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

各位女士、先生，感謝您耐心等候，歡迎參加 DoorDash 2021 年第二季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

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

現在我想把會議交給本次會議主持人 Andy Hargreaves 先生。請開始。

Thank you very much, Cris. Hello, everyone, and thanks for joining us for our second quarter 2021 earnings call. I'm pleased to be joined today by our Co-Founder, Chair and CEO, Tony Xu; and our CFO, Prabir Adarkar.

非常感謝你，Cris。各位好，感謝大家參加我們 2021 年第二季財報電話會議。我很高興今天與我們的共同創辦人、董事長兼執行長 Tony Xu，以及我們的財務長 Prabir Adarkar 一同出席。

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. 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. 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.

我想提醒各位，我們在本次電話會議中將作出前瞻性陳述，包括關於我們對業務的預期、未來財務結果與指引以及策略的陳述。前瞻性陳述存在風險與不確定性，可能導致實際結果與前瞻性陳述所描述者有重大差異；相關風險已在我們向美國證券交易委員會（SEC）提交的文件（包括 Form 10-K）中的風險因素章節加以說明。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的義務。

During this call, we will discuss 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 are 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 結果與最直接可比的 GAAP 財務衡量指標進行調節的對照表），可在我們的投資人信函中找到；該信函可於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，並非用以取代我們的 GAAP 結果。

Finally, this call, in its entirety, is being audio webcast on our Investor Relations website. An audio replay of the call will be available on our website shortly after the call ends.

最後，本次電話會議全程將在我們的投資人關係網站進行音訊網路直播。電話會議結束後不久，網站上將提供音訊重播。

Cris, we'll go straight into questions today. So please go ahead and read the first question.

Cris，我們今天將直接進入問答。請開始宣讀第一個問題。

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

(接線員指示) 您的第一個問題來自 Barclays 的 Ross Sandler。

Two questions, Tony. Your nonrestaurant delivery business has several strategies in place, both in Marketplace and in Drive. What are you most excited about thus far? What's adding the most to your financial performance?

Tony，我有兩個問題。你們的非餐廳配送業務在 Marketplace 與 Drive 兩個方面都有多項策略在推進。到目前為止，你最感到興奮的是什麼？對你們的財務表現貢獻最大的是哪一項？

And second question is, in the letter, you mentioned that same-store sales for your merchants is up about 35%. I assume that's dramatically higher than anybody in the peer set. 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? And any thought on how you balance out that? And what that might mean for merchant retention? Nice quarter.

第二個問題是，你們在信中提到商家的同店銷售成長約 35%。我猜這顯著高於同業中的任何公司。但如果整體 GOV 明年開始放緩並回歸常態，在持續新增商家、同時維持同店銷售成長方面會如何運作？你們對如何取得平衡有什麼想法？以及這可能對商家留存意味著什麼？本季表現不錯。

Hey, Ross, I'll take the first question, and I'll let Prabir start the second. So on the first question, with respect to new categories. I mean you're right, we're super excited about our progress. In Q1, we announced that about 7% of our business was coming from orders outside of restaurants. And that has grown sequentially, and it's grown certainly faster than our restaurants business. 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.

嗨，Ross，我先回答第一個問題，第二個問題我讓 Prabir 先開始。就第一個問題、關於新類別而言。你的確說得沒錯，我們對目前的進展非常興奮。在第一季，我們宣布約有 7% 的業務來自餐廳以外的訂單。這個比例已連續成長，而且成長速度確實快於我們的餐廳業務。這也呼應了我們的策略：一方面打造一個能帶來增量需求的 Marketplace；另一方面則是按類別逐一建立同級最佳的點狀解決方案，把社區裡的一切在幾分鐘內（而不是幾小時或幾天）送到消費者手中。

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

另一方面，我們也在代表零售商與商家建立第一方能力，讓他們能打造自己的數位化業務。DoorDash 的目標一直是打造最大的在地商務市集，同時也是最大的在地商務平台。我們認為這項策略不僅在我們核心且最初的餐廳類別中持續展現成效，現在也正延伸到其他類別。

Yes. 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. And so we're seeing this behavior. It's super exciting. 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.

是的。Ross，補充 Tony 的觀點，我們之所以看好這些新類別（在我們的 Marketplace——主要是在 Marketplace，另外也包括 Drive），是因為早期數據顯示：當消費者除了食品類別之外，也在我們的 Marketplace 購買其他類別商品時，與未跨類別購買的客戶相比，他們之後對整體 Marketplace 的留存與互動度會提高。因此我們正在看到這種行為。這非常令人振奮。它正在提升 Dash 產品的價值主張，這也是我們加大投入的原因，無論是在 Marketplace 端或 Drive 端。

Now for Drive, it's a slightly different strategy because we don't own the customer relationship in Drive. 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. So that's on the first part of your question.

至於 Drive，策略稍有不同，因為在 Drive 中我們並不擁有客戶關係。但當我們把更多其他類別的訂單納入生態系時，我們其實是在創造密度與訂單密度，坦白說，這會降低我們的成本結構，接下來你也知道飛輪效應會如何運轉。以上是你第一部分問題的回答。

On the second question, I think I understand what you're getting at. 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. It doesn't capture the value of Drive orders, right? So remember that. So the true sales, from a merchant perspective, is very different than what's implied by the GOV growth.

關於第二個問題，我想我理解你的意思。但我的看法是，首先，若從商家角度來看，Marketplace 的 GOV 只是我們所帶來銷售的一部分。它並未涵蓋 Drive 訂單的價值，對吧？所以請記住這一點。因此，從商家角度的真實銷售情況，與僅由 GOV 成長所暗示的情況非常不同。

The second is, if you look at what happened to our order frequency over time, we're currently at all-time highs. And the order frequency is high, both for our DashPass subscribers as well as for non-DashPass users. 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. That will then continue to drive GOV growth for our merchants.

第二，如果你看我們的下單頻率隨時間的變化，目前正處於歷史新高。而且無論是 DashPass 訂閱用戶或非 DashPass 用戶，下單頻率都很高。因此，兩組——兩個用戶族群——不僅年對年，甚至在其整個生命週期中都達到了最高的下單頻率；而且隨著我們的選擇更豐富、價格更可負擔、品質更提升，這個頻率將隨時間持續上升。這也將持續推動我們商家的 GOV 成長。

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

下一個問題來自 Wells Fargo 的 Brian Fitzgerald。

I had 2 questions. One was around the beat and the guidance. How much of that was driven by international versus new categories, if you could parse that out or give us some color on that? And then could you talk to the kind of different take rates or pricing points you rolled out last quarter? Can you talk to us about the adoption rates? 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%?

我有兩個問題。第一個是關於本季優於預期以及指引。如果可以拆分或提供一些說明，這其中有多少是由國際業務帶動、又有多少是由新類別帶動？另外，你能談談你們上季推出的不同抽成率或定價方案嗎？能否談談採用率？是否存在這樣的趨勢：某些商家最初從某個百分比開始，之後再上調到 25% 到 35%（或相反下調）？

Sure. So Brian, on the first question, we basically saw strength across the board on just core consumer metrics, right? So it wasn't that one part of our business beat and another didn't. But across the board, we started to see, as I alluded to earlier, strong order frequency development. You saw pickup on DashPass subs not just in the U.S. but also growth in our international regions. 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.

當然。Brian，關於第一個問題，我們基本上看到核心消費者指標全面走強，對吧？所以並不是我們某一部分業務超預期、另一部分沒有。而是整體而言，正如我先前提到的，我們開始看到下單頻率的強勁提升。你也看到 DashPass 訂閱用戶不僅在美國增加，在國際地區也在成長。事實上，我們的國際業務無論是季對季還是年對年，成長速度都快於美國業務。

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

我們持續看到我們消費者分群在留存率與下單頻率方面的強勁表現，包含今年新獲取的分群（相較於我們在 COVID 之前的新分群），以及在疫情前就已獲取的既有分群所帶來的留存與下單頻率提升效益。因此，無論是新分群或既有分群，留存率與下單頻率都持續高於 COVID 前的水準。換句話說，我們在這些關鍵的消費者基本指標上全面看到強勁表現，最終帶動訂單量優於預期，並進一步在損益表其餘項目中轉化為 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. And so on the whole, it's performing in line, slightly better than expectations. 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.

關於你提到的定價方案，我想說的是，多數餐廳選擇了尊享（premium）或加值（plus）方案，而尊享方案的占比實際上優於我們的預期。因此整體而言，表現符合、甚至略優於預期。如果問題在於抽成率（take rate），我不認為對我們抽成率的影響會很明顯，因為還有其他因素，例如 DashPass 組合占比以及根本性的效率改善，其影響幅度通常遠大於定價方案所造成的變動。

Next up, we have Youssef Squali from Truist Securities.

接下來是 Truist Securities 的 Youssef Squali。

Two questions for me. When I read the letter, I noticed that it's really peppered by language mostly about the need for a higher level of investments. So can you maybe quantify the higher level of investment in DashDoor supply and new categories and international kind of that you qualified? How long do you think or do you anticipate this investment cycle to last some? Just kind of what's the primary driver? 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?

我有兩個問題。我在讀這封信時注意到，內容多次提到需要提高投資水準的措辭。所以你能否量化一下你所提到的在 DashDoor 供給、新品類以及國際業務方面更高的投資水準？你認為或預期這一輪投資週期會持續多久？主要的驅動因素是什麼？你們到目前為止顯然一直在積極投資，但看起來這比你們迄今所做的是一次加碼？

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. So we're a tiny, tiny fraction of the potential of these categories. And that's why we're investing. So if you take a look at where we're investing, it's largely driven by new categories and to build our international business. We're not going to break out the quantum of the investment. 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.

是的，Youssef，所以也許先退一步，我想再次重申並提醒大家我們如何經營這項業務以及我們的理念：就機會而言，我們仍處於非常早期的階段，不僅在餐飲領域，還包括我們近期進入的其他品類，例如便利商店、雜貨、寵物食品、酒類等。因此，在這些品類的潛在市場中，我們只占非常非常小的一部分。這也是我們投資的原因。如果你看我們投資的方向，主要是由新品類以及打造國際業務所驅動。我們不會拆分披露投資的具體規模。但我想說的是，我們很幸運，因為我們的美國業務：第一，規模大；第二，仍在成長；第三，利潤率在改善，這會擴大我們的利潤池，讓我們可以用來投資於眼前這些其他機會。

Next, we have Douglas Anmuth from JPMorgan.

接下來是 JPMorgan 的 Douglas Anmuth。

I was hoping you could just talk a little bit more about the Japan market launch. I know it's fairly new, but just curious what some of the nuances are in that market relative to the U.S.? And then if you could also talk about how you're thinking about Europe as well.

我希望你能再多談一點日本市場的上線情況。我知道這還很新，但我想了解一下，相較於美國，日本市場有哪些細微差異？另外，也請談談你們如何看待歐洲。

Yes. I mean Japan, we launched the market. I don't even think it's been 2 months, so it's too early to draw any conclusions. 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. So let me describe what I mean. We're looking for retention improvements. We're looking for order frequency improvements. We're looking to ensure that customers aren't retaining simply for discounts versus creating a habit with us.

好的。我的意思是，日本我們已經啟動市場。我甚至不認為已經滿 2 個月，所以現在下任何結論都還太早。但每當我們啟動這些市場時，一開始我們會非常專注在我稱之為「產品—市場參數」的指標上，而不是實際的財務參數。我來說明一下我的意思。我們在看留存率是否改善。我們在看下單頻率是否改善。我們也在確保客戶不是因為折扣而留存，而是與我們建立使用習慣。

And so again, it's been 2 months. I don't want to -- it's too early to declare victory or anything like that, but we're encouraged by what we see. We're currently in one market, which is largely -- which is Sendai. And what we're noticing is that the opportunity is available because these markets are relatively underpenetrated compared to core open city centers. And so lots more work to do, and we'll keep people posted on the progress.

所以同樣地，才 2 個月。我不想——現在還太早，無法宣告勝利或類似的說法，但我們對目前看到的情況感到鼓舞。我們目前只在一個市場，也就是主要——仙台（Sendai）。我們注意到之所以存在機會，是因為相較於核心的一線市中心，這些市場的滲透率相對較低。因此還有很多工作要做，我們也會持續向大家更新進展。

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

至於其他地理區域，我想提醒大家我們的優先事項之一，就是成為一家國際化公司。目前我們在加拿大、澳洲與日本都有——我們在這些地方營運。隨著時間推進，當這些其他市場變得更大並開始產生利潤池，而且我們也有能力這麼做時，我們將會在其他地區以具經濟效率的方式擴張。

Next, we have Brad Erickson from RBC Capital Markets.

接下來是 RBC Capital Markets 的 Brad Erickson。

I guess two for me. One, just within the guidance, it seems like you're looking for Q4 maybe a little bit less than seasonally normal. Is that just a reflection of your comments on the letter around uncertainty? Or is there something else instructing that view? And feel free to recharacterize that view if you want.

我想我有兩個問題。第一，就你們的指引來看，似乎你們預期第四季可能會比季節性常態略弱一些。這只是反映你們在信中提到的不確定性嗎？還是有其他因素導致你們形成這樣的看法？如果你願意，也可以重新表述這個看法。

And then second, a follow-up from an earlier question. 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. Can you just remind investors as to how the team views those choices philosophically as you trade off growth versus profitability?

第二個問題，是延續先前的一個提問。過去幾個季度你們的毛利有很大的上行空間，而我想在信中你們也明顯提到要在幾個領域再投資。你能否提醒投資人，團隊在成長與獲利之間取捨時，從理念上是如何看待這些選擇的？

Sure. 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. As these markets have just begun to reopen, vaccination rates were lower. And then to compound all of that, you had the, let's call it, inorganic impact of stimulus checks that was driving consumer demand. And so that led to an elevated Q1.

當然。Brad，關於第一個問題、也就是指引，我先說第一季之所以偏高，主要有幾個原因。當這些市場剛開始重新開放時，疫苗接種率還比較低。再加上——我們姑且稱之為——刺激支票所帶來的非有機（inorganic）影響，推升了消費者需求。因此導致第一季偏高。

As we look into the second half of the year and what's embedded in our guidance, there's really 2 things. The first is what I call ordinary course summer seasonality. 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. So that's one aspect. 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. Remember, it's unclear whether we're even out of the pandemic at this point and, if so, what the long-term effects are. 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.

當我們看今年下半年，以及我們指引中所包含的內容時，主要有兩點。第一點是我所稱的正常夏季季節性。一般而言，在第三季你會看到消費者獲取的速度稍微放緩，而下單率也會較低，因為夏季天氣轉好，消費者會外出活動。這是一個面向。第二點是我們在預測中納入了一定程度的保守性，因為隨著市場持續重新開放，下半年世界會呈現什麼樣貌仍存在不確定性。請記得，目前仍不清楚我們是否真的已經走出疫情，以及即便如此，其長期影響會是什麼。因此存在許多未知數，基於這些原因，我們希望確保把這種不確定性納入我們對下半年的展望之中。

On your gross profit upside question, the way to think about it is we invest flexibly across the P&L. 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. We can invest through sales and marketing in terms of customer acquisition or Dasher acquisition. 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. 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.

關於您提到的毛利上行空間問題，我們的思考方式是：我們會在損益表（P&L）各項目之間保持彈性投資。我們之所以不提供營收指引、而是提供 GOV 指引與 EBITDA 指引，其中一個原因是：取決於我們可掌握的機會，我們可以採取數種不同作法來推動成長。我們可以透過銷售與行銷投資於客戶獲取或 Dasher（外送員）獲取。我們也可以在定價上投資，例如透過降價，進而影響抽成率（take rate）；或者我們可以投資於激勵以提升品質，這之後也應會對抽成率以及銷售成本帶來更下游的影響。因此我們保留這種彈性，因為取決於所處環境以及具體挑戰，我們希望能部署正確的策略，而不必擔心營收指引的限制。

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. As we improve the quality of the consumer experience, that will lower our refunds and credits and have a positive impact on take rate. As we drive more -- drive orders, no pun intended, as we do more drive orders, that will have a positive impact in take rate. In terms of headwinds to take rate, it's really 3 things. 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. Second is we've increased our investment in new categories. And third is we increased our investment in international. Because of the early stages of the evolution of these investments, usually they come with a lower take rate. And so you're seeing the blending effect in our take rate as a result of these investments.

展望未來，將持續改善抽成率的因素有幾項，我會逐一說明，也算是提醒大家：第一，當我們提升物流網路的效率時，將對抽成率帶來正面影響。當我們提升消費者體驗的品質時，將降低退款與補償金（credits），並對抽成率帶來正面影響。當我們推動更多 Drive 訂單——無意雙關——當我們做更多 Drive 訂單時，也會對抽成率帶來正面影響。至於抽成率的逆風，主要是三件事。當我們推動 DashPass 訂單占比提高時，我提醒各位：在 DashPass 訂單中，我們的單位收入較低，但互動/黏著度顯著更高，因此這是一個我們樂於接受的取捨。第二，我們加大了對新類別的投資。第三，我們加大了對國際市場的投資。由於這些投資仍處於演進的早期階段，通常會伴隨較低的抽成率。因此，您看到我們的抽成率因這些投資而出現的混合（blending）效應。

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

接下來是 Fox Advisors LLC 的 Steven Fox。

Just 2 questions from the letter I was curious if you could expand on. You mentioned 3 points of category share in the quarter. And then you also mentioned gaining more DashPass subscribers. Can you give us a little bit of color around what you're seeing that's driving that? What's behind the numbers basically?

我有兩個問題，來自那封信，我想請您再多展開說明。您提到本季類別市占提升了 3 個百分點。另外也提到 DashPass 訂閱者增加。能否請您補充一些背景，說明您觀察到是什麼在推動這些變化？基本上，這些數字背後的原因是什麼？

Yes. 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. And what those 3 things translate into is category-leading spend retention. So our category-leading spend retention I think will translate into these market share gains that you're seeing. 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.

好的。我認為這歸結於更優越的產品——我們致力於提供最佳的組合：選擇性、可負擔性與品質。而這三點所轉化出的結果，就是類別領先的消費留存（spend retention）。我認為，我們在類別中領先的消費留存，會轉化為您所看到的市占提升。DashPass 是其中一個組成部分，因為 DashPass 是我們解決「可負擔性」這個槓桿的方式；我們持續增加 DashPass 訂閱者，他們相較於非 DashPass 訂閱者有更高的下單頻率，這也進一步帶動下單頻率隨時間提升以及留存改善，進而推動市占成長。

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. And so can you just talk about these dynamics of newer category orders? We know they're growing faster. Do most of these orders come from restaurant orders to begin with as an add-on? How are you marketing that? How are people being aware that you offer pet goods and alcohol and everything else? So just maybe some insights on strategy and awareness of these new categories would be helpful.

Tony，我想再多問一些關於新類別的額外需求，以及「便利性」的力量。能否談談這些新類別訂單的動態？我們知道它們成長更快。這些訂單大多一開始是從餐廳訂單延伸、作為加購而來的嗎？你們如何行銷這些品類？消費者如何知道你們也提供寵物用品、酒類以及其他商品？因此，如果能分享一些關於新類別策略與認知度（awareness）的洞見，會很有幫助。

Sure. I would say that we're still pretty early in that process. I mean if you think about it, the greatest privilege we have is that our consumers eat 20 to 25 times a week. 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.

當然。我會說我們在這個過程中仍然相當早期。如果你想想看，我們最大的優勢之一是：消費者每週會吃 20 到 25 次。因此，就「射門次數」（shots on goal）或他們願意每天回到 App 的意願而言，我們有條件擁有很大的觸達面（surface area）與大量機會去與他們互動。

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. And so for us, it's not coming from one type of use case or one type of occasion. We're still in that learning process. I think we have a long ways to go, I think the industry has a long ways to go. I mean even within our core category, I want to remind folks, of restaurants, we are single-digit percentages of the restaurant industry. And when you add in some of these other categories, we're a much, much smaller fraction. 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.

而我們大部分在做的事情，是嘗試為他們提供同級最佳（best-in-class）的解決方案，不論是跨多個類別購物，或是在單一類別內購物。因此對我們而言，這並非來自某一種使用情境或某一種場合。我們仍在學習的過程中。我認為我們還有很長的路要走，我也認為整個產業還有很長的路要走。即使在我們的核心類別——餐廳——我也想提醒大家，我們在整體餐飲產業中仍只是個位數百分比。而當你把其他一些類別加進來，我們所占的比例就更小得多。因此，我認為在我們能真正開始發明能持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. And so that you should expect from future products to come.

我們確定的一件事是：消費者總是會朝向越來越便利的方向傾斜。因此，未來推出的產品也會符合這個趨勢。

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

提醒一下，在第一季我們曾說過，實際使用其他類別的 MAU（每月活躍用戶）不到 10%。所以 Tony 關於觸達面與「射門次數」的觀點是：僅僅在我們既有 MAU 之中，就有很大的機會去提升認知度並推動轉換，而不必真的去額外獲取專門針對這些新類別的客戶。這樣說清楚嗎？

That does. That's super helpful. 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. But maybe help us understand what are the complexities? And that's all I got.

清楚。這非常有幫助。另外——你們在信中也提到，這些類別存在一長串的複雜性，而你們願意迎接挑戰。但也許可以幫我們理解一下，這些複雜性是什麼？我就這些問題。

Yes. Ron, I know what you're referring to. It's really meant to be, I'd say, a rallying cry with our team. And we have enjoyed the benefit from tailwinds these past 18 months, we cannot let those make us complacent. So the environment is competitive and each inch is going to be the hard part. And so we need to stay vigilant and laser-focused on building the best products for our merchants and consumers.

是的。Ron，我知道你指的是哪一段。那其實更像是我想說的一句話——我會說，是對我們團隊的一種號召。過去 18 個月我們享受了順風帶來的好處，但我們不能因此自滿。所以外部環境競爭激烈，每一寸進展都會是最艱難的部分。因此我們必須保持警覺，並以雷射般的專注為我們的商家與消費者打造最好的產品。

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

下一個問題來自 Wolfe 的 Deepak Mathivanan。

So two quick ones from us. First, on your sales and marketing, it was up nicely in 2Q. Can you give some color on where these incremental spend was going? Is this related to new category efforts as we thought those were primarily driven through auto discounts?

我們這邊兩個簡短問題。第一個關於銷售與行銷費用，第二季增幅不錯。能否補充一些背景，這些新增支出主要投向哪裡？這是否與新類別的推進有關？我們原本以為那些主要是透過自動折扣（auto discounts）來驅動。

And then the second question on the nonfood categories. 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. With all the new partnerships you've announced, can you talk about what's your preferred strategy to attack these categories?

第二個問題關於非食品類別。我們看到市場上有多種不同模式，包括 Marketplace、Drive、倉儲，甚至是使用店內採購員（in-store shoppers）的更重度營運模式。在你們宣布了所有這些新合作夥伴關係之後，能否談談你們偏好的策略是什麼，用來切入並攻下這些類別？

Yes. Maybe I'll take the first one, Deepak, on your sales and marketing question, and Tony can take your second. 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. Remember, when we spoke last at Q1, we were talking about being undersupplied. And so we made significant investments in acquiring Dashers. We, in fact, acquired more Dashers this quarter than we have ever in the history of DoorDash. And we also experienced higher advertising rates slightly because the rideshare industry and others were competing for Dashers in our pool. So those 2 things led to higher Dasher costs this quarter than we had planned for, if you think about our guidance.

是的。Deepak，關於你銷售與行銷的問題，也許我先回答第一個，第二個問題由 Tony 回答。第一個問題的簡短答案是，從季對季的角度來看，銷售與行銷費用的上升主要是由我們的 Dasher 招募成本所驅動。請記得，我們在第一季上次談到時，提到我們供給不足。因此我們在招募 Dashers 上做了重大投資。事實上，本季我們招募的 Dashers 數量，超過 DoorDash 歷史上任何一季。此外，由於共乘產業及其他業者在我們的人才池中競爭 Dashers，我們也經歷了略高的廣告費率。因此，這兩件事導致本季的 Dasher 成本高於我們原先的規劃，若你對照我們的指引來看。

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. We've discussed this in the past. It's a different pool of people that are active Dashers versus those that are interested in rideshare. Over 75% of our Dashers are students or have other part-time or full-time jobs. I think I mentioned to you that over 90% do less than 10 active hours per week. 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]. And so given the size of this TAM opportunity for Dashers, we do believe those advertising rates will normalize over the long term.

展望未來，請記得——我會說我預期這些偏高的廣告費率會下降；也許在今年剩餘期間不一定會下降，這樣說會比較保守，但長期來看會下降，原因很簡單：這是不同的人群。我們過去討論過。活躍的 Dashers 與對共乘有興趣的人，是不同的人群。我們超過 75% 的 Dashers 是學生，或另有其他兼職或全職工作。我想我也提過，超過 90% 的人每週活躍時數少於 10 小時。而且這份工作的性質根本不同，因為坦白說，你不需要車，或不必一定要有車，才能 [dash]。因此，考量到這個對 Dashers 的 TAM 機會規模，我們確實相信這些廣告費率長期將回歸常態。

Yes. 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. And we do that in concert and in partnership with all of our retail partners because much of this actually requires invention. 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. So every activity has to be reimagined. 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.

是的。至於你的第二個問題，我想說的是，歸根結底，我們會從消費者的角度來看：在選擇、品質與價格方面，什麼能提供最佳的產品體驗。我們會與所有零售合作夥伴協同、合作來做這件事，因為其中很多其實需要創新。我的意思是，如果你從根本上想想我們想做的事，不論我們採用哪種營運模式，我們都在嘗試把實體世界、實體商家以及他們正在做的所有活動，轉化為能讓這些商家夥伴以數位方式——或坦白說，以一種新的方式——建立他們自己的數位業務。因此，每一項活動都必須被重新想像。而且我想說，不會有一個單點解決方案最終能適用於每一位商家；也不會有一個方案能夠一致到足以解決各個類別中每一項獨特挑戰。

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

我們必須——我們也都以打造同類最佳、類別專屬的解決方案為目標，同時也要打造跨類別的同類最佳體驗。因此，我們將持續與商家夥伴合作，發明這些技術，進而不斷協助改變消費者偏好。

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

下一個問題來自 Evercore ISI 的 Spencer Tan。

Just had 2 questions. 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? And how you kind of view the overall impact to your business?

我有兩個問題。先生，關於紐約市與舊金山可能永久化的佣金上限，我想請你更新一下目前進展如何？以及你如何看待對你們整體業務的影響？

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?

第二，關於 Grubhub 以及外送外帶的強勢市場，例如紐約市或芝加哥，你們在第二季以及本季迄今看到的競爭環境如何？

Yes, I'll start with the first question. I'll let Prabir take the second question. 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. 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. 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.

是的，我先回答第一個問題。第二個問題我讓 Prabir 來回答。關於這些佣金上限，我們其實大多看到市府官員讓市場機制自行運作，因為多數這類佣金上限正在被解除，尤其是隨著全國越來越多地區重新開放、回到某種常態。至於舊金山與紐約市的少數情況，我們的觀點是，任何走向永久上限的做法或法令，坦白說都是不必要的，因為如果你實際去讀這些佣金上限與平台方案，例如 DoorDash 其實已經提供低於所提議佣金上限的方案。第二，它們非常有害，因為它們正在傷害其試圖幫助的對象——也就是這些餐廳——因為佣金上限最終會導致消費者價格上升、餐廳銷售下降，以及 Dashers 的工作機會減少。

And finally, because of the arbitrary nature of these commission caps, they're violently unconstitutional. 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. And so that's our take, and that's why you see us take litigation action in San Francisco.

最後，由於這些佣金上限具有任意性，它們嚴重違憲。我想，對此情況最好的概括，可能其實來自舊金山市長 London Breed，她認為這項法令不必要地超過了任何公共利益。這就是我們的看法，也因此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. We are #1 in Chicago. We've gained share not just in the second quarter but also in the first quarter of this year. In New York City, we're not #1, but it's a clear priority for us. But to be clear, we have continued to gain share, including in the second quarter. Most of the other competitive share shifts we've seen have occurred between the other 2 players in that market.

Spencer，關於你的問題，我的意思是，你提到的兩個市場——芝加哥與紐約市——我想算是我們某個競爭對手的競爭強勢市場。我們在芝加哥是第一名。我們不只在第二季，也在今年第一季提升了市占。在紐約市，我們不是第一名，但這對我們而言是明確的優先事項。但要說清楚的是，我們持續提升市占，包括在第二季也是如此。我們看到的其他競爭市占變化，多數發生在該市場的另外兩家業者之間。

(Operator Instructions)

(接線員指示)

It looks like we don't have any more questions in the queue. So if it's okay, you can pass it to Tony for a quick closing remarks and wrap it up.

看起來目前佇列中沒有更多問題。所以如果可以的話，接下來交給 Tony 做個簡短的結語並結束會議。

All right. Thanks, Andy. Was there another question, Grace?

好的。謝謝你，Andy。Grace，還有其他問題嗎？

No. You may proceed, presenter.

沒有。簡報者請繼續。

Great. Well, thanks, everyone. I just wanted to take a moment and celebrate the fact that we fulfilled our 2 billionth order in the second quarter. 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. And only 9 months later, we were able to see our second billionth order. 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. Thank you very much, and we'll see you soon.

太好了。謝謝各位。我想花一點時間，慶祝我們在第二季完成了第 20 億筆訂單。作為從一開始就見證這段旅程的人，我可以告訴你，我們花了超過 7 年才達成第一個 10 億筆訂單。而僅僅 9 個月後，我們就達成了第二個 10 億筆訂單。所以我想花點時間回顧這個里程碑，並感謝我們所有的受眾、DoorDash 的團隊，以及所有股東，這是一項很棒的成就。非常感謝，我們很快再見。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now all disconnect.

謝謝。各位女士先生，今天的電話會議到此結束。感謝各位參與。各位現在可以掛線。