Doordash, Inc. (DASH) 2022 Q4 法說會逐字稿

Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the DoorDash Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Thank you.

各位下午好。我叫 Emma，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 DoorDash 2022 年第四季財報電話會議。（接線員指示）謝謝。

Andy Hargreaves, you may begin your conference.

Andy Hargreaves，您可以開始您的會議。

Thank you, Emma. Good afternoon, and thanks for joining us for our fourth quarter and full year 2022 earnings call. I'm very pleased today to be joined by Co-Founder, Chair and CEO, Tony Xu; CFO and Incoming President and COO, Prabir Adarkar; and VP of Finance and Strategy and our Incoming CFO, Ravi Inukonda.

謝謝你，Emma。各位下午好，感謝各位參加我們 2022 年第四季及全年財報電話會議。我很高興今天與我們的共同創辦人、董事長兼執行長 Tony Xu；財務長以及即將上任的總裁兼營運長 Prabir Adarkar；以及財務與策略副總裁、即將上任的財務長 Ravi Inukonda 一同出席。

We'll be making forward-looking statements during today's call including our expectations for our business, financial position, operating performance, our market, guidance, strategies, our investment approach and the consumer spending environment. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. Many of these uncertainties are described in our SEC filings, including Form 10-Ks and 10-Qs. 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.

在今天的電話會議中，我們將發表前瞻性陳述，包括我們對業務、財務狀況、營運表現、市場、指引、策略、投資方法以及消費支出環境的預期。前瞻性陳述受風險與不確定性影響，可能導致實際結果與所述內容出現重大差異。許多不確定性已在我們向 SEC 提交的文件中說明，包括 Form 10-K 與 10-Q。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 measures, including a reconciliation of such non-GAAP measures to the most directly comparable GAAP financial measures may be found in our letter to shareholders, which is available on our IR website. These non-GAAP measures should be considered in addition to our GAAP results and are not intended to be a substitute for our GAAP results.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。關於我們非 GAAP 財務衡量指標的資訊（包括將該等非 GAAP 指標與最直接可比的 GAAP 財務衡量指標進行調節的對照表）可在我們致股東函中找到，該函可於我們的投資人關係（IR）網站取得。這些非 GAAP 指標應與我們的 GAAP 結果一併考量，且不旨在取代我們的 GAAP 結果。

Finally, this call is being audio webcast on our IR website. An audio replay of the call will be available on our website shortly after the call ends.

最後，本次電話會議將在我們的 IR 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。

With that, I will pass it to Tony for some brief remarks, and then we'll go into questions. Tony?

接下來，我會把時間交給 Tony 做一些簡短的開場，然後我們進入提問。Tony？

Thanks, Andy. Hey, everyone. Thanks for joining us today. Typically, we just dive right into Q&A, but for today's call, I wanted to say a few words at the top about Christopher, Prabir and Ravi. I'm sure many of you have seen the news that we're naming Prabir President and Chief Operating Officer and Ravi as CFO, as Christopher retires from operating roles and day-to-day management.

謝謝，Andy。各位好，感謝今天加入我們。通常我們會直接進入問答，但今天我想在一開始先談幾句關於 Christopher、Prabir 和 Ravi。我相信許多人已看到消息：隨著 Christopher 從營運職務與日常管理中退休，我們任命 Prabir 為總裁兼營運長，並任命 Ravi 為財務長。

In his 7-plus years here, Christopher, or CP as we call him internally, has helped to shape our business and our culture. He infused an operator mindset across the company and coached an entire generation of our leaders. On a personal level, I will miss him. I've learned so much from him and consider myself lucky to count him as a business partner and friend. Today's news is a chance to celebrate CP's 33 incredible years as an operator and what he has helped us build. It also shows the strength of our systems and the amazing team we have built at DoorDash.

在這裡超過 7 年的時間裡，Christopher——我們內部稱他為 CP——協助塑造了我們的業務與文化。他把「營運者思維」注入整個公司，並指導了一整代的領導者。就我個人而言，我會想念他。我從他身上學到很多，也很幸運能把他視為商業夥伴與朋友。今天的消息是一個機會，讓我們慶祝 CP 作為營運者 33 年的非凡職涯，以及他協助我們打造的一切。這也展現了我們系統的韌性，以及我們在 DoorDash 建立起來的卓越團隊。

Prabir and Ravi have been with us for more than 4 years and have mastered every aspect of our business. Both are without equal in this space, and I'm excited for what they'll achieve and what we'll continue building together.

Prabir 和 Ravi 與我們共事已超過 4 年，並已精通我們業務的各個面向。兩位在這個領域無人能及，我很期待他們將達成的成就，以及我們將繼續一起打造的未來。

Over our near 10-year history, DoorDash has been fortunate to have had a remarkably stable and high-quality leadership team. Nonetheless, everyone in our team had a succession plan. We knew that CP wouldn't always be here, and we've been ready for this possibility for some time. And we're always developing our bench of talent as well as our systems and processes so that the right people can step up when ready. We operate in a very complicated and dynamic space, and the understanding of nuance and the ability to translate this intuition into pragmatic judgment takes time. We're lucky that we have 2 people we've been grooming for a while and a group of operators behind them to continue executing with excellence without skipping a beat. Prabir and Ravi are also excellent stewards of our unique culture. Again, I want to thank CP for everything he's done and congratulate both Prabir and Ravi. I'm super excited for what's ahead because as CP likes to say, we're just getting started.

在 DoorDash 近 10 年的歷史中，我們很幸運擁有一支極為穩定且高品質的領導團隊。儘管如此，我們團隊中的每個人都有接班計畫。我們知道 CP 不會永遠都在，我們也已為這種可能性準備了一段時間。同時，我們也持續培養人才梯隊，以及我們的系統與流程，讓合適的人在準備好時能挺身而出。我們所處的領域非常複雜且變動快速，理解其中細微差異並將直覺轉化為務實判斷需要時間。我們很幸運，已培養了兩位人選一段時間，且他們背後還有一群營運者，能在不漏拍的情況下持續以卓越水準執行。Prabir 和 Ravi 也都是我們獨特文化的優秀守護者。再次感謝 CP 所做的一切，也恭喜 Prabir 與 Ravi。我對未來非常興奮，因為正如 CP 常說的，我們才剛剛開始。

With that, I'll turn it back over to Andy, and let's get started with your questions.

接下來我把時間交還給 Andy，讓我們開始回答各位的問題。

Emma, we can go to questions now. Take the first question, please.

Emma，我們現在可以開始提問。請接第一個問題。

(Operator Instructions) Your first question comes from the line of Deepak Mathivanan with Wolfe Research.

（接線員指示）您的第一個問題來自 Wolfe Research 的 Deepak Mathivanan。

Great. So a couple of questions. First, Tony, the guidance paragraph in your press release noted ongoing significant investments reflected in the outlook. Can you update us on what the largest areas of incremental investments planned for 2023 are? Which businesses started getting additional capital and are showing promising growth and scaling potential?

很好。我有幾個問題。第一個，Tony，你們新聞稿中的指引段落提到，展望中反映了持續且顯著的投資。你能否更新一下 2023 年規劃中增量投資最大的領域是哪些？哪些業務開始獲得更多資本，並展現出可觀的成長與規模化潛力？

And then second one for Prabir. Congrats on the new roles. There's definitely some uncertainties around potential regulation in markets like New York City. I know the proposal is delayed until sort of the end of the month. But how are you thinking about the impact on your business currently? And kind of what have you factored into the preliminary 2023 outlook?

第二個問題給 Prabir。恭喜新職務。像紐約市這類市場可能出現的監管確實存在一些不確定性。我知道該提案延後到大約月底。但你們目前如何看待對業務的影響？以及在初步的 2023 年展望中，你們納入了哪些假設？

Hey, Deepak. I'll take a stab at both of those questions and feel free, others, to chime in. I think your first question was really just around how we were thinking about our capital allocation. To start, I think it's important to just level set on our philosophy for investing, which has stayed the same ever since we've been a public company and really has been the same since day 1 in building DoorDash, which is our goal is to maximize long-term profit dollars.

嗨，Deepak。我先嘗試回答這兩個問題，其他人也可以隨時補充。我想你的第一個問題主要是關於我們如何思考資本配置。首先，我認為重要的是先對齊我們的投資理念：自從我們成為上市公司以來一直不變，甚至從第一天打造 DoorDash 起就一樣——也就是我們的目標是最大化長期的利潤金額（profit dollars）。

And so that both has a scale component to it as well as a unit economics component to it. And to me, both of them are very important and it's most important to get the sequencing right so that we are allocating capital in the most efficient ways. So when you look at this allocation for whether it's '23 or in the years to come, a lot of the investment is going towards in building our categories beyond restaurants, both in the United States as well as globally, as well as our operations outside of the U.S. as we're now live in 26 countries.

因此，這同時包含規模（scale）面向與單位經濟（unit economics）面向。對我而言，兩者都非常重要；而最重要的是把投入的先後順序排對，確保我們以最有效率的方式配置資本。所以當你看我們在 2023 年或未來幾年的配置時，許多投資將用於打造餐廳以外的品類，涵蓋美國以及全球市場；同時也會投入於我們在美國以外的營運，因為我們目前已在 26 個國家上線。

I mean, I think it's been remarkable, the progress that we've seen so far in both the share gains as well as just the level of product market fit that we've achieved. And both of these dimensions with new categories, we're now the largest platform with the most amount of partners outside of restaurants in North America. We've gained share in the majority of our international markets. And our Wolt business overseas in Europe is growing much faster than peers. And so we're seeing a lot of progress there, and we're doubling on that momentum.

我的意思是，我認為我們目前看到的進展非常顯著，無論是在市占提升，或是在我們達成的產品市場契合度（product-market fit）方面。就新類別而言，在這兩個維度上，我們現在已是北美餐廳以外合作夥伴數量最多、規模最大的平台。我們在多數國際市場都取得市占成長。而我們在歐洲的海外 Wolt 業務成長速度也遠快於同業。因此我們看到很多進展，並且會在這股動能上加倍投入。

At the same time, we're very observant about our unit economics. And a lot of that progression is reflected in some of the guidance that we shared for '23, but also in what we expect to see on a go-forward basis as we continue to improve the efficiency of our operations, in addition to the quality of our product level. Anything -- anyone else wants to add on the first question?

同時，我們也非常關注單位經濟。這些改善的進展，一部分反映在我們對 2023 年所提供的指引中，也反映在我們對未來的預期：隨著我們持續提升營運效率，以及產品層級的品質。我想問一下——第一個問題還有人想補充嗎？

Yes. Tony, it's Prabir. Maybe I'll add a little bit, and then Ravi can take the New York City question. Deepak, I mean, Tony alluded to the strategy to continue investing behind building out on new categories as well as international. And we'd put up significant proof points that are quite encouraging in terms of our progress in building scale.

有的。Tony，我是 Prabir。我補充一點，然後讓 Ravi 回答紐約市的問題。Deepak，Tony 已提到我們會持續投資於新類別的拓展以及國際市場。我們也已提出相當多、令人鼓舞的佐證，顯示我們在建立規模方面的進展。

So just a couple of data points. Last quarter, we had said our U.S. convenience and grocery business in Q3 had GOV growth of over 80%. That business grew 60% year-on-year in Q4, so it still continues to grow at meaningfully higher growth rates compared to the restaurants. Our third-party U.S. grocery business grew 100% year-on-year, both in Q3 and Q4. And in Wolt, as we alluded to in our shareholder letter, on a constant currency basis, it has grown 50% year-on-year, which is again significantly faster than its European peers. And so I take this as positive proof points in terms of not just product market fit, but our ability to drive scale on the platform.

我提供幾個數據點。上一季我們提到，美國的便利商店與雜貨業務在第三季的 GOV 年增超過 80%。該業務在第四季年增 60%，仍然以顯著高於餐廳業務的成長率持續成長。我們的美國第三方雜貨業務在第三季與第四季皆年增 100%。至於 Wolt，如同我們在致股東函中提到的，以固定匯率（constant currency）計算，其年增 50%，同樣明顯快於歐洲同業。因此我將這些視為正面的佐證，不僅是產品市場契合度，也包括我們推動平台規模化的能力。

In addition, we've got proof points of continued improvement in unit economics. So we talked about our third-party convenience business. In fact, earlier in 2022, we said it would get to breakeven on a variable profit basis in 2022. In Q4, we did exactly what we said we were going to do. We got to where we're profit breakeven. Our third-party grocery business continues to improve its margins. So to be clear, we have a long way to go. But as we continue to improve the products and the [part] experience, we believe we will continue to drive outsized growth in all of these areas that we're investing behind and continued margin improvement.

此外，我們也有單位經濟持續改善的具體佐證。因此我們談到過第三方便利商店業務。事實上，在 2022 年稍早，我們曾表示該業務將在 2022 年以變動利潤（variable profit）口徑達到損益兩平。在第四季，我們確實做到了我們說會做到的事。我們達到了利潤損益兩平。我們的第三方雜貨業務也持續改善其毛利率。因此要說清楚的是，我們還有很長的路要走。但隨著我們持續改善產品與 [部分] 體驗，我們相信我們將持續推動在所有這些我們加大投資的領域實現超常增長，並持續帶來毛利率改善。

Ravi, do you want to take the New York City question?

Ravi，你要回答紐約市的問題嗎？

Yes. Thanks, Prabir. Thanks, Deepak, for the question. On the New York City impact, we've been thinking about this for a while now. The impact from a cost perspective is included in our EBITDA guidance going forward. We actually have a number of levers from an operational perspective that we can put in place, including passing on any fees to our audiences to ensure that we can meet our profitability expectations.

好的。謝謝你，Prabir。也謝謝你，Deepak，提出這個問題。關於紐約市的影響，我們已經思考了一段時間。從成本角度來看，這項影響已納入我們未來的 EBITDA 指引之中。實際上，從營運角度我們有多個槓桿可以採取，包括將任何費用轉嫁給我們的受眾，以確保我們能達成對獲利能力的預期。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Brian Nowak。

Thanks for taking my questions, it would be 2. The first one on the DashPass member number, another strong quarter period of growth. Can you just talk a little bit about the biggest drivers of that DashPass adoption growth and any update on spend per member across the DashPassers?

謝謝讓我提問，我有兩個問題。第一個是關於 DashPass 會員數，本季又是一個強勁的成長季度。你們能否談談推動 DashPass 採用成長的最大驅動因素，以及 DashPass 會員的人均支出是否有任何更新？

And the second one is just sort of look at the 2023 guidance. Can you just sort of give us a little -- any breakdown at all how we think about the GOV and the EBITDA from the core U.S. restaurant business as opposed to all the emerging faster-growing businesses in the initial 2 pieces?

第二個問題是關於 2023 年指引。你們能否稍微——提供任何拆分，讓我們理解如何看待核心美國餐廳業務的 GOV 與 EBITDA，相較於前面提到的兩個新興且成長更快的業務？

Maybe I'll start on the DashPass question, Brian, and Ravi can chime in on the '23 guidance question in terms of what's driving the growth there. Really, look, the DashPass growth has been remarkably consistent over the course of this past year. We exited '21 with 10 million subscribers. We're exiting this year with 15 million. And that -- the pace of that growth has been consistent despite a variety competitor offerings from both of our competitors in the space. And what that goes to is just evidence to me, at least, that the combination of selection, price and quality that we offer through our program is resonating with customers. In terms of what's driving the growth, it's not been partnership-driven as some of our competitors might be. That's a competitive strategy that others are using. The majority of our growth, at least as far as the DashPass program goes, is from our own channels as well as through traditional performance marketing channels. So these are -- it's not partnership-driven. These are organic channels that ultimately drive the growth that we've seen in the product.

Brian，DashPass 的問題我先回答，Ravi 也可以補充 2023 年指引問題，說明成長的驅動因素。坦白說，DashPass 的成長在過去一年中一直非常一致。我們在 2021 年底時有 1,000 萬訂閱者；今年年底我們將達到 1,500 萬。而且——即使面對同業在這個領域推出各式各樣的競品方案，這樣的成長速度仍然保持一致。這至少對我而言，證明了我們透過該方案所提供的「選擇、價格與品質」的組合，正在與客戶產生共鳴。至於成長的驅動因素，它並不是像某些競爭對手那樣由合作夥伴帶動。那是其他人採用的一種競爭策略。就 DashPass 方案而言，我們的大部分成長來自我們自有渠道，以及傳統的效果型行銷渠道。因此——它不是由合作夥伴帶動的。這些是有機渠道，最終推動了我們在產品上看到的成長。

Second, the pace continues pretty consistently, and so there's a lot of room to grow. If you think about the size of the DashPass program at 15 million subs, it's still a far cry from other programs, whether it's the number of Netflix members or Prime subscribers, there's a lot of room for us to continue growing. And we're happy with the pace of growth historically, and we're not seeing any signs of that slowing down.

第二點，這個成長速度仍相當一致，因此還有很大的成長空間。若你看 DashPass 目前 1,500 萬的訂閱規模，與其他方案相比仍差得很遠，不論是 Netflix 會員數或 Prime 訂閱者數，我們仍有很大的空間可以持續成長。我們對歷史成長速度感到滿意，也沒有看到任何放緩的跡象。

Thanks, Prabir. Let me take the question on the guide. We're not breaking out any specifics, but our U.S. restaurant business is the largest business, and it's going to be the major driver both on the top line as well as the bottom line. As we talked about in the shareholder letter, we do expect to increase margins, both from our U.S. restaurants as well as all of our investment areas going into 2023.

謝謝你，Prabir。我來回答指引的問題。我們不會拆分任何具體細項，但我們的美國餐廳業務是最大的業務，並且將同時成為營收端與獲利端的主要驅動力。正如我們在致股東信中所談到的，我們確實預期在 2023 年提高利潤率，這不僅來自我們的美國餐廳業務，也來自我們所有的投資領域。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

下一個問題來自 Goldman Sachs 的 Eric Sheridan。

Maybe if I could focus on Wolt. Can you talk a little bit in terms of multipart on elements of the subscription base of Wolt and what do you see as an opportunity set there, as well as some of the competitive dynamic and how you've stayed in investment mode in Wolt and what's that meant for initial growth and possibly taking market share in some of those key markets for Wolt?

我想把焦點放在 Wolt。你們能否談談幾個面向：Wolt 的訂閱用戶基礎有哪些構成要素、你們在那裡看到的機會集合是什麼；以及競爭態勢方面，你們如何在 Wolt 維持投資模式，這對初期成長、以及在 Wolt 的一些關鍵市場中可能取得市占，意味著什麼？

Eric, it's Tony. I'll get started, and others can chime in. I think the thesis for Wolt has remained remarkably consistent. When we met the team 2 years ago, we were first struck by how similar we were as operators and how we thought about just building businesses. But at the same time, what we were really impressed by from a business perspective was just the superior level of retention and order frequency it had achieved with its product relative to peers.

Eric，我是 Tony。我先開始，其他人也可以補充。我認為對 Wolt 的投資論點一直非常一致。兩年前我們認識這個團隊時，首先讓我們印象深刻的是，我們在營運者角色上有多相似，以及我們對於打造業務的思考方式有多一致。但同時，從商業角度讓我們真正佩服的是，相較同業，Wolt 的產品在留存率與下單頻率方面達到了更高的水準。

And I think that remains to be what we've seen today in the data as we've now been partners for a couple of years now, where you just see the constant progression of its outperformance on a relative basis. And it's just coming from those cohorts getting larger that retain at higher levels who order and engage more often. That, effectively, the geometric sequence of growth that is what you're seeing on a relative basis.

而我認為，這也仍然是我們今天在數據中看到的情況：在我們成為合作夥伴的這幾年裡，你會看到它在相對表現上的持續進展與超越。這主要來自那些留存更高、下單與互動更頻繁的用戶群（cohorts）規模不斷擴大。實際上，你看到的相對表現，就是那種幾何級數式的成長序列。

It actually isn't that much yet attributed to its subscription products or anything else, which actually lends to its future potential. I mean there's a couple of things that we're pretty excited about. One is just how under-penetrated it is in most of its geographies. And even its most mature established markets, Wolt actually serves a fraction of the actual population.

目前這其實還不太能歸因於它的訂閱產品或其他因素，而這反而凸顯了它未來的潛力。我們有幾件事感到非常興奮。第一，是它在多數地區的滲透率仍然偏低。即便在最成熟、最既有的市場，Wolt 實際服務的人口也只占整體人口的一小部分。

And second, to the premise of the question, there are quite a lot of products that Wolt hasn't yet introduced. And in most of these markets, I think there also doesn't really exist that much e-commerce in terms of its behavior relative to some of what you see here in the United States, and so I think there's a lot of opportunity across a variety of vectors for growth.

第二，回到你問題的前提，Wolt 還有相當多的產品尚未推出。而在這些市場中的多數，我認為就消費行為而言，電商的普及程度也不像美國這邊那麼高，因此我認為在多個維度上都存在大量的成長機會。

And just on the competitive dynamic question, you asked the question on market share. Third-party data, particularly in some of the countries where Wolt operates, isn't clean. But if you just simply look at their constant currency growth rate of 50% and you compare it to the European peers or European divisions of more global peers, the Wolt business is growing significantly faster. So to me, that suggests market share gains despite the fact that we don't have precise third-party data to back that up.

再談競爭態勢的問題，你問到市占。第三方數據——特別是在 Wolt 營運的一些國家——並不乾淨。但如果你單純看它以固定匯率計算（constant currency）的 50% 成長率，並與歐洲同業或全球同業在歐洲的事業部相比，Wolt 的成長明顯更快。因此對我而言，這暗示了市占正在提升，儘管我們沒有精確的第三方數據可以佐證。

Your next question comes from the line of Lloyd Walmsley with UBS.

下一個問題來自 UBS 的 Lloyd Walmsley。

Kind of try to bundle a few into one. You've historically talked about your guidance philosophy being you give a range, you're not really targeting like beat the high end or hit the high end. It's more a function of, are there things to invest in that look compelling. And if you find things to invest, right, you don't end up hitting the high end. Is that still the way that you guys think about guidance philosophy? And how do we think about the growth opportunities you see perhaps into '23 versus prior years, especially as you kind of get more comfortable with Wolt in a few markets?

我把幾個問題合在一起問。你們過去談到過，你們的指引哲學是給一個區間，你們並不是以「超越區間上緣」或「達到上緣」為目標；而更像是取決於是否有看起來很有吸引力的投資項目。如果你們找到值得投資的事情，對吧，你們就不一定會達到區間上緣。這仍然是你們看待指引哲學的方式嗎？另外，我們該如何看待你們在 2023 年可能看到的成長機會，相較於過去幾年，尤其是當你們在一些市場對 Wolt 越來越熟悉之後？

Hey, Lloyd. I mean on the question of guidance philosophy, the way we guide and the way we run the business, I mean none of that's changed, right? We've said, historically, the way we run the business is try to maximize scale and put as much on the top line as possible. The -- and we're investing in that regard in order to maximize scale.

嗨，Lloyd。關於指引哲學的問題，我們給指引的方式以及我們經營業務的方式——這些都沒有改變，對吧？我們過去一直說，我們經營業務的方式是盡可能把規模做大，並盡可能把更多的量放到營收端。——而我們也會為了最大化規模而在這方面投資。

Now as far as the EBITDA guidance goes, the guidance range is really meant to create a sense of discipline so that we ensure we can try to follow within the range. Now precisely where we fall depends on the exact investment opportunities available and their returns versus our expectations. And so to the extent, as you pointed out, investments are available. And we like the returns related to our payback thresholds, we will invest.

至於 EBITDA 指引，這個指引區間的目的，主要是建立一種紀律感，確保我們能盡量在區間內執行。至於最終落在區間的哪個位置，取決於當下可用的具體投資機會，以及其回報相對於我們預期的表現。因此在你所指出的情況下，只要有投資機會，而且我們喜歡其回報符合我們的回收期門檻（payback thresholds），我們就會投資。

In recent times, what we've seen is we've outperformed on the top line. When there's been strength in consumer metrics, you've seen our MAU metrics, you've seen our DashPass numbers that has contributed to incremental top line, that has helped us get closer to the top end of the EBITDA range despite a healthy level of investment. So that's just to clarify where we've landed in the range, but the objective, a, the philosophy has not changed in terms of how we manage the business and invest for growth; and then b, our objective is not to try to beat the EBITDA range, but to tie the land within it.

最近一段時間，我們看到的是我們在營收端（top line）表現優於預期。當消費者指標走強時，你會看到我們的 MAU 指標、你會看到我們的 DashPass 數據，這些都帶來了額外的營收增量，並在維持健康投資水準的同時，幫助我們更接近 EBITDA 區間的上緣。因此這只是釐清我們在該區間內落點的位置；但 a，我們在如何經營業務以及為成長投資的目標與理念並未改變；以及 b，我們的目標不是要試圖超越 EBITDA 區間，而是要把結果落在該區間之內。

Your next question comes from the line of Michael McGovern with Bank of America.

下一個問題來自美國銀行（Bank of America）的 Michael McGovern。

I recall back earlier in 2022, you gave a number that you had 80,000 net new restaurants and merchants, I think, in Q2. And I was curious how that's tracking at this point as we get into more potentially recessionary environment. And do you have kind of an underlying assumption for how that will track in 2023? And I guess how important is it to continue to drive new restaurant and merchant sign-ups?

我記得在 2022 年稍早，你們曾提到在第二季新增了 80,000 家餐廳與商家（淨新增），我想了解在我們進入可能更具衰退性的環境時，這個數字目前的進展如何。你們對 2023 年這項指標的走勢是否有某種基本假設？另外，我想問持續推動新餐廳與商家註冊加入有多重要？

Yes. Michael, so we've continued to see growth in the selection on the platform, and that's true both for restaurants, and that's also true for non-restaurants. Actually, I'd say there's kind of a confluence of 2 external factors in addition to just, I think, the team's great execution, which is, one, you just see more and more physical retailers digitizing their entire business, which pose as a tailwind to our marketplace of joining the marketplace for the first time.

是的。Michael，我們持續看到平台上的選擇（selection）在成長，這不僅適用於餐廳，也同樣適用於非餐廳類別。其實我會說，除了我認為團隊出色的執行力之外，還有兩個外部因素的匯聚：第一，你會看到越來越多實體零售商正在把整個業務數位化，這對我們的市集（marketplace）而言是一股順風，因為他們會首次加入這個市集。

I mean if you looked at some of the brands that we onboarded in 2022, a lot of that even diversified beyond restaurants into the grocery sector with additions like Sprouts or Raley's. We announced all these earlier this year. Then you have additions in the retail category, whether it be Sephora or DICK'S Sporting Goods. So a lot of these retailers are digitizing more of their business and coming online to get that incremental business from the largest local commerce marketplace.

如果你看看我們在 2022 年導入（onboarded）的一些品牌，其中很多甚至從餐廳多元化延伸到雜貨領域，例如新增了 Sprouts 或 Raley's。我們在今年稍早已宣布這些。接著你也會看到零售類別的新增，不管是 Sephora 或 DICK'S Sporting Goods。許多這類零售商正在把更多業務數位化並上線，以便從最大的在地商務市集中獲得額外的增量業務。

The second kind of thing that's happening is the fact that because they're trying to digitize their entire operations at these retailers, they're also partnering with our platform products as well, products like DoorDash Drive, DoorDash Storefronts, where they're trying to run more of their business in a fashion that both, I think, takes advantage of the convenience economy, but also, I think, just creates a better business model for themselves, right, where they can make more productive use of their square footage by adding more and more sales into a fixed space. And so that's what we're seeing. We're seeing quite a lot of additions, nonstop, candidly, both on the restaurant side as well as on the non-restaurant front.

第二個正在發生的事情是：由於這些零售商正試圖將其整體營運全面數位化，他們也同時與我們的平台產品合作，例如 DoorDash Drive、DoorDash Storefronts 等產品；他們希望以一種方式來經營更多業務，我認為這既能利用便利經濟（convenience economy）的趨勢，也能為他們自己創造更好的商業模式，對吧？也就是他們可以在固定的空間內透過增加更多銷售來更有效率地運用其店面面積。因此我們看到的就是這樣：坦白說，我們看到相當多的新增，持續不斷，無論是在餐廳端或非餐廳端都是如此。

And Mike, just one technical point is that 1 out of 5 restaurants goes out of business each year, right? So there's -- this is a moving target. There's constantly new restaurants that are appearing that we need to make sure we're staying ahead of. And so the sales team is always busy, and they're always putting up bigger and bigger targets in order to make sure that the selection that's available on our platform is fresh.

另外 Mike，補充一個技術性重點：每年大約有五分之一的餐廳會倒閉，對吧？所以——這是一個會移動的目標。市場上不斷有新餐廳出現，我們必須確保自己能保持領先。因此銷售團隊一直都很忙，而且他們也持續設定越來越高的目標，以確保我們平台上可供選擇的店家保持新鮮度。

Your next question comes from the line of Nikhil Devnani with Bernstein.

下一個問題來自 Bernstein 的 Nikhil Devnani。

I had a couple, please. So in the S-1, you've provided some really helpful disclosure around contribution margins expanding for mature cohorts. Since then, there's been some changes: labor, regulatory. But also kind of you scaled up more, you have more subscribers today. Just wondering if that 8% threshold that those cohorts got to, is that still the right way to think about kind of mature cohort profitability for the business today? And then I had a separate question on new verticals. Are they acting as a new customer acquisition channel? Or is it more a function of engaging the existing customer base?

我有兩個問題。首先，在 S-1 裡，你們提供了一些非常有幫助的揭露，說明成熟分群（mature cohorts）的貢獻毛利率（contribution margins）如何擴張。自那之後，出現了一些變化：勞動力、監管；但同時你們也擴大規模、今天的訂閱用戶更多。我想問，那些分群達到的 8% 門檻，是否仍然是理解當今業務成熟分群獲利能力的正確方式？第二個問題是關於新垂直品類（new verticals）：它們是在充當新的客戶獲取渠道嗎？還是更多是用來提升既有客群的參與度？

Nikhil, maybe I'll take the first one. The cohort level margins, they're healthy and they're progressing well. We showed you last quarter the total contribution profit from the U.S. restaurant business, which is essentially the aggregated performance of all the cohorts. And so if you take a step back, the contribution profit of our cohort business has consistently improved over the past few years, despite post-COVID reopening, despite Prop 22, which is a regulatory shop the system, inflation and other things.

Nikhil，我先回答第一個。分群層級的毛利率是健康的，而且進展良好。我們在上個季度向你們展示了美國餐廳業務的總貢獻利潤（total contribution profit），這基本上是所有分群的彙總表現。因此如果你退一步看，我們分群業務的貢獻利潤在過去幾年持續改善，儘管經歷了 COVID 之後的重新開放、儘管有 Prop 22（這是一項對系統造成衝擊的監管變動）、通膨以及其他因素。

And this is really the output of this focus on improving the efficiency of our logistics network, improving our defect rates and so on. And so we could -- the purpose of that disclosure was to try to provide a simplified view of the progression that we have seen to the cohort margins but on an aggregated basis and to give you a sense of the incremental margins we are seeing in the U.S. restaurant business that are in line with what we've said historically. And can you remind me of the second question, please?

而這其實是我們專注於提升物流網路效率、改善缺陷率（defect rates）等工作的成果。因此我們可以——那項揭露的目的，是希望以更簡化的方式，讓你看到我們在分群毛利率上的進展，但以彙總的角度呈現，並讓你了解我們在美國餐廳業務中看到的增量毛利率（incremental margins），其表現與我們過去的說法一致。你可以提醒我第二個問題是什麼嗎？

Yes, sure. Just on the new verticals, are they acting as a channel for new customer acquisition altogether? Or is it more about engaging the customers you already have?

好的，當然。關於新垂直品類，它們整體而言是在作為獲取新客戶的渠道嗎？還是更多是在吸引你們既有的客戶？

I got it. Yes, yes. So it's 2 things. So it's strategically important for 2 purposes. First, we see a growing number of new customers starting with non-restaurant categories. So yes, it is a source of customer acquisition because there might be customers out there that didn't find the restaurant they were looking for. And now they find DoorDash interesting because their favorite grocery store, their favorite convenience store is on the platform. So yes, a growing number of new customers start their journey with DoorDash with the new -- with the non-restaurant categories.

了解。是的，是兩件事。因此從策略上看，它重要有兩個目的。第一，我們看到越來越多新客戶是從非餐廳類別開始的。所以是的，它是客戶獲取的來源，因為可能有些客戶找不到他們想要的餐廳。而現在他們覺得 DoorDash 有吸引力，是因為他們最喜歡的雜貨店、最喜歡的便利商店在平台上。所以是的，越來越多新客戶是從 DoorDash 的新——也就是非餐廳類別開始他們的旅程。

Second, at least -- and this is based on early signals, the work we've done, at least so far, preliminary seems to suggest that customers who order from both restaurants and non-restaurant categories have an increase in their order rate, which is the product of retention and order frequency compared to those that are single categories.

第二，至少——這是基於我們目前看到的早期訊號與已完成的工作——初步結果似乎顯示，同時從餐廳與非餐廳類別下單的客戶，其下單率（order rate）會提高；而下單率是留存（retention）與下單頻率（order frequency）的乘積，相較於只在單一類別下單的客戶更高。

So both of these things are important reasons for us to continue building a multi-category in order to be all things local commerce for our cities. And the last point I'll make is we're seeing increasing adoption of our new verticals amongst our MAU base. So we've said in Q4 last year, 14% of our MAUs had purchased from non-restaurant categories. That number in Q4 this year was 17%. So we're seeing steady growth, which is increased adoption in a larger base year-on-year of revenues.

因此，這兩點都是我們持續打造多品類（multi-category）的重要原因，目標是成為我們城市在地商務（local commerce）的全方位平台。最後我想補充的是，我們看到在 MAU 基礎中，新垂直品類的採用率正在提升。我們曾說在去年第四季，有 14% 的 MAU 曾從非餐廳類別購買；而今年第四季這個數字是 17%。所以我們看到穩定成長，也就是在更大的基礎上，非餐廳採用率逐年提升，帶動營收年增。

Your next question comes from the line of Bernie McTernan with Needham.

下一個問題來自 Needham 的 Bernie McTernan。

I guess maybe just a clarification. I just want to make sure I got -- you're right, Prabir, you said 15 million DashPass subscribers at the end of the quarter, so that would be similar -- or against the 10 million last year. And then if you could just discuss the payback period on those subs and if the cost to acquire them has been consistent over the last year or 2.

我想可能只是確認一下。我想確保我理解正確——Prabir，你說本季末 DashPass 訂閱用戶是 1,500 萬，所以這會與去年 1,000 萬相比——或對照去年 1,000 萬。然後你能否談談這些訂閱用戶的回收期（payback period），以及過去一到兩年獲取他們的成本是否一直保持一致？

Yes. So first question, yes, 15 million is right. So 10 million at the end of '21, increased to over 15 million at the end of '22. Payback period, we've not disclosed. We continue to run efficiently. These payback periods are actually not materially different this year than they were earlier on in the year. So if what you're asking me is, has competitor cross-selling bundles made it harder for us to acquire DashPass subscribers, we haven't seen any noticeable impact so far.

是的。先回答第一個問題，沒錯，1,500 萬是正確的。也就是 2021 年底為 1,000 萬，到了 2022 年底增加到超過 1,500 萬。至於回收期，我們尚未揭露。我們仍持續以高效率運作。這些回收期今年其實與今年稍早相比沒有實質差異。所以如果你問的是：競爭對手透過交叉銷售的綑綁方案是否讓我們更難獲取 DashPass 訂閱用戶——到目前為止我們沒有看到任何明顯影響。

I think I said earlier, the pace of DashPass subscriber growth has been relatively consistent each quarter. And on top of that, we track the number of new customers that joined the industry. Our share of new customers joining the industry has been consistent this past year, in fact, has actually increased towards the back half of this year. And so both of these data points give me comfort that we haven't seen any noticeable impact from any cross-selling.

我想我先前提過，DashPass 訂閱用戶的成長步伐在每一季都相對一致。此外，我們也追蹤加入整個產業的新客戶數。我們在產業新客戶中的市占率在過去一年一直很穩定，事實上在今年下半年還有所提升。因此，這兩個數據點讓我有信心，我們沒有看到任何來自交叉銷售的明顯影響。

Your next question comes from the line of Doug Anmuth JPMorgan.

下一個問題來自 JPMorgan 的 Doug Anmuth。

I just had a couple about the '23 outlook. I was hoping you could talk a little bit more about APIs and kind of how you see them evolving for the frequency. And I guess, in particular, on basket size from some others just about using funds. And then secondly, can you talk about gross margins a little bit, some of the tailwinds and perhaps headwinds for next year? And do you need that to expand to guide higher EBITDA margin?

我有幾個關於 2023 年展望的問題。我希望你能多談一點 APIs，以及你如何看它們在提升使用頻率方面的演進。我想特別是關於來自其他一些（業者）在使用資金方面對客單價（basket size）的影響。第二，你能談談毛利率嗎？明年有哪些順風因素以及可能的逆風因素？以及你是否需要毛利率擴張，才能指引更高的 EBITDA 利潤率？

This is Ravi. Let me take the question. On the first piece, on the '23 guidance itself, in terms of KPIs, our goal is to continue to drive both monthly active users as well as order frequency. We continue to see strong signals in our retention, which has stabilized over the last several months. Newer cohorts continue to come in at order frequency, higher than what we've seen earlier in the year. Now to your second point, can you repeat your second question on the gross margin?

我是 Ravi。我來回答這個問題。第一部分，關於 2023 年指引本身，就 KPI 而言，我們的目標是持續推動月活躍用戶以及下單頻率。我們在留存方面持續看到強勁訊號，且在過去幾個月已趨於穩定。較新的用戶分群（cohorts）進來後的下單頻率，仍高於我們今年稍早看到的水準。至於你第二點，關於毛利率，你可以再重複一下第二個問題嗎？

On the gross margin puts and takes, and do you need that to expand to drive EBITDA margin, et cetera?

關於毛利率的增減因素，以及你是否需要毛利率擴張來推動 EBITDA 利潤率等等？

Yes. On the gross margin piece itself, if you actually break apart the gross margin, core DoorDash gross margin, excluding Wolt actually increased on a year-on-year basis. That was driven by improvements in Dasher cost as a percentage of GOV as well as credits and refunds. Some part of that was offset by the higher insurance costs that we've seen in the business. On a consolidated basis, gross margin declined because of mix shift towards Wolt. Looking ahead in '23, we do expect gross margin to be higher than Q4 levels.

好的。就毛利率本身而言，如果你把毛利率拆開來看，核心 DoorDash 的毛利率（不含 Wolt）其實年對年是上升的。這主要是由於 Dasher 成本占 GOV 的比例改善，以及抵用金與退款的改善所帶動。其中一部分被我們在業務中看到的較高保險成本所抵銷。在合併口徑下，毛利率下滑是因為組合轉向 Wolt。展望 2023 年，我們確實預期毛利率會高於第四季的水準。

Your next question comes from the line of Michael Morton with SVB.

下一個問題來自 SVB 的 Michael Morton。

A question on new vertical businesses. If you look at something like package pickup, it suggests that the time-sensitive nature you face in core restaurants could be lower, right, and maybe higher levels of batching. So I was wondering if you could speak to any of the early demand trends. And then unit economics you're seeing on some of these new verticals like package pickups compared to prior new verticals. And then just lastly, maybe any update on non-restaurant GOV growth would be great if you could.

我想問新垂直業務。如果看像包裹取件這類業務，似乎你們在核心餐飲面臨的時間敏感性可能會更低，對吧？而且可能有更高程度的合併配送（batching）。所以我想請你談談一些早期需求趨勢。以及你們在這些新垂直領域（例如包裹取件）看到的單位經濟（unit economics），相較於先前的新垂直業務如何。最後，如果你也能更新一下非餐飲 GOV 的成長情況就太好了。

Yes, sure. Maybe I can take the -- it's Tony. I can take the first part of the question and someone can answer, I think, the growth rate question, which we disclosed before. So on the package piece, I mean we're obviously very excited about what we can build. Let me think about it.

好的，當然。也許我可以先回答——我是 Tony。我可以先回答問題的第一部分，然後我想其他人可以回答成長率的問題，因為我們之前已經披露過。關於包裹這一塊，我們顯然對能打造的東西感到非常興奮。讓我想一下。

We have 3 million Dashers that come to the platform every 90 days. And we have the most sophisticated logistics systems for last mile. And when I think about the opportunity, it's quite immense just because most last-mile systems were built during the time when, frankly, there wasn't e-commerce, right, which means that a lot of the setup isn't really well suited for doing true last-mile deliveries.

我們有 300 萬名 Dashers 每 90 天會來到平台。我們也擁有最先進的最後一哩物流系統。當我思考這個機會時，它相當巨大，因為多數最後一哩系統是在坦白說還沒有電商的時代建立的，這意味著很多既有的架構其實並不適合真正的最後一哩配送。

And that's actually why we think there's quite a lot that we can do that if we can deliver ice cream in 10 minutes or pizza in a similar period of time, we can certainly deliver something that is less perishable with greater time. And to your point, there's lots of opportunities to make the logistics really efficient. So we're quite excited about what this can be. I do think that, over time, in addition to becoming the largest local commerce marketplace, we'll also be the last-mile infrastructure in most cities globally.

這也是為什麼我們認為我們能做的事情很多：如果我們能在 10 分鐘內送到冰淇淋，或在類似時間內送到披薩，那我們當然也能在更充裕的時間內配送較不易腐壞的物品。而且如你所說，有很多機會讓物流變得非常高效。所以我們對這件事非常興奮。我確實認為，隨著時間推進，除了成為最大的在地商務市集之外，我們也會成為全球多數城市的最後一哩基礎設施。

It's just going to take quite a lot of time to get there. And the package piece is seeing quite a lot of demand. But it's pretty early, I would say, in terms of how it works. And so I think it really is a good example of how we try to solve customer problems at DoorDash. A lot of why we got into that business was really seeing some of the requests from customers come in to support and then acting upon it and running an experiment and then seeing if we can actually build a product that customers love, and then we'll actually consider the scaling afterwards.

只是要走到那一步需要相當長的時間。包裹這一塊確實看到相當多的需求，但我會說就運作方式而言仍然很早期。因此我認為這是 DoorDash 如何嘗試解決客戶問題的一個很好的例子。我們之所以進入這個業務，很大一部分原因是看到客戶向客服提出的一些需求，然後我們據此採取行動、做實驗，接著看看是否能打造出客戶喜愛的產品，之後才會考慮擴大規模。

And so it's still in the period of finding and achieving product market fit. That's really where that experiment is right now. But we have many of these experiments across the Board at DoorDash, and that's one of the reasons why it's so fun to work here.

所以目前仍處於尋找並達成產品市場契合（product-market fit）的階段。這就是那個實驗現在所處的位置。不過我們在 DoorDash 各處都有很多這類實驗，這也是為什麼在這裡工作很有趣的原因之一。

Yes. And on your question on new categories growth, I think I mentioned this earlier in the call and reiterated our U.S. convenience and grocery business grew roughly 60% year-on-year in Q4. Our U.S. grocery business grew roughly 100% year-on-year in Q4, and then our Wolt business grew 50% on a constant currency basis. Again, these are attractive growth rates that we're happy to post.

好的。至於你問的新類別成長，我想我在電話會議稍早提過並重申：我們美國的便利商店與雜貨業務在第四季年對年約成長 60%。我們美國的雜貨（grocery）業務在第四季年對年約成長 100%。而我們的 Wolt 業務在固定匯率基礎上成長 50%。同樣地，這些都是我們很樂於呈現的具吸引力成長率。

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

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

Maybe a related question, Tony, you have large and growing lakes and data sets, which is maybe the most important driver of AI and machine learning models and then certainly front and center in the press nowadays. I want to know if you could talk a little bit about how you think these processes impact your business and how you leverage them on a daily basis.

也許是個相關問題，Tony，你們擁有龐大且持續成長的資料湖與資料集，這可能是 AI 與機器學習模型最重要的驅動因素之一，而且現在也確實是媒體焦點。我想了解你能否談談，你認為這些流程如何影響你們的業務，以及你們如何在日常運營中加以運用。

Yes, it's a great question. Like look, there's -- I'm actually really glad that AI is having its kind of mainstream moments these days, and I think there is quite a lot of potential here. And I do think a lot of it is actually couched in the way that you described it, which is the importance of the data and taking that data into -- translate it into pragmatic products that actually solve customer problems, right? Like that's kind of the key.

是的，這是個很好的問題。你看——我其實很高興 AI 這些天迎來它的主流時刻，我也認為這裡有相當大的潛力。我確實覺得其中很大一部分，正如你所描述的那樣：資料的重要性，以及把資料轉化為務實的產品，真正去解決客戶問題，對吧？這大概就是關鍵。

And so for us, we've actually been working with different AI in each of our products, probably for the last 3 or 4 years now. Some of it you see in the ranking and the recommendations product we use with consumers. A lot of it you see behind the scenes with logistics. You see that now also in our support products. I mean it's really getting used across the board in other words.

因此對我們而言，過去大概 3 到 4 年，我們其實已在各個產品中使用不同的 AI。你在面向消費者的排序與推薦產品中會看到一部分；更多是在物流的幕後運作中；現在你也會在我們的客服支援產品中看到。換句話說，它確實被廣泛運用在各個面向。

I think it's very hard when I think you're at the precipice of a technology to figure out the exact application in which it's going to really realize the technology's full potential. But we certainly see all of these benefits give small improvements that then compound over time. And when you're at the scale that we've achieved in our business lines, it really adds up. And so I really think that this is going to be a big push for us on a go-forward basis or a continued big push, I should say, on a go-forward basis, and it's something I'm super excited about.

我認為當你站在一項技術的臨界點時，要找出它最能充分發揮潛力的確切應用場景是非常困難的。但我們確實看到這些效益帶來一些小幅改善，並隨時間累積放大。而當你達到我們在各條業務線所取得的規模時，這些改善就會非常可觀。因此我真的認為，這將會是我們未來持續的一大推動力——或者說，未來仍會是一個重要推動力——而且這也是我非常期待的事情。

Your next question comes from the line of Youssef Squali with Truist Securities.

下一個問題來自 Truist Securities 的 Youssef Squali。

Great. Prabir and Ravi, congrats. So I guess a 2-part question. One, the macro around the consumer seems to be a bit wobbly right now between a strong employment and dwindling balance sheet. I was wondering if maybe you can comment on what you've seen so far in January and February.

很好。Prabir 和 Ravi，恭喜。我想問一個兩部分的問題。第一，消費者的宏觀環境目前看起來有點搖擺：一方面就業強勁，另一方面資產負債表在縮水。我想請你們評論一下，你們在 1 月和 2 月迄今為止看到了什麼。

I know you've already guided, and the guide looks really good. But if I look at the guide for the year, it seems like you're not really assuming much of an improvement Q1 to Q4, at least from a GOV standpoint. So maybe can you just address what you're seeing right now and kind of what you're baking in terms of your guide for the rest of the year in terms of sequential growth?

我知道你們已經給了指引，而且看起來很不錯。但如果我看全年指引，似乎你們並沒有真正假設從第一季到第四季會有太多改善，至少從 GOV 的角度來看是如此。所以你們能否說明一下你們現在看到的情況，以及在對今年剩餘時間的指引中，你們在序列成長（sequential growth）方面納入了哪些假設？

Cool, let me take this one. If you look at our results, we have consistently driven double-digit growth rate in GOV over the last 7 quarters. In fact, our revenue is actually outpacing our GOV growth rate. When you look at the core consumer input metrics, we're just coming off of a record quarter in terms of monthly active users as well as DashPass subscribers. I think what we're seeing in the business is order frequency of the newer cohorts continues to be higher than the older cohorts. Retention of our newer cohorts has been pretty stable for the last several months. To your question on Q1 itself, it's off to a great start. We are seeing continued share gains since the beginning of the year, and that's what's baked into our guidance for the rest of the year as well.

好的，這題我來回答。若你看我們的業績表現，過去 7 個季度我們在 GOV 上持續推動雙位數成長率。事實上，我們的營收成長速度其實正在超越 GOV 的成長率。從核心消費者投入指標來看，我們剛結束一個創紀錄的季度，無論是月活躍用戶數（MAU）還是 DashPass 訂閱用戶數都創新高。我認為我們在業務上看到的是，新客群（較新的 cohort）的下單頻率持續高於較舊的客群。新客群的留存率在過去幾個月也相當穩定。至於你問到的 Q1，本季開局非常好。我們看到自年初以來市占持續提升，而這也已反映在我們對今年剩餘期間的指引之中。

Got it. And just to add on the full year comment, Youssef, it's Prabir, I mean, look, as Ravi said, we've got -- we're seeing strong consumer metrics currently, right, both in Q4 and strength of the Q1. And so you've got high visibility into the first half of the year, which is why you've seen a strong Q1 guide. For the full year, particularly as you talk about the second half, there's uncertainty around macro issues, and we're trying to bake in that uncertainty in our full year outlook because it's not about a lack of confidence in the fundamentals, it's about uncertainty on the macro conditions.

了解。再補充一下全年部分，Youssef，我是 Prabir。我的意思是，如 Ravi 所說，我們目前看到強勁的消費者指標，對吧？無論是 Q4 的表現，還是 Q1 的強勢開局。因此，你對上半年有很高的能見度，這也是為什麼你會看到我們給出強勁的 Q1 指引。至於全年，特別是談到下半年時，宏觀層面仍存在不確定性，我們正嘗試把這些不確定性納入全年展望中；這不是因為我們對基本面缺乏信心，而是因為宏觀環境存在不確定性。

Your next question comes from the line of Andrew Boone with JMP Securities.

下一個問題來自 JMP Securities 的 Andrew Boone。

Delivery Hero has made significant investments in its 1P convenience product. Can you help us size the investments of your 1P convenience product? And then secondly, on corporate the significant opportunity, can you just update your progress in terms of making more corporate relationships in fourth quarter?

Delivery Hero 已在其 1P 便利產品上進行了大量投資。你們能否協助我們衡量你們 1P 便利產品的投資規模？第二個問題，關於企業端的重大機會，你們能否更新一下第四季在建立更多企業合作關係方面的進展？

Can you repeat the second question? Sorry. It's muffled.

可以再重複第二個問題嗎？抱歉，聲音有點模糊。

I'm thinking about the old seamless opportunity with corporates, just having more of a corporate relationship and office ordering as more people are back in office.

我在想以前 Seamless 在企業端的機會，也就是建立更多企業合作關係，以及隨著更多人回到辦公室後的辦公室訂餐。

Yes. I can take both of those questions. It's Tony. So I think the first question was around DashMarts. So we haven't broken out the investment piece behind -- the investment budget for DashMarts. But here's kind of how I have thought about DashMarts, which is, first, I think it's important to acknowledge that it's not a stand-alone product, right? It's a feature built on top of the largest local commerce marketplace that has the most number of consumers, who are the most engaged and also the most number of Dashers, none of whom we have to reacquire.

好的，這兩個問題我都可以回答。我是 Tony。我想第一個問題是關於 DashMarts。我們尚未單獨披露 DashMarts 背後的投資金額——也就是投資預算。不過我對 DashMarts 的看法是：首先，我認為重要的是要承認它不是一個獨立產品，對吧？它是建立在最大在地商務（local commerce）市集之上的一項功能；這個市集擁有最多的消費者、最高的參與度，以及最多的 Dashers，而這些我們都不需要重新獲取。

The second comment, which makes it just much more capital-efficient from an investment perspective relative to a stand-alone efforts, the second comment I'd make here is really the purpose behind the investment. So if you think about where non-restaurant delivery is today, things like grocery delivery take as an example, it really hasn't achieved the full potential of what we believe the category could become. I mean, at the end of the day, the customer is looking to get everything they ordered inside their carts. They're looking for it at prices that are relatively the same as what they would expect to pay in store. And obviously, they expect the delivery with greater convenience than if they were to do it on their own.

第二點是，從投資角度來看，相較於獨立推動的方案，這使得它在資本效率上高得多。我在這裡要補充的第二個重點是投資背後的目的。如果你看非餐飲配送目前的狀況，例如以雜貨配送為例，它其實尚未達到我們認為該品類可能達到的全部潛力。歸根結底，客戶希望能拿到購物車裡所下單的所有商品；他們希望價格與在店內購買時大致相同；而且顯然，他們期待配送能比自己去買更便利。

But today, that's not what the current day products offer. But at the same time, we have to make sure that we can work together with retailers to bridge both the short-term challenges of working with third-party retail infrastructure that isn't optimized nor was it designed for delivery and create and invent a new model in which we can co-create with retailers such that we can move the industry forward and actually solve these customer problems to achieve the full potential of grocery delivery or non-restaurant delivery.

但今天，現有產品並沒有提供這些。同時，我們也必須確保能與零售商合作，去彌補短期挑戰——也就是使用並非為配送而最佳化、也不是為配送而設計的第三方零售基礎設施——並創造、發明一個新的模式，讓我們能與零售商共同創造（co-create），推動產業向前，真正解決這些客戶問題，從而釋放雜貨配送或非餐飲配送的全部潛力。

And so that's really the purpose. And we found quite a lot of different use cases once you've actually mastered the basics of retail, which we're still learning how to do. And we're only about 18 months into the effort, but we really like what we see. And -- but I think it's important to understand just from a capital efficiency perspective how different it is relative to doing it on a stand-alone basis.

因此，這就是核心目的。而且一旦你真正掌握零售的基本功（我們仍在學習），你會發現相當多不同的使用情境。我們投入這項工作大約才 18 個月，但我們非常喜歡目前看到的成果。不過我認為，從資本效率的角度來看，理解它相較於獨立推動有多麼不同，仍然很重要。

And I think your second question was around corporate orders. I agree. I mean, I think that, obviously, it took a bit of a hiatus during the onset of the COVID-19 pandemic, where obviously, offices were shut down and people are less confident about how work would be done and so on and so forth. And that's actually when a lot of our team was able to very quickly pivot into building products that would actually solve for workers at home as all of us kind of got more accustomed to the idea of working remotely or not in the office. Especially now as people are getting back into the office and I think things have stabilized effectively in this post-COVID world, I definitely think that, that's a big opportunity moving forward.

我想你的第二個問題是關於企業訂單。我同意。我的意思是，很明顯在 COVID-19 疫情剛爆發時曾短暫中斷，當時辦公室關閉，人們對工作將如何進行等問題也缺乏信心，諸如此類。也正是在那段期間，我們的團隊能非常快速地轉向，打造能解決居家工作者需求的產品，因為我們所有人都逐漸習慣遠端工作或不在辦公室的概念。尤其是現在大家回到辦公室，我也認為在這個後疫情時代一切已大致穩定，我確實認為這將是未來一個很大的機會。

Your next question comes from the line of Steven Fox with Fox Advisors.

下一個問題來自 Fox Advisors 的 Steven Fox。

A couple of questions. First, you mentioned in the letter how you're managing for better affordability with your customers. Can you talk a little bit more about that and whether that brings you under like an inflation curve we would think of broadly? Or how do we think about that going forward? And a similar question on -- there was a paragraph talking about how you've gotten more efficient. Obviously, you're going to get more efficient this year, too, on some of the things you mentioned. But like how does that curve look this year versus last year in your minds as it contributes to EBITDA?

有幾個問題。第一，你們在信中提到如何為客戶管理以提升可負擔性。能否多談一些？這是否意味著你們的表現會落在我們廣義所理解的通膨曲線之下？或者我們該如何看待未來的走勢？另外一個類似的問題是——信中有一段談到你們變得更有效率。顯然，你們今年也會在你們提到的一些事項上變得更有效率。但在你們看來，今年相較於去年，那條效率改善曲線會是什麼樣子？它對 EBITDA 的貢獻又該如何理解？

Sure. Maybe I'll take the first part of the question, which I believe was around affordability, and then I'll let Ravi take the second part on the efficiency side. So on the affordability side, yes, I mean we've -- as disclosed in the letter, we've taken down transaction costs for consumers by about 8% in the past year. And we're always trying to drive this down, right? And we're always trying to drive this down as we add selection, improve delivery times, improve the accuracy and the quality of those deliveries. So obviously, we're trying to do more than one thing at the same instance.

好的。我先回答我理解的第一部分，也就是關於可負擔性，然後讓 Ravi 回答第二部分的效率問題。就可負擔性而言，是的——如信中所揭露，我們在過去一年將消費者的交易成本降低了約 8%。而我們一直在努力持續降低，對吧？並且在我們增加選擇、改善配送時間、提升配送準確性與品質的同時，也持續推動成本下降。所以很明顯，我們是在同一時間嘗試做不只一件事。

But when it comes to affordability, certainly, DashPass has been a big driver of a lot of the affordability gains for our customers, especially as we continue to see consistent adds into the DashPass program. But at the same time, we're working on quite a lot of other initiatives as well to make sure that we can keep making the service more and more affordable. Certainly, we're trying to beat inflation, but hopefully, we can do much better than that, especially as we find more creative ways in delivering more and more value back to consumers.

但談到可負擔性，DashPass 確實一直是推動客戶可負擔性提升的重要動力，特別是我們持續看到 DashPass 計畫穩定新增訂閱。不過同時，我們也在推動許多其他計畫，以確保我們能讓服務變得越來越可負擔。我們當然希望能跑贏通膨，但希望我們能做得更好，尤其是當我們找到更有創意的方法，把更多價值回饋給消費者時。

Let me take the second one on efficiency. For us, when we think about efficiency, it always starts with improving product quality. When we improve product quality, the retention of the platform goes up, whether it's consumers or Dashers. When the retention goes up, we don't have to spend as much on retaining existing consumers and Dashers, which drives leverage in our sales and marketing.

我來回答第二個效率問題。對我們而言，談效率永遠是從提升產品品質開始。當我們提升產品品質時，平台的留存率會上升，不論是消費者或 Dashers。當留存率上升，我們就不需要花那麼多成本去留住既有的消費者與 Dashers，這會帶動我們在銷售與行銷上的槓桿效益。

The second advantage we have when we improve product quality is the fulfillment cost per order goes down, whether it's support costs, Dasher costs or credits and refunds. Also, in addition to that, as the product quality goes up, awareness increases, which makes the ability to acquire consumers and Dashers at attractive prices even more attractive.

當我們提升產品品質時，第二個優勢是每筆訂單的履約成本會下降，不論是客服成本、Dasher 成本，或是補貼與退款。此外，隨著產品品質提升，品牌認知度也會提高，這讓我們以具吸引力的成本獲取消費者與 Dashers 的能力變得更具吸引力。

The combination of these 3 factors is what's driving the efficiency you're seeing in the business. In our belief, there's a lot more room for us to continue to improve product quality, which will further drive efficiency gains. And our goal is to reinvest that efficiency back into driving scale in the business, and some of the efficiency gains that you see are included in our EBITDA guidance going forward.

這三個因素的組合，正是你在業務中看到的效率提升來源。我們相信，在持續提升產品品質方面仍有很大空間，這將進一步帶來效率增益。我們的目標是把這些效率再投資回去，以推動業務規模成長；而你所看到的一部分效率增益，也已納入我們未來的 EBITDA 指引之中。

Your next question comes from the line of Ron Josey with Citi.

您的下一個問題來自花旗（Citi）的 Ron Josey。

Great. Prabir, congrats on the promotion as President; Ravi, your new role. I wanted to maybe follow up for Prabir. I think I heard you say 3P grocery was up 100% in 4Q. I think that's the same growth rate as in 3Q. So talk to us about how the use case is evolving here. Is grocery and DoorDash primarily still top off? Are you getting Sunday orders? Any insights there would be helpful.

很好。Prabir，恭喜你升任總裁；Ravi，恭喜你擔任新職務。我想也許追問 Prabir 一下。我想我聽到你說第四季（4Q）第三方（3P）雜貨成長了 100%。我想這跟第三季（3Q）的成長率一樣。所以請跟我們談談這裡的使用情境（use case）是如何演進的。雜貨與 DoorDash 主要仍然是補貨（top-off）嗎？你們有看到週日訂單嗎？任何洞見都會很有幫助。

And then we're now a few months post the restructuring at the end of November, and so I would love to hear insights on the savings. But perhaps more importantly, just progress operationally around efficiency and while still building and launching new products, how that's going internally?

另外，我們現在距離 11 月底重組已經過了幾個月，所以我很想聽聽對節省成本的洞見。但也許更重要的是，在仍持續打造並推出新產品的同時，營運面在效率上的進展如何？內部執行情況如何？

Yes. Maybe let me take -- I can start on both of those questions, and then I'll let others add to them. I think so again, on the first part, with respect to grocery, yes, it continues to perform and continues to take share. And you're right. I mean the entry into third-party grocery really for DoorDash has been in solving this top-up use case, right, where you can think of it almost as being the express aisle in many ways. And that was a way to familiarize ourselves with consumers as we kind of moved outside of the restaurant category, and I think it was certainly something that worked. I mean you see it in the gains in share, but you also see it in the improving profitability of that business.

是的。也許我先來回答——我可以先從這兩個問題開始，然後再讓其他人補充。我想再次就第一部分、關於雜貨而言，是的，它持續表現良好並持續取得市占。你說得沒錯。我的意思是，DoorDash 進入第三方雜貨，真正是在解決這個補貨（top-up）使用情境，對吧？你幾乎可以把它想成在很多方面就像快速結帳通道（express aisle）。而這也是一種方式，讓我們在走出餐廳品類之後，逐步讓消費者熟悉我們，我認為這確實奏效。我的意思是，你可以從市占提升看到，也可以從該業務獲利能力的改善看到。

At the same instance, we've certainly been working a lot on creating more and more an item-based shopping experience at DoorDash. Now that takes lots of work on the back end around catalog and many things, and I think that's also now showing promise where we can solve both the use case of the top-up, where I think we're quite advantaged with our logistics network as well as just how consumers perceive us, but also the stock-up use case where people are buying bigger and bigger carts for their more staple items. And so we're now seeing both of these types of use cases, even though we entered the category with more of a top-up use case.

同時，我們當然也投入大量工作，在 DoorDash 上打造越來越以「單品」為基礎的購物體驗。這需要在後端做很多工作，包括商品目錄（catalog）以及許多事情；我認為現在也開始展現潛力：我們不僅能解決補貨（top-up）的使用情境——在這方面，我認為我們的物流網路優勢很大，以及消費者對我們的認知——也能解決囤貨/大採買（stock-up）的使用情境，也就是人們為更日常的必需品買越來越大的購物車。因此，儘管我們是以較偏補貨的使用情境切入這個品類，但現在我們已經同時看到這兩種類型的使用情境。

On the second question, I'll let maybe others chime in on some of the numbers. But from an efficiency perspective, certainly, that was a really painful decision, right? I think it's helpful to have some context here of how we got there, where over the last 3 years, the business revenues have grown about 7x, and we were really trying to catch up to that growth, so the headcount grew about 4x. And so we're playing catch-up, but then we kind of didn't get it exactly right and kind of got a bit ahead of our skis on the hiring, and so that made certain things a bit cluttered. And certainly, we needed to make sure that we right-sized the organization so that we're set up great for the future, which we feel very confident about.

第二個問題，關於一些數字我先讓其他人補充。但就效率而言，這當然是一個非常痛苦的決定，對吧？我想提供一些我們如何走到這一步的背景：過去 3 年，公司的營收大約成長了 7 倍，而我們一直在努力追上這個成長，所以人力（headcount）大約成長了 4 倍。我們是在追趕，但後來我們沒有拿捏得完全正確，在招募上有點超前，於是讓某些事情變得有些雜亂。當然，我們需要確保把組織規模調整到合適的水平，讓我們能為未來做好很好的準備，而我們對此非常有信心。

From an execution perspective, we actually feel like it's made us more focused on the most important things. And as a result, by decluttering some of the management layers as well as maybe coordination meetings that were once quite a large cost to the system, we're getting a lot better. It doesn't mean we're perfect. We have many things still to figure out. We're still building many things as we continue to innovate beyond restaurants, as we expand internationally and as we expand beyond our marketplace and build these platform products. We're always going to keep investing and invent new products, but we have to do it with a more focused base.

從執行角度來看，我們其實覺得這讓我們更聚焦在最重要的事情上。因此，透過清理一些管理層級，以及一些過去對系統而言成本相當高的協調會議，我們正在變得更好。這不代表我們已經完美；我們仍有很多事情要釐清。我們仍在打造許多東西：當我們持續在餐廳之外創新、在國際市場擴張，以及超越我們的市集（marketplace）並打造這些平台產品時。我們會一直持續投資並發明新產品，但我們必須在更聚焦的基礎上來做。

And on the -- Ravi talked about the risk here. I just want to confirm. So yes, in Q3 of last year, 2022. You said the grocery business had grown over 100%. In Q4, it grew roughly 100%, just shy of 100%. So those numbers are right.

另外，關於——Ravi 談到這裡的風險。我只是想確認一下。所以是的，在去年 2022 年的第三季（Q3），你說雜貨業務成長超過 100%。在第四季（Q4），它大約成長 100%，略低於 100%。所以這些數字是正確的。

Just on the leverage itself, yes, we do expect to drive leverage on our operating expenses in 2023, and that's been included in our EBITDA guidance that we've given.

至於槓桿（leverage）本身，是的，我們確實預期在 2023 年推動營運費用的槓桿改善，而這已經包含在我們所提供的 EBITDA 指引之中。

Your next question comes from the line of Brad Erickson with RBC.

您的下一個問題來自 RBC 的 Brad Erickson。

Just 2 follow-ups, I guess. One, on the health of the consumer. You touched on it earlier being I guess, broadly stable. Just curious if you look at Europe, I think some others have commented that may actually be getting better or maybe even accelerating at the moment. Just curious if you're seeing that too and what you've assumed as a trajectory there for the full year guide for Europe.

我想有兩個追問。第一個，關於消費者的健康狀況。你先前提到大致上是穩定的。我只是好奇，如果看歐洲，我想有些公司評論說目前可能正在變好，甚至可能正在加速。想請問你們是否也看到同樣情況？以及你們在歐洲的全年指引中，對其走勢（trajectory）做了什麼假設？

And then just one clarification on the grocery and convenience. Is there any -- the 60% growth you've called out, is there any meaningful delta there between the organic growth rate and the 60%? Or are they basically about the same?

第二個只是釐清一下關於雜貨與便利。你們提到的 60% 成長，這之間——你們所說的有機成長率（organic growth rate）與 60% 之間是否有任何顯著差異？還是基本上差不多？

So on the first question, we haven't broken out Wolt, but we are projecting strong growth for next year. The one caveat I will make, Brad, is when you look at Q1, Q1 has the Omicron comp issue, which I suspect you're hearing from other companies as well. Q1 of last year had this spike because of Omicron, and so you'll see that in the growth rates for Q1 this year. But that doesn't change our optimism and confidence in the full year outlook for Wolt.

關於第一個問題，我們沒有單獨拆分 Wolt，但我們預期明年會有強勁成長。我唯一要提醒的一點，Brad，是當你看第一季（Q1）時，Q1 會有 Omicron 的比較基期（comp）問題，我猜你也從其他公司那裡聽到過。去年第一季因為 Omicron 而出現一波高峰，所以你會在今年第一季的成長率中看到這個影響。但這不會改變我們對 Wolt 全年展望的樂觀與信心。

On your second question, I didn't understand what you meant by organic growth. For us, the entirety of our convenience and grocery business, that growth rate is all organic. So I'm not sure if that's what you were asking, perhaps I misunderstood the question.

關於你的第二個問題，我不太理解你所說的有機成長是什麼意思。對我們而言，我們便利與雜貨業務的全部成長率都是有機的。所以我不確定你是不是在問這個，也許我誤解了問題。

Yes. Just to add to that, I think the numbers that we were giving out were just U.S., so that was organic.

是的。補充一下，我想我們提供的數字只是美國（U.S.），所以那是有機的。

This concludes our Q&A today and for today's conference call. Thank you so much for attending. You may now disconnect.

我們今天的問答到此結束，也結束今天的電話會議。非常感謝各位參與。您現在可以掛線。