DoorDash Inc (DASH) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the DoorDash Second Quarter 2023 Earnings Call. My name is Briana, and I will be your conference operator today. Please note that this call is being recorded. (Operator Instructions)

下午好，歡迎參加 DoorDash 2023 年第二季度財報電話會議。我叫 Briana，今天我將擔任你們的會議操作員。請注意，此通話正在錄音。 （操作員說明）

I will now turn the call over to Andy Hargreaves, you may begin your conference.

我現在將把電話轉給安迪·哈格里夫斯，您可以開始會議了。

Thanks, Briana. Good afternoon, everyone, and thanks for joining us for our second quarter 2023 earnings call. I'm very pleased to be joined today by Co-Founder, Chair and CEO, Tony Xu; and CFO, Ravi Inukonda.

謝謝，布賴安娜。大家下午好，感謝您參加我們的 2023 年第二季度財報電話會議。我很高興今天聯合創始人、董事長兼首席執行官托尼·徐 (Tony Xu) 加入我們的行列。和首席財務官 Ravi Inukonda。

We'll be making forward-looking statements during today's call, including our expectations for business, financial position, operating performance, our 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 Form 10-Ks and 10-Qs. You should not rely on our forward-looking statements as predictions of future events. We disclaim any obligation to update any forward-looking statements, except as required by law.

我們將在今天的電話會議上發表前瞻性聲明，包括我們對業務、財務狀況、經營業績、市場指導、戰略、投資方法、與商家和消費者的協調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 SEC 提交的文件（包括 10-K 表格和 10-Q 表格）中描述了許多此類不確定性。您不應依賴我們的前瞻性陳述作為對未來事件的預測。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

During this call, we will discuss certain non-GAAP financial measures. Information regarding our non-GAAP financial measures, including a reconciliation of such non-GAAP measures to the most directly comparable GAAP financial measures, may be found in our earnings press release, which is available on our IR website. These non-GAAP measures should be considered in addition to our GAAP results and are not intended to be a substitute for our GAAP results.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。有關我們的非 GAAP 財務指標的信息，包括此類非 GAAP 指標與最直接可比的 GAAP 財務指標的調節，可以在我們的收益新聞稿中找到，該新聞稿可在我們的 IR 網站上找到。除了我們的 GAAP 結果之外，還應考慮這些非 GAAP 衡量標準，並且這些非 GAAP 衡量指標不能替代我們的 GAAP 結果。

Finally, this call is being audio webcasted on our IR website. An audio replay of the call will be available shortly after the call ends. Briana, I'll pass it back to you, and we can take our first question.

最後，本次電話會議將在我們的 IR 網站上進行音頻網絡廣播。通話結束後不久將提供通話的音頻重播。 Briana，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 Deepak Mathivanan with Wolfe Research.

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

Great. Maybe one for Tony and one for Ravi. Tony, can you give a little more color on what categories drove the acceleration in U.S. nonrestaurant verticals in 2Q? Are there any that is sort of at an inflection point of the S-curve where we can expect healthy contribution to growth over the next few quarters?

偉大的。也許一份給托尼，一份給拉維。托尼，您能否詳細說明一下哪些類別推動了第二季度美國非餐廳垂直行業的加速發展？是否有任何因素處於 S 曲線的拐點，我們可以預期在未來幾個季度對增長做出健康的貢獻？

And then maybe one for Ravi. The illustrative Excel calc was very helpful. And can I ask maybe if you kind of like think about DASH in the context of that, where the company currently is, do you think you're in year 2 or year 4 in the chart? Or maybe asked another way, are you at a place right now where the rate of profitability increase in many different businesses is kind of offsetting the rate of losses in a view, which could lead to sort of sustained profitability improvement? Or is this sort of a transitory period in which you're looking for signals before you scale investments in many other products? Any context you can add would be great.

也許還有一個是給拉維的。說明性的 Excel 計算非常有幫助。我可以問一下，您是否願意在該公司目前所處的背景下考慮 DASH，您認為您處於圖表中的第 2 年還是第 4 年？或者換個方式問，您現在是否處於這樣一個境地：許多不同業務的盈利率增長在一定程度上抵消了虧損率，這可能會導致盈利能力持續改善？或者說，這是您在擴大對許多其他產品的投資之前尋找信號的過渡時期？您可以添加的任何上下文都會很棒。

Deepak, it's Tony. I'll take the first one on growth outside of restaurants. I mean, hopefully, you all saw in our June update, when we celebrated 10 years as a company, we actually rolled out one of our biggest product updates this year. And that really -- one of the featured things that we shipped was actually the launch of both our grocery and retail tabs. And I think there's another good example of how we do product development in a very disciplined way, which kind of, I think, aligns a bit to the sentiments behind your second question, where everything effectively is stage-gated and we give maximum exposure or investment once we see that they are ready for prime time.

迪帕克，我是托尼。我將選擇第一個關於餐館以外的增長的問題。我的意思是，希望你們都在我們 6 月份的更新中看到，當我們慶祝公司成立 10 週年時，我們實際上推出了今年最大的產品更新之一。事實上，我們推出的特色產品之一實際上是我們的雜貨和零售標籤的推出。我認為還有另一個很好的例子，說明我們如何以非常有紀律的方式進行產品開發，我認為這與你的第二個問題背後的情緒有點一致，即一切都有效地進行階段性控制，我們給予最大程度的曝光或一旦我們看到他們已經準備好迎接黃金時段，我們就會進行投資。

And I think when it comes to a lot of these categories outside of restaurants, I think you saw a lot of that growth for us happen in the first couple of years with the pandemic in which we launched with third-party convenience retailers, whether they be the likes of Walgreens, CVS, 711 and many, many others. But then over the last 2.5 years, we've built a multibillion-dollar grocery business from scratch and it was really ready for prime time exposure. And that's one of the things that you saw as we now have more non-restaurant stores on the platform in North America versus any other platform. We're growing faster than every other platform and gaining share dramatically in virtually all categories and certainly -- and very specifically also in grocery.

我認為，當談到餐館以外的許多此類類別時，我認為您看到我們的很多增長發生在頭幾年，隨著我們與第三方便利零售商合作推出的大流行，無論他們是諸如Walgreens 、CVS、711 等。但在過去的 2.5 年裡，我們從零開始建立了價值數十億美元的雜貨業務，並且已經做好了迎接黃金時段曝光的準備。這就是您所看到的事情之一，因為與任何其他平台相比，我們現在在北美平台上擁有更多的非餐廳商店。我們的增長速度比其他所有平台都快，並且在幾乎所有類別中都大幅增加了份額，當然，特別是在雜貨領域。

You also see this in retail. We've seen a lot of growth in categories that is even outside of food, whether that be in sporting goods with Dick's sporting goods or office supplies with Office Depot and OfficeMax or the pet category with PetSmart and Petco or the health and beauty category with Sephora. So a lot of this is happening and we found ourselves in a position where not only were we seeing very resilient growth in the core U.S. restaurants category at all-time high frequencies, which gives us just more shots on goal to introduce a lot of these new categories, but we also saw the readiness in terms of product market fit, from a selection, quality of service and affordability perspective, when it came to our grocery and our retail offerings, and that's why we made the announcement and why we shipped the features that we did in June.

你在零售業也能看到這一點。我們看到食品以外的品類也出現了很大的增長，無論是迪克體育用品的體育用品，Office Depot 和 OfficeMax 的辦公用品，PetSmart 和 Petco 的寵物品類，還是絲芙蘭。因此，很多這樣的事情正在發生，我們發現自己處於這樣的境地：我們不僅看到美國核心餐廳類別以前所未有的高頻率實現了非常有彈性的增長，這讓我們有更多機會推出更多這些餐廳新類別，但我們也看到了產品市場契合度方面的準備情況，從選擇、服務質量和負擔能力的角度來看，當談到我們的雜貨和零售產品時，這就是我們宣布這一消息以及我們發貨的原因我們在六月份所做的功能。

Deepak, to your second point, maybe taking a step back, like what you're seeing in the business is a combination of a couple of things. One, the growth in the business continues to be very strong. In fact, in Q2, growth actually accelerated compared to Q1. Given the business is positive on a unit economic basis, that's driving some of the upside in EBITDA that you're seeing in the business. At the same time, our core restaurants business is continuing to improve in terms of overall profitability as well as both new verticals as well as international are also becoming efficient when you look at the unit economics year-on-year. That's driving the underlying EBITDA upside that you're seeing in the business.

迪帕克，對於你的第二點，也許退後一步，就像你在業務中看到的那樣，是幾件事的結合。第一，業務增長繼續強勁。事實上，與第一季度相比，第二季度的增長實際上有所加快。鑑於該業務在單位經濟基礎上是積極的，這推動了您在該業務中看到的 EBITDA 的一些上漲。與此同時，我們的核心餐廳業務在整體盈利能力方面持續改善，從單位經濟效益來看，新的垂直行業和國際業務也變得高效。這推動了您在業務中看到的潛在 EBITDA 上漲。

But for us, as you know, it's always important that we are constantly looking to reinvest back in the business. We did that in Q2 as well, which drove some of the upside in growth as well as the category share gains that Tony talked about. Two, as I look forward, our goal is to constantly reinvest because our goal is to build the largest local commerce business possible. And referring back to the chart, right, ideally, the chart goes on forever because we're always looking to manage efficiently. We're always looking to reinvest back in the business to build the largest local commerce business possible.

但如您所知，對我們來說，不斷尋求對業務進行再投資始終很重要。我們在第二季度也做到了這一點，這推動了增長的一些上升以及托尼談到的類別份額的增長。第二，正如我所期待的，我們的目標是不斷再投資，因為我們的目標是建立盡可能最大的本地商業企業。回頭看看圖表，對吧，理想情況下，圖表會永遠持續下去，因為我們總是尋求有效的管理。我們始終尋求對業務進行再投資，以建立盡可能最大的本地商業業務。

Your next question comes from Mark Mahaney with Evercore.

您的下一個問題來自 Evercore 的 Mark Mahaney。

Okay. Let me try 2 questions. One high-level question for you, Tony. You talked about solving big problems for local commerce. So could you just sketch out what you think are some of those big problems that you've not yet fully or not yet partially addressed like logistics and marketing? Like when you think about those problems beyond that, what do you think are the biggest problems for local commerce? And then would you provide any color on -- just talk about Wolt, the acquisition we are year on in? How do you think that's fared, has it gone according to plan, better than plan, the year on in, the positive and the negative surprises you've come across?

好的。讓我嘗試 2 個問題。托尼，有一個高級問題要問你。您談到了解決當地商業的大問題。那麼，您能否概述一下您認為尚未完全或部分解決的一些大問題，例如物流和營銷？就像當您思考除此之外的問題時，您認為本地商業最大的問題是什麼？然後您能提供一些關於我們去年收購的 Wolt 的信息嗎？您認為進展如何，是否按計劃進行，是否比計劃更好，今年以來，您遇到的積極和消極的驚喜？

Mark, I'll take both of those questions. On the first one, with respect to large problems to solve, I mean first, I think this probably goes without saying, but I think it's worth repeating just given the resilience or continued resilience, I should say, of the strength of the restaurant delivery business. And even though that business has achieved a great deal, it's still single-digit percentage representation of the restaurant industry in terms of total sales.

馬克，我會回答這兩個問題。關於第一個問題，關於要解決的大問題，我的意思是，首先，我認為這可能是不言而喻的，但我認為值得重複一下，我應該說，考慮到餐廳送貨實力的彈性或持續彈性商業。儘管這項業務取得了巨大的成就，但就總銷售額而言，它在餐飲業中所佔的百分比仍然是個位數。

So I think I don't want to just skip over some of the businesses that we do run today versus just talk exclusively about the invention of new businesses or solving new problems. So I think there's still a lot to solve in our core business, which, I believe, has many, many years of runway in it. And when we talk about some of these new categories, that's obviously almost starting just many years behind given the fact that we launched a lot of these new businesses about 2.5 years ago. So I want to start with that as context.

因此，我認為我不想跳過我們今天運營的一些業務，而只是專門談論新業務的發明或解決新問題。因此，我認為我們的核心業務還有很多問題需要解決，我相信核心業務已經有很多年的發展了。當我們談論其中一些新類別時，考慮到我們在大約 2.5 年前推出了許多此類新業務，顯然這幾乎是在幾年後才開始的。所以我想以此作為背景開始。

But I think when you talk about a lot of local commerce, I mean, let's think about it. I mean the pandemic in many ways was a very alarming and aggressive wake-up call for every business to be an omnichannel business. And I think for period of time, it forced physical retailers to exclusively invest in online because that was the only channel available to them. But I think that as we now kind of -- especially as e-commerce goes back into a bit of the steady-state curve of adoption, I think there's a lot of problems that are to solve.

但我認為當你談論很多本地商業時，我的意思是，讓我們考慮一下。我的意思是，從很多方面來說，這場流行病對每個企業都敲響了全渠道業務的警鐘。我認為在一段時間內，它迫使實體零售商專門投資在線，因為這是他們唯一可用的渠道。但我認為，隨著我們現在的發展，特別是當電子商務回到採用的穩態曲線時，我認為有很多問題需要解決。

I think that there's -- the world only tends to want to go faster. Customer expectations tend to only go in one direction when it comes to something like delivery, whether that's with food or other types of items beyond food, that is only going to happen at a greater and greater rate. And if you're a physical retailer, you need to think about how you're going to participate in that. And so there's lots of logistical problems we have to solve in order to do that. And we're investing quite tremendously in building up certainly these partnerships, but also in a lot of infrastructure so that we can create the tooling with products like DashMart such that we can work concurrently with all of these retailers so that they can actually compete, I think, at the highest scales with global ambitions.

我認為世界只是想走得更快。當涉及到諸如送貨之類的事情時，客戶的期望往往只會朝一個方向發展，無論是食品還是食品以外的其他類型的物品，這種情況只會以越來越快的速度發生。如果您是實體零售商，您需要考慮如何參與其中。為此，我們必須解決許多後勤問題。我們在建立這些合作夥伴關係方面投入了大量資金，而且還在大量基礎設施方面進行了投資，以便我們可以使用DashMart 等產品創建工具，這樣我們就可以與所有這些零售商同時合作，以便他們能夠真正競爭，我認為，具有全球雄心的最高規模。

So I think that's a big part of still making sure that last mile delivery can be true, not just for a handful of retailers, but for every retailer, small, medium and large.

因此，我認為這仍然是確保最後一英里交付能夠實現的一個重要部分，不僅對於少數零售商，而且對於每個零售商，無論是小型、中型還是大型。

Second and beyond this, there's a lot of tools that now local businesses need to invent. I think a lot of times people think, oh, e-commerce, that's just a website or that's just a mobile app and you're done. Well, actually, everything needs to be rethought of, right? For example, if you used to take care of customer support request inside your store, whether it's a shopping request or a dining request, well, you can't do that anymore if the orders are happening through your digital channel. You're going to have to invent customer service in a different way. If you're used to being once very successful buying real estate at the right locations at the right prices, and effectively using that as a way to market. Well, that's no longer good enough and there's going to be many ways in which you're going to have to think about not only attracting customers but building repeat relationships with all of the customers that you do have.

其次，除此之外，本地企業現在還需要發明很多工具。我想很多時候人們會想，哦，電子商務，這只是一個網站，或者只是一個移動應用程序，你就完成了。嗯，其實，一切都需要重新考慮，對嗎？例如，如果您過去負責處理商店內的客戶支持請求，無論是購物請求還是用餐請求，那麼如果訂單是通過數字渠道進行的，您就不能再這樣做了。您將不得不以不同的方式發明客戶服務。如果您習慣於曾經非常成功地以合適的價格在合適的地點購買房地產，並有效地將其用作營銷方式。好吧，這已經不夠好了，您不僅要考慮吸引客戶，還要考慮與所有現有客戶建立重複關係的多種方式。

And so I think there's lots of problems to solve. But whether that's in logistics, whether that's in customer service, whether that's in, honestly, every part of what you do now needs to turn from physical to digital. That's what all businesses need to do. So there's a lot of work and the road map ahead is quite lengthy.

所以我認為還有很多問題需要解決。但無論是在物流方面，無論是在客戶服務方面，還是在客戶服務方面，老實說，您現在所做的每個部分都需要從物理轉向數字。這是所有企業都需要做的。因此，還有很多工作要做，而且前面的路線圖也相當漫長。

Your second question was about Wolt. In short, Wolt is meeting our expectations, which are really high to start with. I mean in general, we tend to have very high expectations of ourselves. And I think when you look at the Wolt performance or the thesis, I should say, starting a couple of years ago before we closed the partnership a year ago, it was really betting on a world-class team that has achieved the highest retention and order frequency. In other words, built the best product in the world and whether or not we can keep growing those geographies, which had long runways for growth as well as take some of their exceptional management and run a global portfolio. And so those are kind of the 2 theses involved a couple of years ago.

你的第二個問題是關於沃爾特的。簡而言之，Wolt 滿足了我們的期望，我們的期望確實很高。我的意思是，總的來說，我們往往對自己抱有很高的期望。我認為，當你看到沃爾特的表現或論文時，我應該說，從幾年前開始，在一年前我們結束合作關係之前，它實際上是在押注於一支世界級的團隊，該團隊實現了最高的保留率和訂單頻率。換句話說，打造世界上最好的產品，以及我們是否能夠繼續發展那些有很長的增長跑道的地區，以及採取他們的一些出色的管理和運營全球投資組合。這些是幾年前涉及的兩篇論文。

And on the first point of whether or not we can keep growing. I mean, I think you kind of see it in the growth rates. We are growing at multiples of what anyone else is growing internationally, and we are also improving our unit economics at the same time. And so I think from a business perspective, that's really meeting the bar.

關於第一點，我們能否繼續增長。我的意思是，我認為你可以從增長率中看到這一點。我們的增長速度是國際上其他公司增長速度的數倍，同時我們也在提高我們的單位經濟效益。所以我認為從商業角度來看，這確實符合標準。

The second is more of a management perspective. And what you see there is that, well, actually, Micky and the team actually runs all of DoorDash's markets outside of the U.S. And so I think we're seeing a very strong side on that front as well as that team now is taking up a bigger geography and we now get to split the management bandwidth in the right way so that we can give international, which is a huge investment area for us, the right single-threaded focus and do the same for our U.S. business as well.

第二個更多的是管理角度。你看到的是，實際上，Micky 和他的團隊實際上運營著 DoorDash 在美國以外的所有市場。所以我認為我們在這方面看到了非常強大的一面，並且該團隊現在正在佔據主導地位更大的地域，我們現在可以以正確的方式分割管理帶寬，以便我們可以為國際（這對我們來說是一個巨大的投資領域）提供正確的單線程焦點，並對我們的美國業務也做同樣的事情。

Your next question comes from Nikhil Devnani with Bernstein.

您的下一個問題來自伯恩斯坦的尼基爾·德夫納尼 (Nikhil Devnani)。

I had one on the investment framework as well in the letter. So you mentioned kind of a 6-year period of investment and $1 billion spent on U.S. restaurants before it started to generate some cash. When you look at the investment areas you have today, do you expect them to take longer to return and cost more because they might be more operationally complex so there's more incumbents? Or do you expect the return to actually be quicker because you've already built a strong network of consumers and Dashers?

我在信中也提到了投資框架。所以你提到了在美國餐館開始產生一些現金之前，對美國餐館進行了 6 年的投資和 10 億美元的投資。當您審視當今的投資領域時，您是否預計它們需要更長的時間才能獲得回報且成本更高，因為它們的運營可能更加複雜，因此有更多的現有企業？或者您是否期望回報實際上會更快，因為您已經建立了強大的消費者和 Dasher 網絡？

And then maybe a second question. Tony, you've talked about people eating 20 to 25x a week as the opportunity. What's the ceiling you think on frequency for your business and kind of the primary constraints between bridging the gap to that point?

也許還有第二個問題。托尼，你說過人們每週吃 20 到 25 次食物是一個機會。您認為您的業務頻率的上限是多少，以及彌補這一差距的主要限制是什麼？

Yes. All right. Well, Nikhil, maybe I'll take both of those. I think the first is on the, how we think about investments and the second is really around where we are on frequency and where it can go. On the first -- let me just say, we kind of offered a quantitative framework in the shareholder letter on how we thought about things. But it was meant as a guide, not as something that is just a formula that always can be applied, right? I mean, sometimes these things take judgment and -- and so the answer to your question about are time lines or investment dollars going to be larger or longer or shorter or I guess, less, it really depends on the problem at hand, right?

是的。好的。好吧，尼基爾，也許我會兩者兼而有之。我認為第一個是我們如何看待投資，第二個是我們的投資頻率和投資方向。首先，我只想說，我們在股東信中提供了一個關於我們如何看待事物的量化框架。但這只是一個指南，而不是一個永遠可以應用的公式，對嗎？我的意思是，有時這些事情需要判斷，所以你的問題的答案是時間線或投資金額會更大、更長還是更短，或者我猜，更少，這實際上取決於手頭的問題，對嗎？

I mean, obviously, we have a benefit of having the largest local commerce audience that has the greatest frequency, which gives us the most shots on goal. But that doesn't mean that we just win de facto. I mean we have to still build the best-in-class product for each problem that we're trying to solve and then I think the benefit of the scale will actually -- really translate in a way that makes productive sense for all of the audiences and frankly, generate a great return for everybody.

我的意思是，顯然，我們有一個好處，那就是擁有最大的本地商業受眾，頻率最高，這讓我們有最多的射門機會。但這並不意味著我們只是事實上的勝利。我的意思是，我們仍然必須為我們試圖解決的每個問題構建一流的產品，然後我認為規模化的好處實際上會以一種對所有人都具有生產力意義的方式轉化。觀眾，坦率地說，為每個人帶來巨大的回報。

And so I don't think there's necessarily one way to think about this. We try our best to apply first principles approach to each problem. We obviously want to take advantage where we can. But the way we tend to think about this is, first and foremost, how do we solve a problem that -- in a way that is significantly better than how incumbents are doing it today? Make sure that we are very disciplined in both the product investment as well as the dollar investment in which we stage gate those investments because precious resources, whether it's the attention we can give in our distribution or the dollars that we have in our budget or frankly, the people that we have working at the company, that's a big consideration.

所以我認為不一定有一種方法來思考這個問題。我們盡力將第一原理方法應用於每個問題。顯然，我們希望盡可能地利用這一點。但我們傾向於思考這個問題的方式是，首先也是最重要的，我們如何解決一個問題——以一種比現有企業今天的做法明顯更好的方式？確保我們在產品投資和美元投資方面都嚴格遵守紀律，因為這些投資是寶貴的資源，無論是我們可以在分銷中給予的關注，還是我們預算中的美元，或者坦率地說，我們公司的員工，這是一個重要的考慮因素。

And then the final consideration is whether or not we see an efficient path towards strong long-term economics. And so that's just, in general, how we think about it, but I wouldn't over-rotate necessarily on that being the exact formula that we have to repeat over and again.

最後的考慮因素是我們是否看到了實現強勁長期經濟的有效途徑。所以，總的來說，這就是我們的想法，但我不會過度旋轉，因為這是我們必須一遍又一遍重複的確切公式。

Your second question, I think, had to do with frequency and its long-term potential. The short answer is we continue to see the numbers grow, right? And I think, on the one hand, there's a few ways to look at this. I think in your question, I think you're kind of saying, well, there's 20 to 25 leading opportunities via shopping opportunities on top of that per week, we're talking about north of 100 occasions a month. That's certainly, I think, theoretically max. And I think -- that's one way to look at it.

我認為你的第二個問題與頻率及其長期潛力有關。簡而言之，我們會看到數字繼續增長，對吧？我認為，一方面，有幾種方法可以看待這個問題。我認為在你的問題中，我想你是在說，嗯，每周有 20 到 25 個通過購物機會獲得的領先機會，我們談論的是每月 100 次以上。我認為這當然是理論上的最大值。我認為——這是看待這個問題的一種方式。

We also can look at it from just what some of our power users or top decile users are actually doing today. So it's not even a theoretical number. And we think that we can keep growing much, much bigger, I guess, is the short answer. I mean, our top decile users are using our service, a very large number of double-digit times, I guess, is what I would say. And so for us, it's thinking about, well, how do we actually graduate people to that? And the answer is there isn't a silver bullet here, right? It's the combination of the selection of stores, the affordability of the program, the quality of the service and making sure that we get the efficient -- we can deliver the efficient frontier for each individual user, each individual occasion. And if we can do that, these numbers will continue moving up.

我們還可以從我們的一些高級用戶或頂級用戶今天實際在做什麼來看待它。所以這甚至不是一個理論數字。我想，我們認為我們可以繼續發展得更大，這就是簡短的答案。我的意思是，我們的前十分之一用戶正在使用我們的服務，我想，我想說的是，大量的兩位數用戶正在使用我們的服務。所以對我們來說，我們要思考的是，我們如何才能讓人們真正做到這一點？答案是這裡沒有靈丹妙藥，對吧？它是商店選擇、計劃的承受能力、服務質量以及確保我們獲得效率的結合——我們可以為每個單獨的用戶、每個單獨的場合提供高效的前沿。如果我們能做到這一點，這些數字將會繼續上升。

And just to add to what Tony said, right, like our goal is to target -- track our teams for both unit economics as well as volume. We are comfortable with the time frame as long as we are making progress across both of those. And if you look at the results of both of our investment areas, we are growing quite nicely as well as the unit economics continue to improve. We obviously want to run these businesses efficiently. We are happy with the progress we've made so far.

補充一下托尼所說的，對，我們的目標是跟踪我們團隊的單位經濟效益和數量。只要我們在這兩個方面都取得進展，我們對時間框架感到滿意。如果你看看我們兩個投資領域的結果，就會發現我們的增長非常好，單位經濟效益也在持續改善。我們顯然希望有效地運營這些業務。我們對迄今為止所取得的進展感到高興。

Your next question comes from Ron Josey with Citi.

您的下一個問題來自花旗集團的 Ron Josey。

Maybe to Tony, I think you mentioned this earlier as well, but just the frequencies at all-time highs and what's traditionally a slower quarter, 2Q. Just talk about the drivers here in the here and now, I guess, more is this DashPass, users having greater impact, newer cohorts ramping faster, the revamped app, as we talked about. I'm sure it's all of the above, if there's anything to call out, though, that would be interesting on frequency.

也許對托尼來說，我認為您之前也提到過這一點，但只是歷史最高的頻率以及傳統上較慢的季度（第二季度）。只是談談此時此地的驅動因素，我想，更多的是這個 DashPass，用戶具有更大的影響力，新的群體增長更快，改進的應用程序，正如我們所討論的。我確信以上都是這些，但如果有什麼需要指出的，那麼頻率上會很有趣。

And then, Ravi, on contribution profit, I think the press release talked about U.S. restaurant marketplace generating annualized $2.4 billion in contribution profit this quarter. So can you just talk about -- and that's essentially all contribution profit for the company. So talk about the margins across nonfood? I think convenience are we sustainably positive there? Talk about grocery, Wolt. Any insights there would be helpful.

然後，拉維，關於貢獻利潤，我認為新聞稿談到了美國餐廳市場本季度產生 24 億美元的年貢獻利潤。那麼你能談談——這基本上就是公司的所有貢獻利潤。那麼談談非食品領域的利潤率？我認為便利性是我們持續積極的嗎？談談雜貨店，沃爾特。任何見解都會有幫助。

Yes. So on the first question, in terms of where the growth is coming from, I mean, we're seeing mainly in 2 big areas, right? One is users and the other is the frequency. And you're right, in that, there is no one individual driver of this. I mean DashPass did have a record quarter. So it continues to achieve on highs. So you're right, as one of the assumptions that, that was one of the drivers. But we're also just seeing stronger and stronger cohorts.

是的。因此，關於第一個問題，就增長來自何處而言，我的意思是，我們主要看到兩大領域，對吧？一是用戶，二是頻率。你是對的，這一點沒有任何一個單獨的驅動因素。我的意思是 DashPass 確實創下了季度記錄。因此它繼續創下新高。所以你是對的，作為假設之一，這是驅動因素之一。但我們也看到了越來越強大的群體。

I think that this is a question at the -- certainly at the beginning of the pandemic, and certainly at the beginning of the reopening or the first reopening in 2021. But I think what you've seen now for 8 to 10 straight quarters in addition to the output metrics, GOV, the revenue, the input metrics we're seeing are stronger and stronger cohort retention and growth. And that's a combination of offering the best selection, quality, affordability. The new use cases, to your point, around nonrestaurants certainly adds to it. But there's also improvements in the core restaurants business as well. So I think all of these things is adding to it. But the short answer to your question, what's driving the growth, it's users and frequency.

我認為這是一個問題——當然是在大流行開始時，當然也是在重新開放之初或 2021 年第一次重新開放時。但我認為你現在連續 8 到 10 個季度看到的情況除了產出指標、GOV、收入之外，我們看到的投入指標也越來越強，隊列保留和增長也越來越強。這就是提供最佳選擇、質量和價格的結合。就您而言，圍繞非餐廳的新用例肯定會增加它。但核心餐廳業務也有所改善。所以我認為所有這些事情都在增加它。但對你的問題的簡短回答是，推動增長的因素是用戶和頻率。

Yes, Ron, just a couple of points there on your second question. I mean, the $2.4 billion contribution that was the U.S. restaurants contribution from Q3 of last year. Obviously, that has grown substantially since that point. What we're seeing in the business is as we continue to improve the underlying product, whether it's adding more selection, improving the quality of the product, that's driving efficiency of all lines of business. What we saw this past quarter, like I mentioned earlier, core restaurants improved in terms of unit economics as well as profitability are both new verticals and international areas improved in terms of unit economics.

是的，羅恩，關於你的第二個問題，我只想說幾點。我的意思是，去年第三季度美國餐館的貢獻為 24 億美元。顯然，自那時以來，這一數字已經大幅增長。我們在業務中看到的是，我們不斷改進基礎產品，無論是增加更多選擇，還是提高產品質量，這都在推動所有業務線的效率。正如我之前提到的，我們在上個季度看到的核心餐廳在單位經濟效益和盈利能力方面都有所改善，無論是新的垂直行業還是國際領域的單位經濟效益都得到了改善。

More specifically, when I look at the new verticals area, last year, we mentioned that third-party convenience was positive on a unit economic basis. It has continued to grow from that point, both grocery as well as DashMart, there's been a step change improvement in the unit economics compared to last year. International business accelerated in the quarter as well as unit economics improved. Again, all of the unit economic improvement we are seeing is being driven by product innovation. We've driven leverage on Dasher costs. We've driven leverage across credits and refunds as well as sales and marketing.

更具體地說，當我去年研究新的垂直領域時，我們提到第三方便利性在單位經濟基礎上是積極的。從那時起，無論是雜貨店還是 DashMart，它都在持續增長，與去年相比，單位經濟效益有了階躍式的改善。本季度國際業務加速增長，單位經濟效益也有所改善。同樣，我們看到的所有單位經濟改善都是由產品創新驅動的。我們提高了 Dasher 成本的槓桿率。我們在積分和退款以及銷售和營銷方面推動了槓桿作用。

Your next question comes from Lloyd Walmsley with UBS.

您的下一個問題來自瑞銀集團 (UBS) 的勞埃德·沃姆斯利 (Lloyd Walmsley)。

Two questions, if I can. Just first, just following up on Mark's question earlier. Can you maybe give us a sense of some of the interesting greenfield investment areas? It might be interesting to you all. It seems like maybe there's -- you're open to things that are perhaps less directly adjacent than some of what we've seen already like advertising or otherwise. Am I misreading that? Anything you can share there?

有兩個問題，如果可以的話。首先，跟進馬克之前的問題。您能否讓我們了解一些有趣的綠地投資領域？大家可能會感興趣。看起來也許有——你對那些可能不像我們已經看到的一些東西（比如廣告或其他東西）那麼直接相鄰的東西持開放態度。我是不是誤讀了？有什麼可以分享的嗎？

And then the second one is just -- it seems like we're in a sweet spot getting healthy growth and good margins. Clearly, core restaurant business firing on all cylinders and good progress on unit economics of the investment areas. But as you showed in your letter, sometimes unit economics are improving a lot, but as you fuel investment behind that, it could be like a headwind on an absolute basis. Where are we in that cycle with some of these investment areas? Like should we expect while unit economics are getting a lot better, just a step-up in investment behind that, that may mute the flow through of that? Like anything you can share on the kind of medium-term outlook for where we are in that cycle there on existing growth investments.

第二個是——看起來我們正處於健康增長和良好利潤的最佳狀態。顯然，核心餐飲業務全速運轉，投資地區單位經濟效益取得良好進展。但正如您在信中所表明的那樣，有時單位經濟效益正在大幅改善，但當您推動這背後的投資時，絕對可能會遇到逆風。在這個週期中，我們在某些投資領域處於什麼位置？就像我們是否應該預期，雖然單位經濟效益正在變得更好，但其背後的投資增加，可能會削弱其流動性？就像您可以分享的關於我們在現有增長投資所處週期中的中期前景的任何內容一樣。

Yes. Maybe I'll take a shot at the first one and maybe say a few things on the second one, too, and then I'll add -- and ask Ravi to jump in on the second one as well. I think on the first one, I mean, you're right in saying that there is no like exact formula of what are the exact adjacent problems to solve when it comes to unlocking local commerce, right? I mean I think if you think about today, even e-commerce is still a minority of overall retail.

是的。也許我會嘗試一下第一個，也許也會對第二個說一些話，然後我會補充——並請拉維也參與第二個。我認為關於第一個問題，我的意思是，你說得對，在解鎖本地商業時，沒有一個確切的公式來解決需要解決的確切相鄰問題，對吧？我的意思是，我認為如果你想想今天，即使是電子商務仍然只佔整體零售業的一小部分。

And then when you look within local commerce, so the small, medium and large physical businesses off-line that are trying to come online and kind of compete against maybe digital only or kind of traditional e-commerce players, I mean, they're even further behind, right? And so our mission has always been to grow and to empower these businesses. So we have to, on the one hand, build a marketplace that can drive incremental demand at profitable sales. And on the other hand, we have to give them tools. And so some of these tools are related. But at the end of the day, it's just what does it take to solve the customers' problems.

然後，當你觀察本地商業時，線下的小型、中型和大型實體企業正試圖上線並與純數字或傳統電子商務參與者競爭，我的意思是，他們是甚至更落後，對吧？因此，我們的使命始終是發展並增強這些企業的能力。因此，一方面，我們必須建立一個能夠在有利可圖的銷售中推動增量需求的市場。另一方面，我們必須給他們工具。因此，其中一些工具是相關的。但歸根結底，這只是解決客戶問題所需要的。

And we think that local businesses can solve a lot of the problems when it comes to consumption that traditional e-commerce businesses solve. And so we have to just make sure that we can build the tooling to allow them to do that, both through their own channel as well as through ours.

我們認為，本土企業可以解決傳統電商企業解決的很多消費問題。因此，我們必須確保我們可以構建工具，讓他們能夠通過他們自己的渠道以及我們的渠道做到這一點。

I think on the second question, I think one of the important things here is we certainly -- there's kind of like 2 thoughts I have on your question. The first is, we don't get to control when product market fit occurs, right? And so a lot of the -- even though we would love to have prescribed organizational time lines set around every project with a perfect formula that's exactly replicable across all projects, that's not exactly what the customer cares about. The customer is going to vote with their activity, whether or not we've done a good enough job.

我認為關於第二個問題，我認為這裡最重要的事情之一是我們當然 - 我對你的問題有兩種想法。首先，我們無法控制產品市場契合的時間，對吧？因此，儘管我們希望為每個項目制定規定的組織時間表，並採用可在所有項目中完全複製的完美公式，但這並不是客戶所關心的。無論我們做得是否足夠好，客戶都會對他們的活動進行投票。

And so for us, sometimes these things are you move 1 step forward, a couple of step sideways, 1 step backwards, 3 steps forward. And I think that while what we demonstrated in our restaurants business as well as these investment areas is that when you step back and take a look holistically over a multiyear horizon, you get this nice looking up into the right graph, that's not usually what happens in real life, right? So I think it's pretty hard sometimes when you're just making investments during the period, especially as you're searching for product market fit to have any prescribed time lines.

所以對我們來說，有時這些事情是你向前移動一步，向旁邊移動兩步，向後移動一步，向前移動三步。我認為，雖然我們在餐館業務以及這些投資領域中所展示的是，當你退後一步，全面審視多年的視野時，你會得到正確的圖表，但這通常不會發生。在現實生活中，對吧？因此，我認為有時當您只是在此期間進行投資時，特別是當您正在尋找適合任何規定時間線的產品市場時，這是相當困難的。

But on the flip side, it doesn't mean that you have to bet at all in that period of time either, right? I think a lot of what we're trying to explain in our shareholder letter is just our investment philosophy that we're not just betting at all costs. We're betting when we see signal. And when we see that signal, do we actually scale? This is true in our product development. We didn't release the grocery -- we didn't release maximum exposure to our grocery product until very recently after 2.5 years, we didn't do that for our retail categories either. And we don't do that from a dollars and cents perspective on the P&L either.

但另一方面，這也不意味著你必須在這段時間內下注，對吧？我認為我們在股東信中試圖解釋的很多內容只是我們的投資理念，即我們不僅僅是不惜一切代價進行押注。當我們看到信號時我們就下注。當我們看到這個信號時，我們真的會擴大規模嗎？我們的產品開發也是如此。我們沒有發布雜貨——直到 2.5 年後的最近，我們才發布了雜貨產品的最大曝光量，我們的零售類別也沒有這樣做。我們也不會從損益表的角度來考慮這一點。

So I think when it comes to time line, I think judgment is quite important. And I think the most important thing to take away from the shareholder letter is that with a disciplined way in thinking about how to make these investments.

所以我覺得在時間線的時候，我覺得判斷力是相當重要的。我認為從股東信中學到的最重要的一點是，以嚴謹的方式思考如何進行這些投資。

And Lloyd, just to add to what Tony talked about, right, like your second question. For us, we don't focus on the absolute level of investment in terms of the quantum of dollars. Our philosophy has always been, we goal our teams, we goal our lines of business on 2 metrics, which is demand in terms of volume growth as well as unit economics. As long as both of those are progressing in the right direction according to plan, we are happy to continue to invest because the most important thing in our business is scale, and we've seen that in our restaurants business, we've seen that in our third-party convenience business. Our goal is as long as we're seeing success in terms of volume and the unit economics are continuing to improve, we're going to invest behind our investment areas.

勞埃德，只是補充托尼所說的內容，對吧，就像你的第二個問題。對於我們來說，我們並不關注以美元數量計算的絕對投資水平。我們的理念始終是，我們以團隊為目標，以兩個指標為業務線目標，即銷量增長和單位經濟效益方面的需求。只要這兩者都按照計劃朝著正確的方向進展，我們就很高興繼續投資，因為我們業務中最重要的是規模，我們已經在餐飲業務中看到了這一點在我們的第三方便利業務中。我們的目標是，只要我們在數量上取得成功並且單位經濟效益持續改善，我們就會在我們的投資領域進行投資。

Your next question comes from Douglas Anmuth with JPMorgan.

您的下一個問題來自摩根大通的道格拉斯·安穆斯。

A couple just on the Dashers side. Can you just talk about the drivers of lower-than-expected acquisition costs in 2Q? And then what makes you think those efficiencies may not continue in the back half? And then with the update recently, any thoughts, early thoughts I know, but on the flexible pay model for Dashers and perhaps any discussion around unit economics for you guys?

一對夫婦就在 Dashers 這邊。您能談談第二季度收購成本低於預期的驅動因素嗎？那麼，是什麼讓您認為這些效率可能不會在後半段持續下去呢？然後隨著最近的更新，我知道有什麼想法，早期的想法，但是關於 Dasher 的靈活薪酬模式，也許還有關於單位經濟學的任何討論？

Yes, Doug, I'll take both of those. The Dasher acquisition cost itself, in any given quarter, there's some volatility in our Dasher acquisition costs, so I wouldn't read too much into it. Let me give you a few examples. In Q1, we under-forecasted volume. So we had to ramp our Dasher actual acquisition spend in the quarter. That's what we saw in Q1. In Q2, we saw a couple of things, right? First, the underlying product improvements we made that helped us in terms of Dasher retention. Number two, we also benefited from seasonality where you have college kids come back during summer. And we see this every single summer.

是的，道格，我會接受這兩個。 Dasher 的收購成本本身，在任何特定季度，我們的 Dasher 收購成本都會有一些波動，所以我不會對此進行太多解讀。讓我舉幾個例子。在第一季度，我們低估了成交量。因此，我們必須在本季度增加 Dasher 的實際收購支出。這就是我們在第一季度看到的情況。在第二季度，我們看到了一些事情，對嗎？首先，我們所做的基礎產品改進有助於我們保留 Dasher。第二，我們還受益於季節性，即大學生在夏季回來。我們每年夏天都會看到這種情況。

What we said in our letter is we expect the product improvements to continue to bear fruit in the second half, but we don't expect the same level of benefit or efficiency from seasonality. But again, I won't read too much into the quarter-to-quarter movement because there's some inherent volatility in Dasher acquisition.

我們在信中表示，我們預計產品改進將在下半年繼續取得成果，但我們預計季節性不會帶來相同水平的效益或效率。但同樣，我不會過多解讀季度間走勢，因為 Dasher 收購存在一些固有的波動性。

And to your second point, the Dasher product changes we've made, that was not a financial move for us. For us, it was mostly about offering choice, offering flexibility to Dashers. If you think about our Dashers, right, like Dashers are at different parts of their journey. Some Dashers are new to the platform where they just want to hit the button go and start earning. There's others who are more experienced, they do want to pick and choose the orders that they want to go after. For us, it was truly about giving a choice to Dashers to continue to engage with us on the platform depending on where they are in their journey, less so about a financial move for us. Hopefully, that helps.

關於你的第二點，我們對 Dasher 產品所做的改變，對我們來說並不是財務舉措。對我們來說，主要是為 Dasher 提供選擇和靈活性。如果你想想我們的 Dasher，對吧，就像 Dasher 處於他們旅程的不同階段一樣。一些 Dasher 是該平台的新手，他們只是想按下按鈕開始賺錢。還有一些更有經驗的人，他們確實想要挑選他們想要的訂單。對我們來說，這實際上是讓 Dasher 可以根據他們在旅程中的位置來選擇繼續在平台上與我們互動，而不是我們的財務舉措。希望這會有所幫助。

Your next question comes from Brian Nowak from Morgan Stanley.

您的下一個問題來自摩根士丹利的布萊恩·諾瓦克。

Maybe 2. The first one, can I just talk about your 10-year old sort of the oldest, the core U.S. restaurant business. As you sort of think about customers voting with their activity, talk to us about sort of how you break down the forward growth and what you have to invest in to kind of continue to grow that core U.S. restaurant business from here across users, frequency, spend per transaction? How do you continue to get customers to devote more in that core oldest business?

或許 2. 第一個，我能談談美國歷史最悠久、核心的餐飲業已有 10 年曆史嗎？當您考慮顧客通過他們的活動進行投票時，請與我們談談您如何分解未來增長以及您必須投資什麼才能從這裡繼續發展美國核心餐廳業務的用戶數、頻率、每筆交易花費？您如何繼續讓客戶更多地投入到這個最古老的核心業務中？

And then the second one on the grocery nonrestaurant piece in the U.S. recognize the new app design is having an impact. When do you think about sort of increasing your marketing to bring new users into the funnel for grocery first? Has that started yet? Or is that something to think about in the back half or in '24?

然後，美國雜貨非餐廳領域的第二篇文章認識到新的應用程序設計正在產生影響。您什麼時候考慮增加營銷力度，首先將新用戶引入雜貨渠道？已經開始了嗎？或者這是後半段或 24 年需要考慮的事情？

Yes. Maybe I can take a shot at those. I think on the first question of growing the U.S. restaurants business. Well, I wish it was just one lever that we'd have to pull. But I mean, we continuously have to work on selection, the quality of the service, the affordability of the programs and our customer support, right? I mean this is one of these businesses where I think it's really easy to make surface level comments about the business, but really the execution happens at the order level. And you have to be better on each one.

是的。也許我可以嘗試一下。我思考第一個問題，即發展美國餐館業務。好吧，我希望這只是我們必須拉動的一根槓桿。但我的意思是，我們必須不斷致力於選擇、服務質量、項目的承受能力以及我們的客戶支持，對吧？我的意思是，這是這些業務之一，我認為對業務進行表面級別的評論非常容易，但實際上執行發生在訂單級別。而且你必須在每一項上都做得更好。

And for us, I think the criteria to be better, it really goes back to the hallmarks of how we have achieved the scale that we have in the restaurants business in the first place, which is offering the best combination of selection, quality, affordability and service. And so there's certainly a lot of things that we have in the books planned for each one of these areas, but that's really how we always think about building a better product. And we can measure whether or not we're making progress based on our retention and order frequency. And we continue to have the highest retention in order frequency rates amongst any other platform.

對於我們來說，我認為更好的標準，這實際上可以追溯到我們最初如何實現餐飲業務規模的標誌，即提供選擇、質量和負擔能力的最佳組合和服務。因此，我們在書中為每個領域都計劃了很多內容，但這確實是我們始終思考構建更好產品的方式。我們可以根據我們的保留率和訂單頻率來衡量我們是否取得了進展。在所有其他平台中，我們的訂單頻率保留率仍然最高。

The second question. I mean, in some ways, some of this is already happening, where we have, to your point, customers may be finding out about DoorDash for the first time through a nonrestaurant category whether that's groceries or pets or flowers or some of the retail categories that we discussed earlier. Already outside of the restaurant category, we attract more of new customers that are ordering from these nonrestaurants for the first time in the industry than any other platform. And I think that's pretty remarkable, given that a lot of these categories for us, when we started about 2.5 years ago, which suggests that some of this activity is actually already happening organically. Of course, we're investing in some marketing behind this for sure, and especially as I think we are making the evolution of -- from being a restaurant delivery product to something that delivers your entire city.

第二個問題。我的意思是，在某些方面，其中一些已經發生，就您而言，客戶可能是通過非餐廳類別首次發現 DoorDash，無論是雜貨、寵物、鮮花還是某些零售類別我們之前討論過。在餐廳類別之外，我們比任何其他平台都吸引了更多在業內首次從這些非餐廳訂購的新客戶。我認為這是非常了不起的，因為我們大約 2.5 年前開始時就已經有很多這樣的類別，這表明其中一些活動實際上已經有機地發生。當然，我們肯定會在這背後投資一些營銷，特別是我認為我們正在從餐廳送貨產品發展為為整個城市提供送貨服務的產品。

We're not there yet. Obviously, we have a long ways to go on the selection, the quality and affordability. But I think it's encouraging to see that we already attract more new customers into this field than anyone else and that a lot of customers are coming to us for the first time are not for restaurants.

我們還沒有到那兒。顯然，我們在選擇、質量和承受能力方面還有很長的路要走。但我認為令人鼓舞的是，我們已經吸引了比其他任何人都多的新客戶進入這個領域，而且很多第一次來我們這裡的客戶並不是為了餐館。

I'd just like to what Tony talked about, right? What we saw in the quarter was growth in both users as well as order frequency. Order frequency hit an all-time high, it's growing year-on-year. User growth has also been very strong. The way at least we think about it is, if you think about our platform, we have roughly over 30 million active shoppers on the platform any given month. But if you look at that number over the course of the last year, that number is multiples higher. It's just a fraction of the overall users using the platform, right? That tells you the scope of the opportunity on the user growth side.

我只是想听聽托尼所說的，對嗎？我們在本季度看到的是用戶和訂單頻率的增長。訂單頻率創歷史新高，且逐年增長。用戶增長也非常強勁。至少我們的想法是，如果你考慮一下我們的平台，每個月我們平台上大約有超過 3000 萬活躍購物者。但如果你看看去年的這個數字，你會發現這個數字要高出好幾倍。這只是使用該平台的總體用戶的一小部分，對嗎？這告訴您用戶增長方面的機會範圍。

Order frequency again, very similar. The blended order frequency across the platform is mid-single digits off of the base of more than 100 usable movements. So when I look at both of those, the scope of the opportunity in front of us is large. The good news is, again, what moves both is largely the same. It's improving selection, improving quality, making the product more affordable. So when I look ahead, as we are continuing to innovate on the product, I'm confident that we'll drive growth both across users as well as order frequency.

再次訂購頻率，非常相似。整個平台的混合訂單頻率在 100 多個可用動作的基礎上只有中個位數。因此，當我審視這兩個方面時，我們面前的機會範圍很大。好消息是，兩者的推動因素基本相同。它正在改善選擇，提高質量，使產品更加實惠。因此，當我展望未來時，隨著我們繼續對產品進行創新，我相信我們將推動用戶和訂單頻率的增長。

Your next question comes from Eric Sheridan with Goldman Sachs.

您的下一個問題來自高盛的埃里克·謝里丹。

In reading the letter and some of the answers so far in the call, I just wanted to come back to this concept of signal. If you think about the mix between being a marketplace and being more of a first-party player yourself in local commerce. And what signal you might be looking for when you think about a business like DashMart and thinking about growing geographic footprint or SKU, diversification inside that business as a potential area for investment over the medium to long term to be a larger, more scaled one key player against the local commerce opportunity?

在閱讀這封信和迄今為止電話會議中的一些答案時，我只想回到信號的概念。如果您考慮一下作為市場和作為本地商業中的第一方參與者之間的結合。當您考慮像 DashMart 這樣的企業並考慮擴大地理足跡或 SKU 時，您可能會尋找什麼信號，該業務內部的多元化作為中長期投資的潛在領域，成為一個更大、規模更大的關鍵領域玩家反對本地商業機會？

Yes. So Eric, I'll take that. I think it's important to start with the context of why we even are investing in some of our 1P efforts in the first place, which really comes back to this capability point of making sure that we can enable every small, medium and large physical business to compete effectively and efficiently in the digital world.

是的。埃里克，我接受。我認為重要的是，我們首先要了解為什麼我們要投資我們的一些 1P 工作，這實際上又回到了這個能力點，即確保我們能夠使每個小型、中型和大型實體企業能夠在數字世界中有效且高效地競爭。

And at the end of the day, what we're trying to build ultimately is a product that can deliver you everything from your city exactly what you ordered and at around the same price that you would have paid yourself to do that service. But today, that's not where status quo is, right, in terms of, I think, any product, that delivers anything outside of restaurants for sure. And so that's kind of why we invested in DashMart in the first place.

歸根結底，我們最終想要打造的是一種產品，能夠按照您訂購的內容從您的城市為您提供所有商品，並且價格與您自己支付的服務費用大致相同。但今天，我認為，就任何可以在餐館之外提供任何東西的產品而言，這並不是現狀。這就是我們最初投資 DashMart 的原因。

And so it's always in concert of -- in partnership, excuse me, with our merchant partners of how to make sure that something like DashMart can be a useful service for them. It's not necessarily a signal of, oh, is our 1P now going to take a bigger portion. It's actually instead learning how to do it really well, such that when we work with these third parties and think about inventing some products for the future that this could be one capability set in our back pocket.

因此，它總是與我們的商業合作夥伴合作，以確保像 DashMart 這樣的東西能夠為他們提供有用的服務。這不一定是一個信號，哦，我們的 1P 現在將佔據更大的份額。相反，它實際上是在學習如何做得很好，這樣當我們與這些第三方合作並考慮為未來發明一些產品時，這可能會成為我們口袋裡的一項功能。

Your next question comes from Ross Sandler with Barclays.

您的下一個問題來自巴克萊銀行的羅斯桑德勒。

First of all, shout out to Andy or Ravi's idea was to put the SBC table at the bottom of the letter. I appreciate that. But my question, Tony, is about DashPass. So you guys were, I think, the first in the industry to roll out subscription, and it obviously drives a huge amount of value. But now we're at the point in the industry where it's maturing and there's a lot of other subscription services from folks that compete with you guys in grocery, folks that compete with you guys in restaurant, e-commerce companies that compete with you guys.

首先，大聲喊出Andy或Ravi的想法是將SBC表放在信的底部。我很感激。但托尼，我的問題是關於 DashPass 的。所以我認為你們是業內第一個推出訂閱服務的人，這顯然帶來了巨大的價值。但現在我們正處於這個行業日趨成熟的階段，還有很多其他訂閱服務，這些服務來自與你們在雜貨店競爭的人、與你們在餐館競爭的人、與你們競爭的電子商務公司。

So as you look out into the future of DashPass, do you feel like selection -- in your advantage in selection is enough to continue to differentiate? Or do you think you'll need to add different things to the bundle whether that be like physical retail or, I don't know, digital services, et cetera, to continue to differentiate DashPass? Any thoughts on that?

因此，當您展望 DashPass 的未來時，您是否覺得選擇——您在選擇方面的優勢足以繼續保持差異化？或者你認為你需要在捆綁中添加不同的東西，無論是實體零售還是數字服務等等，以繼續使 DashPass 脫穎而出？對此有什麼想法嗎？

Yes. So there's -- I mean customer expectations always go in one direction, right? I think I've said this plenty of times, and I think that goes for subscription programs, too. But the other thing that goes for subscription programs is the most important thing is usage, right? You want subscription programs that are really successful or those that get used the most often, which is what drives the value, right? And sometimes that's measured in dollars and cents, sometimes that's measured in time spent on the service and time saved from the service and et cetera, right?

是的。所以——我的意思是客戶的期望總是朝一個方向發展，對吧？我想我已經說過很多次了，而且我認為這也適用於訂閱計劃。但對於訂閱計劃來說，最重要的另一件事是使用，對嗎？您想要真正成功的訂閱計劃或那些最常用的訂閱計劃，這才是價值的驅動因素，對吧？有時這是用美元和美分來衡量的，有時是用花在服務上的時間和從服務中節省的時間來衡量的，等等，對吧？

And so for us, I don't think it's necessarily one advantage, right? I wish if it were just one advantage, then it actually be quite easy to invest from a product perspective. But it's always been thinking about the selection, the quality, the affordability of the program such that we can drive the north star of usage. And so we're going to always have to invest to make sure that our products are getting used the most. I think the benefit for us is that the category that we started in eating, which we've talked about on this call for a bit, is the largest and most frequent, which means that it does have the largest usage from both I think how people think about spending their discretionary income to just what they do physically to survive.

所以對我們來說，我認為這不一定是一種優勢，對吧？我希望如果這只是一個優勢，那麼從產品角度來看實際上很容易投資。但它始終在考慮程序的選擇、質量和承受能力，以便我們能夠推動使用的北極星。因此，我們必須始終進行投資，以確保我們的產品得到最廣泛的使用。我認為對我們來說的好處是，我們從飲食開始的類別（我們在這次電話會議上討論過）是最大和最頻繁的，這意味著它確實有最大的用途，我認為人們會考慮將可自由支配的收入花在他們為了生存而做的事情上。

And so I think that was a very natural candidly reason why we started in the restaurant delivery category. But as we expand and try to be more useful to the cities that we operate in and all of the different types of categories of retail that we participate with, we're going to have to keep thinking about investing more into things that will continue to drive the usage of our subscription programs, which is ultimately what will drive the value of DashPass.

所以我認為這是我們開始涉足餐廳外賣類別的一個非常自然的坦率原因。但是，隨著我們不斷擴張並努力為我們經營所在的城市以及我們參與的所有不同類型的零售類別提供更多幫助，我們將不得不繼續考慮對那些將繼續發展的事物進行更多投資。推動我們訂閱計劃的使用，這最終將推動DashPass 的價值。

And Ross, just to add to what Tony said, right, like what you're seeing in the business is as we are continuing to improve the selection and the quality of the business, that's driving MAUs. These MAUs are retaining at a higher rate. They're ordering more. As they order more, they habituate on the platform and graduate to DashPass. In fact, if you look at Q2, DashPass had a record quarter where subscribers grew not just quarterly but on an annual basis, it was one of the best quarters ever for DashPass for us.

羅斯，補充一下托尼所說的，就像你在業務中看到的那樣，我們正在繼續改進業務的選擇和質量，這正在推動月活躍用戶數。這些月活躍用戶的保留率較高。他們正在訂購更多。隨著他們訂購的數量越來越多，他們就會習慣該平台併升級到 DashPass。事實上，如果你看看第二季度，DashPass 的季度創紀錄，訂閱者不僅按季度增長，而且按年增長，這對我們來說是 DashPass 有史以來最好的季度之一。

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

您的下一個問題來自美國銀行的邁克爾·麥戈文。

Just maybe a couple for Ravi on guidance. It looks like even at the upper end of guidance for Q3, we're expecting a little bit of a quarter-on-quarter drop in GOV. So I'm just curious, is that just seasonality or anything else to point out there for the quarter-on-quarter drop?

也許只是拉維的一些指導。看起來即使在第三季度指導的上限，我們預計政府總價值也會出現季度環比下降。所以我很好奇，這只是季節性因素還是其他因素導致季度環比下降？

And then second question, if I take the upper end of guidance between Q3 and the full year, looks like Q4's EBITDA profit and margin will be higher in Q4 than at any other point in the year. So just in that upside scenario hitting the upper end of guidance, what are some of the factors that contribute to that?

第二個問題，如果我採用第三季度和全年之間的指導上限，看起來第四季度的 EBITDA 利潤和利潤率將高於一年中任何其他時間點。那麼，在上行情況達到指導上限的情況下，有哪些因素會導致這種情況呢？

Mike, I'll take both of those, right? On the guidance point itself, I mean, what we are seeing in the business is, a, obviously, consumer spending continues to be strong, the underlying cohorts continue to be very stable. That's what's giving us confidence to, first of all, bump up the GOV guide for the rest of the year. What you're noticing in Q3 is normal seasonality that we largely see every year. There's nothing more to that outside of seasonality.

邁克，我兩個都要，對吧？就指導點本身而言，我的意思是，我們在業務中看到的是，顯然，消費者支出繼續強勁，基礎群體繼續非常穩定。這讓我們有信心首先在今年剩餘時間內提高政府指南。您在第三季度注意到的是我們每年都會看到的正常季節性。除了季節性之外，沒有什麼其他的了。

In terms of EBITDA guidance, I mean, again, like I said earlier, right, the combination of continued improvement in growth for us, the overall business is positive on an economic basis, Q4 growth is higher than Q3. You're going to see some upside and EBITDA flow through. Number two, the product improvements that we are making has continued to drive efficiency. But again, important to remember, right, like we're constantly looking to reinvest back in the business. And if we have good opportunities to invest, we're going to continue to drive efficient growth as long as we can stay within our discipline parameters.

就 EBITDA 指導而言，我的意思是，就像我之前所說的那樣，我們的增長持續改善，整體業務在經濟基礎上是積極的，第四季度的增長高於第三季度。您將看到一些上行空間和 EBITDA 流動。第二，我們正在進行的產品改進持續提高了效率。但同樣重要的是要記住，就像我們不斷尋求對業務進行再投資一樣。如果我們有良好的投資機會，只要我們能夠保持在我們的紀律範圍內，我們就將繼續推動高效增長。

Our next question comes from Youssef Squali with Truist.

我們的下一個問題來自 Youssef Squali 和 Truist。

Excellent. So maybe, Tony, going back to the investment letter and the framework that you're putting out there. Outside of customers and Dashers and the network that, that creates, which arguably is super powerful. Can you maybe talk about core competencies that you believe that you're kind of leveraging just better than anybody else out there that kind of gives you this potential unfair competitive advantage that's allowing you to grow so much faster? And then, Ravi, I think you talked or you mentioned that your GOV, your GOV accelerated year-on-year. Was that -- is that statement true for U.S. GOV as well?

出色的。托尼，也許我們可以回到投資信函和您提出的框架。在客戶、Dashers 以及由此創建的網絡之外，這可以說是超級強大的。您能否談談您認為您比其他任何人都更好地利用的核心競爭力，這種能力給您帶來了潛在的不公平競爭優勢，使您能夠更快地成長？然後，拉維，我想你談到或提到你的政府，你的政府逐年加速。美國政府的說法也屬實嗎？

Yes. So on the first question, I think there's basically like a time line or sequencing, if you will, almost of how to arrive at the answer to your question, which is, first, when it comes to building a product from the very beginning, the -- what allows that product to grow faster relative to someone else's is whether or not we solve the customer's problems better, right?

是的。所以關於第一個問題，我認為基本上就像一個時間線或順序，如果你願意的話，幾乎是如何找到你的問題的答案，也就是說，首先，當涉及到從一開始就構建一個產品時， - 使該產品相對於其他產品增長更快的因素是我們是否更好地解決了客戶的問題，對吧？

And I think what's hard to see in this business is that it's really a combination of things that a customer is asking us to solve. They're asking us to make sure we can get the right stores and the right items from those stores at the right price point, at the right service level. And obviously, if things go south, that we fix it. And there is no shortcut in many ways and kind of betting on any one of these factors, you kind of have to be better at the combination. And I think that if you can achieve that, then you can have this time line where after a certain point of scale, it translates into a few structural benefits.

我認為在這個行業中很難看到的是，這實際上是客戶要求我們解決的問題的組合。他們要求我們確保能夠以合適的價格和合適的服務水平從合適的商店購買合適的商品。顯然，如果情況惡化，我們會解決它。在很多方面都沒有捷徑，並且對這些因素中的任何一個下注，你必須更好地結合起來。我認為，如果你能實現這一點，那麼你就可以製定這樣的時間線，在達到一定規模後，它會轉化為一些結構性效益。

One of those benefits is recall customers kind of come to us first at the eating app. We're working on that to make that true in every country. But in the United States, that's certainly the starting point. And again, when eating is the starting place where you have the most shots on goal, and Ravi talked about the multiples of the 30 million monthly active shoppers who shop with us once a year. I mean there's an even bigger number than that, that comes and just opens the app who doesn't shop at all. And so in many ways, we don't have to acquire any more new customers from external channels. We can just go within our own ecosystem because we started with the largest one, which -- when it comes to consumption, which is eating.

這些好處之一是回想起顧客首先通過飲食應用程序來找我們。我們正在努力實現這一點，以便在每個國家實現這一目標。但在美國，這無疑是起點。再說一次，當吃飯是射門次數最多的起點時，拉維談到了每年在我們這裡購物一次的 3000 萬月度活躍購物者的倍數。我的意思是，還有比這更多的人，他們打開應用程序後根本不購物。因此，從很多方面來說，我們不必從外部渠道獲取更多新客戶。我們可以進入我們自己的生態系統，因為我們從最大的生態系統開始，當談到消費時，這就是飲食。

Other benefits come from the scale logistics components that you talked about, right, knowing how to operate that really efficiently is something that continues to compound in terms of giving a natural funding source for other types of investments that we want to make. So I think the way I think about this is always the execution starts first, making sure that we can solve a problem better than someone else can so that we can create the best product. That's what generates the growth. And then structurally, over time, what are the things that actually -- can we actually use the product advantage that we built to generate a structural advantage?

其他好處來自您談到的規模物流組件，對，知道如何真正有效地運營是繼續複合的東西，為我們想要進行的其他類型的投資提供自然的資金來源。所以我認為我對此的思考方式始終是首先開始執行，確保我們能夠比其他人更好地解決問題，以便我們能夠創造出最好的產品。這就是產生增長的原因。然後從結構上看，隨著時間的推移，我們實際上可以利用我們建立的產品優勢來產生結構性優勢嗎？

And I think you're seeing that in both instances, which is why you've seen the resilience in the growth in the core restaurant business. It's why you've seen faster growth and share gains in these non-restaurant businesses as well as improving -- or very, very quickly improving unit economics. And that's why we're continuing to invest.

我認為您在這兩種情況下都看到了這一點，這就是為什麼您看到了核心餐飲業務增長的彈性。這就是為什麼您會看到這些非餐廳業務的增長更快、份額增長，以及單位經濟效益的改善——或者非常非常快的改善。這就是我們繼續投資的原因。

Youssef, on your second question, orders accelerated from Q1 to Q2, not GOV. And if I break it down by the different lines of business, core U.S. restaurants, even at our scale, the order growth was stable. Both new verticals, International, as Tony just mentioned, they both accelerated from Q1 to Q2.

優素福，關於你的第二個問題，訂單從第一季度加速到第二季度，而不是政府。如果我按不同的業務線、核心美國餐廳進行細分，即使按照我們的規模，訂單增長也是穩定的。正如托尼剛才提到的，國際兩個新的垂直領域都從第一季度加速到第二季度。

In the interest of time, there will be no further questions. With that, we will conclude today's conference call. Thank you for joining us. You may now disconnect.

由於時間關係，就不再提問了。至此，我們將結束今天的電話會議。感謝您加入我們。您現在可以斷開連接。