DoorDash Inc (DASH) 2021 Q1 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the DoorDash Q1 2021 Earnings Call.

歡迎參加 DoorDash 2021 年第一季度財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Mr. Andy Hargreaves.

我現在想把今天的會議交給你的發言人，安迪·哈格里夫斯先生。

Please go ahead.

請繼續。

Thanks, May.

謝謝，梅。

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

大家好，感謝您加入我們的 2021 年第一季度財報電話會議。

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

我很高興今天有聯合創始人、董事長兼首席執行官 Tony Xu 加入；和首席財務官 Prabir Adarkar。

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.

我們想提醒大家，我們將在本次電話會議期間做出前瞻性陳述，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 some risks -- such risks are described in our risk factors, including 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，以及一些風險——這些風險在我們的風險因素中有所描述，包括在我們的 SEC 文件中，包括表格10-K。

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 net results and are not intended to be a substitute for our GAAP results.

除了我們的 GAAP 淨結果之外，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，整個電話會議正在我們的投資者關係網站上進行音頻網絡直播。

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。

We're going to go straight into questions today.

今天我們將直接進入問題。

So May, please take the first question.

那麼May，請回答第一個問題。

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的 Lloyd Walmsley。

2, if I can.

2、如果可以的話。

Just, first, in the shareholder letter, you called out increased frequency from existing customers who order convenience.

只是，首先，在股東信中，您呼籲增加訂購便利的現有客戶的頻率。

And I'm curious if you can just put a finer point on that.

我很好奇你是否可以更詳細地說明這一點。

Is that increases in frequency even on the food delivery side, just more habituation to the app?

即使在送餐方面，這種頻率也會增加，只是對應用程序的更多習慣？

Or is it more just a comment that convenience is additive and not cannibalistic?

或者它只是一個評論，方便是附加的而不是同類相食的？

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?

而且我想也許在產品在平台上提供的食物、便利和其他東西之上的其他東西方面更加完整的領域，是否存在類似的動態，即人們使用它的類別越多，他們使用的越多在各個類別中使用？

And then the second question would just be on the new commission packages.

然後第二個問題只是關於新的佣金套餐。

How are you seeing kind of merchants react to the new packages?

您如何看待商家對新套餐的反應？

Are they opting into the higher-value bundles?

他們是否選擇了更高價值的捆綁包？

And what should we kind of expect in terms of the take rate impact from that?

我們應該對由此帶來的採取率影響有什麼期望？

Anything you can share there would be great.

你可以在那里分享的任何東西都會很棒。

Hey, Lloyd.

嘿，勞埃德。

It's Prabir.

是普拉比爾。

Why don't I take the first question on the frequency comment, and then Tony will take the second.

為什麼我不回答關於頻率評論的第一個問題，然後 Tony 回答第二個問題。

It's the latter thing you mentioned, which is what we actually find is that these categories are symbiotic with one another.

這是你提到的後一件事，我們實際上發現這些類別是相互共生的。

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.

因此，從新類別訂購的顧客隨後會比不從新類別訂購的顧客增加更多的餐廳頻率。

So said differently, once you begin to use multiple categories, that actually increases your engagement with the core restaurant category.

換句話說，一旦您開始使用多個類別，這實際上會增加您對核心餐廳類別的參與度。

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.

然後我們發現的另一件事是，與我們下單的餐廳或僅向餐廳下單的消費者相比，在食品以外的不同類別中實際與我們互動的客戶似乎也具有更強的保留率和參與度。

So we're actually seeing strength because the addition of categories basically makes a user stickier with our platform.

因此，我們實際上看到了實力，因為類別的添加基本上使用戶對我們的平台更具粘性。

Yes.

是的。

Hey, Lloyd, and -- this is Tony.

嘿，勞埃德，還有——這是托尼。

On the second question, the business impact is reflected in our guidance, and it's something that we feel pretty comfortable.

關於第二個問題，業務影響反映在我們的指導中，這是我們感到很舒服的事情。

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.

當我們測試這個程序時，就像我們對商家的所有新計劃所做的那樣，大約 6 個月，所以它在我們迄今為止的推出方面滿足了我們的期望。

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.

但我想我會花一點時間給你一些指導原則或設計原則，為什麼我們轉向我們幾週前宣布的內容。

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.

如果您退後一步，我們在大流行期間採取了很多行動，以確保這些業務能夠成功。

That's the entirety of why DoorDash was founded, to make sure that these local businesses would succeed.

這就是 DoorDash 成立的全部原因，以確保這些本地企業能夠成功。

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.

因此，在大流行期間，我感到非常自豪的是，我們採取的行動以及我們所做的數億美元投資使這些企業在大流行中倖存下來的機率是業內普通餐廳的 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，隨著我們擺脫大流行並開始重新開放，我對此感到非常興奮，因為該國的疫苗接種率正在增加等等，我們想給這些企業主，並發言和他們一起呆了大約 6、7 個月左右，這是盡快走出大門的最佳機會。

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%.

我們一遍又一遍地聽到的是，他們真的想要一個選擇，選擇投資增長的範圍，在這種情況下，他們可以選擇一些價格更高的計劃，讓他們參與像 DashPass 這樣的計劃，DoorDash 正在覆蓋這些計劃交貨成本；或以更高的盈利能力的形式進行選擇，這取決於他們如何看待人員配置以及他們進入復甦期的類似情況；選擇訂單是來自 DoorDash 應用程序還是來自他們自己的渠道，我們在其中提供一種名為 DoorDash Storefront 的免佣金、免費產品，這將使他們能夠建立自己的數字渠道；以及非送貨用例形式的選擇，例如取貨，我們將費率從 15% 降至 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.

所以這確實是我們轉向我們宣布的內容的原因，我們已經與這些商家合作了大約 6 個月。

And in terms of the financial impact or the impact on the business, all of that is reflected in our guidance.

就財務影響或對業務的影響而言，所有這些都反映在我們的指導中。

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.

再補充一點，如果您真正查看這些程序，就會發現較低的佣金率與較高的消費者費用之間存在抵消。

It's not a perfect offset, but just keep that in mind as you think about the ramification slide.

這不是一個完美的偏移，但在考慮分支幻燈片時請記住這一點。

Next in line is Douglas Anmuth from JPMorgan.

接下來是摩根大通的 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.

我有 2 個。首先，我希望您能更多地談談您對重新開放的影響的看法，也許您的想法與 3 到 6 個月前相比發生了怎樣的變化（如果有的話）。

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?

然後是第二個問題，就 Dashers 的供應而言，我想，考慮到一些供應問題，當然，在拼車和其他一些領域中，你如何適應未來幾個月的供應問題?

Hey, Doug.

嘿，道格。

Thanks for the question.

謝謝你的問題。

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.

所以我要說的第一件事是，我們對第一季度看到的趨勢感到鼓舞，特別是隨著市場重新開放和店內用餐的增長。

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%.

對消費者行為的負面影響比我們最初預期的要小，這使我們實際上比第一季度的指導高出 9%。

What's driving that is the commentary we made even at the -- in our earlier earnings call.

是什麼推動了我們在早些時候的財報電話會議上發表的評論。

We talked about consumer behavior being sticky.

我們談到了消費者行為的粘性。

So as consumers begin to use the product, new habits develop, and those habits tend to persist.

因此，隨著消費者開始使用該產品，新的習慣就會形成，而且這些習慣往往會持續下去。

And part of that is being bolstered by the fact that the product has gotten routinely better over the course of time.

部分原因是該產品隨著時間的推移變得越來越好。

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.

就在過去的一年裡，平台上的選擇在餐廳數量以及便利店和雜貨店等新類別方面有所改善。

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.

質量提高了，我們的負擔能力也提高了，所有這些都繼續支持消費者的持續粘性。

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.

因此，當我們展望未來時，我們對今年的餘額持樂觀態度，這導致 GOV 的指引增加了約 15% 至 350 億至 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.

關於你的第二個問題，我知道拼車專注於這一點，但重要的是要記住拼車司機與我們的 Dashers 是不同的人群。

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。

On average, they dash less than 4 hours per week.

平均而言，他們每週衝刺時間少於 4 小時。

Dashers don't require a car.

Dashers 不需要汽車。

They can dash on bikes.

他們可以騎自行車衝刺。

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.

我們的 Dashers 人口往往偏向於女性，這可能是因為您不必與其他人共享您的個人空間。

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.

因此，即使在我們的調查數據中，也顯示 21% 的 Dashers 曾為拼車服務，只有 6% 的人表示他們更喜歡拼車服務。

So it's a completely different pool of people.

所以這是一個完全不同的人群。

We had a little bit of a supply blip in March.

我們在 3 月份出現了一點供應短缺。

We solved the issue.

我們解決了這個問題。

We acted quickly.

我們迅速採取了行動。

We took a bunch of actions, including improving the efficiency of the logistics network, expanding our marketing funnels, improving our conversion rates for Dashers.

我們採取了一系列措施，包括提高物流網絡的效率、擴大營銷渠道、提高 Dashers 的轉化率。

And as a result, we're now acquiring more Dashers per week than we were compared to Q1.

因此，我們現在每週獲得的 Dashers 比第一季度要多。

So we're well supplied today, and we expect that to be the case for the foreseeable future.

因此，我們今天的供應充足，我們預計在可預見的未來也會如此。

Next is Youssef Squali from Truist Securities.

接下來是來自 Truist Securities 的 Youssef Squali。

Congrats on the impressive quarter.

祝賀令人印象深刻的季度。

Just 2, if I may.

可以的話，就2個。

First, can you just speak to the recent trends that you've seen so far in May?

首先，您能否談談您在 5 月份看到的近期趨勢？

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?

我認為您的指南對此進行了說明，但是僅就競爭強度以及你們對這方面的看法而言，有什麼需要強調的 - 特別是本季度非食品配送業務的增長及其對它的貢獻？

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?

其次，當你看到你開始涉足非食品、便利、雜貨等領域時，我想知道你是否可以與更廣泛的人交談——嗯，首先，你認為該業務能做多大隨著時間的推移變成？

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?

在這種情況下，您是否可以看到您的一半業務來自這些新舉措，比如說，在接下來的 3 到 5 年，我不知道？

But probably also, just how do you see that impacting the take rate over time?

但也可能，你如何看待隨著時間的推移影響採取率？

Sure.

當然。

Hey, it's Tony.

嘿，是托尼。

I'll start.

我會開始的。

So far, the quarter is off to a great start.

到目前為止，本季度開局良好。

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.

我要說的是，重新開放的影響確實比我們預期的要小，當然，當我們在去年秋天看到這個時，甚至在我們開始為這個準備到去年夏天的時候。

With respect to some of the new categories, we're very excited about our progress.

關於一些新類別，我們對我們的進展感到非常興奮。

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.

我的意思是環比增長 40%，我們的非餐廳訂單現在占我們總訂單的 7% 以上，而且這發生在很短的時間內。

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.

我們真的，認真地，在便利的餐廳之外推出了我們的第二類，在不到一年的時間裡，我們現在成為了市場領導者。

So things are certainly ahead of plan and exceeding our expectations there.

所以事情肯定超出了我們的計劃，超出了我們的預期。

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.

我認為，關於這是如何發揮和展開的更廣泛的問題，正如我在電話會議中提到的那樣，提醒我們所有人，實際上，在我們的第一次財報電話會議上，我們真的在投資在4個領域。

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.

我們肯定會投資以發展我們的核心業務，並且我們在那裡看到了更大的實力，特別是當我們看到本季度創紀錄的參與度以及我們對其他用例的投資，例如皮卡，我們也是現在的市場領導者，或者像 DoorDash 這樣的辦公業務。

We are investing certainly into new categories.

我們當然正在投資新的類別。

We're also investing into the buildout of our platform.

我們還在投資構建我們的平台。

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.

因此，DoorDash 就像雜貨訂單一樣是一個市場或應用程序，也是一個為您提供 DoorDash Drive 或 DoorDash Storefront 等產品的平台，以幫助商家建立自己的渠道，然後最終實現國際市場增長。

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.

這就是我們投資的四個方面，我們對所有這些領域的進展情況以及這對未來多元化可能意味著什麼感到非常非常興奮。

And Youssef, if I could just add to that.

還有優素福，如果我能補充一下的話。

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.

我的意思是我們提到的一些市場，無論是便利店還是雜貨店，這些都是非常大的市場：便利店是 2000 億美元，2500 億美元；雜貨市場是一個 8000 億美元到 1 萬億美元的市場。

But the thing that's unique is both of these have very low penetration rates.

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.

如果您考慮一下我們的平台以及迄今為止在便利方面所取得的成功，儘管該業務是在 12 個月前推出的，但這是因為我們平台的可擴展性。

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.

這是因為我們採用了一種混合方法，不僅將我們市場中的第三方合作夥伴（如 CVS、Walgreens、7-11，實際上是我們最近宣布的 Rite Aid）配對，而且我們還推出了我們自己的第一方選擇給消費者。

And that's in order to provide consumers a choice and serve them in underserved neighborhoods.

這是為了為消費者提供選擇並在服務不足的社區為他們服務。

And so penetration is extremely low today and there's a lot of runway for growth.

因此，今天的滲透率極低，增長空間很大。

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

下一個問題來自巴克萊銀行的羅斯桑德勒。

Just a quick follow-up on that last one and then one other one.

只是對最後一個，然後是另一個的快速跟進。

So the 7% of orders for nonrestaurant, can you just talk about the unit economics of that business and your go-to-market?

那麼，7% 的非餐廳訂單，你能談談該業務的單位經濟和你的市場嗎？

Like Instacart, I think, is mostly getting its profit pull from ads.

我認為，就像 Instacart 一樣，主要是從廣告中獲得利潤。

Gopuff is a 1P business.

Gopuff是一個1P業務。

So how do we think about the blended offering that you guys have and EBITDA per order?

那麼我們如何看待你們擁有的混合產品和每個訂單的 EBITDA？

I think you mentioned the AOV is a little bit lower for convenience.

我認為您提到為了方便起見，AOV 有點低。

So any color there would be helpful on EBITDA per order.

因此，任何顏色都會對每個訂單的 EBITDA 有所幫助。

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.

然後聽起來，根據這封信，你們預計夏天會有所下降，我認為隨著事情的重新開始，每個人都可以完全理解。

The question is, is more like as you look at the data, are you seeing new customers that came in, in 2020?

問題是，當您查看數據時，您是否看到了 2020 年的新客戶？

Are those the ones that are going to drop off?

那些是要下車的嗎？

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?

還是說，每月訂購 5 次的 DashPass 頻率較高的人到夏天時會減少訂購量？

Any color on that would be helpful.

上面的任何顏色都會有幫助。

Hey, Ross.

嘿，羅斯。

So on the first question, in terms of unit economics, we're not actually breaking out unit economics for these orders.

所以關於第一個問題，就單位經濟學而言，我們實際上並沒有為這些訂單分解單位經濟學。

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.

我要說的是，我們很幸運，因為我們在美國的核心業務是產生現金的，我們正在利用這些現金並進行投資以發展其中一些新的垂直領域，無論是便利店還是雜貨店，還是擴展到新的領域商戶服務，如店面，以及國際擴張。

So we're fortunate to have a profitable core business that allows us to invest in these areas.

因此，我們很幸運擁有盈利的核心業務，使我們能夠在這些領域進行投資。

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.

關於夏季季節性的問題，這是完全正確的，它被納入指導，是從四月左右開始一直到勞動節，通常隨著天氣的好轉，你會看到消費者去用餐。

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.

這種行為在最近獲得的新客戶以及已經在平台上使用一段時間的現有客戶中通常是一致的，隨著天氣的好轉和人們想要多出去一點，我們傾向於看到這種行為.

So you don't see it in our historical numbers, partly because of the rapid pace of customer acquisition.

所以你在我們的歷史數據中看不到它，部分原因是客戶獲取速度很快。

But if you look at it on a cohort level, it's there, both for you new and existing cohorts.

但是，如果您在群組級別上查看它，它就在那裡，無論是對於您新的和現有的群組。

Next is Ralph Schackart from William Blair.

接下來是威廉布萊爾的拉爾夫沙卡特。

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.

只是好奇你是否可以為你在本季度看到的 Dasher 薪酬和激勵趨勢提供更多色彩，也許是本季度迄今為止的情況。

And in the letter, you talked about a 40% pay increase, 13%, I think, decrease for cost to consumers over a 2-year period.

在信中，你談到了 40% 的加薪，我認為，在 2 年內降低了 13% 的消費者成本。

And it sounds like you're in a better supply situation now, which is great.

聽起來你現在的供應情況更好，這很好。

But just curious if you could give some more color on kind of recent trends on the incentives.

但只是好奇您是否可以對激勵措施的近期趨勢提供更多顏色。

Are some of those getting passed on to the consumer?

其中一些是否會傳遞給消費者？

And then, eventually, as government incentive programs subside, do you think the driver incentives will normalize over time?

然後，最終，隨著政府激勵計劃的消退，您認為司機的激勵措施會隨著時間的推移而正常化嗎？

Hey, Ralph.

嘿，拉爾夫。

Maybe I'll take that question.

也許我會接受這個問題。

I mean the summary is we're expecting take rates to improve sequentially from Q1 to Q2.

我的意思是總結是我們預計從第一季度到第二季度的利率會依次提高。

And in part, that's driven by the fact that Dasher pay will normalize because the supply state is actually better today.

部分原因是 Dasher 的薪酬將正常化，因為今天的供應狀況實際上更好。

That problem has been resolved, and we've brought markets back to health.

這個問題已經解決，我們讓市場恢復了健康。

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.

退一步，就Dasher的整體薪酬而言，我們之前說過，在我們整體戰略的背景下，我們的北極星是降低客戶價格，消費者價格，降低我們向商家收取的費用和佣金，增加Dashers 的收入。

And so the 40% year-over-year increase in Dasher earnings per active hour is consistent with our general philosophy.

因此，Dasher 每活躍小時收入同比增長 40% 符合我們的總體理念。

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.

因此，隨著我們繼續從物流網絡中提高效率，隨著我們繼續提高缺陷率並導致單位經濟改善，我們通過降低費用和增加 Dasher 的收入。

Great.

偉大的。

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.

如果我能再擠一擠，就你在電話和信中談到的接機機會，在後 COVID 環境中，這對你來說似乎是一個很好的機會。

Maybe just talk about sort of how that's been received by consumers, kind of what you've learned.

也許只是談談消費者是如何接受的，比如你學到了什麼。

And as you add sort of technology to that, long-term, some innovation, what are your views on this opportunity?

當你在其中添加某種技術，長期的，一些創新，你對這個機會有什麼看法？

Sure.

當然。

I'll take that.

我會接受的。

It's Tony.

是托尼。

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.

我認為我們在這項業務中可能擁有的最大特權是，在這場大流行期間，人們每週吃 20 到 25 次，可能更多，也可能更少。

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.

但我要說的是，當有人在做那種頻率的消費時，它永遠不會以一種方式發生。

It's never going to be all in cooking.

它永遠不會全部用於烹飪。

It's never going to be all in eating out or eating in or getting deliveries.

永遠不會全是外出就餐或進餐或送貨。

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.

我認為，尤其是當我們擺脫大流行時，我們將重新開始做一些我認為現在已經定價為商品的事情，比如在上班的路上喝杯咖啡或沿著街區散步你的同事，吃點零食或者你有什麼。

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.

所以我們看到皮卡產品令人興奮，我認為不僅僅是因為人們厭倦了被困在家裡，而且我認為人們——我認為僅僅是因為我們消費如此通常，這是支配我們行為的自然用例之一。

And so we're very excited to continue investing there.

因此，我們很高興繼續在那裡投資。

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.

一份給托尼，一份給普拉比爾。

Can you talk about your partnership strategy for the new categories?

您能談談您對新品類的合作戰略嗎？

I mean you entered into partnerships with a lot of retailers directly.

我的意思是你直接與很多零售商建立了合作關係。

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?

但是當您考慮在未來幾年進一步擴展它時，我們應該如何考慮您希望與具有離線業務集成的平台合作，例如在線展示系統、銷售點軟件公司、Shopify 和即使是像 Facebook 這樣的公司，也能在市場和驅動器上快速擴展商家方面？

Yes, I'll start.

是的，我會開始的。

Hey, Deepak, it's Tony.

嘿，迪帕克，我是托尼。

So the way that we look at all things is how do we build the best product.

因此，我們看待所有事物的方式是我們如何構建最好的產品。

And for our marketplace, what that really means is how do we offer the best selection, quality, price and customer service.

對於我們的市場而言，這真正意味著我們如何提供最佳選擇、質量、價格和客戶服務。

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.

對於我們的平台業務，我們正在為商家構建工具以允許他們發展自己的數字業務，這實際上是關於我們如何讓他們在他們必須執行的所有活動中非常成功，以建立一個數字業務。

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，我認為，作為指導原則，我們會考慮任何能夠實現這些方式的合作夥伴關係，並且它們看起來可能會有所不同，具體取決於它們是否適合我們的市場或是否適合我們的平台。

And so at DoorDash, we really are thinking about building the system that has both components.

因此，在 DoorDash，我們確實在考慮構建具有這兩個組件的系統。

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.

一個系統是我們的應用程序，它試圖發展所有本地商業，並在幾分鐘內將您附近的所有東西帶給您，而不是幾小時或幾天。

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.

另一方面，我們正在努力讓您（商家）能夠在您的 4 牆業務之上複製和發展，並在當今的數字經濟中競爭。

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，任何適合我們業務各個部分的合作夥伴關係，然後是我們所做的兩項工作，即發展和增強當地商業，我們都在傾聽。

Got it.

知道了。

No, that's very helpful, Tony.

不，這很有幫助，托尼。

And then, Prabir, can you talk about the second half guidance on GOV?

然後，Prabir，你能談談 GOV 的下半年指導嗎？

Should we expect the GOV to sort of bottom-out in 3Q and then start improving sequentially in 4Q into 2022?

我們是否應該期望政府在第三季度觸底反彈，然後在第四季度開始連續改善到 2022 年？

How are you thinking about like the slope in the second half?

下半場的斜坡你是怎麼想的？

Yes.

是的。

Yes, the second half GOV is impacted really by 2 factors.

是的，下半年的 GOV 確實受到兩個因素的影響。

The first, we're baking in some uncertainty with respect to consumer behavior as markets continue to reopen and there's increased vaccination rates.

首先，隨著市場繼續重新開放以及疫苗接種率的提高，我們在消費者行為方面存在一些不確定性。

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.

但第二，就你而言，那裡有一些季節性，通常會持續到勞動節，所以你有 - 就像那裡的第二季度和第三季度一樣，通常有一個平靜。

And then as the winter season starts selling in, you start to see growth from there on out.

然後隨著冬季開始銷售，你開始看到從那裡開始的增長。

So it's basically what you pointed out.

所以基本上就是你所指出的。

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.

我要說的一件事，迪帕克，只是退後一步，今年的 GOV 指導遠高於我們年初的預期。

So I would -- I point to the shape of the curve you see in the model, right?

所以我會——我指的是你在模型中看到的曲線的形狀，對吧？

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.

但歸根結底，我們不要忽視大局，即我們今天顯然比早些時候更加樂觀。

Next is Michael McGovern from Bank of America.

接下來是美國銀行的邁克爾·麥戈文。

And congrats on the great quarter.

並祝賀偉大的季度。

I just wanted to ask maybe about -- maybe just like a regulatory overview.

我只是想問一下——也許就像監管概述一樣。

It seems like there's been a lot of news items on the regulatory side recently.

最近監管方面似乎有很多新聞。

So maybe first, if you could comment about the federal side and the comments from the Department of Labor Secretary recently.

所以也許首先，如果你能評論一下聯邦方面和勞工部部長最近的評論。

And just any views on what could happen long-term on the federal side.

以及對聯邦方面長期可能發生的事情的任何看法。

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.

然後我認為你在零工經濟或拼車領域的一些同行已經討論過可能與看起來類似於 Prop 22 的州達成交易。

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.

如果您喜歡參與此類討論，或者您對州方面監管發展的潛力的看法，您能否與我們分享。

Yes.

是的。

Hey, Mike, it's Tony.

嘿，邁克，我是托尼。

I'll take that.

我會接受的。

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.

因此，我們對聽到沃爾什部長和拜登政府所說的話感到非常興奮，在我們看來，他們非常興奮，並與我們以及私營部門公司一起弄清楚如何實際構建一個模型將我們帶入 21 世紀，而不是，我猜，倒退到 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.

我的意思是，如果你想一想，DoorDash 代表的是為工人優化，所以在這種情況下，Dasher，我們平台上的數百萬司機。

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.

我們一次又一次地從 Dashers 那裡聽到的第一件事是，他們想要這種靈活性，這種靈活性在以前的任何勞動環境中都從未存在過。

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.

問題是，面對傳統的勞工定義，我們如何將其與我們認為他們應得的福利和保護結合起來。

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.

我們從與我們交談的任何人那裡聽到的是願意參與對話並構建第三種方式，在這種方式中，我們可以將這種獨立性和靈活性與利益結合起來。

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.

還有什麼——在聯邦一級是這樣，在州一級和我們與之交談的任何民選官員都是如此。

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.

邁克，需要明確的是，DOL 已經明確表示他們不會立即採取行動，而是想與我們接觸。

And we're in dialogue with the federal government as well as the state level.

我們正在與聯邦政府以及州一級進行對話。

Got it.

知道了。

And maybe just as one quick follow-up to that.

也許只是對此的快速跟進。

I thought the prior comments about the difference between Dashers and rideshare drivers were really important, especially on the regulatory front.

我認為之前關於 Dashers 和拼車司機之間差異的評論非常重要，尤其是在監管方面。

So could you talk about just like the possibility that rideshare drivers and food delivery couriers are regulated separately with different rules?

那麼，您能否談談拼車司機和送餐快遞員分別受到不同規則監管的可能性？

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?

或者你認為在監管響應和發展方面，零工經濟工人可以長期歸為一類嗎？

Yes.

是的。

I'm not sure that we've got a firm conclusion on this matter.

我不確定我們是否已經在這件事上得出了明確的結論。

I mean, as Tony indicated, Secretary Walsh's comments actually suggest an openness to engage with the private sector to figure this stuff out.

我的意思是，正如托尼所說，沃爾什部長的評論實際上暗示了與私營部門合作以解決這些問題的開放態度。

So it's a little early to signal whether rideshare drivers will be grouped together with the broader gig economy or kept separate.

因此，現在就表明拼車司機將與更廣泛的零工經濟合併還是分開還為時過早。

We'll come back if there's any update on this topic as our conversations progress.

隨著我們的對話進展，如果這個話題有任何更新，我們會回來的。

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.

這是肖恩在為傑森打電話。

So just one on how are you guys thinking about the risk around local pricing caps?

那麼只有一個關於你們如何考慮當地定價上限的風險？

And how is this taken into account with the new merchant pricing model?

新的商家定價模型如何考慮到這一點？

And then second, can you talk about the competitive environment around nonfood sales relative to the environment of food delivery?

其次，您能否談談與食品配送環境相關的非食品銷售的競爭環境？

Is it more competitive, about the same, less competitive?

是否更具競爭力，大致相同，競爭力較弱？

What are you guys seeing there?

你們在那裡看到了什麼？

Yes.

是的。

Hey, Sean, it's Tony.

嘿，肖恩，我是托尼。

I'll start.

我會開始的。

So on the first question around commission caps, what we expect is that these commission caps will be rolling off pretty soon.

因此，關於佣金上限的第一個問題，我們預計這些佣金上限將很快取消。

In fact, we've already seen some of this in some very large cities, whether it's Chicago, Kansas City, Cincinnati.

事實上，我們已經在一些非常大的城市看到了這種情況，無論是芝加哥、堪薩斯城還是辛辛那提。

I saw some even roll-off earlier this week.

本週早些時候，我甚至看到了一些下降。

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.

因此，我認為，我們對我們所看到的情況感到非常鼓舞，即民選官員允許資本主義發揮作用，讓每個人都能真正讓事情為所有觀眾服務。

And we're the first to be excited at DoorDash to have lots of folks go back inside restaurants.

我們是第一個在 DoorDash 讓很多人回到餐廳感到興奮的人。

And I think people will.

我認為人們會的。

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.

而且我認為，隨著這種情況的繼續發生，隨著重新開放的發生，越來越多的人會將交付視為幫助發展實體業務的一種增強方式，並成為他們未來開展業務的投資組合的一部分。

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.

關於第二個問題，我想你問了一些新類別的競爭環境，我的意思是，看，我會說，當然，事情已經超出了我們的預期。

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.

如果你看看我們一年前開始的事實，在我們的第一個非餐廳便利類別中，並且在大約一年的時間裡，我們已經成為該類別的市場領導者，我認為真的只是展示了兩者的實力 - - 實際上在所有受眾中，對我們平台的接受度，Dashers 如何願意在一天中的不同時間，不同類別進行交付，消費者如何願意看到我們在一周中的不同時間幫助解決不同的工作以及不同類型的的商家希望能夠接觸到每月以最高頻率訪問我們的最大按需食品受眾。

And so, so far, we're seeing quite a lot of progress in these areas.

因此，到目前為止，我們在這些領域看到了相當多的進展。

But to Prabir's earlier points to an earlier question, we're at the beginning of a massive transformation that's just unfolding.

但是對於 Prabir 之前提到的一個問題，我們正處於一個正在展開的巨大轉變的開端。

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.

我的意思是提醒我們所有人，即使在核心餐飲業務中，即使你將美國最大平台的所有銷售額加起來，我們也只佔整個餐飲業的 10% 或更少。

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.

如果您對我們正在輸入的其他一些類別進行相同的數學運算，無論是便利店、雜貨店還是其他類別，這個數字都是非常、非常、非常小的個位數。

And so there's a massive runway ahead.

所以前面有一條巨大的跑道。

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.

我想問 2，拜託，更多關於 DashPass 的問題，你談到訂閱者比去年增加了一倍多。

Average order frequency is an all-time high.

平均訂單頻率創歷史新高。

And I think you even mentioned that new users joining in 1Q was somewhat of a record.

而且我認為您甚至提到加入 1Q 的新用戶有點創紀錄。

But can you talk about the strategic nature of DashPass here?

但是你能在這裡談談 DashPass 的戰略性質嗎？

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.

具體來說，當您考慮增加新類別的滲透率時，他們正在增加新類別的 MAU，您會看到 DashPass 和新類別如何協同工作。

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?

然後，托尼，也許作為您之前回答的後續行動，這可能是一個奇怪的問題，但是隨著重新開放，重新開放實際上可能有助於長期改善消費者行為的變化量嗎？作為消費者，我們如何在網上訂購東西、餐館、食物等等，你如何看待重新開放實際上可能是順風？

Ron, it's Prabir here.

羅恩，這裡是普拉比爾。

Let me take the first one, and Tony will take the second.

讓我拿第一個，托尼拿第二個。

Look, DashPass, at the end of the day, is a core pillar of our strategy.

看，DashPass 歸根結底是我們戰略的核心支柱。

If you think about what we're trying to do for consumers, is to deliver the widest selection, the best quality and superior affordability.

如果您考慮一下我們試圖為消費者做的事情，那就是提供最廣泛的選擇、最好的質量和超高的價格。

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.

DashPass 直擊選擇和價格的核心，因為如您所知，使用 DashPass，消費者支付 0 送貨費並減少訂單的服務費。

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.

因此，我們發現消費者，尤其是這一次，正在增加他們的參與度，這將從 10 美元的訂閱費擊敗多份送貨費或多份訂單的成本這一事實中獲得價值。

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，我們看到 DashPass 的價值主張轉化為註冊，這使我們能夠將 DashPass 會員基礎擴大到一年前的 2 倍。

And another aspect of the strategy is to continue adding verticals into DashPass.

該戰略的另一個方面是繼續在 DashPass 中添加垂直領域。

So much the same way Prime allows you -- Amazon Prime allows you to consume products across multiple categories, that's our vision for DashPass.

與 Prime 允許您使用的方式非常相似——Amazon Prime 允許您跨多個類別消費產品，這就是我們對 DashPass 的願景。

It started with food, and over time, we've added convenience stores in there.

它從食物開始，隨著時間的推移，我們在那裡增加了便利店。

And over time, as we continue to add categories, you see those get slotted into DashPass to improve the consumer value proposition.

隨著時間的推移，隨著我們繼續添加類別，您會看到這些類別被納入 DashPass 以改善消費者價值主張。

Yes.

是的。

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.

關於重新開放作為可能的順風的第二個問題，我想，沒有人知道這種複蘇形式是如何發生的，我認為，對於之前的一些討論，變化的斜率如何發生。

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.

但我想說的是，長期趨勢是，當談到便利時，事情總是朝著更便利的方向發展，這意味著從長遠來看，我想如果你從這個角度來看，順風的論點是——所有正在發生的事情是，我們已經改變了一些原本會在一段時間內發生的增長，誰知道呢。

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.

而且我認為它所允許的只是它允許越來越多的人對這種類型的業務越來越滿意，例如，當我們為所有本地商業提供動力時，這可能允許更快地進入其他類別。

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.

所以我認為這就是我們所看到的，但我只是想提醒人們，便利只會朝著更公平便利的方向發展。

I mean if someone was -- wanted to go and eat inside of a restaurant, for example, they're probably not thinking about delivery.

我的意思是，例如，如果有人想去餐廳內用餐，他們可能不會考慮送貨。

Conversely, if they're thinking about takeout or delivery, they probably are never going to go inside the restaurant in the first instance.

相反，如果他們正在考慮外賣或外賣，他們可能一開始就不會進入餐廳。

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.

所以我認為這是——再一次，我總是喜歡在我們試圖弄清楚一個看起來非常困難的問題的時候退後一步，花更長的時間去思考，嗯，我們擁有的最大特權人們每週吃 20 到 25 次，我們是否看到其中一部分變得更加方便，我們相信答案是肯定的。

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

我們有來自 Evercore ISI 的 [Spencer Tan] 的下一個問題。

Just I had one question around guidance.

只是我有一個關於指導的問題。

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.

因此，如果您採用 GOV 和 EBITDA 指導的中點，您似乎是在指導 EBITDA 與前幾個季度相比的增長。

Just wondering if that's a direct review from the commission structure change that you announced this quarter?

只是想知道這是否是您本季度宣布的佣金結構變化的直接審查？

And how we should think about that, maybe just providing a little bit more color around that specifically.

以及我們應該如何考慮這一點，也許只是為此提供更多的顏色。

And then secondarily, I guess, looking into the recovery, are you seeing any restaurants consolidate the platforms that they utilize?

其次，我想，在調查復甦的過程中，您是否看到任何餐廳整合了他們使用的平台？

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?

您是否認為 DoorDash 通過提供其他類型的軟件即服務和店面與可能存在的一些較小的競爭對手相比具有競爭優勢，即有能力從一些競爭者那裡獲得更多的份額你的補償？

Sure.

當然。

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.

因此，如果我正確理解了這個問題，這與 EBITDA 利潤率以及我們的 GOV 略有回升這一事實有關。

Is that right?

那正確嗎？

Yes.

是的。

Got you.

得到你。

Yes.

是的。

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.

聽著，我想說的是我們提供了一系列 EBITDA，但如果你 - 只是重申我們管理業務的方式，那就是盡量擴大規模。

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.

因此，如果有投資機會並為了超越收入，我們將整天這樣做。

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.

與上一季度相比擴大指導的原因僅僅是，如果我們沒有找到合適的回報門檻，我們不想被迫在本季度花錢。

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.

因此，如果沒有合適的投資機會，這使我們能夠將盈利能力降至底線。

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.

您看到的小幅利潤增長是因為我們預計第二季度的獲取率會連續增加，因為供應狀態已經正常化。

And with -- this is Tony.

還有——這是托尼。

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.

關於第二個問題，是的，我們確實相信，通過擁有更廣泛的產品組合，我們當然可以從消費者的角度服務更多的用例。

As I was mentioning earlier, people eat 20 to 25 times a week.

正如我之前提到的，人們每週吃 20 到 25 次。

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.

因此，通過擁有更多用例，無論是在交付、取貨還是辦公業務，我們都在服務於更大的潛在市場，我想，在這方面佔有一席之地。

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.

然後關於商家，在平台部分，我們不僅是他們通過我們的應用程序增加需求的最大來源，而且我們還為他們自己的渠道提供動力，為他們的交付提供動力，這給了我們更大的訂單密度，這降低了履行成本，但它也使我們能夠佔用更大的廚房容量，因為我們首先為大部分用於生產食物的空間提供動力。

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.

因此，我認為這些是我們的產品套件產生競爭優勢的一些方式，無論是對消費者而言，只是在交付之外提供更多價值，以及 Prabir 之前所說的一些事情，我們在哪裡將更多類別免費添加到像 DashPass 這樣的程序中，然後在商家方面，廣泛的產品組合正在選擇通過最大的增量需求來源或應用程序來增長，或者我們正在為所有人提供動力這一事實他們的渠道，讓我們當然可以更多地與商家合作，但也可以佔用他們更多的生產能力。

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.

托尼或普拉比爾，鑑於最近出現了一些關於併購的猜測，我想看看我們是否可以重新審視你們如何考慮新的市場進入，並特別權衡某種構建與購買選項。

Yes.

是的。

Look, I mean, we've said previously that one of our aspirations is to build a global company.

看，我的意思是，我們之前說過，我們的願望之一是建立一家全球性公司。

And today, we operate in the U.S., Canada and Australia.

今天，我們在美國、加拿大和澳大利亞開展業務。

And over time, over a long horizon, we will try to expand outside of these regions.

隨著時間的推移，從長遠來看，我們將嘗試在這些地區之外進行擴張。

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.

現在就併購而言，我想說的是，我們會關注我們周圍的所有機會，我們很幸運，我們在美國擁有能夠產生現金的核心業務，我們可以進行有機投資以建立我們在國際上的存在。

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.

在某種程度上，併購是有意義的，這可能是我們考慮的事情，但考慮到併購，坦率地說，是一件複雜的事情，而且很難做到正確，所以門檻非常高。

So unless we've got absolute conviction that M&A is the right tool, we will usually rely on organic mechanisms.

因此，除非我們絕對相信併購是正確的工具，否則我們通常會依賴有機機制。

No further questions at this time.

目前沒有進一步的問題。

I turn the call back over to Mr. Andy Hargreaves.

我把電話轉給安迪·哈格里夫斯先生。

Perfect.

完美的。

Thank you for the questions, and thank you, everybody, for joining us today.

謝謝大家的提問，也謝謝大家今天加入我們。

Have a great afternoon or evening, and we'll talk to you again in a few months.

祝您有一個愉快的下午或晚上，我們將在幾個月後再次與您交談。

Bye.

再見。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。