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)

您好。我叫 Jean-Louis。歡迎參加 DoorDash 2023 年第一季財報電話會議。（接線員指示）

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

我現在把會議交給 Andy Hargreaves。請開始。

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.

謝謝你，Jean-Louis。各位下午好，感謝大家參加我們 2023 年第一季財報電話會議。我很高興今天與我們的共同創辦人、董事長兼執行長 Tony Xu，以及財務長 Ravi Inukonda 一同出席。我們在今天的電話會議中將發表前瞻性陳述，包括我們對業務、財務狀況、營運表現、市場指引、策略、投資方法、與商家及 Dashers 的一致性，以及消費支出環境的預期。前瞻性陳述存在風險與不確定性，可能導致實際結果與所述內容有重大差異。許多不確定性已在我們向 SEC 提交的文件中說明，包括 Form 10-K 與 10-Q。您不應將我們的前瞻性陳述視為對未來事件的預測。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

During this call, we will discuss certain non-GAAP financial measures. Information regarding our non-GAAP financial measures, including a reconciliation of 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.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。關於我們的非 GAAP 財務衡量指標之資訊，包括將非 GAAP 指標調節至最直接可比的 GAAP 指標之調節表，可在我們致股東信中找到，該信可於我們的投資人關係網站取得。這些非 GAAP 指標應與我們的 GAAP 結果一併考量，並非用以取代 GAAP 結果。最後，本次電話會議將於我們的 IR 網站進行音訊網路直播。會議結束後不久，網站上將提供重播。Jean-Louis，我把時間交還給你，我們可以開始第一個問題。

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

（接線員指示）您的第一個問題來自 Barclays 的 Ross Sandler。

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。新垂直類別的同群（cohort）數據看起來很棒。想先釐清一下：所以那顯示的是在雜貨與便利品類中的後續購買頻率，而這些用戶同時也會購買餐廳品類。這樣理解正確嗎？另外，我們是否已經到了可以明確談談像雜貨與便利品類的 GOV 規模或用戶數的階段？第二個問題是，你們的一些同業提到，由於疫情效應，季度內的線性走勢在接近季末時相較於一月略有轉強。你們也看到同樣情況嗎？我只是想把這點與你們對第二季 GOV 的指引做個對照。

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.

Ross，我是 Tony。我先回答第一個問題，然後讓 Ravi 回答第二個問題。我想你的第一個問題主要是關於我們新類別同群的表現與強度。答案是肯定的。新同群的留存——新同群確實比先前同群更強。這很大一部分來自於產品品質的提升，例如增加選擇性、引入像 ALDI 這樣的合作夥伴。我們現在——我們現在服務美國前 20 多家大型雜貨商。

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，我們也在提升體驗本身的品質，確保我們在裝填購物車時更準確，並在店內缺貨時，能把替代品（substitution）體驗做到更完善。我們也透過提供更高的便利性來做到這點，讓你有更多選擇：例如是否要在 30 分鐘內送達，或是希望在當天稍晚送達。基於以上所有原因，你才會看到新類別的同群表現有所改善。

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.

Ross，關於第二個問題，消費者在平台上的參與度與支出仍然非常強勁。你可以從我們強勁的第一季業績，以及我們過去連續兩年持續帶動的雙位數成長率看出來。我不會評論逐月的變化，但整體而言——下單頻率仍然非常好，事實上已創歷史新高。業務的留存也持續非常強勁；本季留存高於上一季。我們對目前在業務中看到的投入端指標（input metrics）非常有信心，也對第二季的指引感到非常樂觀。

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.

Tony，我想問你們在雜貨垂直領域的努力。對你們來說仍在早期階段，但你是否覺得目前已經把營運模式大致打磨到位了？也許可以從策略角度談談，接下來在擴大這個巨大機會的規模方面，下一步會是什麼。第二個問題可能給 Ravi：看到 EBITDA 的超預期表現很不錯，但 Prabir 一直提到，獲利能力是基於你們可投入投資水準的「輸出指標」。在第一季或對 2023 年的規劃上，你們在投資領域的策略或方法是否有任何調整？也請談談目前在哪些投資領域看到不錯的投資報酬。

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.

好的，我先回答第一個問題，也就是關於雜貨以及那裡的表現。你說得完全正確。我認為，無論是從我們作為一個整體在營收端與獲利端所看到的數字來看，你都能看到核心餐廳業務持續成長，而像雜貨這樣的業務成長更快。同時，你也看到我們所有業務線的單位經濟（unit economics）都在改善，包含海外業務的進展也是如此。因此，我認為這些都反映在本季的表現上。就雜貨而言，雖然我認為我們已經——我們取得了巨大的進展，我們仍然比其他人增長更快並持續提升市占，但從產品打造的角度來看，我認為仍有很長的路要走。

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.

如果你看——把美國雜貨線上外送的滲透率，與例如餐廳餐點的線上外送相比，其實低了好幾倍。我認為這是因為線下體驗仍然優於線上體驗，這意味著我們還有很長的路要走，才能確保把體驗品質做到完美：也就是你拿到的完全是你下單的商品；你可以從所有你想要外送的地方取得配送；而且價格是可負擔的，或至少符合你在店內預期支付的價格。我認為從我們今天的位置到未來的目標之間，仍有很長一段距離。但我也為團隊所取得的進展感到非常、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.

Deepak，關於你的第二個問題，我們在投資理念方面的思考並沒有改變。你在第一季看到的是幾個因素的綜合結果。顯然，如你所提到的，我們的業務在 GOV 上有超預期表現，這也帶動了 EBITDA 的部分超預期。當我看各條業務線時，我們的核心餐廳業務仍在成長；即使在這樣的規模下，仍持續相當不錯地成長，且已連續好幾個季度維持強勁且穩定的成長。該業務線的獲利能力也在持續改善。我們的投資領域——包括新垂直類別與國際業務——第一季表現非常強勁。成長強勁，我們在兩個領域都持續提升市占，同時利潤率也較前一季以及較去年同期都有所改善。

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.

現在如果你把這點與我們在營運費用上的紀律結合起來——過去連續 3 個季度 OpEx 都持平——這就帶來了你在業務中看到的部分 EBITDA 上行空間。話雖如此，我們也一直在尋找把資金再投回業務的機會，但有些時候並不存在任何有效率的投資，讓這些效益直接落到淨利（bottom line）對我們而言也是可以接受的。整體而言，我們的理念是在投資上保持紀律的同時，持續推動高效率成長。而我們用來衡量紀律的其中一個參數，就是我們所提供的 EBITDA 指引。

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?

也許先問一個比較宏觀的問題：你們如何看待生成式 AI 對 DoorDash 的機會？我知道 AI 可能已經在這個平台/市集中整合了相當一段時間。但是否有任何新的機會正在被打開？第二，像最近與 Starbucks 的公告這類餐廳特定的合作夥伴關係，對於推動 GOV 以及每筆訂單的貢獻利潤（contribution profit per order）有多重要？有沒有什麼方式可以幫我們框架化其效益？

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。Bernie，我想兩個我都可以回答。我是 Tony。第一個關於生成式 AI 的部分，我的意思是，這確實是它的登場時刻，對吧？我覺得這非常令人興奮，無論是作為技術人員、作為產品使用者，或是就坦白說看到開發者每天都在多快地做出改變而言都是如此。所以我認為對我們來說，重要的是提醒自己我們的使命。我們的使命是真正打造「定義性的在地商務公司」，這意味著當你同時面臨兩場戰役——一場是爭奪「位元（bits）」與數位注意力的戰役，另一場是爭奪「原子（atoms）」的戰役——我們非常明確地站在第二類，也就是確保我們能贏下那場戰役。因此，我們的重點仍然是確保我們擁有最高品質的最後一哩物流網路，並確保這項資產在未來與數位助理介接時，是最有用、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.

不過話雖如此，我們確實已經在內部針對生成式 AI 方面、一些最新發表的模型進行各種不同的實驗。我認為它在提升生產力方面很有潛力，尤其是在我們嘗試把實體世界數位化、並為每個城市建立商品目錄時，需要做的許多人工工作上。我也認為它在降低摩擦、讓消費者體驗與購物體驗更容易方面同樣很有潛力。所以我想你可以期待未來會有很多有趣的事情發生，而我們會是其中很重要的一部分。

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.

我想你的第二個問題主要是關於增加餐廳選擇，特別是像 Starbucks 這樣的公司加入平台。我是說，這當然一直是我們打造產品的重要一環，對吧？對我們而言，始終是要改善選擇、增加客戶想要的內容。這也包括提升配送體驗的品質、改善我們服務的可負擔性，以及客戶支援。因此，選擇一直是關鍵，確保我們能提供客戶想要的東西。引進 Starbucks 是我們非常興奮要做的事，我們也期待有更多合作夥伴關係。

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（Bank of America）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.

我有兩個問題。第一個是：我注意到在應用程式裡有很多類型的廣告與促銷，推廣一項新服務——你們會替客戶取件 UPS 和 FedEx 的包裹並進行配送。所以我想了解這項服務的高層策略是什麼，因為它看起來和你們其他服務非常不同，算是一個很酷的新功能。第二，我注意到應用程式介面最近在版面配置上有些重新設計。我很喜歡，因為它看起來讓你更順暢地重新下單你過去買過的東西。所以我想知道這次改版是否把「更容易重新下單」作為重點。

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。Michael，我是 Tony。我來回答這兩個問題。第一個關於包裹取件與配送，是的，這確實是我們非常興奮的一件事。但我認為在 DoorDash，非常重要的是再次認清我們想做的是什麼。我們想做的是確保我們能幫助任何實體商家成長，並把盡可能多的實體商家與盡可能多的消費者連結起來。而就這些連結而言，物流移動的方向其實不一定重要。

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，對我們來說，舉例而言，因為我們在美國已經達到最高的訂單密度，我們在能為許多客戶解決哪些問題的選擇上就有更大的彈性。我們聽到的其中一個問題，就是你剛剛提到的這類包裹訂單中「退貨」的處理需求。因此這真的還非常早期。我們在 DoorDash 一直都在嘗試很多新事物，希望能滿足不斷提高的客戶期待。這是其中之一。我們對目前的進展感到興奮，但 DoorDash 一直都在發生很多這類事情。

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.

第二個問題關於重新下單的一些改善，我們一直在努力降低下單體驗中的摩擦。當然，重新下單在我們最投入、最活躍的消費者之中特別受歡迎。但我們對 App 還有很多事情在做：我們想讓它更快、減少 bug、確保你能精準找到你想要的東西，也能發現可能很吸引人的新內容。所以我們一直在做很多事情來持續改善體驗，而核心使命始終是降低摩擦。

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

你的下一個問題來自 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簡短問題。我想知道你們看到的採用率如何。聽起來中小型商家（SMBs）是早期採用者，我們也很想聽到一些關於較大型 QSR（快速服務餐廳）以及他們對廣告平台興趣的細節。最後一個問題，如果你們願意分享：能否提供一些關於新垂直領域（new verticals）預訂/下單（bookings）成長的額外細節？或是幫助我們理解那塊業務目前的進展情況。

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.

好的。我先回答第一個關於廣告的問題，第二個問題我會讓 Ravi 來回答。就廣告而言，你說得沒錯，我們的起步相當不錯，而且成長速度很快，尤其考量到我們對自己設定的高標準：一方面，我們當然必須達成目標，並為廣告主與商家創造同級最佳的廣告投資報酬（return on ad spend）。另一方面，我們也必須提供最佳的消費者體驗，讓消費者所期待看到的內容幾乎不受到影響或完全不受影響。這很難做到，因為我認為很重要的一點是要記住：對任何平台型（marketplace）業務而言，尤其是任何想建立廣告業務的情況下，最重要的事情就是平台的互動與參與度（engagement）。

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，這是我非常自豪的一點：即使我們的團隊持續跟上我認為來自廣告主的需求——也就是他們想投放更多廣告——我們仍然必須以非常以消費者為本的方式來做到這一點，而我們的團隊在這之間取得了極為出色的平衡。我們在廣告端看到的需求，坦白說，來自各個商家細分市場，不論——而且這也適用於 CPG（民生消費品）公司，除了餐廳之外也是如此。因此，我們對於 SMB（中小企業）發現這是一種非常資本效率高的成長方式感到非常興奮；在某些情況下，我們甚至有效地充當了他們的行銷部門；一直到你所熟知的全球最大品牌——擁有全球最大預算的那些品牌——在與最大的本地商務平台合作時，也正在發現一個非常、非常大的增量使用情境。

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.

Michael，我補充一下 Tony 在你第二個具體問題上所談的內容：我們的廣告業務正在成長，而且成長得相當不錯。它其實也正在對我們的淨營收利潤率產生影響。我們對於該業務將會如何發展的看法，也已包含在我們對今年剩餘期間的 EBITDA 指引之中。

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

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.

我是代替 Mark 的 [Ian Peterson]。如果你們能就 DashPass 提供最新進展，以及你們能分享的任何參與度（engagement）趨勢（包含美國與國際訂閱業務、以及 Wolt 的情況），那就太好了。

[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.

[Ian]，謝謝你的問題。DashPass 又交出了一個很棒的季度，無論是在註冊數（sign-ups）還是訂閱用戶數（subscribers）方面。對我們而言，我們看待 DashPass 的方式是：你在城市裡想要的任何東西，每月 10 美元就能取得，無論是寵物食品、零售、雜貨，或是便利商店商品。這對我們來說是一個非常有吸引力的價值主張。我們看到的是，隨著我們持續提升整體產品品質、讓產品更可負擔、並擴大選擇，越來越多消費者會升級成為 DashPass 會員。這也帶動了業務的強勁表現，無論在美國本土或國際市場。我們對目前取得的進展非常有信心，而 Q1 對我們而言是 DashPass 非常強勁的一季。

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

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。感覺你們在國際市場拿到了更多市占。你們能談談你們看到的競爭態勢，以及是什麼帶來更強的動能嗎？另外，Ravi，我想追問你先前提到貢獻毛利（contribution margin）改善的回答。聽起來你們現在願意讓更多利潤落到最終損益（bottom line）。你能談談在新垂直領域（new verticals）方面的投資節奏嗎？是因為新垂直領域正在成熟？還是你們正在放慢某些初期成長計畫（可能更虧損）的投入？

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.

好的，我先回答第一個問題，也就是關於歐洲與競爭地位。我認為——這正好提醒我們，當初與 Wolt 合作、並由其在美國以外多數市場為 DoorDash 營運時，我們背後有許多投資論點。第一個論點是：當你擁有最高的留存率與互動頻率時，這才是真正能帶來最具資本效率的成長，尤其是在一個仍然有非常、非常長成長跑道的類別中。而這正是我們在 Wolt 業務的執行上所看到的結果。即使在去年第一季因 Omicron 而形成的艱難比較基期之下，你仍然可以看到 Wolt 年對年成長非常迅速，並且確實超越同業表現。

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，我認為其中很大一部分原因，同樣與 Wolt 所建立的消費者互動強度有關，而這也反映了產品品質。特別是當 Wolt 現在推出一些較新的產品，例如 Wolt Plus（相當於 DashPass），以及其他一些從 DoorDash 美國業務學習並借鑑而來的產品時，我認為未來幾年我們只會看到更多成長。

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.

Andrew，關於你的第二個問題，當我思考貢獻毛利改善時，我會從兩個面向來看。第一是核心餐廳業務正在成長，而且成長得相當不錯，同時獲利能力也在改善。第二，當我看投資領域、思考資本配置時，我會沿著兩個向量來評估：其一，該產品與投資是否在消費者需求上具備強烈的產品市場契合度（product-market fit）；其二，它們在單位經濟（unit economics）上是否正在進展。你在 Q1 看到的是，新垂直領域與國際業務都在成長，而且成長得相當不錯；它們在這兩個領域都在提升市占，同時利潤率也在環比與同比上雙雙改善。

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.

再加上，特別是在新垂直領域方面，我們具備結構性優勢：我們已經建立起消費者與 Dashers 的網路，這帶來了你在業務中看到的一些效率提升，而這也自然轉化為利潤率改善。當你把這兩個業務放在一起看，它們都在成長、而且成長得不錯，利潤率也在改善，核心基本面也在提升；這與我們早期在餐廳業務看到的情況非常相似。我們深信，只要持續良好執行，這兩個領域將會成為我們強勁自由現金流（free cash flow）產生的驅動力。

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.

換個說法，我們並沒有放慢任何投資——而是這些業務在營收端與獲利端都在成長，而你所看到的就是這些成果向最終結果的傳導（flow-through）。

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

下一個問題來自 Morgan Stanley 的 Brian Nowak。

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?

我有兩個問題。第一個，我想問你們如何看待美國新用戶成長的跑道（runway），以及在全年指引中，你們對於在美國平台新增用戶的成長類型大概是怎麼思考的？在目前滲透率的情況下，你們要如何做到？第二個關於 Wolt。你們持有這項資產已經有一段時間了，它的執行表現相當強勁。Tony，關於 Wolt，有哪一兩個讓你最驚訝的地方，是你在收購時可能沒有充分理解到的？

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.

好的。Brian，是的，我兩個問題都回答。第一個關於用戶採用（adoption），我認為有時候重要的是要記得：獲取新用戶與讓可能已經試用過產品的用戶更常使用，本質上沒有不同——我們都必須把產品做得更好。因此，不論是我們當下沒有足夠的選擇來吸引某位客戶在那個時刻或情境下使用、沒有合適的價格、沒有合適的速度和／或配送品質，或是我們在客服支援上出了差錯——我的意思是，這些都是我們贏得任何一位客戶的基礎要素。

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，人們每週吃飯 20 倍到 25 倍這件事，坦白說，正是我覺得成長跑道仍然非常長的原因。這不一定是在於你能不能服務所有使用者，以及我們在這段旅程走到哪裡。那是其中一部分，但接著你必須把它乘上每週 20 到 25 倍（以及那個潛力）。所以至少在我腦中是這樣運作的。對我而言，不論是我們想去吸引一位新使用者，或只是贏得一個新的使用情境，或是在客戶每週吃飯 20 到 25 次的場合中，增加一個增量使用情境，本質上都是一樣的。而我們也知道，這種情況一直都在發生。所以這是第一個問題。

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，我相信那是你的第二個問題，我想我會說幾點我更加深刻體會到的事情。我認為第一點是，他們以非常資本效率的方式競爭的能力，我覺得真的非常、非常有趣且獨特。我是說，我想有時候，尤其是現在 DoorDash 產生越來越多正向的自由現金流時，很容易就忘了在某些限制更緊、預算小得多的時候是什麼樣子。而我覺得看著 Wolt 在這方面能做到的事情，真的令人印象深刻。這也確實證明了團隊的實力，以及始終專注於產品、確保我們能持續提升留存與體驗頻率的能力，如此一來，我們才能真正勝出並做出好的投資，不只是今年，而是未來很多年。

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.

我認為第二點更像是對市場的評論：在許多歐洲市場中，我想我們——也許有時候因為我們住在美國，或住在其他電商較為領先、或使用者採用時間更長的國家——會忽略到，這些國家其實正處於大量實體店第一次上線的階段。這對餐廳當然成立，但餐廳以外也同樣如此。我認為你看到 Wolt 的快速成長，很大一部分來自於他們服務所有品類的能力。然後，和 DoorDash 非常相同的目標——成為在地商務公司——Wolt 也希望在其所有地理市場做到同樣的事。因此，我認為這個共同使命正是讓我們能夠非常順暢合作的原因。

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.

Brian，針對你關於指引本身的具體問題，我們確實預期使用者數以及下單頻率都會成長，而這也已經納入我們所提供的指引之中。

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

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。首先是關於指引，Ravi。再一次，如果我看 GOV——整體市場的 GOV，在中位數的情況下，成長大概是 20% 出頭。但如果我看過去 9 個月、也就是最近 3 個季度，其實更像是 29% 或 30%。這是否與 Wolt 現在進入年化比較有關，導致那個數字看起來下降？還是說，考量到總體環境等因素，可能只是能見度不足？這方面任何資訊都會很有幫助。然後我想，當你們看自由現金流時，當然你們的執行相當令人印象深刻。我們應該如何思考非餐廳業務達到正向自由現金流的時間點，是否會因為更強的營收成長而提前？那個時間點是否縮短了？

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.

好的，Youssef，我先從第一個關於 GOV 的問題開始，這裡有幾點。我先前提到，消費者參與度仍然強勁。當我看留存以及下單頻率時，我對我們在業務中看到的訊號感到非常樂觀。這也是讓我們有信心上調今年剩餘期間 GOV 指引的原因。針對你提到的成長率比較基期，我們在 6 月會進入 Wolt 收購案的比較基期（lap）。所以你會在下半年看到這件事帶來的影響。

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.

至於你第二個關於自由現金流的問題，當我看第一季的新垂直業務時，它在第一季表現非常強勁，不論是成長或是毛利率改善。支撐我們所看到的，是當我們持續提升品質、並持續讓產品更可負擔時，這不僅帶動營收成長，我們也看到業務效率提升，而這些效率正在促成毛利率的改善。就絕對金額而言，我們不會評論。但我對投資水準感到滿意，而這也已包含在我們今年剩餘期間的 EBITDA 指引中。

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

下一個問題來自 Citi 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?

我有兩個問題。Tony，在信中你提到雜貨品質與效率指標有雙位數的改善。你能否幫我們理解，這些改善具體是哪些，從而推動整體品質與效率的提升？任何洞見都會很有幫助。然後，Ravi，關於貢獻毛利率我想快速釐清一下。去年我記得我們看到便利（convenience）這個垂直業務變成變動貢獻為正。因此我想知道，是否有其他較新的垂直業務也在貢獻，考量到你提到的結構性優勢？或者你是否預期雜貨、酒類或其他業務，會在今年底前開始至少提供變動貢獻毛利率？

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.

好的。Ron，關於第一個問題——雜貨產品品質的提升。其中很大一部分源自於：今天的實體店，也就是雜貨店，並不總是能精確知道貨架上到底有哪些商品。而這是一個相當難解的問題，原因有很多。我們真的可以講上好幾個小時，談所有不同的原因。但我們在這個問題上做得更好了，確保我們能把你下單的商品精準交付給你。我不是說我們已經完美。我也在前面某個問題提到，我希望這個產品體驗達到的水準，距離現在仍然還有很長的路要走。

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.

但我認為在我們做這件事的兩年裡，已經取得了巨大的進展。我想也因此，你會看到我們在信中提到的分群（cohort）參與度提升。這也因此展現出一種基本上以資本效率方式成長的路徑，因為對我而言，達成資本效率最好的方式，就是透過提升產品品質。我認為我們看到了一個非常漂亮的一對一相關性。而這確實源自於多個季度的努力，並在本季度的一些結果中呈現出來。

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.

Ron，關於你第二點，對，就像補充 Tony 所說的，我們在業務中推動的一些品質改善，也正在帶來效率提升。你提到的第三方便利業務在變動利潤上是正向的，而且持續改善。我們新垂直業務[umbrella]中的所有品類，無論是雜貨、我們的 DashMart 業務，或是第三方便利業務，都在改善。我們對進展感到樂觀。我們也在信中提到，整體而言，以毛利率/利潤率基礎來看，我們的新垂直業務無論是按季或按年都在改善。

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

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?

第一個關於 AI。我知道生成式 AI 是每位投資人最關心的議題。但我想從內部角度來說，或許談談長期而言，你們如何思考運用 AI 來提升工程師、行銷、業務人員的生產力？另外在結構上，你是否認為 DoorDash 以及所有矽谷公司在開始把 AI 應用到所有內部流程、也就是成為這些生產力工具的第一波採用者之後，將會變得更有獲利能力？

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?

第二個問題是關於新垂直業務的利潤率。你們推出這些新垂直業務已經幾年了，感覺它們開始拉升整體的利潤率輪廓。所以也許從結構面來看，你能否談談核心餐廳（最獲利的）業務，與所有新垂直業務之間的各種拉鋸與取捨？當你們開始把它們帶來的增量利潤疊加進來時，我們應該如何思考整體獲利能力的穩態（steady state）？

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.

好的。我先回答第一個問題，第二個也許 Ravi 可以回答。關於 AI 以及它改變你在問題中提到的某些職能發展軌跡的能力，我的看法是，我認為它確實代表著大量生產力提升的承諾。至於這些生產力提升會如何反映在一家公司的財務結果上，我認為非常難估算，因為一方面，你會有同樣數量的人，期望在更先進的工具加持下，用現有資源做更多事。

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，你也不能忘了客戶。客戶的期待永遠只會越來越高。以寫程式為例，工程師的人數似乎幾乎永遠不夠，無論是對工程人才的需求，還是坦白說，要打造的東西實在太多。因此我認為會有兩股力量在競爭：一是生產力提升，我確實預期會看到；但另一方面，我也相信客戶期待永遠只會朝一個方向走，就是越來越高。所以我認為這兩者之間的平衡，將是我們所有人都會共同面對的課題。

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，關於你第二個利潤率的問題，我的看法是——我們的核心餐廳業務在成長，同時整體獲利能力也在改善。但我們在整個餐飲產業的總銷售中仍只占很小一部分，所以我們會持續在這項業務上投入。持續投資於品質、投資於讓產品更可負擔，這很重要，因為那將推動該業務的長期成長。

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.

第二，關於新垂直業務，我們看到的是 Tony 在前一題提到的一些品質改善，正在推動業務效率。整體而言，該業務的利潤率無論按季或按年都在改善。但那個市場非常大，我們的滲透率仍然偏低。我認為如果我們持續改善整體產品，將能為我們帶來長期的自由現金流創造。這是一項我們會持續投資的業務，並持續改善消費者、商家以及 Dashers 的產品體驗。

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

下一個問題來自高盛（Goldman Sachs）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?

如果可以的話，我想快速問兩個。第一，當你展望 2023 年及之後的市場環境時，在你們平台的商家端，你們仍認為需要做哪些關鍵投資，才能持續推動更多商家成長、更多商家採用，並在商家端建立更深的關係與市占？這是第一點。第二，當你看得更長遠時，我們應該如何思考你們讓 App 變得更「可購物」（shoppable，姑且這麼說）？我們在上一通電話會議談到提升用戶群的速度與訂單量。我很好奇，考量你們 App 有大量直接流量，你們如何思考把你們已建立的 SKU 多元化疊加上去，並可能在所有這些 SKU 上推動更高的 App 內下單頻率？

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.

好的。Eric，這兩個問題我都來回答。第一個關於商家，我的意思是，簡短的答案是：我們必須解決他們越來越多的問題，才能與他們更深入合作，目標是幫助他們提升同店銷售與獲利能力。而且有時候這些事情會有擺盪，對吧？例如稍微拉遠來看，在 21 年與 22 年，特別是當消費者大量回流到實體店時，商家很重視確保人力配置足以滿足店內需求，因此可能需要暫時把數位端的油門放鬆一些。你現在開始看到這種情況又擺回來了，例如當這些商家跨過（lap）那些店內成長的年度後，現在又回到投資其數位通路。

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類起伏。但我認為這一切的核心，都是我們如何為商家打造足夠的工具與產品，讓他們更了解客戶、更能與客戶互動、建立長期關係；並透過第一方通路來做到這點——不論是透過 DoorDash Drive 與 Storefront 這類產品提供支援，或是在市集中的第三方 DoorDash 平台。因此我認為我們還有很多要做，必須持續解決越來越多問題，因為就像消費者期待一樣，商家的期待也會提高。我認為他們永遠都會處在這種狀態——當你是企業主，特別是像我媽媽那樣或是單店店主，你腦中會有 50 件事。但歸根結底，你永遠在思考成長與獲利之間的取捨與動態。

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，我理解是：如何讓 App 更可購物（shoppable），這是個非常棒的問題。我認為這將會是——也是我們正在推進的方向：我們正越來越成為一個多品類的目的地。你當然可以從數據中看到這點。我想你也能從這個事實看出來：我們現在在雜貨與便利領域獲得的新客戶數，第一次超過其他任何人——因此我認為這告訴我們，客戶期待 DoorDash 能交付這些體驗，不論他們是想從 DICK'S Sporting Goods 買一支棒球棒，或是想從雜貨店買一磅生菜。

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.

因此我們現在正在做很多事情。我們正在改善商品目錄。我們正在確保搜尋功能有所提升。我們正在確保我們能打造以商品為核心的購物體驗。為了把實體世界以數位方式建立目錄，並與我們的商家協同呈現該目錄，使其對消費者而言合乎邏輯、同時也能達成商家的目標，我們必須做很多事情。我的意思是，這是我們肩負的一項微妙且非常重要的責任：確保 DoorDash 能為所有人運作。而如果它能為所有人運作，那麼我們相信成果將會是我們引以為傲的。

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

您的下一個問題來自瑞銀（UBS）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，我有兩個關於一些數字的問題。第一，若我們看銷售與行銷，看起來從第四季到第一季的成長有些加速。想請問這是否算是一種新的、較新的常態？另外，我們也看到毛利率有不錯的提升。所以想請問，我們是否應該把這視為一個新的水準，還是只是持續擴張的過程？

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.

Lloyd，我先回答毛利率的問題。在上一次電話會議中，我提到 2023 年的毛利率會高於第四季的水準。你現在在業務中看到的正是如此。這裡有幾個因素在發揮作用。過去 1.5 年，我們在產品端推動了多項改進，使我們的物流引擎更有效率，而你也看到這種槓桿效應反映在每筆訂單的 Dasher 成本上。品質一直是我們的關鍵優先事項。我們注意到，隨著我們持續改善品質，留存率也在提高。我們也看到其帶來的好處，包括成長，以及較低的補償金與退款成本。再加上我們先前提到、正在成長的廣告業務，也對我們的毛利率產生影響。話雖如此，我們並不是以特定的毛利率目標來經營或運作這項業務。我們的目標是在損益表（P&L）上保持彈性投資，以推動高效率的成長。

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.

至於你第二個關於銷售與行銷的問題，第一季對我們而言在營收端的交易量表現強勁。為了支撐該交易量，我們必須招募更多 Dashers。這導致你的 Dasher 招募成本上升，進而推高銷售與行銷費用。不過，我不會對這種波動做過度解讀。如果你回顧過去一年的趨勢，我們在銷售與行銷方面實現了大量的槓桿效益，這都來自我們所做的產品改進。我確實預期銷售與行銷端會有更多槓桿效益，而這個觀點也已納入我們所提供的 EBITDA 指引之中。

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

您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?

我想更深入了解 DashPass 會員對雜貨、零售與便利等新垂直品類的採用情況，以及與非會員相比如何。與此相關的是，我們知道 DashPass 會員在成為會員後下單更多，且下單量也高於非會員。但我想請問，你們是否能提供一些補充說明：這些提升幅度與下單頻率在不同垂直品類之間有何差異？使用者成為會員後，雜貨或零售訂單的增幅是否甚至高於餐廳訂單？

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.

John，我是 Tony。我來嘗試回答你的問題。我不認為我們是以那種方式經營業務，也就是說，我們不一定是在刻意引導客戶進入某一個品類或另一個品類。相反地，我們要做的是在每個品類內打造同級最佳的體驗，然後讓客戶自行選擇在那一次購物情境下，哪一種體驗對他們最有意義。然後如你所說，DashPass 是我們可以跨品類串接的工具，以提供最大的可能價值，因為在 DashPass 會員資格之下，我們會把你所在城市內的一切都提供給你。所以我不認為我們是在刻意把人往某個方向引導。我想直覺上，熟食、像餐廳食物這類，會有最高的下單頻率。但這也合理，因為我們每週會吃 20 到 25 次，這相較於其他品類，是我們所擁有的最高頻購物品類。

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.

不過話說回來，我先前提到——或在回答先前的問題時提到——我們現在在餐廳食物以外的領域，吸引到的新客戶數量比任何其他人都多。因此，人們現在第一次來到 DoorDash，不只是為了購買餐廳食物，也會購買他們的雜貨、酒類需求、零售商品，等等等等。所以我認為，只要我們持續在每個品類內打造最佳的購物體驗，並在品類之間加以串接，再疊加 DashPass 的價值，我們就會處於良好的位置。

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。今天的電話會議到此結束。您現在可以中斷連線。