DoorDash Inc (DASH) 2023 Q1 法說會逐字稿

Hello. My name is Jean-Louis. Welcome to the DoorDash Q1 2023 Earnings Call. (Operator Instructions)

你好。我叫讓-路易斯。歡迎來到 DoorDash 2023 年第一季度財報電話會議。 （操作員說明）

I will now turn the conference over to Andy Hargreaves. Please go ahead.

我現在將會議轉交給安迪哈格里夫斯。請繼續。

Thanks, Jean-Louis. Good afternoon, everyone, and thanks for joining us for our first quarter 2023 earnings call. I'm very pleased to be joined today by Co-Founder, Chair and CEO, Tony Xu; and CFO, Ravi Inukonda. We'll be making forward-looking statements during today's call, including our expectations for our business, financial position, operating performance, market guidance, strategies, our investment approach, alignment with merchants and Dashers 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 our 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.

謝謝，讓-路易斯。大家下午好，感謝您加入我們的 2023 年第一季度財報電話會議。我很高興今天有聯合創始人、主席兼首席執行官 Tony Xu 加入。和首席財務官 Ravi Inukonda。我們將在今天的電話會議上發表前瞻性聲明，包括我們對我們的業務、財務狀況、經營業績、市場指導、戰略、我們的投資方法、與商家和 Dashers 的一致性以及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。我們向美國證券交易委員會提交的文件中描述了其中許多不確定性，包括我們的 10-Ks 和 10-Qs 表格。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 the non-GAAP measures to the most directly comparable GAAP measures, may be found in our letters to shareholders, which is available on our Investor Relations website. These non-GAAP measures should be considered in addition to our GAAP results and are not intended to be a substitute for our GAAP results. Finally, this call is being audio webcasted on our IR website. A replay of the call will be available on our website shortly after the call ends. Jean-Louis, I'll pass it back to you, and we can take our first question.

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，包括非 GAAP 措施與最直接可比的 GAAP 措施的調節，可以在我們致股東的信中找到，這些信可以在我們的投資者關係網站上找到。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。最後，我們的 IR 網站上正在對此次電話會議進行音頻網絡廣播。通話結束後不久，我們的網站上將提供通話重播。 Jean-Louis，我會把它傳回給你，我們可以回答第一個問題。

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

（操作員說明）你的第一個問題來自巴克萊銀行的羅斯桑德勒。

I guess I had 2 questions. The cohort data for new verticals looks great. Just a clarification. So that shows subsequent purchase frequency just in grocery and convenience, and these folks are also purchasing for restaurant as well. Is that correct? And are we at a point where we can maybe put a flag in the ground and talk about how much GOV or how many users are in things like grocery and convenience? And then the second question is some of your peers have talked about linearity in the quarter getting a little stronger exiting the quarter compared to January because of pandemic effects. Is that also what you guys saw? Just trying to reconcile that with the 2Q GOV guide?

我想我有兩個問題。新垂直行業的群組數據看起來很棒。只是一個澄清。因此，這顯示了隨後在雜貨店和便利店的購買頻率，這些人也在為餐廳購買。那是對的嗎？我們是否可以在地面上豎起一面旗幟，討論在雜貨店和便利店等方面有多少 GOV 或多少用戶？然後第二個問題是，您的一些同行談到，由於大流行的影響，與 1 月份相比，本季度的線性度在本季度結束時變得更強一些。這也是你們看到的嗎？只是想將其與 2Q GOV 指南相協調？

Ross, I'll -- it's Tony. I'll start with the first question, and then I'll let Ravi chime in on the second question. So I think your first question really was around the performance and the strength of the cohorts in our new categories. I mean the answer to your question is yes. I mean the retained -- the new cohorts are certainly stronger than previous cohorts. A lot of this has to do with improvements in product quality. So adding selection, players like ALDI. We now are -- we now serve 20-plus of the top grocers in the U.S.

羅斯，我會——我是托尼。我將從第一個問題開始，然後讓 Ravi 插手討論第二個問題。所以我認為你的第一個問題實際上是關於我們新類別中同類群組的表現和實力。我的意思是你的問題的答案是肯定的。我的意思是保留 - 新隊列肯定比以前的隊列更強大。這在很大程度上與產品質量的提高有關。所以加入選擇，玩家喜歡ALDI。我們現在 - 我們現在為美國 20 多家頂級雜貨店提供服務

Number two, we're also improving the quality of the experience itself, making sure that we are more accurate both in the filling of the carts, the ability to perfect the substitution experience when the items that we shop for are not inside the store. And we're also doing this with greater convenience by allowing you more choices of whether you want this delivered in 30 minutes, whether you want it delivered a bit later in the day. And so for all of those reasons, that's why you're seeing the cohort performance improve in new categories.

第二，我們也在提高體驗本身的質量，確保我們在購物車填充方面更加準確，以及當我們購買的商品不在店內時完善替代體驗的能力。我們還通過讓您有更多選擇來選擇是否要在 30 分鐘內交付，是否要在當天晚些時候交付，從而為您提供更大的便利。因此，出於所有這些原因，這就是為什麼您會看到同類群組在新類別中的表現有所提高。

Ross, on the second question, consumer engagement and spending on the platform continues to be very strong. You can see that in our strong Q1 results as well as the double-digit growth rate that we've driven consistently for the last 2 years in a row. I'm not going to comment on the month-to-month, but it continues -- order frequency continues to be very good. In fact, it's an all-time high. Retention continues to be very strong in the business. Retention this past quarter is higher than the prior quarter. We feel very confident about the input metrics we are seeing in the business, and I feel very good about the guidance for Q2.

羅斯，關於第二個問題，平台上的消費者參與度和支出仍然非常強勁。您可以在我們強勁的第一季度業績以及過去兩年連續推動的兩位數增長率中看到這一點。我不打算對逐月發表評論，但它仍在繼續——訂單頻率仍然非常好。事實上，這是一個歷史新高。保留在業務中仍然非常強大。上一季度的保留率高於上一季度。我們對我們在業務中看到的輸入指標非常有信心，我對第二季度的指導感覺非常好。

Your next question comes from Deepak Mathivanan from Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

Tony, I wanted to ask about your efforts on groceries verticals. It's still in early stages for you, but do you feel like you have the operating model sort of nailed down at this point? And perhaps maybe talk about strategically what are the next steps in kind of scaling this huge opportunity. And then second one, maybe for Ravi. It was nice to see the outperformance on EBITDA, but Prabir has always talked about profitability being the output metric based on the level of investments that you could make. Were there any sort of like strategic changes in your approach to investment areas in 1Q or for thinking for 2023? Maybe touch on areas where you're seeing nice returns on investment areas currently as well.

托尼，我想問一下你在雜貨垂直領域的努力。它對你來說還處於早期階段，但你覺得你現在已經確定了運營模式嗎？也許從戰略上討論擴大這一巨大機會的下一步是什麼。然後是第二個，也許是給拉維的。很高興看到 EBITDA 的出色表現，但 Prabir 一直在談論盈利能力是基於您可以進行的投資水平的產出指標。您在 1 季度的投資領域方法或 2023 年的思考中是否有任何類似的戰略變化？也許觸及您目前在投資領域也看到不錯回報的領域。

Yes, I'll start with the first question, which really was around grocery and the performance there. I mean you're exactly right. I think both in terms of the numbers that we saw as a business collectively at the top and the bottom line, I mean, you're seeing continued growth certainly in the core restaurants business, even faster growth in businesses like grocery. And you're seeing improvements in the unit economics of all of our business lines altogether, including things happening overseas as well. And so I think that's really what's reflected in the performance of the quarter. And specifically on grocery, while I think that we've made, I mean, tremendous strides, we continue to grow faster than others and continue to gain share, I think there's still a long ways to go from the perspective of building the product.

是的，我將從第一個問題開始，這實際上是關於雜貨店和那裡的表現。我的意思是你完全正確。我認為，就我們在頂線和底線所看到的企業整體數字而言，我的意思是，你肯定會看到核心餐廳業務的持續增長，甚至是雜貨店等業務的更快增長。你會看到我們所有業務線的單位經濟效益都有所改善，包括在海外發生的事情。所以我認為這真的反映在本季度的表現中。特別是在雜貨方面，雖然我認為我們已經取得了巨大的進步，我們繼續比其他人更快地增長並繼續獲得份額，但我認為從構建產品的角度來看還有很長的路要走。

I mean if you look -- compared grocery penetration in terms of online delivery in the U.S. relative to, say, online delivery of restaurant food, I mean, it's substantially lower by multiples. And I think that's because the offline experience is still superior to the online experience, which means we have a long way to go to making sure that we can make the quality of the experience perfect, meaning you get exactly what you order, that you can get it from all the places that you want delivery from and that the prices are affordable or what you would expect to pay in store. And I think there's a long way to go between where we are today and where we will be in the future. But I'm very, very proud of the progress that the team has made.

我的意思是，如果你看一下 - 比較美國在線交付的雜貨店滲透率相對於餐廳食品的在線交付，我的意思是，它的倍數要低得多。我認為這是因為離線體驗仍然優於在線體驗，這意味著我們還有很長的路要走，以確保我們能夠使體驗質量完美，這意味著您得到的正是您所訂購的，您可以從您想要送貨的所有地方獲得它，並且價格實惠或您希望在商店支付的價格。而且我認為我們今天所處的位置和未來的位置之間還有很長的路要走。但我為團隊取得的進步感到非常非常自豪。

And Deepak, to your second question, nothing has changed in terms of how we think about our investment philosophy. What you're seeing in Q1 is a combination of a few factors. Obviously, as you commented, we had GOV upside in the business, which drove some of the EBITDA upside in the business. When I look at the various lines of business, our core restaurants business is growing. Even at its scale, it's continuing to grow quite nicely, strong and stable growth for the last several quarters in a row. The profitability of that line of business is continuing to improve. Our investment areas, both new verticals and international, had a very strong first quarter. Growth has been strong. We continue to gain share in both areas as well as margins have improved both sequentially as well as annually.

迪帕克，關於你的第二個問題，我們對投資理念的看法沒有任何改變。您在第一季度看到的是幾個因素的組合。顯然，正如您所評論的那樣，我們在業務中有 GOV 上行空間，這推動了業務中的一些 EBITDA 上行空間。當我審視各種業務時，我們的核心餐廳業務正在增長。即使就其規模而言，它在過去幾個季度中繼續保持相當不錯、強勁和穩定的增長。該業務線的盈利能力正在持續改善。我們的投資領域，包括新的垂直領域和國際領域，第一季度表現非常強勁。增長一直很強勁。我們繼續在這兩個領域獲得份額，並且利潤率連續和每年都有所提高。

Now if you combine that with the discipline we've had on our operating expenses where OpEx was flat for the last 3 quarters in a row, that's giving rise to some of the EBITDA upside that you're seeing in the business. That said, we are constantly looking to reinvest back in the business, but there's going to be times when there's not going to be any efficient investment and it's okay for us to have that drop to the bottom line. In general, our philosophy is to continue to drive efficient growth while being disciplined with our investments. And one of the discipline parameters that we use is the EBITDA guidance that we've given.

現在，如果您將其與我們在過去 3 個季度連續持平的 OpEx 運營費用方面的紀律相結合，就會產生您在業務中看到的一些 EBITDA 上行空間。也就是說，我們一直在尋求對業務進行再投資，但有時不會有任何有效的投資，而我們可以將其降到底線。總的來說，我們的理念是在遵守投資紀律的同時繼續推動高效增長。我們使用的紀律參數之一是我們給出的 EBITDA 指南。

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

你的下一個問題來自 Needham & Company 的 Bernie McTernan。

Maybe just a general question how you guys are thinking about the opportunity for generative AI for DoorDash. I know AI has probably been integrated in the marketplace for quite some time. But any new opportunities that are being opened up? And then second, restaurant-specific partnerships like the recent announcement with Starbucks, how important are those for driving both GOV and contribution profit per order? And just any way to frame the benefit there?

也許只是一個一般性的問題，你們如何看待 DoorDash 的生成人工智能的機會。我知道人工智能可能已經融入市場很長一段時間了。但是有什麼新的機會正在打開嗎？其次，特定於餐廳的合作夥伴關係，例如最近與星巴克宣布的合作夥伴關係，這些合作夥伴關係對於推動 GOV 和每筆訂單的貢獻利潤有多重要？有什麼方法可以確定那裡的好處？

Sure. Bernie, maybe I can take both. It's Tony. On the first piece around generative AI, I mean, certainly, this is its coming out moment, right? And I think it's super exciting, both as a technologist as well as a user of the product, but also in terms of just seeing how fast developers are candidly making changes every day. And so I think for us, it's important to remind ourselves our purpose. Our purpose is really to build the defining local commerce company, which means that when you have 2 battles going on, the battle for [bits] and digital attention and the battle for [Adams], we very much are in the camp of the second category of making sure that we can win that battle. So very much, the focus still remains to make sure that we are the highest quality last-mile logistics network and making sure that, that asset is the most useful and most attractive as we think about how it interfaces with digital assistants in the future.

當然。伯尼，也許我可以兩者兼得。是托尼。關於生成式 AI 的第一篇文章，我的意思是，當然，這是它的誕生時刻，對吧？而且我認為這非常令人興奮，無論是作為技術專家還是產品用戶，而且只是看到開發人員每天坦率地進行更改的速度有多快。所以我認為對我們來說，重要的是要提醒自己我們的目標。我們的目的實際上是建立具有決定性意義的本地商業公司，這意味著當您正在進行 2 場戰鬥時，爭奪 [bits] 和數字注意力以及爭奪 [Adams]，我們非常支持第二個陣營確保我們能夠贏得這場戰鬥的類別。非常重要的是，重點仍然是確保我們是最高質量的最後一英里物流網絡，並確保該資產在我們考慮未來如何與數字助理交互時是最有用和最具吸引力的。

But that said, we are absolutely already running different experiments internally with some of the latest models that have been published when it comes to generative AI. I mean I think it has great promise for achieving productivity gains and doing especially a lot of the manual work that we have to do when we try to digitize the physical world and build the catalog for every city. I think it has a lot of promise for making the consumer experience, shopping experience, a lot easier as well by reducing friction. So I think you should expect a lot of fun things to come in the future, and we'll be a big part of that.

但話雖如此，我們絕對已經在內部對生成人工智能方面發布的一些最新模型進行了不同的實驗。我的意思是，我認為它有很大的希望實現生產力的提高，尤其是在我們嘗試將物理世界數字化並為每個城市建立目錄時，我們必須做大量的手工工作。我認為它有很大的希望通過減少摩擦來讓消費者體驗、購物體驗變得更容易。所以我認為你應該期待未來會有很多有趣的事情發生，我們將成為其中的重要組成部分。

I think your second question really was around adding restaurant selection and especially with companies like Starbucks joining the platform. I mean, certainly, this has always been a big part of building our products, right? I mean for us, it's always about improving selection and adding to what customers want. It's about, certainly, increasing the quality of the delivery experience, improving the affordability of our service as well as the customer support. And so selection has always been key to making sure that we can give customers what they want. Bringing on Starbucks is something that we're super excited to do, and we look forward to even more partnerships.

我認為你的第二個問題實際上是關於增加餐廳選擇，尤其是星巴克等公司加入該平台。我的意思是，當然，這一直是構建我們產品的重要組成部分，對嗎？我的意思是對我們來說，它總是關於改進選擇和增加客戶想要的東西。當然，這與提高交付體驗的質量、提高我們服務的可負擔性以及客戶支持有關。因此，選擇一直是確保我們能夠為客戶提供他們想要的東西的關鍵。引入星巴克是我們非常興奮的事情，我們期待著更多的合作夥伴關係。

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

你的下一個問題來自美國銀行的 Michael McGovern。

I had 2. First was about I've noticed in the application a lot of types of advertising and promotion of the new service where you will pick up UPS and FedEx packages and deliver them for customers. So I was just wondering what the high-level strategy is around that service because it seems to be really differentiated from what your other services are, sort of a cool new feature. And then secondly, I noticed that there's a bit of a recent redesign in the layout of the interface on the application. And I really like it because it seems to -- it's much more seamless in reordering things that you've ordered in the past. So I was wondering if that was kind of a focus with this recent redesign.

我有 2 個。首先是關於我在應用程序中註意到很多類型的廣告和新服務的促銷，您可以在其中提取 UPS 和 FedEx 包裹並為客戶遞送。所以我只是想知道圍繞該服務的高級策略是什麼，因為它似乎與您的其他服務真正不同，這是一個很酷的新功能。其次，我注意到最近對應用程序界面佈局進行了一些重新設計。而且我真的很喜歡它，因為它似乎 - 它在重新訂購您過去訂購的東西時更加無縫。所以我想知道這是否是最近重新設計的重點。

Sure. Michael, it's Tony. I'll take both of those questions. So on the first around package pickup and delivery, yes, it's certainly something that we're very excited about. But I think at DoorDash, it's really important to, again, recognize what we're trying to do. What we're trying to do is to make sure that we can help any physical business grow and connect as many possible physical businesses with as many possible consumers. And it doesn't matter necessarily which direction in which travel is occurring in terms of those connections.

當然。邁克爾，是托尼。我會回答這兩個問題。因此，首先圍繞包裹取件和遞送，是的，這當然是我們非常興奮的事情。但我認為在 DoorDash，再次認識到我們正在努力做的事情真的很重要。我們正在努力做的是確保我們能夠幫助任何實體企業發展，並將盡可能多的實體企業與盡可能多的消費者聯繫起來。就這些連接而言，旅行發生在哪個方向並不一定重要。

And so for us, by having achieved, for instance, in the United States the greatest order density, we just have a lot more flexibility in terms of the choice of problems that we can solve for a lot of these customers. And one of those problems that we had heard about was this notion of solving returns in some of these package orders that you're kind of alluding to. And so it's really something that's very early stage. We run many new things at DoorDash all the time in the hope of solving increasingly higher customer expectations. This is one of them. And we're excited about where things are right now, but there's a lot of these things happening always at DoorDash.

因此，對於我們來說，例如，通過在美國實現最大的訂單密度，我們在選擇可以為許多此類客戶解決的問題方面具有更大的靈活性。我們聽說過的其中一個問題是解決您提到的一些包裹訂單中的退貨問題。所以這真的是非常早期的事情。我們一直在 DoorDash 運行很多新東西，希望解決越來越高的客戶期望。這是其中之一。我們對現在的情況感到很興奮，但在 DoorDash 上總是會發生很多這樣的事情。

On the second question on some of the improvements with respect to reordering, we're always trying to reduce friction when it comes to the ordering experience. Certainly, reorders are very popular amongst, in particular, our most engaged consumers. But there's a lot of things that we're trying to do to the app. We're trying to make it faster. We're trying to reduce the number of bugs. We're trying to make sure that you can find exactly what it is that you want, that you can discover new things that might be enticing. So there's a lot of things that we're trying to do to always improve the experience, and it's always with the mission of reducing friction.

關於關於重新訂購的一些改進的第二個問題，我們一直在努力減少訂購體驗方面的摩擦。當然，重新訂購在我們最活躍的消費者中尤其受歡迎。但是我們正在嘗試對應用程序做很多事情。我們正在努力讓它更快。我們正在努力減少錯誤的數量。我們正在努力確保您可以準確地找到您想要的東西，您可以發現可能具有吸引力的新事物。因此，我們一直在努力做很多事情來改善體驗，並且始終以減少摩擦為使命。

Your next question comes from the line of Michael Morton of MoffettNathanson.

您的下一個問題來自 MoffettNathanson 的 Michael Morton。

I had a quick question on advertising. I was wondering if you could speak to the adoption rate you're seeing. It sounds to us like SMBs are the early adopters, and we'd love to hear some details about the larger QSRs and their interest in the advertising platform. And then just a last question, if you would be interested, any additional details maybe around bookings growth in new verticals? Or just help us think about how that business is progressing.

我有一個關於廣告的快速問題。我想知道您是否可以談談您所看到的採用率。在我們看來，SMB 是早期採用者，我們很想听聽有關大型 QSR 的一些詳細信息以及他們對廣告平台的興趣。然後是最後一個問題，如果您有興趣，是否有任何關於新垂直行業預訂增長的額外細節？或者只是幫助我們思考該業務的進展情況。

Yes. I'll start on the first question around ads, and I'll let Ravi take the second question. So with respect to advertising, I mean, you're right that we're off to a pretty great start and it's a fast clip, especially given the high standards that we're trying to put out for ourselves, which is on the one hand, we certainly have to meet the goals and create best-in-class return on ad spend for advertisers and merchants. And on the other hand, we also have to achieve the best possible consumer experience where there is little to no degradation in terms of what consumers expect to see. And this is hard to do because I think it's really important to remember that with any marketplace business and certainly any desire to build an ads business, the most important thing is the engagement of the marketplace.

是的。我將從有關廣告的第一個問題開始，讓 Ravi 回答第二個問題。因此，關於廣告，我的意思是，你是對的，我們有一個非常好的開始，這是一個快速的剪輯，特別是考慮到我們試圖為自己制定的高標準，這是一個另一方面，我們當然必須實現目標，為廣告商和商家創造一流的廣告支出回報率。另一方面，我們還必須實現最佳的消費者體驗，即消費者期望看到的內容幾乎沒有退化。這很難做到，因為我認為記住這一點非常重要，對於任何市場業務，當然還有任何建立廣告業務的願望，最重要的是市場的參與。

And so this is something that I'm really proud that our teams have balanced extraordinarily well even though they've kept pace with, I think, the demands of what we see from advertisers, which is they want to run more ads and -- but we have to do that again in a very pro-consumer way. And so we're seeing the demand on the advertising side from, candidly, every segment of merchants, whether -- and this goes for CPG companies in addition to the restaurants as well. So we're very excited that SMBs have found this to be a very capital-efficient way to grow and effectively serve as their marketing department in some cases, all the way to the largest brands in the world that you've heard of that have the biggest budgets in the world that are finding a very, very large incremental use case when they work with the largest local commerce platform.

因此，我感到非常自豪的是，我們的團隊已經非常好地平衡了，儘管我認為他們已經跟上了我們從廣告商那裡看到的需求，即他們想要投放更多廣告並且 -但我們必須以非常有利於消費者的方式再次這樣做。因此，坦率地說，我們看到了來自各個商家的廣告方面的需求，無論是——除了餐館之外，這也適用於 CPG 公司。因此，我們很高興中小型企業發現這是一種非常具有資本效率的增長方式，在某些情況下可以有效地充當他們的營銷部門，一直到您聽說過的世界上最大的品牌世界上最大的預算在與最大的本地商務平台合作時發現了非常非常大的增量用例。

And Michael, just to add to what Tony talked about in your specific question on the second one, our ad business is growing. It's growing quite nicely. It's actually having an impact on our net revenue margin as well. And our view for what that business is going to be is included in our EBITDA guidance for the rest of the year.

邁克爾，我想補充一下托尼在你的第二個具體問題中談到的內容，我們的廣告業務正在增長。它長得很好。它實際上也對我們的淨利潤率產生了影響。我們對該業務的看法包含在我們今年剩餘時間的 EBITDA 指南中。

Your next question comes from the line of Mark Mahaney of Evercore.

你的下一個問題來自 Evercore 的 Mark Mahaney。

This is [Ian Peterson] on for Mark. It'd be great if you could just provide us an update on DashPass and any engagement trends you can share there, both in the U.S. and also the subscription business in international as well with Wolt.

這是 [Ian Peterson] 替 Mark 做的。如果您能向我們提供有關 DashPass 的更新以及您可以在那里分享的任何參與趨勢，那就太好了，無論是在美國，還是國際訂閱業務以及與 Wolt 的合作。

[Ian], thanks for the question. DashPass came off of another great quarter, both in terms of sign-ups as well as subscribers. For us, the way we think about DashPass is anything that you want in your city, you could get it for $10 a month, whether it's pet food, whether it's retail, whether it's grocery, whether it's convenience. And that's a very compelling value proposition for us. And what we're seeing is as we're continuing to drive the overall product quality up, as we're making the product more affordable, as we are driving the selection up, that's driving to more and more consumers graduate to DashPass. And that's driving the strength in the business, both domestically as well as internationally. We're very comfortable with the progress we've made, and Q1 was a very strong quarter for DashPass for us.

[伊恩]，謝謝你的提問。 DashPass 在註冊量和訂戶方面都表現出色。對我們來說，我們對 DashPass 的看法是你在你的城市想要的任何東西，你可以每月支付 10 美元，無論是寵物食品，零售，雜貨，是否方便。這對我們來說是一個非常引人注目的價值主張。我們看到的是，隨著我們繼續提高整體產品質量，因為我們讓產品更實惠，因為我們正在推動選擇，這正在推動越來越多的消費者畢業於 DashPass。這正在推動國內和國際業務的發展。我們對取得的進展感到非常滿意，第一季度對我們來說是 DashPass 非常強勁的一個季度。

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

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

I wanted to ask about Europe. It feels like you guys took share internationally. Can you talk about what you're seeing competitively and what's leading to greater traction? And then, Ravi, I wanted to follow up on an earlier answer that you gave about contribution margin improving. It sounds like you're now willing to drop more to the bottom line. Can you just talk about the pace of investments as it relates to new verticals? Is it just that the new verticals maturing? Or are you guys slowing down on any initial growth initiatives that may be more loss-making?

我想問一下歐洲。感覺你們在國際上佔有一席之地。你能談談你在競爭中看到的是什麼以及是什麼導致了更大的牽引力嗎？然後，拉維，我想跟進你之前給出的關於邊際收益提高的回答。聽起來你現在願意為底線付出更多。您能談談與新垂直領域相關的投資步伐嗎？僅僅是因為新的垂直行業正在成熟嗎？或者你們是否正在放慢任何可能會造成更多虧損的初始增長計劃？

Yes, I'll start on the first question, which was around Europe and the competitive position. I think -- this is a great place to remind ourselves of a lot of the investment thesis we had behind teaming up with Wolt, who runs the majority of the markets outside of the U.S. for DoorDash. And really, the first thesis was that when you have the highest retention and frequency of engagement that, that is what will really allow the most capital-efficient growth, especially in a category that has very, very long runways left. And that's really what we've seen in terms of the execution of the Wolt business. I mean even against difficult comps with Omicron of Q1 of last year, you see Wolt growing tremendously quickly year-on-year and certainly outpacing the rest of the class.

是的，我將從第一個問題開始，這是圍繞歐洲和競爭地位的。我認為——這是一個很好的地方，可以提醒我們自己與 Wolt 合作背後的許多投資論點，Wolt 負責 DoorDash 在美國以外的大部分市場。實際上，第一個論點是，當您擁有最高的保留率和參與頻率時，這才是真正實現資本效率最高的增長的原因，尤其是在跑道還很長的類別中。這就是我們在 Wolt 業務執行方面所看到的。我的意思是，即使與去年第一季度的 Omicron 進行了艱難的比賽，你也會看到 Wolt 同比增長非常快，而且肯定超過了班上的其他人。

And so I think that a lot of that, again, happens to do with the strength of the engagement of the consumer that Wolt has been able to build, and it's a reflection of the product quality. And so especially as Wolt now introduces some of their newer products with Wolt Plus, which is its DashPass equivalent, as well as some other products that it's borrowed from learning from the DoorDash U.S. business, I think we're only going to see more growth in years to come.

因此，我認為這在很大程度上恰好與 Wolt 能夠建立的消費者參與度有關，這反映了產品質量。因此，尤其是當 Wolt 現在推出一些帶有 Wolt Plus 的新產品時，這是它的 DashPass 等價物，以及它從 DoorDash 美國業務中學到的一些其他產品，我認為我們只會看到更多的增長在未來的歲月裡。

And Andrew, to your second question, when I think about the contribution margin improving, I think of it in terms of 2 dimensions. One is the core restaurant business that's growing. It's growing quite nicely as well as improving in terms of profitability. And when I look at the investment areas, when I think about the capital allocation, I look at it across 2 vectors. One is does the product and investment have strong product market fit in terms of consumer demand? As well as the second one is, are they progressing in terms of unit economics? What you're seeing in Q1 is both new verticals as well as international, they're growing. They're growing quite nicely. They're gaining share in both of the areas as well as the margins are improving both sequentially as well as annually.

安德魯，對於你的第二個問題，當我考慮提高邊際收益時，我從二維的角度來考慮。一個是正在增長的核心餐廳業務。它的增長非常好，並且在盈利能力方面也有所提高。當我審視投資領域時，當我考慮資本配置時，我會跨 2 個向量來審視它。一是產品和投資在消費者需求方面是否具有很強的產品市場契合度？以及第二個問題，他們在單位經濟方面是否取得進展？你在第一季度看到的是新的垂直市場和國際市場，它們都在增長。他們長得很好。他們在這兩個領域的份額都在增加，而且利潤率在連續和每年都在提高。

Now if you combine that with the fact, especially on the new vertical side, we have a structural advantage where we have a network of consumers and Dashers already built out, that's giving rise to some of the efficiency gains that you're seeing in the business, which is naturally translating into margin improvement. When you put both of those businesses together, you have these businesses that are growing, that are growing nicely, the margins are improving as well as the core underlying fundamentals are improving, it has all the similarities of what we saw in the restaurant business very early on. And we have strong conviction that if we continue to execute well, these 2 areas are going to be drivers of strong free cash flow generation for us.

現在，如果你把它與事實結合起來，尤其是在新的垂直方面，我們有一個結構性優勢，我們已經建立了一個消費者和 Dashers 網絡，這會帶來一些你在業務，這自然會轉化為利潤率的提高。當你將這兩項業務放在一起時，你會發現這些業務正在增長，增長良好，利潤率正在提高，核心基本面也在改善，它與我們在餐飲業所看到的非常相似早期。我們堅信，如果我們繼續表現良好，這兩個領域將成為我們產生強勁自由現金流的驅動力。

And put a different way, we're not slowing down any investments. It's -- the businesses are just growing top and bottom line, and that's what you're seeing in terms of the flow-through towards the results.

換句話說，我們不會放慢任何投資。它是 - 企業只是在增長頂線和底線，這就是你在結果的流動方面所看到的。

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

你的下一個問題來自摩根士丹利的布賴恩諾瓦克。

I have 2. The first one, I wanted to ask about how you think about the runway for new user growth in the U.S. and sort of what type of user growth are you thinking about in the full year guide to grow new people to come to the platform in the U.S. And how do you do that at this point, kind of where we are on penetration? Then the second one on Wolt. You've had the asset now for quite a while. It's been executing at a pretty high clip. Tony, what have been 1 or 2 of the biggest surprises to you about Wolt that maybe you didn't even appreciate when you acquired the asset?

我有 2 個。第一個，我想問一下你如何看待美國新用戶增長的跑道，以及你在全年指南中考慮哪種類型的用戶增長來培養新人美國的平台。在這一點上你是怎麼做到的，我們在滲透的地方？然後是關於 Wolt 的第二個。您現在擁有該資產已有一段時間了。它一直在以相當高的速度執行。托尼，關於 Wolt 的最大驚喜中，有哪一兩個是您在收購資產時甚至沒有意識到的？

Sure. Brian, yes, I'll take both questions. On the first question about user adoption, I think sometimes, it's just important to remember that it's no different in acquiring users versus getting users who may have tried the product to use the product more often, which is we just have to improve the product. And so whether that means we didn't have the right selection to attract a customer in that moment or that occasion, the right pricing, the right speed and/or quality of delivery or we messed up on customer support, I mean, those are the building blocks of how we win any customer.

當然。布賴恩，是的，我會回答這兩個問題。關於用戶採用的第一個問題，我認為有時候，重要的是要記住，獲取用戶與讓可能已經嘗試過該產品的用戶更頻繁地使用該產品沒有什麼不同，我們只需要改進產品。因此，這是否意味著我們沒有在那個時刻或那個場合吸引客戶的正確選擇、正確的定價、正確的速度和/或交付質量，或者我們搞砸了客戶支持，我的意思是，那些是我們如何贏得任何客戶的基石。

And I think the fact that people eat 20x to 25x a week is really, frankly, why I think there's such a large runway left for growth. It's not necessarily about can you serve all of the users and where are we on that journey. That's one part of it, but then you have to multiply that by 20 to 25x per week [and that potential]. And so that's at least how it works in my brain. And to me, it's the same of whether we want to go attract a new user or just win a new use case or in an incremental use case of the 20 to 25x occasions per week that a customer is eating. And we know that, that happens all the time. So that's the first question.

而且我認為人們每週吃 20 到 25 倍的事實，坦率地說，就是為什麼我認為還有這麼大的增長空間。這不一定是關於您能否為所有用戶提供服務以及我們在那段旅程中的位置。這是它的一部分，但你必須每週將其乘以 20 到 25 倍 [以及那個潛力]。所以這至少是它在我大腦中的運作方式。對我來說，無論我們是想吸引新用戶，還是只想贏得一個新用例，還是在客戶每週吃 20 到 25 次的增量用例中，這都是一樣的。我們知道，這種情況一直在發生。這是第一個問題。

On Wolt, which I believe is your second question, I mean, I would say a few things that I've come to appreciate even further. I think first is really their ability to compete in a very capital-efficient way has been, I think, just really, really interesting and unique. I mean I think sometimes, especially now as DoorDash is generating more and more positive free cash flow, it's almost easy to forget when some of the constraints were even tighter and the budgets were a lot smaller. And I think it's been really impressive to watch what Wolt can do, I think, in that regard. And that's really a testament to the team and the ability to always focus on the product to make sure that we can keep increasing the retention and the frequency of the experience, such that that's how we will actually outcompete and make good investments, not just this year, but for years to come.

關於 Wolt，我認為這是你的第二個問題，我的意思是，我會說一些我已經更加欣賞的事情。我認為首先是他們以一種非常具有資本效率的方式進行競爭的能力，我認為，這真的非常非常有趣和獨特。我的意思是，我有時認為，尤其是現在，隨著 DoorDash 產生越來越多的正自由現金流，人們幾乎很容易忘記什麼時候一些限制甚至更嚴格，預算也少得多。在這方面，我認為看到 Wolt 可以做些什麼真的令人印象深刻。這確實證明了團隊以及始終專注於產品的能力，以確保我們能夠不斷增加體驗的保留率和頻率，這樣我們才能真正勝過競爭並進行良好的投資，而不僅僅是這個年，但未來幾年。

I think the second is more a comment around maybe the market, which is in a lot of these European markets, I think we -- maybe sometimes because we live in the U.S. or maybe we live in other countries where e-commerce has been a bit more at the forefront or just has had longer to adopt for users, that a lot of these countries are just kind of having a lot of the physical stores come online for the first time. And that's true certainly for restaurants, but also outside of restaurants. And I think a lot of the fast growth that you're seeing by Wolt is their ability to serve all of the categories. And then very much the same goal that DoorDash has, to become the local commerce company, Wolt wants to do the same thing in all of its geographies. And so I think that shared mission is really what allows us to work really well together.

我認為第二個更多的是關於市場的評論，在很多歐洲市場中，我認為我們 - 有時可能是因為我們生活在美國，或者我們生活在電子商務一直很流行的其他國家/地區處於最前沿或只是需要更長的時間供用戶採用，很多這些國家/地區只是第一次有很多實體店上線。對於餐館來說確實如此，但在餐館之外也是如此。而且我認為您看到的 Wolt 的快速增長很大程度上是因為他們有能力為所有類別提供服務。然後，與 DoorDash 的目標非常相似，即成為當地的商業公司，Wolt 希望在其所有地區做同樣的事情。所以我認為共同的使命真的讓我們能夠很好地合作。

And Brian, just to the specific question on the guidance point itself, we do expect to grow both users as well as order frequency, and that's baked into our guidance that we have given.

布賴恩，就指導點本身的具體問題而言，我們確實希望增加用戶和訂單頻率，這已納入我們提供的指導中。

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

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

I have 2 questions as well. So just on the guidance, Ravi. So again, if I look at the GOV -- the total market GOV, it looks like at the midpoint, the growth is in the low 20s. If I look at the last 9 months, the last 3 quarters, it was really more like 29% or 30%. Is there anything related to maybe Wolt annualizing now that's kind of causing that number to decline? Or is that just out of kind of lack of visibility potentially considering the macro, et cetera? Anything there could be -- would be really helpful. And then, I guess, as you look at the free cash flow, so certainly, your execution has been pretty impressive. How should we be thinking about timing to hit positive free cash flow for the nonrestaurant business on the back of just the stronger top line? Has that timing kind of shortened?

我也有兩個問題。所以只是在指導上，Ravi。所以，如果我再看一下 GOV——整個市場 GOV，看起來在中點，增長率在 20 多歲左右。如果我看一下過去 9 個月，過去 3 個季度，它實際上更像是 29% 或 30%。是否有任何與 Wolt 年度化有關的事情導致該數字下降？或者這只是出於缺乏潛在考慮宏觀等方面的可見性？任何可能的內容都會非常有幫助。然後，我想，當您查看自由現金流時，您的執行力肯定令人印象深刻。我們應該如何考慮在更強勁的頂線的支持下為非餐廳業務實現正自由現金流的時機？那個時間縮短了嗎？

Yes, Youssef, let me start with the first one on the GOV itself, a couple of points here. I mentioned earlier that consumer engagement continues to be strong. When I look at both retention as well as order frequency, I feel very optimistic about the signals that we are seeing in the business. That's what's giving us confidence to bump up the GOV guide for the rest of the year. To your specific point on the growth rate comp itself, we do lap the Wolt acquisition in June. So you're seeing an impact of that in the second half of the year.

是的，Youssef，讓我從關於 GOV 本身的第一個開始，這裡有幾點。我之前提到過，消費者參與度仍然很高。當我查看保留率和訂單頻率時，我對我們在業務中看到的信號感到非常樂觀。這就是讓我們有信心在今年餘下時間提高 GOV 指南的原因。對於您關於增長率本身的具體觀點，我們確實在 6 月份對 Wolt 的收購進行了評估。所以你會在今年下半年看到它的影響。

In terms of your second question on free cash flow, in terms of when I look at the new verticals business in Q1, it had a very strong first quarter, both in terms of growth as well as improvements in margin. And underlying what we're seeing in the business is as we continue to improve the quality, as we're continuing to make the product more affordable, that's driving not just top line growth, but also we are seeing efficiency in the business and that efficiency is contributing to the improvement in margin. On the absolute dollar basis, we're not going to comment on it. But I feel good about the investment levels, and that's included in our EBITDA guidance for the rest of the year.

關於你關於自由現金流的第二個問題，當我看到第一季度的新垂直業務時，它在第一季度表現非常強勁，無論是在增長還是在利潤率的改善方面。我們在業務中看到的潛在情況是，隨著我們不斷提高質量，隨著我們繼續使產品更實惠，這不僅推動了收入增長，而且我們還看到了業務效率，而且效率有助於提高利潤率。在絕對美元基礎上，我們不打算對此發表評論。但我對投資水平感覺良好，這已包含在我們今年剩餘時間的 EBITDA 指南中。

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

你的下一個問題來自花旗銀行的 Ron Josey。

I have 2. Tony, in the letter, you talked about double-digit improvements in grocery quality and efficiency metrics. Can you just help us understand what these improvements were to drive the improvements in overall quality and efficiency? Any insights would be helpful. And then, Ravi, just a quick clarification on contribution margins. Last year, I think we saw convenience as a vertical become variable contribution positive. And so I'm wondering if other newer verticals are contributing here given the structural advantage that you talked about. Or do you expect perhaps grocery or alcohol or others to start delivering at least variable contribution margins by the end of this year?

我有 2. 托尼，在信中，你談到了食品雜貨質量和效率指標的兩位數改進。您能否幫助我們了解這些改進是什麼推動了整體質量和效率的提高？任何見解都會有所幫助。然後，拉維，快速澄清一下邊際收益。去年，我認為我們將便利視為一個垂直的可變貢獻。因此，我想知道是否有其他較新的垂直行業在考慮到您談到的結構優勢的情況下做出貢獻。或者您是否期望雜貨店或酒類或其他產品在今年年底前至少開始提供可變邊際收益？

Yes. Ron, on the first question around the improvement in the product quality in grocery. A big part of this stems from the fact that today, physical stores, grocery stores, that is, don't always know exactly what's on their shelves. And that's quite a hard problem to solve for a variety of reasons. We can literally go on for hours to talk about all of the different reasons. But that's the problem that we've gotten better at in terms of making sure that we can get you exactly what you ordered. I'm not saying we're perfect. And I mentioned, I think to an earlier question, that we're still a long ways to go in terms of where I want to see this product experience.

是的。 Ron，關於第一個關於雜貨店產品質量提高的問題。這在很大程度上源於這樣一個事實，即今天的實體店、雜貨店並不總是確切地知道貨架上有什麼。由於各種原因，這是一個很難解決的問題。我們真的可以持續數小時來討論所有不同的原因。但這是我們在確保我們能夠準確地為您提供您訂購的產品方面做得更好的問題。我並不是說我們是完美的。我提到過，我認為對於一個較早的問題，就我希望看到這種產品體驗的地方而言，我們還有很長的路要走。

But I think we've made tremendous strides in the 2 years that we've been doing this. And I think as a result of that, you're seeing increases in the cohort engagement that we talked about in the letter. And that's showing, therefore, both basically a capital-efficient way to grow because to me, the most -- the best way to achieve capital efficiency is through improvements in product quality. And I think that, that was a very nice one-to-one correlation that we saw. And that really stemmed from many quarters of work that showed up in some of the results in this quarter.

但我認為我們在過去 2 年中已經取得了巨大進步。我認為因此，您會看到我們在信中談到的隊列參與度有所增加。因此，這表明這兩種方式基本上都是一種資本高效的增長方式，因為對我來說，實現資本效率的最佳方式是提高產品質量。我認為，這是我們看到的非常好的一對一相關性。這確實源於本季度某些結果中顯示的許多季度的工作。

And Ron, to your second point, right, like just to add on to what Tony said, some of the quality improvements that we're driving in the business is also resulting in the efficiency gains. Third-party convenience that you talked about is variable profit positive, and it's continuing to improve. All categories within our new verticals [umbrella], whether it's grocery, our DashMart business, our third-party convenience are improving. We feel good about the progress. And we talked about in the letter, overall on a margin basis, our new verticals is improving both sequentially as well as annually.

羅恩，關於你的第二點，對，就像補充托尼所說的那樣，我們在業務中推動的一些質量改進也導致了效率的提高。你談到的第三方便利是可變利潤積極的，而且它還在繼續改善。我們新垂直領域 [umbrella] 中的所有類別，無論是雜貨店、我們的 DashMart 業務，還是我們的第三方便利性都在改善。我們對進展感到滿意。我們在信中談到，總體而言，我們的新垂直行業在連續和每年都在改善。

Your next question comes from the line of Rohit Kulkarni of ROTH MKM.

您的下一個問題來自 ROTH MKM 的 Rohit Kulkarni。

One on AI. I know generative AI is on top of every investor's mind. But I guess just internally speaking, maybe talk about longer term, how are you thinking about using AI to improve productivity of engineers, marketing, salespeople? And then structurally, do you feel kind of DoorDash and all Silicon Valley companies are going to be much more profitable as they start to figure out applying AI to all the internal processes, meaning they become the first wave of adopters of these productivity tools?

一個關於人工智能。我知道生成式人工智能是每個投資者最關心的問題。但我想就內部而言，也許從長遠來看，你如何考慮使用人工智能來提高工程師、營銷人員和銷售人員的生產力？然後在結構上，你是否覺得 DoorDash 和所有矽谷公司都將獲得更多利潤，因為他們開始考慮將 AI 應用於所有內部流程，這意味著他們成為這些生產力工具的第一波採用者？

And then second question is on just new vertical margins. It's been a couple of years since you have had these new verticals. And it feels that they are starting to pull ahead the overall margin profile. So maybe just structurally, can you talk about the various puts and takes between the core restaurant, most profitable business versus all the new verticals as you start kind of layering on the incremental profits from them? How we should think about the overall profitability steady state as such?

然後第二個問題是關於新的垂直邊距。自從您擁有這些新的垂直領域以來已經有幾年了。感覺他們開始提高整體利潤率。因此，也許只是在結構上，當您開始對核心餐廳、最賺錢的業務與所有新的垂直行業進行分層時，您能否談談核心餐廳、最賺錢的業務與所有新垂直行業之間的各種投入和收益？我們應該如何看待整體盈利穩態本身？

Yes. I'll take the first question, and maybe Ravi can take the second. With respect to AI and its ability to change the trajectory of some of these functions that you asked about in the question, look, I mean, I think it certainly represents the promise for a lot of productivity gains. In terms of how those productivity gains will be expressed in terms of financial results for a company, I think that's very hard to estimate because on the one hand, you're going to have the same number of people who can hopefully do more with what they have with now more advanced tooling.

是的。我將回答第一個問題，也許 Ravi 可以回答第二個問題。關於人工智能及其改變您在問題中詢問的其中一些功能軌蹟的能力，看，我的意思是，我認為它肯定代表了提高生產力的希望。就公司的財務結果如何表達這些生產力的提高而言，我認為這很難估計，因為一方面，你將擁有相同數量的人，他們有望做更多的事情他們現在擁有更先進的工具。

But then on the other hand, you have to not forget the customer. The customer's expectations are always going to go higher and higher and higher. Take coding, for instance. The number of engineers almost never seems to be enough in terms of what the demand for engineering talent is as well as just, frankly, like the number of things to build. And so I think that you're going to have kind of 2 forces competing for this. One is the productivity gains, which I certainly would expect to see. But then on the other hand, I also believe that customer expectations always go in one direction, which is higher and higher and higher. And so I think the balance of the 2 will be what all of us will be going through.

但另一方面，你也不能忘記客戶。客戶的期望總是會越來越高。以編碼為例。就工程人才的需求而言，工程師的數量似乎永遠都不夠，坦率地說，就像要建造的東西的數量一樣。因此，我認為您將有兩種力量為此展開競爭。一是生產力的提高，這是我當然希望看到的。但另一方面，我也相信客戶的期望總是朝著一個方向發展，那就是越來越高。所以我認為兩者的平衡將是我們所有人都將經歷的。

Rohit, on your second question on margins, the way it is -- I think about it is our core restaurant business is growing as well as improving in terms of overall profitability. But we still are a small portion of the overall sales for the restaurant industry. So we continue to invest behind that business. It's important that we continue to invest behind quality, invest behind making the product more affordable because that's going to drive long-term growth in that business.

Rohit，關於你關於利潤率的第二個問題，我認為我們的核心餐廳業務正在增長，並且在整體盈利能力方面有所改善。但我們仍然只佔餐飲業總銷售額的一小部分。因此，我們繼續投資於該業務。重要的是，我們繼續投資於質量，投資於使產品更實惠，因為這將推動該業務的長期增長。

Secondly, on new verticals, what we're seeing is some of the quality improvements that Tony touched on earlier in the previous question, that's driving efficiency in the business. That business as a whole is improving in terms of margin, both sequentially as well as annually. But the market there is very large. We are still underpenetrated. And I think if we continue to improve the overall product, that's going to drive long-term free cash flow generation for us. It's a business that we're going to continue to invest in and continue to improve the product experience for our consumers, merchants as well as Dashers.

其次，在新的垂直領域，我們看到的是 Tony 在上一個問題中提到的一些質量改進，這正在提高業務效率。該業務作為一個整體在利潤率方面正在改善，無論是連續還是每年。但是那裡的市場非常大。我們仍然沒有被滲透。而且我認為，如果我們繼續改進整體產品，那將為我們帶來長期的自由現金流。我們將繼續投資這項業務，並繼續改善我們的消費者、商家和 Dashers 的產品體驗。

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

你的下一個問題來自高盛的 Eric Sheridan。

Maybe 2 quick ones, if I can squeeze in. First, when you look out over the landscape in 2023 and beyond, what do you continue to see as some of the key investments you need to make on the merchant side of your platform that will continue to drive more merchant growth, more merchant adoption and where you can gain deeper relationships and market share of the merchant side? That would be number one. And then number two, when you look further out, how should we be thinking about you making the app more shoppable, for lack of a better term? We talked on the last call about increasing velocity and order volume among your user base. And I'm just curious, given all the direct traffic you have to app, how are you thinking about overlaying all the SKU diversification you've built on possibly driving greater levels of frequency in-app across all those SKUs?

也許 2 個快速的，如果我能擠進來的話。首先，當你展望 2023 年及以後的前景時，你會繼續看到什麼是你需要在平台的商家方面進行的一些關鍵投資，這些投資將繼續推動更多的商家增長，更多的商家採用以及您可以在哪裡獲得更深層次的商家關係和市場份額？那將是第一。然後第二，當你看得更遠時，我們應該如何考慮你讓應用程序更容易購買，因為沒有更好的術語？我們在上次電話會議上談到了提高用戶群的速度和訂單量。我很好奇，考慮到您必須向應用程序提供所有直接流量，您如何考慮疊加您建立的所有 SKU 多樣化，從而可能在所有這些 SKU 上推動更高水平的應用程序內頻率？

Yes. Eric, I'll take both of those questions. On the first question with respect to merchants, I mean, basically, the short answer is that we're going to have to solve more and more of their problems in order to work more and more deeply with them with the goal of helping them improve same-store sales and profitability. And sometimes these things take swings, right? I mean take for example, if we can span out a little bit, in the years of '21 and '22, particularly when consumers were roaring back inside stores, there was a big focus for merchants to make sure that they can staff up to meet that in-store demand and they needed to take maybe the gas pedal off of digital for a bit. You're starting to see some of this now swing back, for instance, as these merchants are lapping those years of in-store growth and they're now returning back into investing into their digital channels.

是的。埃里克，我會回答這兩個問題。關於商家的第一個問題，我的意思是，基本上，簡短的回答是，我們將不得不解決他們越來越多的問題，以便與他們進行越來越深入的合作，以幫助他們改進同店銷售額和盈利能力。有時這些事情會起伏不定，對嗎？我的意思是，舉個例子，如果我們能擴大一點，在 21 年和 22 年，特別是當消費者回到商店裡時，商家非常關注確保他們可以配備多達滿足店內需求，他們可能需要稍微放慢數字化的步伐。你開始看到其中的一些現在正在回升，例如，因為這些商家正在享受那些年的店內增長，他們現在正在重新投資他們的數字渠道。

So I think you're going to see these kinds of ebbs and flows. But I think all of this is really in the name of how do we build enough tools and products for merchants to better understand their customers, better engage with those customers, build long-term relationships with those customers, do it through the first-party channel, whether that's being powered with products like DoorDash Drive and Storefront, or the third-party DoorDash platform in the marketplace. And so I think there's a lot there that we're going to have to continue to do to just solve more and more problems because just like consumer expectations, merchant expectations grow, too. And I think they're always going to be on this -- when you're a business owner, particularly if you're like my mom or a single-store owner, you're going to have 50 things you're thinking. But at the end of the day, you're always thinking between growth and profitability and that dynamic.

所以我認為你會看到這些潮起潮落。但我認為所有這一切實際上都是為了我們如何為商家構建足夠的工具和產品，以更好地了解他們的客戶，更好地與這些客戶互動，與這些客戶建立長期關係，通過第一方來做到這一點渠道，無論是由 DoorDash Drive 和 Storefront 等產品提供支持，還是由市場上的第三方 DoorDash 平台提供支持。所以我認為我們需要繼續做很多事情來解決越來越多的問題，因為就像消費者的期望一樣，商家的期望也在增長。而且我認為他們總是會關注這個——當你是企業主時，特別是如果你像我媽媽或單店老闆一樣，你將有 50 種想法。但歸根結底，您總是在增長和盈利能力以及這種動態之間進行思考。

Your second question is, I think, how do you make the app more shoppable, and it's a phenomenal question. I mean I think it's going to be -- it's certainly the endeavor that we're marching on where we are becoming more and more of a multi-category destination. I mean you see this certainly in the numbers. And you see this, I think, even in the fact that we're now acquiring more new customers into the grocery and convenience sectors more than anyone else and -- for the first time. And so I think that is telling us that customers expect DoorDash to be able to deliver upon those experiences, whether they're coming in and trying to buy a baseball bat from DICK'S Sporting Goods or trying to buy a pound of lettuce from a grocery store.

你的第二個問題是，我認為，你如何讓應用程序更容易購買，這是一個非凡的問題。我的意思是我認為這將是——這肯定是我們正在努力前進的方向，我們正變得越來越多類別目的地。我的意思是你肯定在數字中看到了這一點。我認為，你看到了這一點，即使事實上我們現在比其他任何人都更多地為雜貨店和便利店吸引更多的新客戶，而且這是第一次。因此，我認為這告訴我們，客戶希望 DoorDash 能夠提供這些體驗，無論他們是進來並試圖從 DICK'S Sporting Goods 購買棒球棒，還是試圖從雜貨店購買一磅生菜.

And so we're doing lots of things right now. We're improving the catalog. We're making sure that there's improvements to search. We're making sure that we can create an item-based shopping experience. There's lots of things that we have to do in order to catalog digitally the physical world and then present that catalog in concert with our merchants so that it makes sense to the consumers and that they can achieve the merchant goals, too. I mean this is the delicate and very important responsibility that we have, to make sure that DoorDash can work for everyone. And if it can work for everyone, then we believe the results will be something that we're proud of.

所以我們現在正在做很多事情。我們正在改進目錄。我們正在確保搜索得到改進。我們確保我們可以創建基於項目的購物體驗。為了以數字方式對物理世界進行分類，然後與我們的商家一起展示該目錄，以便它對消費者有意義並且他們也可以實現商家目標，我們需要做很多事情。我的意思是，這是我們肩負的微妙而重要的責任，以確保 DoorDash 可以為每個人服務。如果它對每個人都有效，那麼我們相信結果將是我們引以為豪的。

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

你的下一個問題來自瑞銀集團的 Lloyd Walmsley。

Two questions on just some of the numbers, if I can. First, just if we look at sales and marketing, it looks like growth there stepped up a bit from 4Q to 1Q. Wondering if that's kind of a new newish normal? And then similarly, we saw a nice step-up in gross profit margins. So wondering if that -- if we should be thinking about that as a new level or just continuing to expand that.

如果可以的話，就一些數字提出兩個問題。首先，如果我們看一下銷售和營銷，看起來那裡的增長從第四季度到第一季度有所加快。想知道這是否是一種新常態？然後類似地，我們看到毛利率有了很好的提升。所以想知道我們是否應該將其視為一個新的水平或只是繼續擴大它。

Lloyd, I'll take the gross margin one first. On the last call, I mentioned that 2023 gross margin was going to be higher than Q4 levels. That's exactly what you're seeing in the business. A few factors at play here. Over the last 1.5 years, we've driven a number of improvements on the product side, which has made our logistics engine more efficient, and you're seeing that leverage come through in terms of Dasher cost per order. Quality has been a key priority for us. And what we've noticed is as we continue to work on quality, that's driving retention higher. We are seeing the benefit in terms of growth as well as lower credits and refunds costs. That, combined with our ads business, which I mentioned earlier that's growing, that's also having an impact on our margin. That said, we don't operate or run the business to a specific margin target. Our goal is to invest flexibly across the P&L in order to be able to drive efficient growth.

勞埃德，我先談談毛利率。在上次電話會議上，我提到 2023 年的毛利率將高於第四季度的水平。這正是您在業務中看到的。這裡有幾個因素在起作用。在過去的 1.5 年裡，我們在產品方面進行了多項改進，這使我們的物流引擎更加高效，而且您會看到這種影響力體現在 Dasher 每個訂單的成本方面。質量一直是我們的重中之重。我們注意到，隨著我們繼續致力於提高質量，這會提高留存率。我們看到了增長以及較低的信貸和退款成本方面的好處。再加上我之前提到的正在增長的廣告業務，這也對我們的利潤率產生了影響。也就是說，我們不會按照特定的利潤率目標來經營或經營業務。我們的目標是在損益表中靈活投資，以推動高效增長。

To your second question on sales and marketing, Q1 was a strong quarter in terms of top line volume for us. And in order to support that volume, we had to acquire more Dashers. That's the result of your Dasher acquisition cost going up, which is driving sales and marketing higher. That said, I would not read too much into the volatility. If you take a look at over the course of the last year, we're doing a ton of leverage on sales and marketing, all from product improvements that we've made. I do expect there to be more leverage on the sales and marketing side, and that view is included in our EBITDA guidance that we've given.

關於您關於銷售和營銷的第二個問題，就我們的營收而言，第一季度是一個強勁的季度。為了支持這個數量，我們必須獲得更多的 Dashers。這是您的 Dasher 購置成本上升的結果，這推動了銷售和營銷的增長。也就是說，我不會過多地解讀波動性。如果你看一下去年的過程，我們在銷售和營銷方面發揮了巨大的作用，所有這些都來自我們所做的產品改進。我確實希望在銷售和營銷方面有更多的影響力，並且這種觀點包含在我們提供的 EBITDA 指南中。

Your last question comes from the line of John Colantuoni of Jefferies.

你的最後一個問題來自 Jefferies 的 John Colantuoni。

Curious to dig a little bit into DashPass member adoption of new verticals like grocery, retail and convenience and how that compares to nonmembers. And related to that, we know DashPass members order more once they become members and order more than nonmembers. But I'm curious to hear if you're able to provide any color on how these upticks and frequency vary across verticals. Do grocery or retail orders increase even more than restaurant orders after a user becomes a member?

很想深入了解 DashPass 會員對雜貨店、零售和便利店等新垂直行業的採用情況，以及與非會員相比如何。與此相關的是，我們知道 DashPass 會員一旦成為會員就會訂購更多，並且比非會員訂購更多。但我很想知道您是否能夠提供任何關於這些上升和頻率在垂直方向上如何變化的顏色。用戶成為會員後，雜貨店或零售訂單的增長是否甚至超過餐廳訂單？

John, it's Tony. I'll try to answer your questions. I don't think we run the business that way in the sense that we're trying to necessarily steer a customer into one category or the other. Instead, what we're trying to do is we're trying to build the best-in-class experience within each category and then allow the customer to choose which one of those experiences make the most sense for them for that particular shopping occasion. And then DashPass, to your point, is something that we can stitch across to provide the greatest possible value because we're going to give you everything inside your city within that DashPass membership. So I don't think that we're trying to necessarily steer people one way or the other. I think it's probably intuitive that prepared meal, something like restaurant food, is going to have the highest frequency. But that makes sense because we eat 20 to 25x a week, which is the highest possible shopping category that we have relative to other categories.

約翰，是托尼。我會盡力回答你的問題。我不認為我們以這種方式經營業務，因為我們試圖將客戶引導到一個類別或另一個類別。相反，我們正在嘗試做的是我們正在嘗試在每個類別中建立一流的體驗，然後讓客戶選擇其中一種體驗對他們特定的購物場合最有意義。然後，就您而言，DashPass 是我們可以縫合以提供最大可能價值的東西，因為我們將在 DashPass 會員資格內為您提供您所在城市的一切。所以我不認為我們一定要以這種或另一種方式引導人們。我認為預製餐食（例如餐廳食物）的使用頻率最高可能是直覺。但這是有道理的，因為我們每週吃 20 到 25 次，這是我們相對於其他類別的最高可能購物類別。

But that said, I mentioned earlier -- or to an earlier question that we now are attracting more new customers into the industry outside of restaurant food than anyone else. And so people are now coming to DoorDash for the first time not shopping for restaurant food but also shopping for their grocery items, their liquor needs, their retail items, et cetera and et cetera. So I think this is just one of those things where as long as we continue to build the best possible shopping experience within each category and then stitched across the categories and then overlay that with the value of DashPass, we'll be in a good position.

但話雖如此，我之前提到過——或者對一個較早的問題，我們現在比其他任何人都吸引更多的新客戶進入餐廳食品以外的行業。因此，人們現在第一次來到 DoorDash，不是購買餐廳食品，而是購買雜貨、酒類需求、零售商品等等。所以我認為這只是其中之一，只要我們繼續在每個類別中建立盡可能最好的購物體驗，然後跨類別縫合，然後用 DashPass 的價值覆蓋它，我們就會處於有利地位.

Thank you. There are no further questions at this time. This concludes today's conference. You may now disconnect.

謝謝。目前沒有其他問題。今天的會議到此結束。您現在可以斷開連接。