other geographies, I mean, I'll just remind you of our priorities, one of which is to become an international company.

就其他地區而言，我的意思是，我只是提醒您我們的優先事項，其中之一就是成為一家國際公司。

And we exist in -- we operate in Canada and Australia and Japan today.

我們存在於 - 我們今天在加拿大、澳大利亞和日本開展業務。

And over time, as these other markets get bigger and start generating profit pools, and we can afford to do so, we will expand, obviously, in an economically efficient manner in other geographies.

隨著時間的推移，隨著這些其他市場變得更大並開始產生利潤池，而且我們有能力這樣做，我們顯然將以經濟有效的方式在其他地區擴張。

Next, we have Brad Erickson from RBC Capital Markets.

接下來，我們請來加拿大皇家銀行資本市場的布拉德·埃里克森。

I guess two for me.

我想我有兩個。

One, just within the guidance, it seems like you're looking for Q4 maybe a little bit less than seasonally normal.

一，就在指導範圍內，您似乎正在尋找第四季度可能比季節性正常情況要少一些。

Is that just a reflection of your comments on the letter around uncertainty?

這只是反映了你對這封信的不確定性的評論嗎？

Or is there something else instructing that view?

還是有其他東西指導這種觀點？

And feel free to recharacterize that view if you want.

如果您願意，可以隨意重新定義該視圖。

And then second, a follow-up from an earlier question.

然後第二個問題是對先前問題的跟進。

You've had a ton of gross profit upside here over the past few quarters, and I guess, in the letter, obviously, talking towards reinvestment in a few areas.

在過去的幾個季度裡，你在這裡獲得了大量的毛利潤，我想，在這封信中，顯然是在談論在幾個領域進行再投資。

Can you just remind investors as to how the team views those choices philosophically as you trade off growth versus profitability?

您能否提醒投資者，當您在增長與盈利之間進行權衡時，團隊如何從哲學上看待這些選擇？

Sure.

當然。

So Brad, on the first question with respect to the guidance, let me start by saying Q1 was elevated a little bit because of a couple of things.

因此，布拉德，關於指導的第一個問題，讓我首先說 Q1 由於幾件事而有所提升。

As these markets have just begun to reopen, vaccination rates were lower.

由於這些市場剛剛開始重新開放，疫苗接種率較低。

And then to compound all of that, you had the, let's call it, inorganic impact of stimulus checks that was driving consumer demand.

然後讓所有這些更加複雜，我們稱之為刺激檢查的無機影響，它推動了消費者的需求。

And so that led to an elevated Q1.

這導致了第一季度的上升。

As we look into the second half of the year and what's embedded in our guidance, there's really 2 things.

當我們展望下半年以及我們的指導中包含的內容時，實際上有兩件事。

The first is what I call ordinary course summer seasonality.

第一個是我所說的普通課程夏季季節性。

So in general, in Q3, you see the pace of consumer acquisition slows a little bit, and you have lower order rates simply because consumers are going out during the summer because the weather improves.

因此，總的來說，在第三季度，您會看到消費者獲取的步伐有所放緩，並且您的訂單率較低，僅僅是因為天氣好轉，消費者在夏季外出。

So that's one aspect.

這是一方面。

The second is we are baking in a level of conservatism because there is uncertainty in terms of what the world looks like in the second half of the year as markets continue reopening.

第二個是我們正處於一定程度的保守主義之中，因為隨著市場繼續重新開放，下半年世界的面貌存在不確定性。

Remember, it's unclear whether we're even out of the pandemic at this point and, if so, what the long-term effects are.

請記住，目前尚不清楚我們是否已經擺脫了大流行，如果是，那麼長期影響是什麼。

And so there's plenty of unknowns here as a result of which we wanted to make sure we embed that uncertainty into our second half outlook.

因此，這裡有很多未知數，因此我們希望確保將這種不確定性嵌入到下半年的展望中。

On your gross profit upside question, the way to think about it is we invest flexibly across the P&L.

關於您的毛利上行問題，考慮它的方式是我們在損益表上靈活投資。

One of the reasons we do not provide revenue guidance but instead provide GOV guidance and EBITDA guidance is because depending on the opportunities that are available to us, we can take one of several actions in order to drive growth.

我們不提供收入指導而是提供 GOV 指導和 EBITDA 指導的原因之一是，根據我們可用的機會，我們可以採取多種行動之一來推動增長。

We can invest through sales and marketing in terms of customer acquisition or Dasher acquisition.

我們可以通過銷售和營銷在客戶獲取或 Dasher 獲取方面進行投資。

We can invest in pricing through lower prices that would then impact take rate or we can invest in incentives to drive up quality, which should then have further downstream impacts on the take rate as well as on our cost of sales.

我們可以通過降低價格來投資定價，這會影響接受率，或者我們可以投資於激勵措施以提高質量，這應該會對接受率和我們的銷售成本產生進一步的下游影響。

So we retain that flexibility because depending on the environment we're in and depending on the exact challenges, we want to be able to deploy the right strategy without having to worry about a revenue guide.

因此，我們保留了這種靈活性，因為根據我們所處的環境和具體的挑戰，我們希望能夠部署正確的策略，而不必擔心收入指南。

Now as you look to the future, the factors that will continue to improve take rate, and I'll go through those, just as a reminder for people, is first, as we improve the efficiency of the logistics network, that will have a positive impact on take rate.

現在您展望未來，將繼續提高獲取率的因素，我將通過這些因素來提醒人們，首先，隨著我們提高物流網絡的效率，這將有一個對錄取率產生積極影響。

As we improve the quality of the consumer experience, that will lower our refunds and credits and have a positive impact on take rate.

隨著我們提高消費者體驗的質量，這將降低我們的退款和信用，並對接受率產生積極影響。

As we drive more -- drive orders, no pun intended, as we do more drive orders, that will have a positive impact in take rate.

隨著我們駕駛更多 - 駕駛訂單，沒有雙關語，因為我們執行更多駕駛訂單，這將對接受率產生積極影響。

In terms of headwinds to take rate, it's really 3 things.

就不利因素而言，這實際上是三件事。

As we drive increased mix of DashPass orders, I'll remind the folks that, with our DashPass orders, we have lower unit revenue but significantly higher engagement as a result of which that's a trade-off we're happy to make.

隨著我們推動 DashPass 訂單組合的增加，我會提醒大家，通過我們的 DashPass 訂單，我們的單位收入較低，但參與度顯著提高，因此這是我們樂於做出的權衡。

Second is we've increased our investment in new categories.

二是我們增加了對新品類的投資。

And third is we increased our investment in international.

第三是我們增加了對國際的投資。

Because of the early stages of the evolution of these investments, usually they come with a lower take rate.

由於這些投資發展的早期階段，通常它們的採用率較低。

And so you're seeing the blending effect in our take rate as a result of these investments.

因此，您會看到這些投資對我們的接受率產生了混合效應。

Next up, we have Steven Fox from Fox Advisors LLC.

接下來，我們有來自 Fox Advisors LLC 的 Steven Fox。

Just 2 questions from the letter I was curious if you could expand on.

信中只有 2 個問題，我很好奇您是否可以繼續擴展。

You mentioned 3 points of category share in the quarter.

您提到了本季度的 3 分類別份額。

And then you also mentioned gaining more DashPass subscribers.

然後您還提到獲得更多 DashPass 訂閱者。

Can you give us a little bit of color around what you're seeing that's driving that?

你能給我們一些關於你所看到的驅動它的顏色嗎？

What's behind the numbers basically?

這些數字背後的基本情況是什麼？

Yes.

是的。

I think it comes down to a superior product, which is -- the thing we aim to deliver is the best combination of selection, affordability and quality.

我認為這歸結為一種優質的產品，即——我們的目標是提供選擇、可負擔性和質量的最佳組合。

And what those 3 things translate into is category-leading spend retention.

這三件事轉化為類別領先的支出保留率。

So our category-leading spend retention I think will translate into these market share gains that you're seeing.

因此，我認為我們領先的類別支出保留將轉化為您所看到的這些市場份額增長。

DashPass is one component of that because DashPass is how we solve the affordability lever, and we've continued to increase DashPass subscribers who have higher order frequency compared to non-DashPass subscribers, and that's then now leading to increasing order frequency over time as well as improved retention, which then drives market share growth.

DashPass 是其中的一個組成部分，因為 DashPass 是我們解決負擔能力的方法，並且與非 DashPass 訂戶相比，我們繼續增加訂購頻率更高的 DashPass 訂戶，而現在隨著時間的推移，訂購頻率也隨之增加留存率提高，進而推動市場份額增長。

Next one, we have Ron Josey from JMP Securities.

下一位是 JMP Securities 的 Ron Josey。

I wanted to maybe, Tony, ask a little bit more about additional -- the demand you're seeing for newer categories and also just the power of convenience.

托尼，我想問更多關於額外的問題——你看到的對新類別的需求，以及便利的力量。

And so can you just talk about these dynamics of newer category orders?

那麼你能談談這些新品類訂單的動態嗎？

We know they're growing faster.

我們知道他們的增長速度更快。

Do most of these orders come from restaurant orders to begin with as an add-on?

這些訂單中的大部分是否來自餐廳訂單，並作為附加服務開始？

How are you marketing that?

你是如何營銷的？

How are people being aware that you offer pet goods and alcohol and everything else?

人們如何知道您提供寵物用品、酒精和其他一切？

So just maybe some insights on strategy and awareness of these new categories would be helpful.

因此，也許對這些新類別的戰略和意識的一些見解會有所幫助。

Sure.

當然。

I would say that we're still pretty early in that process.

我想說，我們在這個過程中還處於早期階段。

I mean if you think about it, the greatest privilege we have is that our consumers eat 20 to 25 times a week.

我的意思是，如果你仔細想想，我們最大的特權就是我們的消費者每週吃 20 到 25 次。

And so in terms of shots on goal or their willingness to come back to the app daily, we have the luxury to have a wide surface area and a large number of opportunities to actually engage with them.

因此，就射門次數或他們每天回到應用程序的意願而言，我們擁有廣闊的表面積和大量與他們實際互動的機會。

And most of what we're trying to do is we're trying to offer a best-in-class solution for them, whether that's shopping across multiple categories or whether that's shopping in within one category.

我們嘗試做的大部分工作是嘗試為他們提供一流的解決方案，無論是跨多個類別購物還是在一個類別內購物。

And so for us, it's not coming from one type of use case or one type of occasion.

所以對我們來說，它不是來自一種用例或一種場合。

We're still in that learning process.

我們仍處於學習過程中。

I think we have a long ways to go, I think the industry has a long ways to go.

我認為我們還有很長的路要走，我認為這個行業還有很長的路要走。

I mean even within our core category, I want to remind folks, of restaurants, we are single-digit percentages of the restaurant industry.

我的意思是，即使在我們的核心類別中，我想提醒人們，關於餐館，我們在餐飲業中只佔個位數的百分比。

And when you add in some of these other categories, we're a much, much smaller fraction.

當你添加一些其他類別時，我們是一個小得多的部分。

And so I think there's a long ways to go before we can start truly inventing technologies that will continue to change consumer preferences.

因此，我認為在我們真正開始發明能夠繼續改變消費者偏好的技術之前，還有很長的路要走。

The one thing that we do know is that consumers always lean towards the direction of greater and greater convenience.

我們所知道的一件事是，消費者總是傾向於越來越方便的方向。

And so that you should expect from future products to come.

因此，您應該期待未來的產品。

Just to remind you, in Q1, we had said that less than 10% of our MAUs actually use other categories.

提醒一下，在第一季度，我們曾說過不到 10% 的 MAU 實際使用其他類別。

So Tony's point about the surface area and shots on goal, there's a lot of opportunity just to increase awareness and drive conversion just within our existing MAUs itself without having to actually require customers specific to these new categories.

所以托尼關於表面積和射門的觀點，有很多機會只是在我們現有的 MAU 本身內提高意識和推動轉換，而不必實際要求特定於這些新類別的客戶。

Does that make sense?

那有意義嗎？

That does.

確實如此。

That's super helpful.

這非常有幫助。

And maybe -- you talked in the letter as well, just a long list of complexities across these categories, and you're up for the challenge.

也許 - 你在信中也談到了這些類別的複雜性，你已經準備好迎接挑戰了。

But maybe help us understand what are the complexities?

但也許可以幫助我們了解複雜性是什麼？

And that's all I got.

這就是我所得到的。

Yes.

是的。

Ron, I know what you're referring to.

羅恩，我知道你指的是什麼。

It's really meant to be, I'd say, a rallying cry with our team.

我想說，這真的是我們團隊的戰斗口號。

And we have enjoyed the benefit from tailwinds these past 18 months, we cannot let those make us complacent.

在過去的 18 個月裡，我們享受了順風帶來的好處，我們不能讓那些讓我們自滿。

So the environment is competitive and each inch is going to be the hard part.

所以環境是有競爭力的，每一寸都將是困難的部分。

And so we need to stay vigilant and laser-focused on building the best products for our merchants and consumers.

因此，我們需要保持警惕並專注於為我們的商家和消費者打造最好的產品。

Your next question comes from the line of Deepak Mathivanan from Wolfe.

您的下一個問題來自 Wolfe 的 Deepak Mathivanan。

So two quick ones from us.

所以我們有兩個快速的。

First, on your sales and marketing, it was up nicely in 2Q.

首先，在您的銷售和營銷方面，第二季度的情況很好。

Can you give some color on where these incremental spend was going?

您能否說明這些增量支出的去向？

Is this related to new category efforts as we thought those were primarily driven through auto discounts?

這是否與我們認為主要通過汽車折扣推動的新品類努力有關？

And then the second question on the nonfood categories.

然後是關於非食品類別的第二個問題。

There's a number of different models that we have seen out there between Marketplace, Drive, warehouses and even more hands-on model using in-store shoppers.

我們在 Marketplace、Drive、倉庫之間看到了許多不同的模型，甚至還有更多使用店內購物者的動手模型。

With all the new partnerships you've announced, can you talk about what's your preferred strategy to attack these categories?

有了你宣布的所有新合作夥伴關係，你能談談你攻擊這些類別的首選策略是什麼？

Yes.

是的。

Maybe I'll take the first one, Deepak, on your sales and marketing question, and Tony can take your second.

迪帕克，關於你的銷售和營銷問題，也許我會回答第一個問題，托尼可以回答你的第二個問題。

On the first question, the short answer is the uptick in sales and marketing from a Q-on-Q perspective was driven primarily by our Dasher acquisition costs.

關於第一個問題，簡短的回答是，從 Q-on-Q 的角度來看，銷售和營銷的增長主要是由我們的 Dasher 採購成本推動的。

Remember, when we spoke last at Q1, we were talking about being undersupplied.

請記住，當我們上次在第一季度發言時，我們談論的是供應不足。

And so we made significant investments in acquiring Dashers.

因此，我們在收購 Dashers 方面進行了大量投資。

We, in fact, acquired more Dashers this quarter than we have ever in the history of DoorDash.

事實上，我們本季度收購的 Dashers 比 DoorDash 歷史上的任何時候都多。

And we also experienced higher advertising rates slightly because the rideshare industry and others were competing for Dashers in our pool.

而且我們的廣告費率也略有提高，因為拼車行業和其他行業正在爭奪我們池中的 Dashers。

So those 2 things led to higher Dasher costs this quarter than we had planned for, if you think about our guidance.

因此，如果您考慮我們的指導，那麼這兩件事導致本季度的 Dasher 成本比我們計劃的要高。

Now as I look to the future, remember -- I will say I expect those elevated advertising rates to come down, maybe not over the balance of this year, it would be somewhat conservative, but in the long term, simply because it's a different pool of people.

現在，當我展望未來時，請記住——我會說我預計那些高漲的廣告費率會下降，也許不會超過今年的餘額，這會有點保守，但從長遠來看，僅僅是因為它是一個不同的人群。

We've discussed this in the past.

我們過去討論過這個問題。

It's a different pool of people that are active Dashers versus those that are interested in rideshare.

活躍的 Dashers 與對拼車感興趣的人群不同。

Over 75% of our Dashers are students or have other part-time or full-time jobs.

我們超過 75% 的 Dashers 是學生或有其他兼職或全職工作。

I think I mentioned to you that over 90% do less than 10 active hours per week.

我想我曾向您提到，超過 90% 的人每週活動時間少於 10 小時。

And then the nature of the job is fundamentally different because you don't need a car or have to have a car, frankly, in order to [dash].

然後工作的性質根本不同，因為坦率地說，你不需要汽車或必須有汽車才能[衝刺]。

And so given the size of this TAM opportunity for Dashers, we do believe those advertising rates will normalize over the long term.

因此，鑑於 Dashers 的 TAM 機會的規模，我們確實相信這些廣告費率將在長期內正常化。

Yes.

是的。

And with respect to your second question, what I would say is that, at the end of the day, we take a look at this from the consumer's perspective of what's going to offer the best product experience in terms of selection, quality and price.

關於你的第二個問題，我想說的是，歸根結底，我們從消費者的角度來看待這個問題，在選擇、質量和價格方面如何提供最佳產品體驗。

And we do that in concert and in partnership with all of our retail partners because much of this actually requires invention.

我們與我們所有的零售合作夥伴一起合作並合作做到這一點，因為其中大部分實際上需要發明。

I mean if you think about fundamentally what we're trying to do, regardless of the model in which we operate, we're trying to take the physical world, the physical businesses and all of the activities that they're doing and being able to give those merchant partners a digital way or, frankly, a new way to build their own digital businesses.

我的意思是，如果您從根本上考慮我們正在嘗試做的事情，無論我們在何種模式下運營，我們都在嘗試利用物理世界、物理業務以及他們正在做的所有活動，並且能夠為這些商家合作夥伴提供一種數字方式，或者坦率地說，是一種建立自己的數字業務的新方式。

So every activity has to be reimagined.

因此，每一項活動都必須重新構想。

And there isn't one point solution, I would say, that's going to ultimately work for every single merchant nor is there one that's going to ultimately be consistent enough to actually solve all of the unique challenges within each respective category.

我想說，沒有一個單一的解決方案最終會適用於每個商家，也沒有一個最終會足夠一致以實際解決每個類別中的所有獨特挑戰。

We both have to -- we both aspire to build the best-in-class category-specific solution as well as the best-in-class experience across categories.

我們都必須——我們都渴望構建一流的特定類別解決方案以及跨類別的一流體驗。

And so we will continuously work with our merchant partners to invent these technologies that will continuously help change consumer preferences.

因此，我們將繼續與我們的商業夥伴合作，發明這些將不斷幫助改變消費者偏好的技術。

Your next question comes from the line of Spencer Tan from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Spencer Tan。

Just had 2 questions.

剛問了2個問題。

Sir, around the commission caps that could be potentially permanent in New York City and San Francisco, I guess if you could provide us just an update on where those stand today?

主席先生，關於可能在紐約市和舊金山永久存在的佣金上限，我想您能否向我們提供一下今天這些情況的最新情況？

And how you kind of view the overall impact to your business?

您如何看待對您業務的整體影響？

And then secondly, in kind of Grubhub and just the takeaway strongholds, like in New York City or Chicago, how are you seeing the competitive environment in Q2 and kind of maybe quarter-to-date?

其次，在 Grubhub 和外賣大本營中，比如在紐約市或芝加哥，您如何看待第二季度的競爭環境以及可能是季度至今的競爭環境？

Yes, I'll start with the first question.

是的，我將從第一個問題開始。

I'll let Prabir take the second question.

我會讓 Prabir 回答第二個問題。

With respect to these commission caps, we're actually largely seeing city officials and allow capitalism to take its course as most of these commission caps are actually being lifted, especially as more and more of the country is reopening and getting back into the sense of normalcy.

關於這些佣金上限，我們實際上在很大程度上看到了城市官員，並允許資本主義走上正軌，因為這些佣金上限中的大部分實際上正在被取消，特別是隨著越來越多的國家重新開放並重新回到人們的意識中常態。

I think with respect to the limited situations in San Francisco and in New York City, our point of view is that any approach or ordinance towards a permanent cap is, frankly, a, unnecessary because if you actually read some of these commission caps and platforms, like DoorDashers already offer plans well below the commission cap that is proposed.

我認為關於舊金山和紐約市的有限情況，我們的觀點是，坦率地說，任何實現永久上限的方法或條例都是不必要的，因為如果你真的閱讀了其中一些佣金上限和平台，就像 DoorDashers 已經提供遠低於提議的佣金上限的計劃。

Second, they're very harmful in the sense that they are hurting the audience that they're trying to help, which are these restaurants, because commission caps, what they do is, they'll ultimately result in increased prices for consumers, lowered sales for these restaurants and reduced work opportunities for Dashers.

其次，它們是非常有害的，因為它們正在傷害他們試圖幫助的觀眾，也就是這些餐館，因為佣金上限，他們所做的是，他們最終會導致消費者價格上漲，降低這些餐廳的銷售額和 Dashers 的工作機會減少。

And finally, because of the arbitrary nature of these commission caps, they're violently unconstitutional.

最後，由於這些佣金上限的任意性，它們嚴重違憲。

I think the best, I guess, synthesis of the situation might actually come from Mayor London Breed from San Francisco who believes that this ordinance really unnecessarily outweighs any public good.

我認為最好的情況綜合可能實際上來自舊金山市長 London Breed，他認為該法令確實不必要地超過了任何公共利益。

And so that's our take, and that's why you see us take litigation action in San Francisco.

這就是我們的看法，這就是為什麼你會看到我們在舊金山採取訴訟行動。

And Spencer, on your question, I mean, really the 2 markets you mentioned, Chicago and New York City were, I guess, competitive strongholds for one of our competitors.

斯賓塞，關於你的問題，我的意思是，你提到的兩個市場，芝加哥和紐約市，我猜，是我們競爭對手之一的競爭據點。

We are #1 in Chicago.

我們在芝加哥排名第一。

We've gained share not just in the second quarter but also in the first quarter of this year.

我們不僅在第二季度而且在今年第一季度都獲得了份額。

In New York City, we're not #1, but it's a clear priority for us.

在紐約市，我們不是第一名，但這對我們來說是一個明確的優先事項。

But to be clear, we have continued to gain share, including in the second quarter.

但需要明確的是，我們繼續獲得份額，包括在第二季度。

Most of the other competitive share shifts we've seen have occurred between the other 2 players in that market.

我們看到的大多數其他競爭份額轉移都發生在該市場的其他兩個參與者之間。

(Operator Instructions)

（操作員說明）

It looks like we don't have any more questions in the queue.

看起來我們在隊列中沒有更多問題了。

So if it's okay, you can pass it to Tony for a quick closing remarks and wrap it up.

因此，如果沒問題，您可以將其傳遞給 Tony 以快速結束髮言並將其結束。

All right.

好的。

Thanks, Andy.

謝謝，安迪。

Was there another question, Grace?

還有一個問題嗎，格蕾絲？

No.

不。

You may proceed, presenter.

你可以繼續，主持人。

Great.

偉大的。

Well, thanks, everyone.

嗯，謝謝大家。

I just wanted to take a moment and celebrate the fact that we fulfilled our 2 billionth order in the second quarter.

我只是想花點時間慶祝我們在第二季度完成了第 20 億份訂單。

And as someone who has seen this journey from the very beginning, I can tell you that it took us over 7 years to achieve our first billionth order.

作為從一開始就見證了這一歷程的人，我可以告訴你，我們花了 7 年多的時間才實現了我們的第一個十億訂單。

And only 9 months later, we were able to see our second billionth order.

僅僅 9 個月後，我們就看到了我們的第二個十億訂單。

So I just want to take a moment to reflect on that milestone and thank all of our audiences, the team at DoorDash and all of our shareholders in what is a great achievement.

所以我只想花點時間來回顧一下這個里程碑，並感謝我們所有的觀眾、DoorDash 的團隊以及我們所有的股東，這是一項偉大的成就。

Thank you very much, and we'll see you soon.

非常感謝，我們很快再見。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you all for joining.

謝謝大家的加入。

You may now all disconnect.

您現在可以全部斷開連接。