Doordash, Inc. (DASH) 2021 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the DoorDash Q1 2021 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mr. Andy Hargreaves. Please go ahead.

大家好，感謝您稍候。歡迎參加 DoorDash 2021 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的發言人 Andy Hargreaves 先生。請開始。

Thanks, May. Hello, everyone, and thanks for joining us for our first quarter 2021 earnings call. I'm pleased to be joined today by Co-Founder, Chair and CEO, Tony Xu; and CFO, Prabir Adarkar.

謝謝你，May。各位好，感謝大家參加我們 2021 年第一季財報電話會議。今天很高興與我一同出席的有共同創辦人、董事長兼執行長 Tony Xu，以及財務長 Prabir Adarkar。

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

我們想提醒各位，本次電話會議中將包含前瞻性陳述，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；部分風險已在我們的風險因素中說明，包括我們向美國證券交易委員會（SEC）提交的文件（包括 10-K 表格）。

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.

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 net 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 淨結果一併考量，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. We're going to go straight into questions today. So May, please take the first question.

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。今天我們將直接進入問答。May，請接第一個問題。

Our first question is from the line of Lloyd Walmsley from Deutsche Bank.

我們的第一個問題來自德意志銀行（Deutsche Bank）的 Lloyd Walmsley。

2, if I can. Just, first, in the shareholder letter, you called out increased frequency from existing customers who order convenience. And I'm curious if you can just put a finer point on that. Is that increases in frequency even on the food delivery side, just more habituation to the app? Or is it more just a comment that convenience is additive and not cannibalistic? And I guess maybe in areas where the product is more full in terms of other things that you offer on the platform on top of food, convenience, other stuff, are there similar dynamics where just the more categories people use it across, the more they use within individual categories?

如果可以的話，我有兩個問題。首先，在股東信中，你們提到既有客戶在訂購「便利」品類時的下單頻率有所提升。我想請你們更具體說明一下。這是否也代表在外送餐飲端的頻率也在提升，只是大家更習慣使用 App？還是更想表達「便利」是增量而非侵蝕（不會排擠餐飲）？另外我想，在你們產品更完整的地區，也就是除了餐飲之外平台還提供便利、其他品類等，是否也有類似的動態：使用的品類越多，單一品類內的使用頻率也越高？

And then the second question would just be on the new commission packages. How are you seeing kind of merchants react to the new packages? Are they opting into the higher-value bundles? And what should we kind of expect in terms of the take rate impact from that? Anything you can share there would be great.

第二個問題是關於新的佣金方案。你們看到商家對新方案的反應如何？他們是否選擇加入價值更高的組合方案？就此而言，我們應該如何預期對抽成率（take rate）的影響？若能分享任何資訊將非常有幫助。

Hey, Lloyd. It's Prabir. Why don't I take the first question on the frequency comment, and then Tony will take the second. It's the latter thing you mentioned, which is what we actually find is that these categories are symbiotic with one another. So customers who order from new categories subsequently increase their frequency with restaurants by a greater amount than those who do not order from new categories. So said differently, once you begin to use multiple categories, that actually increases your engagement with the core restaurant category.

嗨，Lloyd。我是 Prabir。我先回答第一個關於頻率的問題，接著 Tony 會回答第二個。是你後面提到的那一點：我們實際上發現這些品類彼此是共生的。因此，從新類別下單的客戶，之後在餐廳類別的下單頻率提升幅度，會高於未從新類別下單的客戶。換句話說，一旦你開始使用多個品類，反而會提高你在核心餐廳品類的參與度。

And then the other thing we found is that customers who actually engage with us across different categories beyond food also appear to have stronger retention and engagement versus restaurants who place their -- or versus consumers who place their orders with restaurants only. So we're actually seeing strength because the addition of categories basically makes a user stickier with our platform.

另外我們也發現，跨越餐飲以外不同品類與我們互動的客戶，其留存與參與度似乎也更強，優於只向餐廳下單的消費者。因此我們看到的是強勁表現，因為新增品類基本上讓使用者對我們的平台黏著度更高。

Yes. Hey, Lloyd, and -- this is Tony. On the second question, the business impact is reflected in our guidance, and it's something that we feel pretty comfortable. And as we tested this program, as we do with all of our new initiatives with merchants, for about 6 months, so it's meeting our expectations in terms of our rollout so far.

是的。嗨，Lloyd——我是 Tony。關於第二個問題，對業務的影響已反映在我們的指引中，這也是我們相當有把握的一點。而且在我們測試這個計畫時——如同我們對所有面向商家的新措施一樣——我們測試了大約 6 個月，因此就目前的推行進度而言，結果符合我們的預期。

But I thought I would take a second to give you a bit of the guiding principles or the design principles behind why we shift to what we announced a couple of weeks ago. If you take a step back, we took quite a lot of actions during the pandemic to make sure that these businesses would be successful. That's the entirety of why DoorDash was founded, to make sure that these local businesses would succeed. And so during the pandemic, I'm very proud that the actions we took as well as hundreds of millions of dollars of investments we made allowed these businesses to have 8x the odds of surviving the pandemic versus the average restaurant in the industry.

不過我想花點時間，向你說明我們為何轉向幾週前所宣布方案的一些指導原則或設計原則。退一步看，在疫情期間我們採取了相當多的行動，以確保這些商家能夠成功。這也是 DoorDash 成立的初衷：確保這些在地商家能夠成功。因此在疫情期間，我非常自豪我們採取的行動，以及我們投入的數億美元投資，使得這些商家在疫情中存活的機率，是產業平均餐廳的 8 倍。

Now as we get out of the pandemic and as we start heading into reopening, which I'm very excited about, given where the country is in terms of vaccination rates increasing and such, is that we wanted to give these business owners, and speaking with them for about 6, 7 months about this, the best chance at getting out of the gate as fast as possible.

現在，隨著我們逐步走出疫情並開始邁向重啟——我對此非常興奮，因為全國疫苗接種率等指標正在上升——我們希望讓這些業主有最佳機會，能夠在起跑時盡可能快速地衝出去；我們也為此與他們溝通了大約 6、7 個月。

And what we heard over and again was they really want a choice, choice on the spectrum of investing in growth and in which case, they can pick some of the higher-priced plans that allows them participation in programs like DashPass, where DoorDash is covering the cost of delivery; or choice in the form of greater profitability, depending on how they're seeing staffing and things like that as they get into recovery; choice in the form of whether the orders are coming from the DoorDash app or their own channel, where we're offering a commission-free, no-cost product called DoorDash Storefront, which will allow them to build their own digital channels; as well as choice in the form of nondelivery use cases like pickup, where we slash rates from 15% to 6%.

而我們一再聽到的是，他們真的希望有選擇：在投資成長的光譜上有選擇——在這種情況下，他們可以選擇一些較高價格的方案，讓他們能參與像 DashPass 這樣的計畫，由 DoorDash 承擔配送成本；或是以更高獲利能力的形式提供選擇，取決於他們在復甦過程中對人力配置等情況的判斷；也希望在訂單來源上有選擇——訂單是來自 DoorDash App 或他們自己的渠道，我們提供一個免佣金、零成本的產品 DoorDash Storefront，讓他們建立自己的數位渠道；以及在非外送使用情境上有選擇，例如自取（pickup），我們把費率從 15% 大幅降到 6%。

And so that really was the reason why we shift to what we announced, and we had been working with these merchants for about 6 months on it. And in terms of the financial impact or the impact on the business, all of that is reflected in our guidance.

因此，這就是我們轉向所宣布方案的主要原因，而我們也已與這些商家就此合作了大約 6 個月。至於財務影響或對業務的影響，這些都已反映在我們的指引中。

And just to add one point to that, if you actually look at these programs, there is an offset between the lower commission rate that comes with the higher consumer fee. It's not a perfect offset, but just keep that in mind as you think about the ramification slide.

另外再補充一點：如果你實際看這些方案，較低的佣金率與較高的消費者費用之間存在一定程度的抵銷。這並非完全一比一的抵銷，但在你思考那張「影響」投影片的含義時，請把這點納入考量。

Next in line is Douglas Anmuth from JPMorgan.

接下來是來自摩根大通（JPMorgan）的 Douglas Anmuth。

I have 2. First, just I hope you could talk more about your thoughts on the impact of reopening and perhaps just how your thoughts have changed relative to 3 to 6 months ago, if they have. And then second question, just on Dashers supply, I guess, just how do you get comfortable with how that can play out here in the coming months given some of the supply issues, of course, that are seen with ridesharing and in some other areas?

我有兩個問題。第一個，我希望你能多談談你對於重啟所帶來影響的看法，以及（如果有的話）相較於 3 到 6 個月前，你的想法有哪些改變。第二個問題是關於 Dasher 的供給。我想問的是，考量到共乘以及其他一些領域當然都出現了供給問題，你們如何能對未來幾個月這件事的發展感到放心？

Hey, Doug. Thanks for the question. So the first thing I would say, we were encouraged by the trends that we saw in the first quarter, particularly as markets reopened and in-store dining grew. The negative impact to consumer behavior was smaller than we had initially anticipated, and that enabled us to actually beat our Q1 guidance by 9%. What's driving that is the commentary we made even at the -- in our earlier earnings call. We talked about consumer behavior being sticky. So as consumers begin to use the product, new habits develop, and those habits tend to persist. And part of that is being bolstered by the fact that the product has gotten routinely better over the course of time.

嗨，Doug。謝謝你的提問。首先我想說的是，我們對第一季看到的趨勢感到鼓舞，特別是在市場重啟、店內用餐增加的情況下。對消費者行為的負面影響比我們一開始預期的更小，這也讓我們實際上比第一季指引高出 9%。推動這一點的原因，是我們甚至在先前的財報電話會議上就提到的評論。我們談到消費者行為具有黏著性。因此，當消費者開始使用產品時，新的習慣會形成，而這些習慣往往會持續下去。其中一部分也受到產品隨著時間推移而持續變得更好的支撐。

Just over the course of this past year, the selection on the platforms improved in terms of the number of restaurants as well as new categories, such as convenience stores and grocery stores. Quality has improved, our affordability has gone better, and all these things continue to act in support of continued stickiness as far as consumers go. And so as we look to the future, we're optimistic about the balance of the year, which led to an increase of guidance by about 15% to $35 billion to $38 billion of GOV.

在過去這一年裡，平台上的選擇變得更好，無論是餐廳數量，還是像便利商店與雜貨店等新類別。品質提升了、我們的可負擔性也變得更好，而所有這些因素都持續支持消費者端的黏著性。因此，展望未來，我們對今年剩餘時間的表現感到樂觀，這也使我們將 GOV 指引上調約 15%，至 350 億到 380 億美元。

On your second question, I know rideshare is focused on this, but it's important to remember that rideshare drivers are a different pool of people than our Dashers. Over 75% of our Dashers are students or have other part-time or full-time jobs. On average, they dash less than 4 hours per week. Dashers don't require a car. They can dash on bikes. Our population of Dashers tend to skew more female, and that's likely because you don't have to share your personal space with another individual. And so even in our survey data, shows that 21% of our Dashers that have driven for rideshare, and only 6% say they prefer rideshare. So it's a completely different pool of people.

關於你的第二個問題，我知道共乘很關注這件事，但重要的是要記住，共乘司機與我們的 Dasher 是不同的人群。我們超過 75% 的 Dasher 是學生，或另有其他兼職或全職工作。平均而言，他們每週 dash 的時間少於 4 小時。Dasher 不一定需要汽車。他們可以騎腳踏車 dash。我們的 Dasher 人口結構更偏向女性，這可能是因為你不必與另一個人共享你的私人空間。而且即使在我們的調查數據中也顯示，有 21% 的 Dasher 曾經替共乘平台開車，但只有 6% 表示他們更偏好共乘。所以這完全是不同的人群。

We had a little bit of a supply blip in March. We solved the issue. We acted quickly. We took a bunch of actions, including improving the efficiency of the logistics network, expanding our marketing funnels, improving our conversion rates for Dashers. And as a result, we're now acquiring more Dashers per week than we were compared to Q1. So we're well supplied today, and we expect that to be the case for the foreseeable future.

我們在 3 月出現了一點供給的小波動。我們已經解決了這個問題。我們反應很快。我們採取了多項措施，包括提升物流網路效率、擴大行銷漏斗、提高 Dasher 的轉換率。因此，我們現在每週獲取的 Dasher 數量，比第一季時還要多。所以我們目前供給充足，並且預期在可預見的未來都會如此。

Next is Youssef Squali from Truist Securities.

接下來是來自 Truist Securities 的 Youssef Squali。

Congrats on the impressive quarter. Just 2, if I may. First, can you just speak to the recent trends that you've seen so far in May? I think your guide speaks to it, but anything to highlight in terms of just the competitive intensity and how you guys feel about the -- particularly the growth in the nonfood delivery business in the quarter and contribution to it?

恭喜你們交出令人印象深刻的一季。如果可以的話，我也有兩個問題。第一個，你能談談截至目前為止 5 月你們看到的近期趨勢嗎？我想你們的指引已經反映了一些，但在競爭強度方面有沒有什麼值得強調的？以及你們對於——特別是本季非餐飲配送業務的成長與其貢獻——有何看法？

And second, as you look at the diversification that you're embarking on into nonfood, convenience, grocery, et cetera, I was wondering if you can just speak to the broader -- well, first, how big do you think that business could become over time? Is this a situation where you could see a scenario where half of your business is coming from these new initiatives, say, over the next, I don't know, 3 to 5 years? But probably also, just how do you see that impacting the take rate over time?

第二個，當你們著手將業務多元化、拓展到非餐飲、便利、雜貨等領域時，我想請你談談更宏觀的——嗯，首先，你認為這項業務隨著時間推移可能會變得多大？是否可能出現一種情境：在未來（我不知道）3 到 5 年內，你們有一半的業務來自這些新計畫？另外，這會如何影響你們的抽成率（take rate）隨時間的變化？

Sure. Hey, it's Tony. I'll start. So far, the quarter is off to a great start. And what I'll say is that the impact of reopening really has been more muted than we expected, certainly, when we were looking at this last fall and even as we're starting to prepare for this towards even last summer. With respect to some of the new categories, we're very excited about our progress. I mean growing 40% quarter-on-quarter, our nonrestaurant orders now are totaling over 7% of our total orders, and again, this happened in a pretty short period of time. We really, in earnest, launched our second category outside of restaurants in convenience, which where we're now the market leader in just under a year. So things are certainly ahead of plan and exceeding our expectations there.

當然。嗨，我是 Tony。我先開始。到目前為止，本季開局非常好。我想說的是，重啟的影響確實比我們預期的更為溫和，尤其是當我們在去年秋天評估這件事，甚至在去年夏天開始為此做準備時。至於一些新類別，我們對進展感到非常興奮。我的意思是，非餐廳訂單季對季成長 40%，目前已超過我們總訂單量的 7%，而且這是在相當短的時間內達成的。我們確實是很認真地推出了餐廳以外的第二個類別——便利商店——而在不到一年的時間裡，我們已成為市場領導者。所以這些進展確實超前於計畫，也超出我們的預期。

With respect to, I think, the broader question of how this plays out and unfolds, as -- to remind all of us on the call, as I mentioned during our -- actually, our very first earnings call, we're really investing in 4 areas. We're investing certainly to grow our core business, and we're seeing a greater strength there, especially as we saw record engagement in the quarter as well as our investment into other use cases, such as pickup, where we're also the market leader now, or the office business like DoorDash for work.

至於我想你提到的更廣泛問題，也就是這件事將如何發展與展開——提醒各位與會者，如同我在我們——其實是在我們第一次財報電話會議上提到的——我們主要在四個領域投資。我們當然投資於成長核心業務，而且我們看到更強的動能，特別是本季創下了創紀錄的互動度；同時我們也投資於其他使用情境，例如自取（pickup），我們現在在那裡也是市場領導者；或是辦公室業務，例如 DoorDash for Work。

We are investing certainly into new categories. We're also investing into the buildout of our platform. So DoorDash is as much a marketplace or app like grocery orders as well as a platform that gives you products like DoorDash Drive or DoorDash Storefront to help merchants build their own channels and then finally, international market growth. And so those are the 4 buckets of where we're investing, and we're very, very excited by both how things are progressing in all of these areas as well as what that might mean for diversification in the future.

我們也確實投資於新類別。我們同時投資於平台的建置。因此，DoorDash 不僅是一個像雜貨訂購一樣的市集或 App，也是一個平台，能提供像 DoorDash Drive 或 DoorDash Storefront 這類產品，協助商家建立自有渠道；最後還有國際市場成長。以上就是我們投資的四大方向。我們對這些領域的進展，以及它們未來可能為多元化帶來的意義，都感到非常、非常興奮。

And Youssef, if I could just add to that. I mean some of the markets we mentioned, whether it's convenience or grocery, these are extremely large markets: convenience is $200 billion, $250 billion; grocery is an $800 billion to a $1 trillion market. But the thing that's unique is both of these have very low penetration rates.

Youssef，如果我可以再補充一下。我們提到的一些市場，無論是便利商店或雜貨，都是極其龐大的市場：便利商店是 2,000 億到 2,500 億美元；雜貨是 8,000 億到 1 兆美元的市場。但獨特之處在於，這兩者的滲透率都非常低。

And if you think about our platform and the success that was enjoyed in convenience up to this point, despite launching that business 12 months ago, it's because of the extensibility of our platform. It's because we take a hybrid approach that pairs together not just third-party partners in our marketplace, like CVS, like Walgreens, like 7-Eleven, in fact, Rite Aid, that we recently announced, but also we're bringing our own first-party selection to consumers. And that's in order to provide consumers a choice and serve them in underserved neighborhoods. And so penetration is extremely low today and there's a lot of runway for growth.

而如果你回頭想想我們的平台，以及便利（convenience）業務截至目前所取得的成功，儘管那項業務是在 12 個月前才推出，這都要歸功於我們平台的可延展性。這是因為我們採取混合式策略，不僅把我們市集中的第三方合作夥伴（例如 CVS、Walgreens、7-Eleven，事實上還有我們最近宣布的 Rite Aid）結合在一起，同時也把我們自有的一方（1P）商品選擇帶給消費者。這樣做是為了讓消費者有更多選擇，並服務於供給不足的社區。因此目前滲透率仍然非常低，未來還有很大的成長空間。

Next question is from the line of Ross Sandler from Barclays.

下一個問題來自 Barclays 的 Ross Sandler。

Just a quick follow-up on that last one and then one other one. So the 7% of orders for nonrestaurant, can you just talk about the unit economics of that business and your go-to-market? Like Instacart, I think, is mostly getting its profit pull from ads. Gopuff is a 1P business. So how do we think about the blended offering that you guys have and EBITDA per order? I think you mentioned the AOV is a little bit lower for convenience. So any color there would be helpful on EBITDA per order.

先就上一題做個簡短追問，然後再問另一題。非餐廳類訂單占 7%，你們能否談談這項業務的單位經濟（unit economics）以及你們的上市推廣（go-to-market）策略？像 Instacart，我認為主要是靠廣告獲利。Gopuff 則是一個 1P 業務。那麼我們該如何看待你們這種混合式供給，以及每筆訂單的 EBITDA？我記得你們提到便利類的平均訂單金額（AOV）稍微低一些。所以若能提供一些每筆訂單 EBITDA 的補充說明會很有幫助。

And then it sounds like, based on the letter, that you guys are expecting a little bit of a drop-off into the summer, which I think everybody can totally understand as things reopen. The question is, is more like as you look at the data, are you seeing new customers that came in, in 2020? Are those the ones that are going to drop off? Or is it that the higher frequency DashPass folks who order like 5 times a month are just going to order less when we get to the summer? Any color on that would be helpful.

另外，從股東信來看，你們似乎預期進入夏季會有些回落，我想隨著各地重新開放，大家都能理解。問題比較是：從你們看到的數據來看，2020 年新進來的客戶，你們有看到嗎？會是這些客戶流失嗎？還是說，下單頻率較高的 DashPass 用戶（例如每月下單 5 次）到了夏天只是會下得更少？若能提供一些補充說明會很有幫助。

Hey, Ross. So on the first question, in terms of unit economics, we're not actually breaking out unit economics for these orders. What I will say is we're fortunate in that our core U.S. business is cash-generative, and we're taking that cash and we're investing it to grow some of these new verticals, whether it's convenience or grocery or expand into new merchant services, like Storefront, as well as expand internationally. So we're fortunate to have a profitable core business that allows us to invest in these areas.

嗨，Ross。關於第一個問題，就單位經濟而言，我們其實沒有把這些訂單的單位經濟單獨拆分揭露。但我想說的是，我們很幸運，我們美國核心業務能產生現金流，而我們把這些現金拿來投資，以推動一些新垂直領域的成長，不論是便利、雜貨，或是擴展到新的商家服務（例如 Storefront），以及拓展國際市場。因此，我們很幸運擁有一個可獲利的核心業務，讓我們能在這些領域持續投資。

On the question regarding the summer seasonality, it was exactly right, it was baked into the guidance, is the fact that starting about April and going all the way through to Labor Day, usually as the weather improves, you see consumers go dine in. And that behavior is generally consistent across both new customers that were recently acquired as well as existing customers that have been on the platform for a while, which is behavior that we tend to see as weather improves and people want to go out a little bit more. So you don't see it in our historical numbers, partly because of the rapid pace of customer acquisition. But if you look at it on a cohort level, it's there, both for you new and existing cohorts.

至於夏季季節性問題，你說得完全正確，這已經反映在我們的指引中：通常從大約 4 月開始一路到勞動節，隨著天氣轉好，你會看到消費者改為到店內用餐。而這種行為通常在近期新獲得的客戶以及在平台上已經使用一段時間的既有客戶之間都相當一致；也就是說，天氣變好時，我們往往會看到人們更想外出。所以你在我們的歷史數字中不太看得到，部分原因是客戶獲取速度非常快。但如果以同群（cohort）層級來看，這個現象是存在的，無論是新的或既有的同群都是如此。

Next is Ralph Schackart from William Blair.

下一位是 William Blair 的 Ralph Schackart。

Just curious if you could provide maybe a little bit more color on Dasher pay and incentive trends that you've seen both in the quarter, maybe kind of quarter-to-date. And in the letter, you talked about a 40% pay increase, 13%, I think, decrease for cost to consumers over a 2-year period. And it sounds like you're in a better supply situation now, which is great. But just curious if you could give some more color on kind of recent trends on the incentives. Are some of those getting passed on to the consumer? And then, eventually, as government incentive programs subside, do you think the driver incentives will normalize over time?

想請教你們是否能就 Dasher 薪酬與激勵的趨勢提供更多細節，包含本季以及可能到目前為止（quarter-to-date）的情況。在股東信中，你們提到 Dasher 薪酬提高了 40%，而消費者成本在兩年期間下降了 13%（我記得是這個數字）。而且聽起來你們現在的供給狀況更好，這很棒。但想請你們多談談近期激勵措施的趨勢。其中有一些是否會轉嫁（或回饋）給消費者？另外，隨著政府激勵計畫逐步退場，你們認為司機端的激勵是否會隨時間回歸常態？

Hey, Ralph. Maybe I'll take that question. I mean the summary is we're expecting take rates to improve sequentially from Q1 to Q2. And in part, that's driven by the fact that Dasher pay will normalize because the supply state is actually better today. That problem has been resolved, and we've brought markets back to health.

嗨，Ralph。我來回答這題。總結來說，我們預期從 Q1 到 Q2 的抽成率（take rate）會逐季改善。部分原因是，因為目前供給狀況其實更好，Dasher 薪酬將會正常化。那個問題已經解決，我們也已經讓各個市場恢復健康狀態。

Taking a step back, just in terms of overall Dasher pay, we've said before, in the context of our overall strategy, our North Star is to reduce customer prices, consumer prices, reduce the fees and commissions we charge to merchants and increase earnings for Dashers. And so the 40% year-over-year increase in Dasher earnings per active hour is consistent with our general philosophy. So as we continue to squeeze out more efficiency in -- out of the logistics network, as we continue to improve our defect rates and that results in unit economic improvements, we invest a lot of that back into the ecosystem by taking down fees and by increasing Dasher earnings.

退一步來看，就整體 Dasher 薪酬而言，我們之前在談整體策略時就說過，我們的北極星指標（North Star）是：降低客戶價格、降低消費者價格，降低我們向商家收取的費用與佣金，並提高 Dasher 的收入。因此，Dasher 每個有效工時（active hour）的收入年增 40%，與我們一貫的理念一致。所以，當我們持續在物流網路中擠出更多效率、持續改善缺陷率（defect rates），並因此帶來單位經濟的改善時，我們會把其中很大一部分再投回生態系，透過降低費用以及提高 Dasher 收入來實現。

Great. And if I could squeeze in one more, and just on the pickup opportunity you talked about on the call and the letter, it seems like a pretty good opportunity for you in a post-COVID environment. Maybe just talk about sort of how that's been received by consumers, kind of what you've learned. And as you add sort of technology to that, long-term, some innovation, what are your views on this opportunity?

很好。如果我可以再塞一題：關於你們在電話會議與股東信中提到的自取（pickup）機會，看起來在後疫情環境下對你們是個相當不錯的機會。能否談談消費者對此的接受度、你們學到了什麼？以及當你們長期在這上面加入更多技術與創新時，你們如何看待這個機會？

Sure. I'll take that. It's Tony. I think the greatest privilege we probably have in this business is that people eat 20 to 25 times a week, maybe more, maybe less, during this pandemic. But what I will say is that when someone is doing that kind of frequency of consumption, it's never going to happen in one method. It's never going to be all in cooking. It's never going to be all in eating out or eating in or getting deliveries. I think, especially as we get out of the pandemic, we're going to go back into doing some of the things that I think are now priced commodities, like grabbing a coffee on the way to work or doing a walk along the block with your colleagues and grabbing a snack or what have you.

當然。我來回答。我是 Tony。我認為我們在這個業務中可能最大的特權是：人們每週會吃 20 到 25 次，疫情期間可能更多、也可能更少。但我要說的是，當一個人的消費頻率這麼高時，不可能只用單一方式完成。不可能全部都自己煮。也不可能全部都外食、內用或叫外送。我想，尤其當我們走出疫情之後，我們會回到做一些我認為現在已經變成「定價商品化」（priced commodities）的事情，例如上班路上買杯咖啡，或和同事在街區散步時順手買點零食之類的。

And so we're seeing quite a lot of excitement to the pickup product, I think not just because people are tired of being stuck at home, but I think people are -- I think that there's just the mere fact that because we consume so often, that this is one of the natural use cases that governs our behavior. And so we're very excited to continue investing there.

因此，我們看到市場對自取產品有相當高的興奮度，我想不只是因為大家厭倦了被困在家裡，而是——我認為——單純因為我們消費得如此頻繁，這本來就是一個會自然形塑我們行為的使用情境之一。所以我們非常期待能持續在這方面加大投資。

Next is Deepak Mathivanan from Wolfe Research.

接下來是來自 Wolfe Research 的 Deepak Mathivanan。

One for Tony and one follow-up for Prabir. Can you talk about your partnership strategy for the new categories? I mean you entered into partnerships with a lot of retailers directly. But as you kind of think about expanding it further over the next few years, how should we think about your desire to work with platforms that have off-line business integrations like the online presence systems, point-of-sale software companies, Shopify and even companies like Facebook, to scale the merchant side rapidly on both marketplace and drive?

一題給 Tony，另一題追問 Prabir。你能談談你們在新類別上的合作夥伴策略嗎？我的意思是，你們已經直接與許多零售商建立合作關係。但當你們思考在未來幾年進一步擴張時，我們應該如何看待你們希望與具備線下業務整合的平台合作的意願，例如線上門店系統、POS（銷售點）軟體公司、Shopify，甚至像 Facebook 這樣的公司，以便在市集與自營（drive）兩端快速擴大商家端規模？

Yes, I'll start. Hey, Deepak, it's Tony. So the way that we look at all things is how do we build the best product. And for our marketplace, what that really means is how do we offer the best selection, quality, price and customer service. And for our platform business, where we're building tools for merchants to allow them to grow their own digital businesses, it's really about how do we allow them to be very successful across all the activities that they have to perform in order to build a digital business.

好的，我先開始。嗨，Deepak，我是 Tony。我們看待所有事情的方式是：我們如何打造最好的產品。對我們的市集而言，這真正意味著我們如何提供最佳的選擇、品質、價格與客戶服務。而對我們的平台業務而言，我們正在為商家打造工具，讓他們能成長自己的數位業務；核心在於我們如何讓他們在建立數位業務所需執行的各項活動上都能非常成功。

And so with that, I suppose, as the guiding principle, we would consider any partnerships that achieve those means, and they can look different depending on whether or not they fit into our marketplace or whether or not they fit into our platform.

因此，在這個指導原則之下，我想我們會考慮任何能達成上述目標的合作夥伴關係；而它們的樣貌會因是否適用於我們的市集，或是否適用於我們的平台而有所不同。

And so at DoorDash, we really are thinking about building the system that has both components. One system is our app, which is trying to grow all of local commerce and bring everything inside your neighborhood to you in minutes, not hours or days. And then on the other side, we are trying to empower you, the merchant, to replicate and grow on top of your 4-wall business and compete in today's digital economy. So any partnerships that fit each respective part of our business and then the 2 jobs that we do, which is to grow and to empower local commerce, we're all ears.

因此在 DoorDash，我們確實在思考打造一個同時具備兩個組成部分的系統。其中一個系統是我們的 App，目標是推動所有在地商務成長，並在幾分鐘內（而不是幾小時或幾天）把你社區裡的一切送到你手上。而另一方面，我們試圖賦能你——商家——讓你能在你既有的四面牆（實體門店）業務之上複製並擴張，並在今日的數位經濟中競爭。所以，任何符合我們業務各自部分、以及我們所做的兩項工作（推動在地商務成長與賦能在地商務）的合作夥伴關係，我們都願意聽取。

Got it. No, that's very helpful, Tony. And then, Prabir, can you talk about the second half guidance on GOV? Should we expect the GOV to sort of bottom-out in 3Q and then start improving sequentially in 4Q into 2022? How are you thinking about like the slope in the second half?

了解。不，這非常有幫助，Tony。接著，Prabir，你能談談下半年對 GOV 的指引嗎？我們是否應預期 GOV 在第三季觸底，然後在第四季按季改善並延續到 2022 年？你們如何看待下半年走勢的斜率？

Yes. Yes, the second half GOV is impacted really by 2 factors. The first, we're baking in some uncertainty with respect to consumer behavior as markets continue to reopen and there's increased vaccination rates. But second, to your point, there's some seasonality there, and that usually continues until Labor Day, and so you've got -- like sort of Q2 and Q3 in there, there were usually a lull. And then as the winter season starts selling in, you start to see growth from there on out. So it's basically what you pointed out.

是的。是的，下半年 GOV 主要受到兩個因素影響。第一，我們在模型中納入了一些不確定性，因為市場持續重新開放且疫苗接種率提高，消費者行為可能改變。但第二，如你所說，存在一些季節性，通常會延續到勞動節，因此你會看到——像第二季和第三季通常會有一段相對低迷期。然後當冬季旺季開始到來時，你會從那時起看到成長。所以基本上就是你所指出的情況。

The one thing I will say, Deepak, is just stepping back, the GOV guidance for the year is materially higher than what we thought at the beginning of the year. So I would -- I point to the shape of the curve you see in the model, right? But at the end of the day, let's not lose sight of the big picture, which is we're clearly more optimistic today than we were earlier on.

我想說的一點是，Deepak，退一步看，今年的 GOV 指引明顯高於我們年初的預期。所以我會——我會指向你在模型中看到的曲線形狀，對吧？但歸根結底，不要忽略大局：我們今天顯然比先前更樂觀。

Next is Michael McGovern from Bank of America.

接下來是來自美國銀行（Bank of America）的 Michael McGovern。

And congrats on the great quarter. I just wanted to ask maybe about -- maybe just like a regulatory overview. It seems like there's been a lot of news items on the regulatory side recently. So maybe first, if you could comment about the federal side and the comments from the Department of Labor Secretary recently. And just any views on what could happen long-term on the federal side.

也恭喜這個很棒的季度。我想問的可能是——也許是監管面的整體概覽。最近在監管方面似乎有很多新聞。所以首先，能否請你評論一下聯邦層面，以及勞工部部長最近的發言。以及你們對聯邦層面長期可能發展的任何看法。

And then I think some of your peers in the gig economy or rideshare space has talked about potentially working out deals with states that might look similar to Prop 22. So can you share with us if you're like participating in those kind of discussions or just what you think about the potential for regulatory developments on the state side as well.

另外，我想你們在零工經濟或共乘領域的一些同業曾談到，可能會與各州達成看起來類似於第 22 號提案（Prop 22）的協議。所以你能否分享你們是否也在參與這類討論，或你們如何看待州層面監管發展的可能性。

Yes. Hey, Mike, it's Tony. I'll take that. So we're very excited about what we heard Secretary Walsh and the Biden administration say, which, to our ears, was that they're very excited and figuring out with us, with the private sector companies, how to actually construct a model that takes us into the 21st century instead of, I guess, moving backwards toward the 20th century.

是的。嗨，Mike，我是 Tony。我來回答。我們對 Walsh 部長以及拜登政府所說的內容感到非常振奮；在我們聽來，他們非常期待並與我們、與民間企業一起，實際建構一個能帶領我們走向 21 世紀的模式，而不是我想、倒退回 20 世紀。

I mean if you think about it, what DoorDash stands for is optimizing for the worker, so in this case, the Dasher, the millions of drivers on our platform. And the #1 thing we hear over and again from Dashers is that they want this flexibility that has never existed in any labor environment before.

如果你想想看，DoorDash 所代表的是以工作者為優先來做最佳化——在這裡指的是 Dasher，也就是我們平台上的數百萬名駕駛。而我們一再從 Dasher 那裡聽到的第一件事，就是他們想要這種在過去任何勞動環境中都未曾存在過的彈性。

And the question is how do we marry that in the face of traditional labor definitions with benefits and protections that we believe they deserve. And what we heard from really anyone we speak to is a willingness to engage in that conversation and construct forward a third way in which we can pair this independence and flexibility with benefits. And what -- and that's true at the federal level, that's true at the state level and any elected official that we speak with.

問題在於，面對傳統的勞動定義時，我們如何把這種彈性與我們認為他們應得的福利與保障結合起來。而我們從幾乎所有交談對象那裡聽到的，是願意投入這場對話，並向前建構第三條路：把這種獨立性與彈性，與福利配對在一起。而這——在聯邦層面如此，在州層面也如此，對我們交談的任何民選官員亦然。

And Mike, just to be clear, the DOL has made clear that they aren't taking immediate action and instead want to engage with us. And we're in dialogue with the federal government as well as the state level.

另外，Mike，為了說清楚，勞工部（DOL）已明確表示他們不會立即採取行動，而是希望與我們互動交流。我們也正與聯邦政府以及州政府層面保持對話。

Got it. And maybe just as one quick follow-up to that. I thought the prior comments about the difference between Dashers and rideshare drivers were really important, especially on the regulatory front. So could you talk about just like the possibility that rideshare drivers and food delivery couriers are regulated separately with different rules? Or do you think that gig economy workers could just all be kind of lumped together long-term in terms of like that regulatory response and development?

了解。那再快速追問一下。我認為先前關於 Dasher 與共乘司機差異的評論非常重要，尤其是在監管面。所以你能否談談，共乘司機與外送配送員是否可能被分開監管、適用不同規則？或者你認為長期來看，零工經濟工作者可能會在監管回應與發展上被一併歸類？

Yes. I'm not sure that we've got a firm conclusion on this matter. I mean, as Tony indicated, Secretary Walsh's comments actually suggest an openness to engage with the private sector to figure this stuff out. So it's a little early to signal whether rideshare drivers will be grouped together with the broader gig economy or kept separate. We'll come back if there's any update on this topic as our conversations progress.

是的。我不確定我們在這件事上是否已有明確結論。如 Tony 所指出，Walsh 部長的發言其實顯示出願意與民間部門互動，一起把這些事情釐清。因此現在要判斷共乘司機是否會與更廣泛的零工經濟被歸在一起，或是被分開處理，還言之過早。隨著我們的對話推進，如果這個議題有任何更新，我們會再回來說明。

Next is Jason Helfstein from Oppenheimer & Co.

接下來是來自 Oppenheimer & Co. 的 Jason Helfstein。

This is Sean on the call for Jason. So just one on how are you guys thinking about the risk around local pricing caps? And how is this taken into account with the new merchant pricing model? And then second, can you talk about the competitive environment around nonfood sales relative to the environment of food delivery? Is it more competitive, about the same, less competitive? What are you guys seeing there?

我是 Sean，代替 Jason 參與這通電話。我只有一個問題：你們如何看待地方性價格上限所帶來的風險？而在新的商家定價模式中，這點是如何被納入考量的？第二個問題，你們能談談非食品銷售的競爭環境，相較於外送餐飲的競爭環境如何嗎？是更競爭、差不多，還是較不競爭？你們觀察到的是什麼？

Yes. Hey, Sean, it's Tony. I'll start. So on the first question around commission caps, what we expect is that these commission caps will be rolling off pretty soon. In fact, we've already seen some of this in some very large cities, whether it's Chicago, Kansas City, Cincinnati. I saw some even roll-off earlier this week. And so we're very encouraged, I think, by what we're seeing, which is elected officials allowing capitalism to do its job and allow everyone to really make things work for all audiences. And we're the first to be excited at DoorDash to have lots of folks go back inside restaurants. And I think people will.

是的。嗨，Sean，我是 Tony。我先回答。關於第一個有關佣金上限的問題，我們預期這些佣金上限很快就會逐步到期取消。事實上，我們已經在一些非常大的城市看到這種情況，不論是芝加哥、堪薩斯城、辛辛那提。我這週稍早也看到有些已經取消。因此，我們對目前看到的情況感到非常鼓舞，也就是民選官員讓資本主義發揮作用，讓所有人都能真正讓事情對所有受眾都運作良好。而 DoorDash 也最先對於許多人回到餐廳內用感到興奮。我想人們會的。

And I think that as that continues to happen, as the reopenings occur, more and more folks will see delivery as an augmented way to help grow the physical businesses and to be one part of the portfolio of how they do business moving forward.

我認為，隨著這種情況持續發生、隨著重新開放進行，越來越多人會把外送視為一種補強方式，來協助實體商家成長，並成為他們未來經營組合中的一部分。

I think with respect to the second question, which is around -- I think you asked about the competitive environment in some of these newer categories, I mean, look, I would say that, certainly, things have exceeded our expectations. If you look at the fact that we started just a year ago, in our first nonrestaurant category of convenience, and in about a year's time, we've become the market leader in that category, I think really just showed the strength of both -- actually across all audiences, the receptivity to our platform, how Dashers were willing to do deliveries across different hours of the day, different categories, how consumers are willing to see us help solve different jobs at different times of the week and how different types of merchants would like to have access to the largest on-demand food audience that comes to us at the highest frequencies every month.

至於第二個問題，我想你問的是——一些較新的品類中的競爭環境。我是這麼看：確實，進展超出我們的預期。如果你看我們在一年前才開始，從第一個非餐廳品類「便利商店」切入，而在大約一年的時間內，我們已成為該品類的市場領導者，我認為這真正展現了我們平台的強大——其實是跨所有受眾：市場對我們平台的接受度、Dashers 願意在一天不同時段、不同品類進行配送；消費者願意讓我們在一週不同時間協助解決不同需求；以及不同類型的商家希望能接觸到我們這個每月以最高頻率造訪的、最大規模的即時餐飲受眾。

And so, so far, we're seeing quite a lot of progress in these areas. But to Prabir's earlier points to an earlier question, we're at the beginning of a massive transformation that's just unfolding. I mean just to remind all of us, even in the core restaurant business, even if you added all of the sales up for the largest platforms in the U.S., we're about 10% or less of the entire restaurant industry. If you did the same math for some of these other categories that we're entering, be it convenience, grocery and others, that number is very, very, very small single digits. And so there's a massive runway ahead.

因此，到目前為止，我們在這些領域看到相當多的進展。但呼應 Prabir 先前對更早一個問題的觀點，我們仍處於一場正在展開的巨大轉型的起點。提醒大家，即使在核心餐廳業務中，就算把美國最大平台的銷售額全部加總，我們也僅約占整體餐飲產業的 10% 或更少。若用同樣的方式計算我們正在進入的其他品類，不論是便利、雜貨等，那個占比都是非常、非常、非常小的個位數。因此，前方還有非常巨大的成長跑道。

Next question is from the line of Ron Josey from JMP Securities.

下一個問題來自 JMP Securities 的 Ron Josey。

I wanted to ask 2, please, more on -- one on DashPass, and you talked about subscribers more than doubled year-over-year. Average order frequency is an all-time high. And I think you even mentioned that new users joining in 1Q was somewhat of a record. But can you talk about the strategic nature of DashPass here? Just specifically, as you think about increasing the penetration of new categories, and they're increasing the MAUs for new categories, just how you see both DashPass and new categories are working together.

我想請教兩個問題。第一個關於 DashPass：你們提到訂閱者年增超過一倍。平均下單頻率創下歷史新高。而且我想你們甚至提到第一季加入的新用戶某種程度上創了紀錄。但你們能談談 DashPass 在這裡的策略性意義嗎？更具體地說，當你們思考提高新類別的滲透率、並提升新類別的 MAU 時，你們如何看待 DashPass 與新類別之間的協同運作？

And then, Tony, maybe as a follow-up to your prior answer, and this is a weird question maybe, but could it be that with the reopening, the amount of change in consumer behavior that the reopening might actually help longer-term about how we, as consumers, just order things, restaurants, food, et cetera, online and how you're thinking about how the reopening might actually be a tailwind?

接著，Tony，或許作為你前面回答的延伸，這可能是個有點奇怪的問題：會不會因為重新開放，消費者行為的改變幅度，反而在長期上有助於我們作為消費者更習慣在線上點購餐廳、食物等等？以及你們如何看待重新開放可能其實會成為一股順風？

Ron, it's Prabir here. Let me take the first one, and Tony will take the second. Look, DashPass, at the end of the day, is a core pillar of our strategy. If you think about what we're trying to do for consumers, is to deliver the widest selection, the best quality and superior affordability. And DashPass strikes right through the heart of both selection as well as price because with DashPass, as you know, consumers pay 0 delivery fees and reduce service fees on their orders.

Ron，我是 Prabir。我先回答第一個，Tony 會回答第二個。你看，DashPass 說到底是我們策略的核心支柱之一。如果你想想我們想為消費者做的是什麼，就是提供最廣的選擇、最好的品質，以及更優的可負擔性。而 DashPass 直接切中「選擇」與「價格」兩者的核心，因為透過 DashPass，如你所知，消費者可享 0 外送費，並在訂單上降低服務費。

And so what we're finding is consumers, particularly this time, are increasing their engagement, will derive value out of the fact that the $10 subscription fee defeats the cost of multiple delivery fees or multiple orders. And so we're seeing the value proposition of DashPass translate into sign-ups that have then allowed us to grow the DashPass membership base to be 2x what it was a year ago.

因此我們發現，特別是在這段期間，消費者正在提高參與度，並會從這樣的價值中受益：每月 10 美元的訂閱費，可以抵消多次外送費或多筆訂單所產生的成本。因此，我們看到 DashPass 的價值主張轉化為註冊，進而讓 DashPass 會員規模成長到是一年前的 2 倍。

And another aspect of the strategy is to continue adding verticals into DashPass. So much the same way Prime allows you -- Amazon Prime allows you to consume products across multiple categories, that's our vision for DashPass. It started with food, and over time, we've added convenience stores in there. And over time, as we continue to add categories, you see those get slotted into DashPass to improve the consumer value proposition.

策略的另一個面向，是持續把更多垂直品類納入 DashPass。就像 Prime——Amazon Prime——讓你能跨多個品類消費商品一樣，這也是我們對 DashPass 的願景。它從餐飲開始，隨著時間推進，我們把便利商店也加入其中。而未來當我們持續新增品類時，你會看到這些品類被納入 DashPass，以提升對消費者的價值主張。

Yes. And with respect to the second question around the reopening as a possible tailwind, I guess, no one has the crystal ball in terms of how this shape of recovery occurs and to, I think, some of the earlier discussion, how the slope of change happens. But what I would say is that the long-term trend is that when it comes to convenience, things always move towards the direction of greater convenience, which means that over the long term, and I suppose if you looked at it from that perspective, the tailwind thesis would be that the -- all that's happening is that we've kind of shifted some of the growth that was otherwise going to happen by, who knows, some period of time.

是的。至於第二個問題，關於重新開放是否可能成為一股順風，我想沒有人能有水晶球去預測復甦的形狀，以及——呼應先前的一些討論——變化斜率會如何發生。但我想說的是，長期趨勢是：在便利性方面，事情總是朝向更高便利性的方向發展；也就是說，從長期來看，若你用這個角度看，所謂「順風」的論點可能是——我們所做的，只是把原本無論如何都會發生的部分成長，提前了，至於提前多久，誰也說不準。

And I think what it has allowed is just that it's allowed more and more people to be more and more comfortable with this type of business, which allows possibly faster entry into other categories as we power all of local commerce, for example. And so I think that's kind of where we're seeing it, but I do just want to remind people that convenience only moves in the direction of fairer convenience. I mean if someone was -- wanted to go and eat inside of a restaurant, for example, they're probably not thinking about delivery. Conversely, if they're thinking about takeout or delivery, they probably are never going to go inside the restaurant in the first instance.

而我認為它所帶來的，是讓越來越多人對這類型的商業模式感到更自在，這可能讓我們在推動本地商務（例如為所有本地商務提供動能）時，更快切入其他品類。所以我想我們大致是這樣看待的；但我也想提醒大家，便利性只會朝向更「公平的便利」方向前進。我的意思是，如果有人——例如——想去餐廳內用，他們大概不會想到外送。反過來說，如果他們在想外帶或外送，他們一開始大概就不會打算進餐廳內用。

And so I think it's -- again, I always like to step back in moments where we're trying to figure out what seems like a very difficult question, to take a slightly longer time horizon and think, well, the greatest privilege we have here is that people eat 20 to 25 times a week, and do we see some share of that growing into more convenience, we believe the answer is yes.

所以我認為——再次強調，我總喜歡在我們試圖釐清看似非常困難的問題時退一步，用稍微更長的時間視角來思考：我們在這裡擁有的最大特權是，人們每週會吃飯 20 到 25 次；而這其中是否有一部分會愈來愈走向更便利的形式？我們相信答案是肯定的。

We have our next question from [Spencer Tan] from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 [Spencer Tan]。

Just I had one question around guidance. So it looks like if you were to take the midpoint of your GOV and EBITDA guidance, that you're guiding to EBITDA accretion versus prior quarters. Just wondering if that's a direct review from the commission structure change that you announced this quarter? And how we should think about that, maybe just providing a little bit more color around that specifically.

我只有一個關於財測的問題。看起來如果取你們 GOV 與 EBITDA 指引的中位數，你們是在指引 EBITDA 相較於前幾季有所增厚。想請問這是否直接來自你們本季宣布的佣金結構調整？以及我們應該如何看待這件事，能否就此提供更具體的一些補充說明。

And then secondarily, I guess, looking into the recovery, are you seeing any restaurants consolidate the platforms that they utilize? And do you think that DoorDash has a competitive advantage from that standpoint by offering other types of Software as a Service and Storefront versus maybe some of the smaller competitors out there, i.e., having the ability to maybe gain a little bit more share from some of your comps?

另外，從復甦的角度來看，你們是否看到有餐廳在整合他們所使用的平台？你們是否認為 DoorDash 在這方面具備競爭優勢，因為你們除了外送之外也提供其他類型的軟體即服務（SaaS）與店面前台（Storefront），相較於一些較小的競爭對手，是否有能力從你們的同業那裡多拿到一些市占？

Sure. So if I understand the question correctly, it had to do with the EBITDA margins and the fact that our GOV is picking up slightly. Is that right?

當然。所以如果我理解正確，你的問題是關於 EBITDA 利潤率，以及我們的 GOV 略有回升這件事。對嗎？

Yes.

是的。

Got you. Yes. Look, what I would say is we provided a range of EBITDA, but if you -- just to reiterate the way we manage our business, it's to try to maximize scale. And so to the extent that there are opportunities available to invest and in order to beat top line, we will do that all day long.

了解。是的。我想說的是，我們提供了 EBITDA 的區間；但如果你——再重申一次我們管理業務的方式，是盡可能最大化規模。因此，只要有機會可以投資、以便推動並超越營收成長，我們會全天候都願意去做。

The reason for expanding the guidance compared to the prior quarter is simply we don't want to feel compelled to have to spend the money in the quarter if we don't find the right return thresholds. And so what this allows us to do is to drop that profitability to the bottom line in the event that there aren't right investment opportunities. And the slight margin accretion that you see is because of the sequential increase in take rates that we're expecting in Q2 because the supply state is normalized.

相較於上一季擴大指引區間的原因很單純：如果我們找不到符合適當報酬門檻的投資機會，我們不希望覺得自己被迫一定要在該季把錢花出去。因此，這讓我們能在沒有合適投資機會時，把那部分獲利直接落到最終損益。而你看到的些微利潤率增厚，是因為我們預期在第二季，隨著供給端狀態恢復正常，抽成率（take rate）將會季比提高。

And with -- this is Tony. With respect to the second question, yes, we do believe that by having a wider portfolio of products, we can certainly serve more use cases, both from a consumer perspective. As I was mentioning earlier, people eat 20 to 25 times a week. And so by having more use cases, whether it be in delivery, pickup, the office business, we're serving a bigger addressable market and I suppose, share of stomach in that regard.

另外——我是 Tony。就第二個問題而言，是的，我們確實相信，透過更廣的產品組合，我們當然可以服務更多使用情境，從消費者角度也是如此。如我先前提到，人們每週會吃 20 到 25 次。因此，透過更多使用情境——不論是外送、自取、辦公室業務——我們正在服務更大的可觸及市場，我想也就是在那個意義上提高「胃份額」（share of stomach）。

And then with respect to the merchant, on the platform piece, where we're not only their largest source of incremental demand through our app, but the fact that we also power their own channels, power their deliveries, that gives us greater order density, which drives lower fulfillment costs, but it also allows us to take up greater kitchen capacity as we're powering the majority of the space that is being used up to produce the food in the first instance.

再就商家端而言，在平台這一塊，我們不僅透過我們的 App 成為他們最大的增量需求來源；同時我們也為他們自有渠道提供技術支援、為他們的配送提供動力。這讓我們擁有更高的訂單密度，進而降低履約成本；同時也讓我們能更充分地利用廚房產能，因為我們正在支援其大部分用來生產餐點的產能空間。

And so I think those are some ways in which our suite of products are generating a competitive advantage, both for the consumer in terms of just giving a lot more value beyond delivery as well as some of the things that Prabir said earlier, where we're adding more categories at no extra charge into a program like DashPass, and then on the merchant side, the wide portfolio of products, are choosing either to grow through the largest source of incremental demand or app or the fact that we're powering all of their channels, allows us to certainly work with merchants more but also take up more of their production capacity.

所以我認為，我們的產品套件在幾個方面形成競爭優勢：對消費者而言，不只是外送，還提供更多價值；以及 Prabir 先前提到的，我們在像 DashPass 這樣的方案中，在不額外收費的情況下加入更多品類。對商家而言，廣泛的產品組合——不論是選擇透過我們這個最大的增量需求來源／App 來成長，或是我們為其所有渠道提供支援——都讓我們能與商家更深入合作，也能占用更多他們的生產產能。

Next question is from the line of Clark Lampen from BTIG.

下一個問題來自 BTIG 的 Clark Lampen。

Tony or Prabir, in light of some speculation on M&A that's come up somewhat recently, I wanted to see if we could revisit how you guys are thinking about both new market entry and also specifically weighing up sort of build versus buy options for doing that.

Tony 或 Prabir，鑑於最近市場上出現一些關於併購（M&A）的猜測，我想請你們再談談你們如何看待新市場進入，以及在這方面特別是如何權衡「自建」與「收購」兩種選項。

Yes. Look, I mean, we've said previously that one of our aspirations is to build a global company. And today, we operate in the U.S., Canada and Australia. And over time, over a long horizon, we will try to expand outside of these regions.

是的。你看，我們之前說過，我們的其中一個願景是打造一家全球性公司。目前我們在美國、加拿大與澳洲營運。隨著時間推進、以更長的時間跨度來看，我們會嘗試擴展到這些地區以外。

Now as far as M&A goes, what I would say is we look at all of the opportunities around us, and we're fortunate in that we've got a core business in the U.S. that generates cash and we can invest organically to build out our presence internationally. To the extent M&A makes sense, it might be something we consider, but the bar is extremely high just given that M&A, frankly, is a complicated matter and getting it right is difficult. So unless we've got absolute conviction that M&A is the right tool, we will usually rely on organic mechanisms.

至於併購（M&A），我想說的是，我們會評估周遭所有機會；而我們很幸運的是，在美國有一個能產生現金的核心業務，讓我們可以透過有機投資來建立國際市場的布局。如果併購合理，可能是我們會考慮的選項，但門檻非常高，因為坦白說，併購是一件複雜的事，要做對很難。因此，除非我們對併購是正確工具有絕對把握，否則我們通常會依賴有機成長的方式。

No further questions at this time. I turn the call back over to Mr. Andy Hargreaves.

目前沒有進一步的問題。我把電話會議交回給 Andy Hargreaves 先生。

Perfect. Thank you for the questions, and thank you, everybody, for joining us today. Have a great afternoon or evening, and we'll talk to you again in a few months. Bye.

很好。謝謝各位的提問，也謝謝大家今天加入我們。祝各位下午或晚上愉快，我們幾個月後再與各位交流。再見。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。