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.

下午好。我叫艾瑪，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 DoorDash 2022 年第四季度收益電話會議。 （操作員說明）謝謝。

Andy Hargreaves, you may begin your conference.

Andy Hargreaves，你可以開始你的會議了。

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，艾瑪。下午好，感謝您加入我們的第四季度和 2022 年全年財報電話會議。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；首席財務官兼候任總裁兼首席運營官 Prabir Adarkar；和財務與戰略副總裁以及我們即將上任的首席財務官 Ravi Inukonda。

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.

我們將在今天的電話會議上發表前瞻性陳述，包括我們對我們的業務、財務狀況、經營業績、我們的市場、指導、戰略、我們的投資方法和消費者支出環境的預期。前瞻性陳述存在風險和不確定性，可能導致實際結果與描述的結果存在重大差異。我們向 SEC 提交的文件（包括 10-Ks 和 10-Qs 表格）中描述了其中許多不確定性。您不應依賴我們的前瞻性陳述作為對未來事件的預測。除非法律要求，否則我們不承擔任何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.

在這次電話會議中，我們將討論某些非 GAAP 財務指標。有關我們的非 GAAP 財務措施的信息，包括此類非 GAAP 措施與最直接可比的 GAAP 財務措施的調節，可在我們致股東的信中找到，該信可在我們的 IR 網站上找到。除了我們的 GAAP 結果之外，還應考慮這些非 GAAP 措施，並且無意替代我們的 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，此電話會議在我們的 IR 網站上進行了音頻網絡廣播。通話結束後不久，我們的網站上將提供通話的音頻重播。

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

有了這個，我會把它傳遞給托尼，讓他做一些簡短的評論，然後我們將進行提問。托尼？

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，安迪。嘿大家。感謝您今天加入我們。通常情況下，我們會直接進入問答環節，但對於今天的電話會議，我想先就克里斯托弗、普拉比爾和拉維說幾句話。我相信你們中的許多人已經看到我們任命 Prabir 總裁兼首席運營官和 Ravi 為首席財務官的消息，因為 Christopher 將從運營角色和日常管理中退休。

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.

在他在這裡的 7 年多時間裡，Christopher（我們在內部稱他為 CP）幫助塑造了我們的業務和文化。他在整個公司灌輸了經營者的思維方式，並指導了我們整整一代的領導者。在個人層面上，我會想念他。我從他那裡學到了很多東西，我認為自己很幸運能把他視為商業夥伴和朋友。今天的新聞是慶祝 CP 作為運營商 33 年令人難以置信的歲月以及他幫助我們建立的東西的機會。它還展示了我們系統的實力以及我們在 DoorDash 建立的令人驚嘆的團隊。

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 已經在我們這里工作了 4 年多，他們精通我們業務的各個方面。兩者在這個領域都是無與倫比的，我為他們將取得的成就以及我們將繼續共同建設的成就感到興奮。

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.

在我們近 10 年的歷史中，DoorDash 有幸擁有一支非常穩定和高素質的領導團隊。儘管如此，我們團隊中的每個人都有一個繼任計劃。我們知道 CP 不會一直在這裡，而且我們已經為這種可能性準備了一段時間。我們一直在發展我們的人才儲備以及我們的系統和流程，以便合適的人可以在準備就緒時挺身而出。我們在一個非常複雜和動態的空間中運作，對細微差別的理解以及將這種直覺轉化為實用判斷的能力需要時間。我們很幸運，我們有 2 個人我們已經培養了一段時間，並且在他們身後有一群操作員可以繼續卓越地執行而不會跳過一個節拍。 Prabir 和 Ravi 也是我們獨特文化的優秀管理者。我要再次感謝 CP 所做的一切，並祝賀 Prabir 和 Ravi。我對未來感到非常興奮，因為正如 CP 喜歡說的，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.

有了這個，我會把它轉回給安迪，讓我們開始回答你的問題。

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

艾瑪，我們現在可以開始提問了。請回答第一個問題。

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

（操作員說明）您的第一個問題來自 Deepak Mathivanan 與 Wolfe Research 的合作。

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?

偉大的。所以有幾個問題。首先，托尼，你的新聞稿中的指導段落指出了前景中反映的正在進行的重大投資。您能否向我們介紹 2023 年計劃增量投資的最大領域是什麼？哪些企業開始獲得額外資本並顯示出可觀的增長和擴展潛力？

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?

然後是普拉比爾的第二個。祝賀新角色。紐約市等市場的潛在監管肯定存在一些不確定性。我知道提案被推遲到月底。但您如何看待目前對您業務的影響？您在 2023 年的初步展望中考慮了哪些因素？

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.

嘿，迪帕克。我會嘗試回答這兩個問題，其他人也可以隨意插話。我認為你的第一個問題實際上是關於我們如何考慮我們的資本配置。首先，我認為對我們的投資理念進行調整非常重要，自從我們成為一家上市公司以來，這種理念一直保持不變，並且從構建 DoorDash 的第一天起就一直保持不變，這是我們的目標最大化長期利潤美元。

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，兩者都有規模成分和單位經濟學成分。對我來說，這兩者都非常重要，最重要的是正確排序，這樣我們才能以最有效的方式分配資本。因此，無論是在 23 年還是未來幾年，當您查看此分配時，很多投資都將用於建立我們在美國和全球範圍內餐廳以外的類別，以及我們在國外的業務美國，因為我們現在生活在 26 個國家/地區。

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，我認為這是非常了不起的，到目前為止，我們在份額增長以及我們所達到的產品市場契合度方面都取得了進展。在這兩個方面都有新的類別，我們現在是北美最大的平台，擁有最多的餐廳以外的合作夥伴。我們已經在大部分國際市場上獲得了份額。而我們在歐洲的海外沃爾特業務增長速度遠超同行。因此，我們在那裡看到了很多進展，而且我們正在加倍推動這一勢頭。

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，我們對我們的單位經濟學非常關注。很多進展反映在我們為 23 年分享的一些指南中，但也反映在我們期望在前進的基礎上看到的內容，因為除了質量之外，我們將繼續提高運營效率我們的產品水平。關於第一個問題，還有其他人想補充嗎？

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.

是的。托尼，是普拉比爾。也許我會補充一點，然後 Ravi 可以回答紐約市的問題。 Deepak，我的意思是，Tony 提到了繼續投資建立新品類和國際品類的戰略。我們提出了重要的證據點，這些證據點在我們在建設規模方面取得的進展方面非常令人鼓舞。

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.

所以只有幾個數據點。上個季度，我們曾表示我們在第三季度的美國便利店和雜貨業務的 GOV 增長率超過 80%。該業務在第四季度同比增長 60%，因此與餐廳相比，它仍以顯著更高的增長率繼續增長。我們的第三方美國雜貨業務在第三季度和第四季度同比增長 100%。正如我們在股東信中提到的，在 Wolt，按固定匯率計算，它同比增長了 50%，這再次明顯快於歐洲同行。因此，我認為這不僅是產品市場契合度方面的積極證據，也是我們在平台上推動規模發展的能力方面的積極證據。

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，我們還有單位經濟持續改進的證據。所以我們談到了我們的第三方便利業務。事實上，在 2022 年早些時候，我們曾表示將在 2022 年以可變利潤為基礎實現收支平衡。在第四季度，我們完全按照我們所說的去做。我們達到了盈虧平衡點。我們的第三方雜貨業務繼續提高利潤率。所以要明確一點，我們還有很長的路要走。但隨著我們繼續改進產品和 [部分] 體驗，我們相信我們將繼續推動我們投資的所有這些領域的超額增長，並持續提高利潤率。

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

拉維，你想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.

是的。謝謝，普拉比爾。謝謝，Deepak，提出這個問題。關於紐約市的影響，我們已經考慮了一段時間了。我們未來的 EBITDA 指南中包含了成本角度的影響。從運營的角度來看，我們實際上有許多可以實施的槓桿，包括將任何費用轉嫁給我們的觀眾，以確保我們能夠滿足我們的盈利預期。

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

你的下一個問題來自摩根士丹利的布賴恩諾瓦克。

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?

感謝您提出我的問題，這將是 2。第一個關於 DashPass 會員數量的問題，這是另一個強勁的季度增長期。您能否談談 DashPass 採用率增長的最大驅動力以及 DashPassers 每位成員支出的最新情況？

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?

第二個只是看一下 2023 年的指導方針。你能不能給我們一點點——我們如何看待美國核心餐飲業務的 GOV 和 EBITDA，而不是最初 2 部分中所有新興的快速增長的業務？

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.

也許我將從 DashPass 問題開始，Brian 和 Ravi 可以就'23 指導問題就推動那裡的增長的因素發表意見。真的，看，DashPass 的增長在過去一年中一直非常穩定。我們在 21 年退出時擁有 1000 萬訂閱者。我們今年將退出 1500 萬。而且——儘管我們在該領域的兩個競爭對手提供了多種競爭產品，但這種增長的步伐一直保持一致。至少對我來說，這只是證明我們通過我們的計劃提供的選擇、價格和質量的組合正在引起客戶的共鳴。就推動增長的因素而言，它不像我們的一些競爭對手那樣是由合作夥伴驅動的。這是其他人正在使用的競爭策略。我們的大部分增長，至少就 DashPass 計劃而言，來自我們自己的渠道以及傳統的績效營銷渠道。所以這些是 - 它不是夥伴關係驅動的。這些是最終推動我們在產品中看到的增長的有機渠道。

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.

其次，步伐持續一致，因此有很大的增長空間。如果您考慮 DashPass 計劃的規模為 1500 萬訂閱者，與其他計劃相比仍然相去甚遠，無論是 Netflix 會員數量還是 Prime 訂閱者數量，我們都有很大的繼續增長空間。我們對歷史上的增長速度感到滿意，而且我們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，普拉比爾。讓我回答指南上的問題。我們沒有透露任何細節，但我們的美國餐飲業務是最大的業務，它將成為收入和利潤的主要推動力。正如我們在股東信中談到的那樣，我們確實希望在 2023 年之前增加我們美國餐廳以及我們所有投資領域的利潤率。

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

你的下一個問題來自高盛的 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?

也許如果我能專注於沃爾特。你能從多方面談談 Wolt 訂閱基礎的元素嗎？你認為那裡有什麼機會，以及一些競爭動態以及你如何保持 Wolt 的投資模式以及什麼是這意味著最初的增長，並可能在 Wolt 的一些關鍵市場中佔據市場份額？

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.

埃里克，是托尼。我會開始，其他人可以插話。我認為 Wolt 的論點一直非常一致。當我們在 2 年前遇到這個團隊時，我們首先被我們作為運營商的相似之處以及我們對建立業務的想法所震驚。但與此同時，從業務角度來看，我們真正印象深刻的只是其產品相對於同行所實現的更高水平的保留率和訂購頻率。

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.

而且我認為這仍然是我們今天在數據中看到的，因為我們現在已經成為合作夥伴幾年了，你只是看到它在相對基礎上的表現不斷進步。它只是來自那些越來越大的群體，這些群體保留在更高級別，他們更頻繁地訂購和參與。實際上，這就是你在相對基礎上看到的增長的幾何序列。

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.

實際上，它還沒有那麼多歸因於它的訂閱產品或其他任何東西，這實際上有助於它未來的潛力。我的意思是有幾件事我們非常興奮。其中之一就是它在其大部分地區的滲透率有多低。即使是其最成熟的成熟市場，Wolt 實際上也服務於實際人口的一小部分。

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.

其次，在提問的前提下，Wolt還有相當多的產品還沒有推出。在大多數這些市場中，我認為就其行為而言，與你在美國看到的某些行為相比，電子商務也並不真正存在，所以我認為整個行業都有很多機會各種增長載體。

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.

就競爭動態問題而言，您問了有關市場份額的問題。第三方數據，尤其是在 Wolt 開展業務的一些國家/地區，並不干淨。但如果你只是簡單地看看他們 50% 的恆定貨幣增長率，並將其與歐洲同行或更多全球同行的歐洲分部進行比較，Wolt 業務的增長速度要快得多。所以對我來說，這表明市場份額有所增加，儘管我們沒有精確的第三方數據來支持這一點。

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

你的下一個問題來自瑞銀集團的 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?

嘗試將幾個捆綁為一個。你過去一直在談論你的指導理念是你給出一個範圍，你並不是真正的目標，比如擊敗高端或達到高端。它更重要的是，是否有東西可以投資於看起來引人注目的東西。如果你找到可以投資的東西，對，你最終不會達到高端。這仍然是你們思考指導哲學的方式嗎？我們如何看待您可能在 23 年看到的與往年相比的增長機會，尤其是當您在一些市場中對 Wolt 感到更加自在時？

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.

嘿，勞埃德。我的意思是關於指導理念、我們指導的方式和我們經營業務的方式，我的意思是這些都沒有改變，對嗎？我們已經說過，從歷史上看，我們經營業務的方式是盡量擴大規模，並儘可能多地增加收入。 - 我們正在這方面進行投資，以最大限度地擴大規模。

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.

現在就 EBITDA 指導而言，指導範圍實際上是為了營造一種紀律感，以便我們確保我們可以嘗試在範圍內遵循。現在我們跌倒的確切位置取決於可用的確切投資機會及其回報與我們的預期。因此，正如您所指出的，在某種程度上，投資是可用的。我們喜歡與我們的投資回報門檻相關的回報，我們將投資。

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，我們所看到的是我們在收入方面的表現優於其他公司。當消費者指標表現強勁時，您會看到我們的 MAU 指標，您會看到我們的 DashPass 數字有助於增加收入，這有助於我們接近 EBITDA 範圍的頂端，儘管我們的健康水平投資。所以這只是為了澄清我們在該範圍內的位置，但目標，a，我們管理業務和投資增長的方式的理念沒有改變；然後 b，我們的目標不是試圖超過 EBITDA 範圍，而是將其限制在其中。

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

你的下一個問題來自美國銀行的 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 年早些時候，你給出了一個數字，我認為你在第二季度有 80,000 家淨新餐廳和商家。我很好奇，隨著我們進入更有可能出現衰退的環境，此時情況如何。您對 2023 年的走勢有什麼基本假設嗎？我想繼續推動新餐廳和商家註冊有多重要？

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。邁克爾，所以我們繼續看到平台上選擇的增長，這對餐廳來說都是如此，對非餐廳也是如此。實際上，我想說的是，除了我認為的團隊出色的執行力之外，還有 2 個外部因素的共同作用，也就是說，一個，你只是看到越來越多的實體零售商將他們的整個業務數字化，這構成了第一次加入市場對我們的市場有利。

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.

我的意思是，如果你看一下我們在 2022 年加入的一些品牌，其中很多甚至超越了餐廳，進入了雜貨行業，增加了 Sprouts 或 Raley's 等。我們在今年早些時候宣布了所有這些。然後你在零售類別中增加了一些東西，無論是絲芙蘭還是 DICK'S Sporting Goods。因此，許多零售商正在將更多業務數字化並上網，以從最大的本地商業市場獲得增量業務。

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.

正在發生的第二種事情是，因為他們試圖將這些零售商的整個業務數字化，所以他們也在與我們的平台產品合作，例如 DoorDash Drive、DoorDash Storefronts，他們正在嘗試以一種我認為既能利用便利經濟又能為自己創造更好的商業模式的方式經營更多的業務，對吧，他們可以更有效地利用他們的面積通過在固定空間中增加越來越多的銷售額。這就是我們所看到的。坦率地說，無論是在餐廳方面還是在非餐廳方面，我們都看到了很多新增功能，不間斷地，坦率地說。

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.

邁克，只有一個技術要點是每年有五分之一的餐廳倒閉，對嗎？所以有 - 這是一個移動的目標。不斷有新餐廳出現，我們需要確保我們保持領先地位。因此，銷售團隊總是很忙，他們總是提出越來越大的目標，以確保我們平台上提供的選擇是新鮮的。

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

你的下一個問題來自 Nikhil Devnani 與 Bernstein 的對話。

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?

我有一對，請。因此，在 S-1 中，您提供了一些非常有用的披露，這些披露是關於擴大成熟群體的邊際收益的。從那時起，發生了一些變化：勞動力、監管。但也有點像你擴大了規模，你今天有更多的訂閱者。只是想知道那些群體是否達到了 8% 的門檻，這仍然是考慮當今企業成熟群體盈利能力的正確方法嗎？然後我有一個關於新垂直領域的單獨問題。他們是否充當新的客戶獲取渠道？或者它更多的是吸引現有客戶群的功能？

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，也許我會拿第一個。隊列級別的利潤率，它們很健康並且進展順利。我們在上個季度向您展示了美國餐飲業務的總貢獻利潤，這基本上是所有群組的綜合表現。因此，如果你退後一步，我們隊列業務的貢獻利潤在過去幾年中一直在提高，儘管 COVID 後重新開放，儘管第 22 號提案是監管系統、通貨膨脹和其他因素。

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?

這確實是我們專注於提高物流網絡效率、改善缺陷率等方面的成果。因此我們可以 - 該披露的目的是嘗試提供一個簡化的視圖，說明我們在群組利潤率方面看到的進展，但在匯總的基礎上，讓您了解我們在符合我們歷史上所說的美國餐廳業務。你能提醒我第二個問題嗎？

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?

是的，當然。就新的垂直領域而言，它們是否完全充當了獲取新客戶的渠道？還是更多地是為了吸引您已有的客戶？

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.

我得到了它。是的是的。所以這是兩件事。因此，它具有兩個重要的戰略意義。首先，我們看到越來越多的新客戶從非餐廳類別開始。所以是的，它是客戶獲取的來源，因為可能有客戶沒有找到他們正在尋找的餐廳。現在他們發現 DoorDash 很有趣，因為他們最喜歡的雜貨店、他們最喜歡的便利店都在平台上。所以，是的，越來越多的新客戶開始使用 DoorDash 的新旅程——非餐廳類別。

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.

其次，至少 - 這是基於早期信號，我們所做的工作，至少到目前為止，初步似乎表明從餐廳和非餐廳類別訂購的顧客的訂單率有所增加，與單一類別的產品相比，這是保留率和訂購頻率的乘積。

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，這兩件事都是我們繼續建立多類別的重要原因，以便成為我們城市的本地商業。我要說的最後一點是，我們看到我們的 MAU 基地越來越多地採用我們的新垂直行業。所以我們在去年第四季度說過，我們 14% 的 MAU 是從非餐廳類別購買的。今年第四季度的這個數字是 17%。因此，我們看到了穩定的增長，這是在更大的收入基礎上增加了採用率。

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

你的下一個問題來自 Bernie McTernan 與 Needham 的對話。

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.

我想也許只是一個澄清。我只是想確保我得到——你是對的，Prabir，你說本季度末有 1500 萬 DashPass 用戶，所以這將是相似的——或者與去年的 1000 萬相比。然後，您是否可以討論這些潛艇的投資回收期，以及購買它們的成本在過去一年或兩年內是否保持一致。

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。所以第一個問題，是的，1500萬是對的。所以 21 年底有 1000 萬，22 年底增加到超過 1500 萬。投資回收期，我們沒有透露。我們繼續高效運行。今年的這些投資回收期實際上與今年早些時候沒有實質性不同。因此，如果您要問我的是，競爭對手的交叉銷售捆綁是否讓我們更難獲得 DashPass 訂戶，到目前為止我們還沒有看到任何明顯的影響。

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.

我想我之前說過，每個季度 DashPass 用戶增長的速度都相對一致。最重要的是，我們跟踪加入該行業的新客戶數量。我們加入該行業的新客戶比例在過去一年中一直保持穩定，事實上，在今年下半年實際上有所增加。因此，這兩個數據點都讓我感到欣慰，因為我們沒有看到任何交叉銷售產生任何明顯的影響。

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

你的下一個問題來自 Doug Anmuth JPMorgan。

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?

我剛剛有一些關於 23 年展望的信息。我希望你能多談談 API 以及你如何看待它們隨著頻率的變化而變化。我想，特別是其他一些人關於使用資金的籃子大小。其次，你能談談毛利率，明年的一些順風和逆風嗎？您是否需要擴大規模以引導更高的 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?

這是拉維。讓我來回答這個問題。在第一部分，就 23 年指南本身而言，就 KPI 而言，我們的目標是繼續推動每月活躍用戶和訂單頻率。我們繼續看到我們保留率的強烈信號，在過去幾個月中已經穩定下來。較新的隊列繼續以訂單頻率進入，高於我們今年早些時候看到的頻率。現在談到你的第二點，你能重複你關於毛利率的第二個問題嗎？

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

在毛利率方面，您是否需要擴大毛利率以推動 EBITDA 利潤率等？

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.

是的。就毛利率本身而言，如果您實際上將毛利率分開，則核心 DoorDash 毛利率（不包括 Wolt）實際上同比有所增長。這是由於 Dasher 成本在 GOV 中所佔百分比的改善以及積分和退款的推動。其中一部分被我們在業務中看到的更高的保險成本所抵消。在綜合基礎上，毛利率下降，因為產品組合轉向 Wolt。展望 23 年，我們確實預計毛利率將高於第四季度的水平。

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

你的下一個問題來自 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.

關於新的垂直業務的問題。如果你看一下包裹取件之類的東西，它表明你在核心餐廳面臨的時間敏感的性質可能是較低的，正確的，也許是更高的批處理水平。所以我想知道你是否可以談談任何早期的需求趨勢。然後，與之前的新垂直領域相比，你會在一些新的垂直領域看到單位經濟學，比如包裹取件。最後，如果可以的話，也許任何關於非餐廳 GOV 增長的更新都會很棒。

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.

是的，當然。也許我可以接受——是托尼。我可以回答問題的第一部分，我認為有人可以回答我們之前披露的增長率問題。所以在包裝部分，我的意思是我們顯然對我們可以構建的東西感到非常興奮。讓我想想。

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.

我們每 90 天就有 300 萬 Dashers 來到這個平台。我們擁有最先進的最後一英里物流系統。當我想到這個機會時，它是非常巨大的，因為大多數最後一英里系統都是在沒有電子商務的時候建立的，對吧，這意味著很多設置都不是很好適合進行真正的最後一英里交付。

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.

這就是為什麼我們認為我們可以做很多事情，如果我們可以在 10 分鐘內送出冰淇淋或在類似的時間內送出比薩餅，我們當然可以用更長的時間送出不易腐爛的東西。就您而言，有很多機會可以使物流真正高效。所以我們對這可能是什麼感到非常興奮。我確實認為，隨著時間的推移，除了成為最大的本地商業市場之外，我們還將成為全球大多數城市的最後一英里基礎設施。

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.

只是要花很多時間才能到達那裡。包裝件的需求量很大。但我想說，就它的運作方式而言，現在還為時過早。因此，我認為這確實是我們如何嘗試在 DoorDash 解決客戶問題的一個很好的例子。我們從事這項業務的很多原因實際上是看到客戶提出的一些支持請求，然後根據這些請求採取行動並進行實驗，然後看看我們是否真的可以製造出客戶喜歡的產品，然後我們就會實際上考慮之後的縮放。

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.

因此，它仍處於尋找和實現產品市場契合度的階段。這就是那個實驗現在真正的地方。但我們在 DoorDash 的董事會中進行了許多這樣的實驗，這也是在這里工作如此有趣的原因之一。

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.

是的。關於你關於新類別增長的問題，我想我在電話會議的早些時候提到了這一點，並重申了我們的美國便利店和雜貨業務在第四季度同比增長了大約 60%。我們的美國雜貨業務在第四季度同比增長約 100%，然後我們的 Wolt 業務在固定匯率基礎上增長了 50%。同樣，這些是我們很樂意發布的有吸引力的增長率。

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

你的下一個問題來自富國銀行的 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.

也許是一個相關的問題，托尼，你有龐大且不斷增長的湖泊和數據集，這可能是人工智能和機器學習模型最重要的驅動力，然後肯定是當今媒體的前沿和中心。我想知道您是否可以談談您認為這些流程如何影響您的業務以及您如何每天利用它們。

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，這是一個很好的問題。就像看，有——我真的很高興人工智能現在正處於主流時刻，我認為這裡有很大的潛力。而且我確實認為其中很多實際上是以您描述的方式表達的，這就是數據的重要性並將這些數據轉化為實際解決客戶問題的實用產品，對嗎？就像那是關鍵。

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.

所以對我們來說，我們實際上一直在我們的每個產品中使用不同的 AI，可能在過去的 3 或 4 年裡。您在我們與消費者一起使用的排名和推薦產品中看到了其中的一些。你在物流的幕後看到了很多。您現在也可以在我們的支持產品中看到這一點。我的意思是，換句話說，它真的被廣泛使用了。

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，當我認為你正處於一項技術的邊緣時，很難弄清楚它將真正發揮該技術全部潛力的確切應用。但我們當然看到所有這些好處都會帶來小的改進，然後隨著時間的推移而復合。當你達到我們在業務線中取得的規模時，它真的會增加。所以我真的認為這將是我們向前邁進的巨大推動力，或者說是持續的巨大推動力，我應該說，在前進的基礎上，這是我非常興奮的事情。

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

你的下一個問題來自 Youssef Squali 與 Truist Securities 的合作。

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.

偉大的。 Prabir 和 Ravi，恭喜。所以我猜這是一個由兩部分組成的問題。第一，圍繞消費者的宏觀經濟目前似乎在強勁的就業和縮減的資產負債表之間搖擺不定。我想知道您是否可以對您在 1 月和 2 月到目前為止所看到的內容髮表評論。

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?

我知道你已經指導過，而且指南看起來非常好。但如果我看一下今年的指南，似乎你並沒有真正假設 Q1 到 Q4 會有很大的改進，至少從 GOV 的角度來看是這樣。因此，也許您可以根據今年餘下時間的連續增長指南來解決您現在看到的內容以及您正在烘烤的內容嗎？

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.

酷，讓我拿這個。如果你看一下我們的結果，我們在過去 7 個季度中一直推動 GOV 的兩位數增長率。事實上，我們的收入實際上超過了我們的 GOV 增長率。當您查看核心消費者輸入指標時，我們剛剛在每月活躍用戶和 DashPass 訂閱者方面創下了創紀錄的季度。我認為我們在業務中看到的是新隊列的訂單頻率繼續高於舊隊列。在過去的幾個月裡，我們新隊列的保留率非常穩定。對於您關於 Q1 本身的問題，這是一個良好的開端。自今年年初以來，我們看到股價持續上漲，這也是我們今年剩餘時間的指導方針。

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.

知道了。並且只是添加全年評論，Youssef，它是 Prabir，我的意思是，看，正如 Ravi 所說，我們已經 - 我們目前看到了強勁的消費者指標，正確的，無論是在第四季度還是第一季度的實力。所以你對今年上半年有很高的了解，這就是為什麼你看到了強大的第一季度指南。對於全年，尤其是當你談論下半年時，宏觀問題存在不確定性，我們正試圖在我們的全年展望中融入這種不確定性，因為這不是對基本面缺乏信心，而是不確定性在宏觀條件上。

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

你的下一個問題來自 Andrew Boone 與 JMP Securities 的合作。

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 對其 1P 便利產品進行了大量投資。您能幫助我們確定您的 1P 便利產品的投資規模嗎？其次，關於公司的重大機遇，您能否更新您在第四季度建立更多公司關係方面的進展？

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

你能重複第二個問題嗎？對不起。它是低沉的。

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.

我正在考慮與公司的舊無縫機會，只是隨著更多人回到辦公室而擁有更多的公司關係和辦公室訂單。

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.

是的。我可以回答這兩個問題。是托尼。所以我認為第一個問題是關於 DashMarts 的。所以我們還沒有分解背後的投資部分——DashMarts 的投資預算。但這是我對 DashMarts 的一些看法，首先，我認為重要的是要承認它不是一個獨立的產品，對吧？它是建立在最大的本地商業市場之上的一項功能，該市場擁有最多的消費者，參與度最高，Dasher 的數量也最多，我們無需重新獲取這些用戶。

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.

第二個評論，從投資的角度來看，相對於獨立的努力，它的資本效率要高得多，我在這裡提出的第二個評論實際上是投資背後的目的。因此，如果你想想今天非餐廳外賣的情況，以雜貨店外賣為例，它確實沒有發揮我們認為該類別可能成為的全部潛力。我的意思是，歸根結底，客戶希望將他們訂購的所有商品放入購物車。他們正在以與他們期望在商店支付的價格相對相同的價格尋找它。顯然，他們希望送貨比自己送貨更方便。

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.

但是今天，這不是當今產品所提供的。但與此同時，我們必須確保我們能夠與零售商合作，以應對與未優化或未設計用於交付的第三方零售基礎設施合作的短期挑戰，並創造和發明一種我們可以與零售商共同創造新模式，從而推動行業向前發展並切實解決這些客戶問題，從而充分發揮雜貨配送或非餐廳配送的潛力。

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.

這就是真正的目的。一旦你真正掌握了零售的基礎知識，我們就會發現很多不同的用例，我們仍在學習如何去做。我們只花了大約 18 個月的時間，但我們真的很喜歡我們所看到的。而且 - 但我認為僅從資本效率的角度理解它與在獨立基礎上進行操作有何不同是很重要的。

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.

我認為你的第二個問題是關於公司訂單的。我同意。我的意思是，我認為，很明顯，在 COVID-19 大流行病爆發期間，它出現了一些中斷，很明顯，辦公室被關閉，人們對如何完成工作等等不太有信心.實際上，就在那時，我們的很多團隊都能夠非常迅速地轉向構建能夠真正解決在家工作的產品的問題，因為我們所有人都更加習慣了遠程工作或不在辦公室工作的想法。尤其是現在，隨著人們回到辦公室，我認為在這個後 COVID 世界中，情況已經有效穩定下來，我絕對認為，這是一個向前發展的大好機會。

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

你的下一個問題來自 Steven Fox 與 Fox Advisors 的對話。

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?

幾個問題。首先，您在信中提到了您如何管理以提高客戶的負擔能力。你能多談談這個嗎？這是否會讓你陷入我們廣泛認為的通貨膨脹曲線之下？或者我們如何看待未來的發展？還有一個類似的問題——有一段談到你是如何變得更有效率的。顯然，今年你也會在你提到的一些事情上變得更有效率。但是，就像這條曲線對 EBITDA 的貢獻一樣，今年與去年相比在您看來如何？

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.

當然。也許我會回答問題的第一部分，我認為這是關於負擔能力的，然後我會讓 Ravi 回答效率方面的第二部分。因此，在負擔能力方面，是的，我的意思是我們已經——正如信中所披露的那樣，我們在過去一年中將消費者的交易成本降低了約 8%。我們一直在努力降低這種情況，對吧？我們一直在努力降低這種情況，因為我們會增加選擇、縮短交貨時間、提高交貨的準確性和質量。很明顯，我們試圖在同一個實例中做不止一件事。

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.

但是，當涉及到可負擔性時，DashPass 無疑是我們客戶在可承受性方面獲得大量收益的重要推動力，尤其是當我們繼續看到 DashPass 計劃不斷增加時。但與此同時，我們也在開展許多其他舉措，以確保我們能夠繼續讓這項服務變得越來越實惠。當然，我們正在努力戰勝通貨膨脹，但希望我們能做得更好，尤其是當我們找到更多創造性的方法來為消費者提供越來越多的價值時。

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.

讓我談談效率方面的第二個問題。對我們來說，當我們考慮效率時，總是從提高產品質量開始。當我們提高產品質量時，平台的保留率就會上升，無論是消費者還是 Dashers。當保留率上升時，我們不必在保留現有消費者和 Dashers 上花費那麼多，這會推動我們的銷售和營銷槓桿作用。

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.

當我們提高產品質量時，我們擁有的第二個優勢是每個訂單的履行成本下降，無論是支持成本、Dasher 成本還是信貸和退款。此外，除此之外，隨著產品質量的提高，意識的提高，這使得以有吸引力的價格獲得消費者和 Dashers 的能力更具吸引力。

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 3 個因素的結合推動了您在業務中看到的效率。我們相信，我們有更多的空間來繼續提高產品質量，這將進一步推動效率的提高。我們的目標是將這種效率重新投資到推動業務規模上，您看到的一些效率收益包含在我們未來的 EBITDA 指南中。

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

你的下一個問題來自花旗銀行的 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.

偉大的。 Prabir，祝賀您晉升為總裁；拉維，你的新角色。我想跟進 Prabir。我想我聽到你說 3P 雜貨店在第四季度增長了 100%。我認為這與第三季度的增長率相同。所以在這里和我們談談用例是如何演變的。雜貨店和 DoorDash 主要還是最熱門的嗎？你有星期天的訂單嗎？那裡的任何見解都會有所幫助。

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?

然後我們現在在 11 月底重組後幾個月，所以我很想听聽有關節省的見解。但也許更重要的是，只是圍繞效率在運營方面取得進展，同時仍在構建和推出新產品，這在內部進展如何？

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。也許讓我來——我可以從這兩個問題開始，然後讓其他人補充。我再次這麼認為，在第一部分，關於食品雜貨，是的，它繼續表現並繼續佔有份額。你是對的。我的意思是，DoorDash 進入第三方雜貨店的真正目的是解決這個充值用例，對，你可以在很多方面將其視為快遞通道。當我們走出餐廳類別時，這是一種讓我們自己熟悉消費者的方式，我認為這肯定是有效的。我的意思是你看到了份額的增加，但你也看到了該業務盈利能力的提高。

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.

與此同時，我們當然一直在努力在 DoorDash 上創造越來越多的基於物品的購物體驗。現在這需要在後端圍繞目錄和許多事情做大量工作，我認為現在也顯示出我們可以解決充值用例的希望，我認為我們在物流網絡方面非常有優勢以及消費者如何看待我們，還有人們購買越來越大的手推車來購買他們更主要的商品的庫存用例。因此，我們現在看到了這兩種類型的用例，儘管我們進入該類別時更多的是充值用例。

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.

關於第二個問題，我可能會讓其他人插話一些數字。但從效率的角度來看，這當然是一個非常痛苦的決定，對吧？我認為在這裡了解我們如何到達那裡是有幫助的，在過去的 3 年裡，業務收入增長了大約 7 倍，我們真的在努力趕上這種增長，所以員工人數增長了大約 4 倍。所以我們正在追趕，但後來我們並沒有完全正確，並且在招聘方面有點領先於我們的滑雪板，所以這讓某些事情變得有點混亂。當然，我們需要確保對組織進行適當的規模調整，以便為未來做好準備，我們對此充滿信心。

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.

從執行的角度來看，我們實際上覺得它讓我們更加專注於最重要的事情。結果，通過整理一些管理層以及可能曾經對系統造成相當大成本的協調會議，我們變得更好了。這並不意味著我們是完美的。我們還有很多事情要弄清楚。隨著我們在餐廳之外繼續創新、在國際上擴張以及在我們的市場之外擴張並構建這些平台產品，我們仍在構建許多東西。我們總是會繼續投資和發明新產品，但我們必須以更專注的基礎來做到這一點。

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.

關於——拉維談到了這裡的風險。我只是想確認一下。所以是的，在去年的第三季度，2022 年。你說雜貨業務增長了 100% 以上。在第四季度，它增長了大約 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.

就槓桿本身而言，是的，我們確實希望在 2023 年提高我們運營費用的槓桿率，這已包含在我們提供的 EBITDA 指南中。

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

你的下一個問題來自 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.

我猜只有 2 個跟進。第一，關於消費者的健康。我猜你之前提到過它，大致穩定。只是好奇，如果你看看歐洲，我認為其他一些人評論說目前可能實際上正在好轉甚至加速。只是好奇你是否也看到了這一點，以及你認為歐洲全年指南的軌跡是什麼。

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?

然後只是對雜貨店和便利性的一個澄清。有沒有 - 你所說的 60% 的增長，有機增長率和 60% 之間是否有任何有意義的增量？或者它們基本上是一樣的？

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.

所以關於第一個問題，我們還沒有打破 Wolt，但我們預計明年會有強勁增長。布拉德，我要提醒的是，當你看 Q1 時，Q1 有 Omicron comp 問題，我懷疑你也從其他公司聽說過。由於 Omicron，去年第一季度出現了這種飆升，所以你會在今年第一季度的增長率中看到這一點。但這並沒有改變我們對 Wolt 全年前景的樂觀和信心。

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，我不明白你所說的有機增長是什麼意思。對我們來說，我們整個便利店和雜貨店業務的增長率都是有機的。所以我不確定這是否是你要問的，也許我誤解了這個問題。

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。除此之外，我認為我們給出的數字只是美國的，所以這是有機的。

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

我們今天的問答和今天的電話會議到此結束。非常感謝您的出席。您現在可以斷開連接。