DoorDash Inc (DASH) 2023 Q3 法說會逐字稿

Thank you for standing by, and welcome to the DoorDash's Q3 2023 Earnings Call. I would now like to welcome Andy Hargreaves, VP of Investor Relations to begin the call. Andy, over to you.

感謝您的耐心等待，歡迎參加 DoorDash 的 2023 年第三季財報電話會議。我現在歡迎投資者關係副總裁安迪·哈格里夫斯開始電話會議。安迪，交給你了。

Thank you very much. Good afternoon, everybody, and thanks for joining us for our Q3 2023 earnings call.

非常感謝。大家下午好，感謝您參加我們的 2023 年第三季財報電話會議。

I'm very pleased to be joined today by Co-Founder, Chair, and CEO, Tony Xu; and CFO, Ravi Inukonda.

我很高興今天能與聯合創始人、董事長兼執行長 Tony Xu 一起加入我們的行列。和財務長 Ravi Inukonda。

We'll be making forward-looking statements during today's call, including our expectations for our business, financial position, operating performance, our guidance, strategies, our investment approach, and the consumer spending environment.

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、指導、策略、投資方法和消費者支出環境的預期。

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. Many of these uncertainties and risks 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.

前瞻性陳述存在風險和不確定性，可能導致實際結果與所描述的結果有重大差異。我們向 SEC 提交的文件（包括 10-K 表格和 10-Q 表格）中描述了許多不確定性和風險。您不應依賴我們的前瞻性陳述作為未來事件的預測。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

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 release, 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.

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 指標與最直接可比較的 GAAP 財務指標的調節，可以在我們的收益發布中找到，該收益發布可在我們的投資者關係網站上找到。除了我們的 GAAP 結果之外，還應考慮這些非 GAAP 衡量標準，而這些非 GAAP 衡量指標不能取代我們的 GAAP 結果。

Finally, this call is being audio webcasted on our Investor Relations website, and an audio replay of the call will be available on our website shortly after the call ends.

最後，我們的投資者關係網站將對該電話會議進行音訊網路廣播，電話會議的音訊重播將在電話會議結束後不久在我們的網站上提供。

Operator, I will pass it back to you, and we will begin taking questions.

接線員，我將其傳回給您，然後我們將開始提問。

(Operator Instructions) Our first question comes from the line of Nikhil Devnani with Bernstein.

（操作員說明）我們的第一個問題來自 Nikhil Devnani 和 Bernstein 的對話。

I had a 2-parter on the U.S. marketplace. So everyone is obviously worried about a variety of headwinds and a softening consumer, yet your business is accelerating in the U.S. Can you comment on, one, what drove that acceleration? And then as a follow-on, I think the perception is your marketplace is highly discretionary, but given all the data you see in how consumers actually use your service, would you agree with that assessment? And how do you think about the sensitivity of demand?

我在美國市場上有一個二人伴侶。因此，顯然每個人都擔心各種不利因素和消費者疲軟，但您的業務在美國正在加速發展。您能否評論一下，第一，是什麼推動了這種加速？接下來，我認為您的市場是高度自由裁量的，但考慮到您看到的消費者實際如何使用您的服務的所有數據，您是否同意這種評估？您如何看待需求的敏感度？

Nikhil, it's Tony. Maybe I'll start and Ravi, feel free to chime in. On the first part of the question, I mean you're absolutely right. I think we saw a phenomenal quarter where frankly, every line of business has accelerated in growth and improved in its unit economics. And that's impressive, especially given the fact that we're a lot larger today than we were a quarter ago and certainly a year ago.

尼基爾，我是東尼。也許我會開始，拉維，請隨意插話。關於問題的第一部分，我的意思是你是絕對正確的。我認為我們看到了一個現象級的季度，坦白說，每個業務領域都加速了成長，並提高了單位經濟效益。這是令人印象深刻的，特別是考慮到我們今天的規模比一個季度前、當然一年前要大得多。

In terms of the U.S. restaurant business or the marketplace in general, I mean, a few phenomenon are going on, but really it's the result of product improvements we've made. Whether you look a quarter ago or a year ago, we've added selection to the platform on the restaurant side, and we've added a lot of selection on the non restaurants front, literally going from 0 nearly 3 years ago to a multibillion-dollar business that's at scale now growing fast and contributing quite significantly. And we have over 100,000 stores on the platform that are outside of restaurants.

我的意思是，就美國餐飲業或整個市場而言，正在發生一些現象，但實際上這是我們產品改進的結果。無論你看季度前還是一年前，我們都在餐廳端的平台上添加了選擇，並且在非餐廳端添加了很多選擇，從近三年前的 0 增加到數十億-目前規模化的美元業務成長迅速，貢獻相當大。我們的平台上有超過 100,000 家餐廳以外的商店。

And when you look outside of restaurants and into the convenience or grocery or alcohol segments, almost half of new customers that come into the industry in the U.S. come to DoorDash first. And so that's certainly adding in terms of the selection. Second, we've continued to improve the quality of service, whether it's our timeliness, our speed, our accuracy. Third, we've improved the affordability of the programs, both for our non-DashPass members as well as for our DashPass cohorts.

當你看看餐廳以外的便利商店、雜貨店或酒類細分市場時，你會發現，在美國進入該行業的新客戶中，幾乎有一半首先來到 DoorDash。因此，這肯定會增加選擇。第二，我們不斷提高服務質量，無論是我們的及時性、我們的速度、我們的準確性。第三，我們提高了這些計劃的承受能力，無論是對於我們的非 DashPass 會員還是我們的 DashPass 群體。

And fourth, we've improved customer support all along the way. And so it's really the result of many years of work on the fundamentals and mastery of that and continuing to see opportunities to continue improving the product, both in terms of efficiencies and just product's quality to the customer that's leading to the growth of all of the lines of business in the U.S., and that's what you kind of saw culminate in some of the numbers that we reported in Q3.

第四，我們一直在改善客戶支援。因此，這確實是多年來在基礎知識和掌握方面工作的結果，並不斷尋找繼續改進產品的機會，無論是在效率方面還是在向客戶提供的產品質量方面，這都導致了所有業務的增長美國的業務線，這就是我們在第三季報告的一些數據中所看到的。

I think with respect to the second question, it's -- I think our business has always been very dynamic in terms of all of the headwinds and tailwinds it's faced in the 10 years that we've been building DoorDash. And that's certainly been true in the last 3 years. Obviously, we lived through a global pandemic. We lived through peak pandemic. We have lived through peak inflation. We've lived through lots of other macro factors, including some of the ones impacting us today. And I think it's important to remind ourselves of a few things.

我認為關於第二個問題，我認為我們的業務在建立 DoorDash 的 10 年來所面臨的所有逆風和順風方面一直非常活躍。過去三年確實如此。顯然，我們經歷了一場全球大流行。我們經歷了疫情高峰期。我們經歷了通貨膨脹高峰。我們經歷了許多其他宏觀因素，包括今天影響我們的一些因素。我認為提醒自己一些事情很重要。

While it's virtually impossible to estimate or isolate the quantum impact of any one of these macro factors, I think it's a lot easier to think about things that we do control. And as mentioned in the answer to the previous question, we've continued to improve our product. And that's certainly within our control and as dynamic, if not more dynamic, than some of the macro changes that we face.

雖然幾乎不可能估計或隔離這些宏觀因素中任何一個的量子影響，但我認為考慮我們確實控制的事情要容易得多。正如上一個問題的答案中所提到的，我們不斷改進我們的產品。這當然在我們的控制範圍之內，並且比我們面臨的一些宏觀變化具有動態性，甚至更加動態性。

I think second, we benefit from the fact that our first category, the restaurants category, stems in the sense that while sure, maybe not every meal has to be eaten when it comes to delivery or takeout, but when you think about every category that lends itself towards convenience, and we all know that convenience only lends itself towards the direction of greater convenience. Food is the most resilient and highest frequency category. I mean, this is true in every line of e-commerce.

我認為第二，我們受益於我們的第一個類別，即餐廳類別，其根源在於，雖然可以肯定，也許並不是每頓飯都必須在送貨或外賣時吃，但當你考慮每個類別時，便利本身就帶來便利，而我們都知道，便利只會帶來更便利的方向。食品是最具彈性和頻率最高的類別。我的意思是，這在電子商務的各個領域都是如此。

In fact, if you look at our cohort performance, which we talked a little bit about in our shareholder letter this quarter, you see that virtually every single cohort, including those that just joined our platform a couple of months ago are doing way better than any of the cohorts even during the pandemic. And so I think as you see that behavior across every line of -- every segment of customers, every cohort across time, I think you start to gain a different picture of just the fact of the product improvements as well as the number of shots on goal that we get to take relative to others in capturing that customer.

事實上，如果你看看我們的群組表現，我們在本季度的股東信中對此進行了一些討論，你會發現幾乎每個群組，包括幾個月前剛加入我們平台的群組，都比他們做得更好。即使在大流行期間，任何一個群體。因此，我認為，當您看到每個客戶群、每個時間群體的行為時，我認為您開始對產品改進以及拍攝次數的事實有不同的認識。我們在吸引該客戶時相對於其他人所採取的目標。

And the final comment I'd make is, in spite of our performance and our market leadership, we're still a tiny fraction of what's addressable. I mean in the U.S. restaurants category, as one example, we're less than double-digit percentage sales of the industry. I think you looked globally within restaurants, we're a much tinier single-digit percentage. And if we included all the other categories that we now entered, we're barely noticeable.

我要說的最後一點是，儘管我們的業績和市場領先地位，我們仍然只佔可解決的一小部分。我的意思是，在美國餐廳類別中，舉個例子，我們的產業銷售額百分比還不到兩位數。我想你看看全球範圍內的餐館，我們所佔的個位數百分比要小得多。如果我們包括我們現在進入的所有其他類別，我們幾乎不會被注意到。

And so I think we have a long runway left. We have a lot more work to do to get our product to where we would like it to be. But I think the product improvements that we've made in the years leading up to these moments have certainly helped us build a product that endures.

所以我認為我們還有很長的路要走。為了讓我們的產品達到我們想要的目標，我們還有很多工作要做。但我認為，在這些時刻之前的幾年裡，我們所做的產品改進無疑地幫助我們打造了一款歷久不衰的產品。

Our next question comes from the line of Ross Sandler with Barclays.

我們的下一個問題來自羅斯桑德勒與巴克萊銀行的對話。

If I can ask 3 quick ones, that would be great. First, Tony, on the international footprint. We're now into -- well past the year into the Wolt integration. How do you feel about that? And are there any geographies that you think might be interesting from an M&A perspective in the future for international?

如果我能快速問三個問題，那就太好了。首先，托尼，關於國際足跡。我們現在正忙於與 Wolt 進行整合，這一年已經過去了很多年。你對這件事有什麼感想？從未來併購的角度來看，您認為有哪些地區可能對國際企業感興趣？

Second question is we keep getting this one a lot from the investment community. Maybe you guys can clear the air on the GLP-1 diet drugs. Is there any way to think about how that might impact your business in the future? It's obviously not impacting it now.

第二個問題是，我們不斷從投資界得到很多這樣的資訊。也許你們可以澄清一下 GLP-1 減肥藥的誤解。有沒有辦法考慮這可能會對您未來的業務產生怎樣的影響？現在顯然沒有影響。

And then lastly, Instacart is now there as a public company. Just curious to get any milestones on grocery GOV as we sit here at the end of '23 from you guys?

最後，Instacart 現在已經成為一家上市公司。只是想知道 23 年底我們坐在這裡時，從你們那裡得到雜貨 GOV 的任何里程碑嗎？

Great. Ross, I'll do my best to take them the first 2 in order and maybe I'll let Ravi take the third one. So I think the first question was around international. I mean you're absolutely right. We're very excited about our execution on the international front. We continue to grow at multiples of what we see around the world, virtually across any geography. That doesn't mean that we're pleased yet with where our product is. We still have a lot of room left to go. But I think it does stem from why our outperformance has occurred, which is I think the hallmarks at any great marketplace have the fundamental characteristics of great retention order frequency and unit economics.

偉大的。羅斯，我會盡力讓他們按順序拿下前兩個，也許我會讓拉維拿下第三個。所以我認為第一個問題是關於國際的。我的意思是你是絕對正確的。我們對我們在國際方面的執行感到非常興奮。我們繼續以我們在世界各地所看到的倍數增長，幾乎跨越任何地理位置。這並不意味著我們對我們的產品現狀感到滿意。我們還有很大的空間要走。但我認為這確實源自於我們表現優異的原因，我認為任何偉大市場的標誌都具有高保留訂單頻率和單位經濟效益的基本特徵。

And I think when you look at our international business or our new categories business or a restaurant business, you see all of these characteristics present. And that's why we've been very interested in leaning in and making the investments that we have at size, at scale, because of what we see.

我認為，當您查看我們的國際業務或新類別業務或餐廳業務時，您會看到所有這些特徵。這就是為什麼我們一直非常有興趣進行大規模的投資，因為我們所看到的。

And the international business continues to see those points of execution. I think if we remind ourselves even a couple of years ago of the investment thesis behind our partnership with Wolt, it really centered on 2 big pieces. One of which was here is a business that has leading world-class retention and order frequency, and the question is, can we invest behind that in a concentrated way and hopefully add to the excellent execution that they've already seen. And so far, the answer has been yes to that.

國際業務繼續關注這些執行點。我認為，如果我們在幾年前提醒自己與 Wolt 合作背後的投資論點，它實際上集中在兩大方面。其中之一是一家擁有世界一流保留率和訂單頻率的企業，問題是，我們是否可以集中投資，並希望為他們已經看到的出色執行力做出貢獻。到目前為止，答案是肯定的。

In fact, Micky and the team now runs our entire portfolio, certainly the Wolt portfolio as well as the DoorDash portfolio outside of the United States. And the second part of the thesis was that there is a long runway for growth in a lot of these countries, and we continue to see that, too. In the 27 countries outside of the U.S. that we operate in, we're in some ways behind where the U.S. is from a penetration perspective and also product adoption perspective.

事實上，Micky 和他的團隊現在負責管理我們的整個投資組合，當然還有 Wolt 投資組合以及美國以外的 DoorDash 投資組合。論文的第二部分是，其中許多國家都有很長的成長道路，我們也將繼續看到這一點。在我們開展業務的美國以外的 27 個國家中，從滲透率和產品採用率的角度來看，我們在某種程度上落後於美國。

There just is a lot more population we have to address. There are more merchant partners we've yet to partner with. There's a lot more customer problems given the fact that some of these places are a little bit behind from a technology footprint.

我們需要解決的人口數量要多得多。我們還有更多的商家合作夥伴尚未合作。鑑於其中一些地方的技術足跡有點落後，因此存在更多的客戶問題。

And so there's a lot of work to do, but it also means that there's a lot of runway ahead. And I think that's why you've seen continued momentum, and it's adding now to the overall growth of the company.

因此，還有很多工作要做，但這也意味著前面還有很多跑道。我認為這就是為什麼你看到了持續的勢頭，並且它現在正在促進公司的整體成長。

I think your second question was around some of the recent discussions externally around a certain class of drugs. First and foremost, I hope that they actually work, these drugs. As a former scientist, I'm a big believer, whenever a great science can actually meet the challenges of its time and I do think that they're solving a worthy problem. So first and foremost, for the patients, I hope that they work for the long term.

我認為你的第二個問題是圍繞著最近圍繞某一類藥物進行的一些外部討論。首先，我希望這些藥物確實有效。作為一名前科學家，我堅信只要一門偉大的科學能夠真正應對時代的挑戰，我確實認為它們正在解決一個有價值的問題。因此，首先，對於患者來說，我希望他們能長期工作。

Second, we don't see any immediate or noticeable impacts in the business relative to, I guess, what the commentary may be out there about this class of drugs. And I think this kind of goes a little bit to the first question that was asked, which is it's been really hard to size any one macroeconomic factor, whether it's a headwind, a tailwind, a side wind. I think instead, what we focused on is just continued improvement on our product velocity, product quality and execution. And I think that the dynamic changes we make in our product can outweigh many of the macro factors that may be at play.

其次，我想，與外界對此類藥物的評論相比，我們沒有看到任何直接或明顯的影響。我認為這有點切合了人們提出的第一個問題，即很難確定任何一個宏觀經濟因素的大小，無論是逆風、順風或順風。我認為相反，我們關注的只是不斷改進我們的產品速度、產品品質和執行力。我認為我們在產品中所做的動態變化可能會超過許多可能發揮作用的宏觀因素。

Ross, on your third question around grocery. I mean, look, we're really pleased with the performance of the grocery business. Our focus over the last couple of years has been how do we increase the usage? How do we increase the adoption of not just our grocery business, but really, in fact, the entire new verticals, all of the categories that we operate in? What we're seeing in the business today is a couple of things, right? One is more number of users are ordering from both restaurants as well as new verticals. And that's driving 2 things. We are seeing the new verticals business overall accelerate from the prior quarter. As well as when you look at the grocery business itself on the GOV to the specific question you asked, our GOV has doubled year-on-year.

羅斯，關於你關於雜貨的第三個問題。我的意思是，你看，我們對雜貨業務的表現非常滿意。過去幾年我們的重點是如何增加使用率？我們如何不僅提高雜貨業務的採用率，而且實際上提高整個新垂直行業、我們經營的所有類別的採用率？我們今天在行業中看到的有幾件事，對吧？一是越來越多的用戶從餐廳和新的垂直領域訂購。這推動了兩件事。我們看到新的垂直業務比上一季整體加速。當您在 GOV 上查看雜貨業務本身以及您提出的具體問題時，我們的 GOV 同比增長了一倍。

If you look at that paired with the efficiency that we've seen in the business, we've driven a ton of efficiency across the business. In fact, when I look at the unit economics, there's been a dramatic improvement in unit economics. You have to realize we have a strategic advantage because we have a network of consumers. We have a network of Dashers already built out, and that's allowing us to improve unit economics at a much faster pace. For us, the way we operate the business is we look at signals around retention. We look at signals around order frequency. We look at signals around unit economics. We continue to be very pleased with the improvement across all 3.

如果你將其與我們在業務中看到的效率結合起來，我們已經在整個業務中提高了許多效率。事實上，當我觀察單位經濟效益時，單位經濟效益有了顯著的改善。你必須意識到我們擁有戰略優勢，因為我們擁有消費者網絡。我們已經建立了一個 Dasher 網絡，這使我們能夠以更快的速度提高單位經濟效益。對我們來說，我們經營業務的方式是關注有關保留的信號。我們觀察階次頻率附近的訊號。我們關注單位經濟學的訊號。我們對這三個方面的改進仍然感到非常滿意。

Our goal is to continue to invest behind improving selection, improving the product quality because our strong belief is that this is going to be a strong long-term ROI generating business for us.

我們的目標是繼續投資於改善選擇、提高產品質量，因為我們堅信這將為我們帶來強大的長期投資回報業務。

Our next question comes from the line of Deepak Mathivanan with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的 Deepak Mathivanan。

Just wanted to ask a couple of ones. So first, I wanted to ask about the product initiatives for 2024. You entered into a lot of categories and new markets in 2022. And 2023 was more of a year of execution and sort of like a refinement that helped profitability, obviously, as an incremental driver. What are the big business opportunities for '24? Or should we view it as another year of execution and refinement of existing businesses? That's the first question.

只是想問幾個。首先，我想問一下 2024 年的產品計劃。你們在 2022 年進入了很多類別和新市場。2023 年更多的是執行的一年，有點像一個有助於盈利的改進，顯然，作為增量驅動程式。 '24有哪些大商機？或者我們應該將其視為執行和完善現有業務的另一年？這是第一個問題。

And then second one, the acceleration in the order frequency at this scale in the core restaurant business is pretty impressive. Are you seeing some of the maybe less common use cases, I don't know, maybe breakfast orders or corporate orders or anything that's helping incrementally in the recent quarters? Can you help unpack the trends in use cases a little bit?

第二，核心餐廳業務中如此規模的訂單頻率的加速是相當令人印象深刻的。您是否看到了一些可能不太常見的用例，我不知道，也許是早餐訂單或公司訂單或任何在最近幾個季度逐漸有所幫助的東西？您能幫忙解釋一下用例的趨勢嗎？

Sure. Deepak, maybe I can start and take the questions and then Ravi, feel free to chime in. The first question, which stems on '24 and some of the initiatives that we're thinking about. First, our goal is to grow and to empower local economies. So we're always looking for problems to solve and jobs to be done. And obviously, we want to make sure that we have a strong point of view where we can do it at least 10x better than, however, the problem is currently being solved. And so when we looked at, if we rewound the clock for instance, to 2019, we were thinking quite a lot about what other problems we could solve. And many of the problems that we actually heard came from our customers directly.

當然。 Deepak，也許我可以開始回答問題，然後 Ravi，請隨意插話。第一個問題源於 24 日以及我們正在考慮的一些舉措。首先，我們的目標是發展並增強當地經濟。因此，我們一直在尋找需要解決的問題和需要完成的工作。顯然，我們希望確保我們有一個強有力的觀點，我們可以比目前正在解決的問題做得好至少 10 倍。因此，當我們回顧時，例如，如果我們將時鐘倒回 2019 年，我們會思考許多我們可以解決的其他問題。我們實際上聽到的許多問題都直接來自我們的客戶。

I'll give a few examples. When I came to consumers, a lot of the challenges that we had heard were really making sure that we can help solve their other problems. Again, because we started in the restaurants category, which has the highest frequency of activity and the fact that we would show up to many consumers' doors many times a week, I think consumers started asking the question, well, what else can you do for me? And similarly for merchants, I think there were many questions that they wanted our help with, this is even well before the pandemic of how can they become an omnichannel business.

我舉幾個例子。當我談到消費者時，我們聽到的許多挑戰實際上都是為了確保我們能夠幫助解決他們的其他問題。同樣，因為我們從活動頻率最高的餐廳類別開始，而且我們每週會多次出現在許多消費者的門口，所以我認為消費者開始問這個問題，好吧，你還能做什麼為我？同樣，對於商家來說，我認為他們有很多問題需要我們的幫助，甚至早在疫情爆發之前，他們就如何成為全通路企業。

And that's why we certainly made further investments into products like DoorDash Drive, but also started the creation of DoorDash Storefront, which has continued to serve various merchant cohorts and segments. And we continue to build further services as we think about how can we help a merchant build their first-party channel as much as we help build their third-party channel of DoorDash.

這就是為什麼我們當然對 DoorDash Drive 等產品進行了進一步投資，但也開始創建 DoorDash Storefront，該商店繼續為各種商家群體和細分市場提供服務。我們繼續建立進一步的服務，同時思考如何幫助商家建立他們的第一方管道，就像我們幫助他們建立 DoorDash 第三方管道一樣。

And as I kind of keep thinking along the years, I mean, advertising came in that way as well. Many merchants as well as advertisers that are new to our ecosystem kind of approached us and said, hey, it looks like you have a high-frequency setup with the largest number of local commerce business where you can measure everything very, very closely and directly. Is there a way in which you can be more useful, I think, to all of the audiences?

多年來我一直在思考，我的意思是，廣告也是以這種方式出現的。許多對我們的生態系統不熟悉的商家和廣告商找到我們並說，嘿，看起來你們有一個高頻設置，擁有最多數量的本地商業業務，您可以非常、非常密切和直接地衡量一切。我認為有什麼方法可以讓你對所有觀眾更有用嗎？

And that's kind of how we thought about all of the different problems. When I think about '24 or '25 or '26, that's generally how we think about things, too, where we start with certainly our core set of businesses, which today is 5 businesses, where in 2019, it was closer to 1 business.

這就是我們思考所有不同問題的方式。當我想到「24」、「25」或「26」時，我們通常也是這樣看待事物的，我們首先從我們的核心業務開始，今天有 5 項業務，而在 2019 年，它更接近 1 項業務。

And so it's a little bit more varied now and complicated in terms of thinking about all the different opportunities because we believe each one of these 5 businesses are still actually in their earliest innings, even the U.S. restaurants business. But we're also looking at opportunities to always solve more problems. And I hope that as we listen to our audiences more deeply and can get and operate at a lower level of detail, we'll actually be able to pick up new problems to solve.

因此，在考慮所有不同的機會方面，現在的情況變得更加多樣化和複雜，因為我們相信這 5 個企業中的每一個實際上仍處於最早的階段，甚至是美國的餐廳業務。但我們也在尋找機會來解決更多問題。我希望，當我們更深入地傾聽觀眾的意見並能夠以較低的細節水平進行了解和操作時，我們實際上能夠找到新的問題來解決。

Now we always do this in a fairly disciplined way. Again, I think at DoorDash, we really believe in investing appropriately towards the stage of the project. And so usually, when we're solving these problems and we have many of these experiments going on, we tend to take fairly small bets. And it's only until we believe that we've nailed product market fit as well as finding an efficient way to grow, do we actually concentrate behind that bet and go all in for it. And so that's how we're thinking about '24 in that way, too.

現在我們總是以相當有紀律的方式來做這件事。再說一遍，我認為在 DoorDash，我們確實相信對專案階段進行適當的投資。因此，通常，當我們解決這些問題並且進行許多這樣的實驗時，我們傾向於採取相當小的賭注。只有當我們相信我們已經確定了產品市場契合度並找到了有效的成長方式時，我們才會真正集中精力並全力以赴。這也是我們對 24 世紀的看法。

I think your second question was around the continued growth in engagement and frequency of our customer base in restaurants even at our current scale. Well, I think there's a lot of things that drive this. I think sometimes when we think about businesses like our oldest business, the U.S. restaurants business, we tend to think that perhaps it's closer to the ninth inning of progress versus the third inning of progress. And I tend to think, at least when I talk to our customers, that we're way closer towards the third inning than the ninth inning.

我認為你的第二個問題是關於我們餐廳客戶群的參與度和頻率的持續成長，即使是在我們目前的規模下。嗯，我認為有很多因素推動了這一點。我認為有時當我們考慮像我們最古老的企業（美國餐館業）這樣的企業時，我們傾向於認為也許它更接近進步的第九局而不是進步的第三局。我傾向於認為，至少當我與客戶交談時，我們距離第三局比第九局更接近。

And we just have a lot more work to do in terms of making improvements to the product. There isn't one single thing that we're doing that's yielding, I think, some of the improvements that you're seeing in the results. But really, it's years of working on the selection, the quality of service, the affordability of the program, the added value to our DashPass members as well as improved customer support, that's producing some of the results today. It will be really hard candidly to look backwards and say, "Hey, in which year did the product work actually be to the results that led to this quarter's efforts".

在改進產品方面我們還有很多工作要做。我認為，我們正在做的任何一件事都沒有產生您在結果中看到的一些改進。但實際上，我們在選擇、服務品質、計劃的可負擔性、DashPass 會員的附加價值以及改進的客戶支援方面進行了多年的努力，才產生了今天的一些成果。坦率地回顧過去並說：“嘿，哪一年的產品工作實際上是導致本季度努力的結果”，這真的很難。

But I think instead, what we do is, we're always trying to make continued improvement. And I think whenever we've taken that focus, we've surprised ourselves to the upside of how much more there is to go as well as the compounding effects that can happen over time.

但我認為，相反，我們所做的是，我們一直在努力持續改進。我認為，每當我們集中註意力時，我們都會驚訝於還有多少好處以及隨著時間的推移可能發生的複合效應。

Yes, Deepak, maybe just to add a couple of thoughts to what Tony talked about. Look, I mean we've had a phenomenal year so far, what we're seeing both on the top line as well as the bottom line. Part of that is, in fact, being driven by all the investments we made, whether it's on the product side or investments in new verticals as well as the investments we've made in international over the last couple of years. What we're seeing is we're seeing really strong growth across all lines of business that we operate in. These categories that we operate in are large, there's really lots of customer problems, as Tony talked about, that we need to continue to work on and improve.

是的，迪帕克，也許只是為了在托尼所說的內容中添加一些想法。聽著，我的意思是，到目前為止，我們已經度過了非凡的一年，我們在營收和利潤上都看到了這一點。事實上，部分原因是我們所做的所有投資所推動的，無論是在產品方面還是在新垂直領域的投資，以及我們過去幾年在國際上所做的投資。我們所看到的是，我們所經營的所有業務線都出現了非常強勁的成長。我們所經營的這些類別很大，確實存在許多客戶問題，正如托尼所說，我們需要繼續努力並改進。

Our goal and philosophy is we will continue to invest as long as we see good signal on both volume as well as unit economics, because this is the blueprint for us to drive really strong free cash flow in the many years to come in our business.

我們的目標和理念是，只要我們在數量和單位經濟效益上看到良好​​的訊號，我們就會繼續投資，因為這是我們在未來許多年裡推動業務真正強勁的自由現金流的藍圖。

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

我們的下一個問題來自花旗集團的 Ron Josey。

Tony, I wanted to ask a little bit more about just take rates on a year-over-year basis. They continue to expand and roll down a little bit sequentially. Just talk just a little bit more on the progress you're making to keep and/or drive take rates higher. So progress around wait times, incentive spend, how you see advertising fit in there? Any insights on where take rates might go? And then we're now a quarter into DASH's new app and layout and heard some of the comments around grocery prior, but any change in behavior that you've seen from the new app now that we're a quarter in?

東尼，我想多問一些關於逐年計算利率的問題。它們繼續按順序擴展和滾動。只需多談談您為保持和/或提高轉換率而取得的進展即可。那麼，在等待時間、激勵支出方面取得了進展，您認為廣告如何融入其中？關於轉換率可能走向何方有什麼見解嗎？然後，我們現在DASH 的新應用程式和佈局已經進入了四分之一，並且之前聽到了一些有關雜貨的評論，但是現在我們已經進入了四分之一，您從新應用程式中看到的行為有什麼變化嗎？

Let me take the first one on take rate and then I'll let Tony chime in on the second one. Look, I mean, we are not managing the business to a specific margin target, let alone a margin across any line of the P&L. What you're seeing on the take rate side is, if you actually look at the underlying drivers of the business across the various lines of business, the net revenue margin has actually increased sequentially as well as year-on-year. What you're seeing on the output is really the mix shift of various lines of business. If you recall the comments that we made earlier, new verticals, our international business is actually growing faster than our restaurant business. And you're really seeing the mix shift of those 2 businesses, which are still early in terms of their journey starting to take impact from an overall take rate perspective.

讓我談談第一個關於收視率的問題，然後我請東尼插話第二個。聽著，我的意思是，我們並沒有將業務管理到特定的利潤目標，更不用說在損益表的任何一行上實現利潤了。您在接受率方面看到的是，如果您實際查看各個業務領域業務的潛在驅動因素，您會發現淨收入利潤率實際上已經連續增長以及同比增長。您在輸出中看到的實際上是各種業務線的混合轉變。如果您還記得我們先前對新垂直領域發表的評論，我們的國際業務實際上比我們的餐廳業務成長得更快。你確實看到了這兩家企業的混合轉變，從整體採用率的角度來看，它們在開始產生影響的旅程中還處於早期階段。

That said, our goal is always how do we find efficiencies across every line of the P&L and using that efficiency to continue to reinvest back in the business to drive growth. And we did that exactly the same in this quarter, right. We found a lot of efficiencies as was a good contributor to the revenue upside that you're seeing in the business, we use that to continue to drive efficient growth, which gave a result of some of the accelerated growth that you're seeing in the business.

也就是說，我們的目標始終是如何找到損益表各行的效率，並利用該效率繼續對業務進行再投資以推動成長。我們在本季也做了同樣的事情，對吧。我們發現了很多效率，這是您在業務中看到的收入成長的一個很好的貢獻者，我們用它來繼續推動有效的成長，這帶來了您在業務中看到的一些加速成長的結果這生意。

And in terms of your second question about consumer behavior, given some of the app changes that we announced earlier this summer. I mean we continue to see, I guess, more confirmatory evidence that consumers really like the changes. And I think it's usually pretty rare to see this because whenever you make a pretty sizable change like the one that we made to our consumer app, you tend to get a, who moved my cheese reaction. And I think instead, we actually saw behavior that suggested the opposite where customers are naturally shopping across different categories.

關於您關於消費者行為的第二個問題，考慮到我們今年夏天早些時候宣布的一些應用程式變更。我的意思是，我想我們會繼續看到更多確鑿的證據表明消費者確實喜歡這些變化。我認為這種情況通常很少見，因為每當您做出相當大的更改（例如我們對消費者應用程式所做的更改）時，您往往會得到一個“誰改變了我的起司反應”的資訊.我認為相反，我們實際上看到了相反的行為，即客戶自然地在不同類別中購物。

And I think one of the drivers of this was that we actually made sure that our progress within each vertical was fairly robust in terms of the level of product market fit that we wanted to achieve before we actually redesigned the entire app experience such that we weren't reorienting consumers to something that we were pushing upon them, but rather it was meeting them where they want it to be given that they were pulling us in terms of the demand that they naturally suggested and showed across each line of business.

我認為造成這種情況的驅動因素之一是，在我們真正重新設計整個應用程式體驗之前，我們實際上確保了我們在每個垂直領域的進展在我們想要實現的產品市場契合水平方面相當穩健，這樣我們就可以不是將消費者重新定位到我們向他們推銷的東西上，而是在他們想要的地方滿足他們，因為他們按照他們自然提出的需求拉動我們，並在每個業務領域表現出來。

So we are seeing, as I mentioned before, customers continuing to cross-shop across different categories quite naturally and those numbers continue to increase. We're seeing many -- for many consumers, the first interaction with DoorDash actually tends to be sometimes outside of the restaurant category. And I think these are some of the factors that have contributed to the fact that when you look outside of restaurants and you look at the convenience, grocery, alcohol segments, customers that are adopting e-commerce in these categories for the first time. About half of them are coming to DoorDash first.

因此，正如我之前提到的，我們看到客戶繼續自然地跨不同類別進行交叉購物，而且這些數字還在繼續增加。我們看到，對於許多消費者來說，與 DoorDash 的第一次互動有時實際上是在餐廳類別之外。我認為這些因素導致了這樣一個事實：當你看看餐廳以外的地方，看看便利商店、雜貨店、酒類細分市場，以及首次在這些類別中採用電子商務的客戶。其中大約一半會先來到 DoorDash。

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

我們的下一個問題來自高盛的埃里克·謝裡登（Eric Sheridan）。

Maybe just one on a broader topic. We've seen a ruling in New York City on compensation and investors continue to ask a lot about how the Department of Labor might play out. Any updated thoughts on the regulatory environment overall? And how are you thinking about aligning investments against that potential for nuance in the regulatory environment in the quarters ahead?

也許只是一個更廣泛的主題。我們已經看到了紐約市關於賠償的裁決，投資者繼續詢問勞工部可能會如何發揮作用。對整體監管環境有什麼最新的想法嗎？您如何考慮根據未來幾季監管環境中潛在的細微差別調整投資？

Yes. Eric, it's Tony. I'll start and feel free, Ravi, to chime in. I think in general, we have the same point of view on the regulatory landscape today as we had shockingly even 10 years ago, which is that, by and large, governments, lawmakers, regulators, they actually want to work productively with companies like ourselves to really co-create, I think, what the future of work and future of labor will be. And if you think about it, the reason why tens of millions of Dashers have come to the DoorDash platform over time or millions come to our platform every single month or the fact that the DoorDash Dasher app is actually one of the most downloaded consumer apps on the Apple iTunes store is because they simply don't earn enough they come from the full-time jobs that they do have.

是的。埃里克，這是東尼。拉維，我將開始並隨意插話。我認為總的來說，我們今天對監管環境的看法與 10 年前令人震驚的是相同的，那就是，總的來說，政府，我認為，立法者、監管者實際上希望與像我們這樣的公司進行富有成效的合作，真正共同創造工作和勞動力的未來。如果您想一想，為什麼隨著時間的推移，數以千萬計的Dasher 來到DoorDash 平台，或者每個月都有數百萬人來到我們的平台，或者DoorDash Dasher 應用程式實際上是網路上下載次數最多的消費者應用程式之一蘋果 iTunes 商店是因為他們從全職工作中賺到的錢不夠多。

90% of our Dashers Dash fewer than 10 hours a week. The average Dasher does 3 to 4 hours a week, over 80-plus percent of them have full-time jobs. And so they're really seeing DoorDash as a bridge between what income they earn today and the income that they hope to earn to meet the cost of living. And so -- and I think that most regulators actually understand this point, but we -- our hypothesis 10 years ago and kind of our views updating to this day has always been that there might be a handful of jurisdictions, who probably don't want to work productively with businesses and support this new paradigm and instead, candidly create policy that's just bad policy that will achieve unintended consequences that go counter to their goals.

我們 90% 的 Dashers 每週 Dash 時間少於 10 小時。 Dasher 平均每週工作 3 至 4 小時，其中 80% 以上有全職工作。因此，他們確實將 DoorDash 視為他們今天賺取的收入與他們希望賺取的收入以滿足生活費用之間的橋樑。因此，我認為大多數監管機構實際上都理解這一點，但我們 10 年前的假設以及我們至今更新的觀點一直是，可能有少數司法管轄區可能不明白這一點。希望與企業進行富有成效的合作並支持這種新範式，相反，坦率地制定糟糕的政策，會產生與他們的目標背道而馳的意想不到的後果。

And when we think the New York City legislation or proposed legislation is one of those bodies, we see similar activities in Seattle. But when you, again, count up all of the regulatory discussions, I think it still favors kind of our original hypothesis, which is outside of a handful of jurisdictions. Most governments, lawmakers, and regulators want to work productively with companies like DoorDash to do the right thing for Dashers.

當我們認為紐約市立法或擬議立法是這些機構之一時，我們在西雅圖看到了類似的活動。但當你再次統計所有監管討論時，我認為它仍然支持我們最初的假設，該假設不在少數司法管轄區之外。大多數政府、立法者和監管機構都希望與 DoorDash 這樣的公司進行富有成效的合作，為 Dashers 做正確的事情。

Eric, just to add to what Tony said, I look on the New York City, one, we've gotten a couple of questions about this as well. That is not live yet. We do expect 2 year back from the judge at any point, just like everybody else. Our goal and philosophy and how do we respond to some of these changes has always been, the first and foremost priority is to drive efficiency in every market that we operate in because our goal is to ensure we have sustainable unit economics. To the extent we are not able to meet our goals around unit economics, we do realize there's going to be increased cost in the system. Like Tony talked about, we don't think it's great because that just reduces the transaction activity across the ecosystem, which means lower sales for merchants as well as internal lower earnings for Dashers.

艾瑞克，補充一下托尼所說的，我關注紐約市，我們也收到了一些關於此的問題。那還沒上線。就像其他人一樣，我們確實希望法官在任何時候都能回覆兩年。我們的目標和理念以及我們如何應對其中一些變化始終是，首要任務是提高我們運營的每個市場的效率，因為我們的目標是確保我們擁有可持續的單位經濟效益。如果我們無法實現單位經濟效益的目標，我們確實意識到系統成本將會增加。正如東尼所說，我們認為這不是很好，因為這只會減少整個生態系統的交易活動，這意味著商家的銷售額下降，Dashers 的內部收入也會下降。

And from the financial impact perspective itself, any impact from New York City ruling in Q4, we've included that in our EBITDA guidance that we've given. Our goal is to manage the business to be within that range that we've talked about.

從財務影響本身的角度來看，紐約市第四季度裁決的任何影響，我們都已將其納入我們給出的 EBITDA 指導中。我們的目標是將業務管理在我們討論的範圍內。

Our next question comes from the line of Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的道格安穆斯 (Doug Anmuth)。

Recognize that product improvement factors are outweighing macro, but we have heard a number of companies call out some early 4Q volatility from either macro or geopolitical. Just curious if you can get anything has changed there at all into 4Q? And then, Ravi, can you talk a little bit more about your improvements to GAAP profitability and just how we should think about that path in upcoming quarters?

我們意識到產品改進因素比宏觀因素更重要，但我們聽到許多公司稱第四季初的一些波動來自宏觀或地緣政治。只是好奇你是否能得到 4Q 中是否有任何變化？然後，拉維，您能否多談談您對 GAAP 盈利能力的改進，以及我們應該如何考慮未來幾季的這條路？

Sure. I can start on the first question, and Ravi, feel free to chime in and also take the second question. With respect to the macro dynamics, again, I think it's just really, really hard to size any one of these things. And I think when you sum it all up and as you mentioned, there's lots of things going on in the world today, with the economy, with other events across the globe. And there's certainly puts and takes, I think, to each one of these things. And I think that when -- it's not just the fact that we have product improvements that I think that has helped out way and helped execute very efficiently and continue to grow at higher rates even at our increased scale. It's also the fact that, when you look at every category of spend, food is one that everyone has to spend in.

當然。我可以從第一個問題開始，拉維，請隨意插話並回答第二個問題。就宏觀動態而言，我再次認為，確定其中任何一件事的規模都非常非常困難。我認為，當你總結這一切時，正如你所提到的，當今世界正在發生很多事情，包括經濟，以及全球各地的其他事件。我認為，這些事情中的每一件事肯定都有其優缺點。我認為，不僅僅是我們進行了產品改進這一事實，我認為這已經幫助我們非常有效地執行並繼續以更高的速度成長，即使我們的規模擴大了。事實上，當你檢視每一類支出時，你會發現食物是每個人都必須花錢的支出。

Sure, one may argue that you don't have to spend it on delivery, but what we tend to see is that there's also the macro trend of convenience increasing in the direction of greater convenience. And so if someone has some dollars to spend, it tends to start with the category of the highest frequency where they also seek convenience. And there's just more opportunities to do that given that someone consumes food 20 to 25 times a week. So we're not seeing any of the activity perhaps that I think some other categories in commerce are seeing, but I think it's really multifaceted. There's the product improvements there's the fact that people have to spend on food, and it tends to, therefore, lend itself towards the category where for e-commerce, it's the most resilient and the highest frequency.

當然，有人可能會說你不必把錢花在送貨上，但我們傾向於看到的是，便利性的宏觀趨勢也朝著更便利的方向發展。因此，如果有人有一些錢可以花，它往往會從頻率最高的類別開始，他們也尋求便利。考慮到有人每週吃 20 到 25 次食物，這樣做的機會就更多了。因此，我們沒有看到任何我認為商業中其他一些類別正在看到的活動，但我認為它確實是多方面的。產品改進，人們必須在食品上花錢，因此，它往往適合電子商務最具彈性和頻率最高的類別。

I mean, you can say this for the past 60 years, which obviously has a lot of macro dynamics as well. And you see that in only 2 out of the 60 years, I think, did the restaurant industry in the U.S., at least ever decline. And so I think it gives you a sense of the robustness of this category. And then I think the final point is we're still a lot earlier than people think in the category than perhaps our scale suggests. And that means that we're not where we need to be at in terms of where our selection of merchants are, whether it's restaurants or new categories, the affordability of the program, the quality of the service, and our customer support. We have to make improvements in all areas.

我的意思是，你可以這樣說過去的 60 年，這顯然也有很多宏觀動態。你看，我認為，在這 60 年中，美國的餐飲業至少只有兩年出現了衰退。所以我認為它讓你感受到這個類別的穩健性。我認為最後一點是，我們在這一類別中的發展仍然比人們想像的要早得多，可能比我們的規模所顯示的要早得多。這意味著我們在商家選擇（無論是餐廳還是新類別）、計劃的承受能力、服務品質以及客戶支援方面還沒有達到我們需要的水平。我們必須在各方面做出改進。

Doug, just a few more points to what Tony touched on, and then I'll talk about the second question that you asked. We obviously have a lot of signal in the business. I mean we watch this very closely. When I look at the underlying cohorts, I mean they're really strong. If you look at the performance of not just Q3, but actually the first 9 months of the year, cohorts continue to improve, and look at retention, it's very stable.

道格，對托尼談到的內容再補充幾點，然後我將討論您提出的第二個問題。我們在業務上顯然有很多信號。我的意思是我們非常密切地關注這一點。當我觀察潛在群體時，我的意思是他們非常強大。如果你不僅看第三季的表現，而且實際上今年前 9 個月的表現，隊列都在持續改善，並且看看保留率，它非常穩定。

Our users, in fact, at our scale are growing double digits. Order frequency, like we talked about earlier, continues to grow. So we're very pleased with the performance of the business and a lot of strength that we're seeing in the business.

事實上，就我們的規模而言，我們的用戶正在以兩位數的速度成長。正如我們之前提到的，訂單頻率持續成長。因此，我們對業務的表現以及我們在業務中看到的強大實力感到非常滿意。

To your second point around GAAP profitability itself. As we've mentioned before, GAAP net income in and of itself is not an explicit target that we are managing the business towards. Our financial North Star has always been how do we maximize the long-term free cash flow in the business. And what you're truly seeing in the business today is every single line of business is becoming more efficient. We've dramatically improved the unit economics across the restaurant business, new verticals as well as our international business. I do expect every business to be profitable over time. And as and when that happens, the overall business is going to get to be GAAP net income positive as well. But that's not an explicit target that we're driving the business towards.

關於 GAAP 獲利能力本身的第二點。正如我們之前提到的，公認會計準則淨利本身並不是我們管理業務的明確目標。我們的財務北極星始終是如何最大化業務的長期自由現金流。如今，您在企業中真正看到的是每條業務線都在變得更有效率。我們大幅提高了整個餐飲業務、新垂直行業以及國際業務的單位經濟效益。我確實希望每個企業都能隨著時間的推移而獲利。當這種情況發生時，整體業務的 GAAP 淨利潤也將變為正值。但這並不是我們推動業務實現的明確目標。

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

我們的下一個問題來自摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

Tony, I wanted to go back to one of the comments you made earlier where you talked about investing appropriately towards the stage of the product. So can we talk a little bit about grocery through that lens? So give us some examples of areas of investment that you made this year based on the state of the product that maybe you -- I would say, okay, 1 year later, we can do more of this in '24. I'm just trying to get an understanding for what are the areas you've pressed on hardest in investment in grocery? And what are the areas where you think that there could be more investment to come to really drive that business faster for longer in '24 and beyond?

托尼，我想回到您之前發表的評論之一，您談到了對產品階段進行適當投資。那我們可以從這個角度來談談雜貨嗎？因此，請給我們一些您今年根據產品狀態進行的投資領域的例子，也許您 - 我會說，好吧，1 年後，我們可以在 24 年做更多這樣的事情。我只是想了解您在雜貨投資方面最重視的領域是什麼？您認為在哪些領域可以進行更多投資，以真正在 24 年及以後更長時間地更快地推動業務發展？

Sure. I mean -- okay, we can take many flavors of this question because, I mean, this is probably something that I spend the majority of my time on, which is initiative and product reviews, because I do think it's really hard to apply the correct judgment certainly correctly every time, depending on the phase of the project.

當然。我的意思是——好吧，我們可以對這個問題採取多種方式，因為我的意思是，這可能是我花費大部分時間的事情，即倡議和產品評論，因為我確實認為很難應用正確的判斷每次都肯定正確，取決於專案的階段。

But take a few instances, right? For instance, we really didn't -- one of the first choices we made on grocery was, well, what's the right product to build. And I think there were many external beliefs of perhaps what you have to build in order to create a sustainable grocery business. But we took the view of what is the actual problems left to be solved, first and foremost, coming from our customers.

但舉幾個例子吧？例如，我們真的沒有——我們在雜貨店做出的第一個選擇是，什麼是合適的產品。我認為，為了創造可持續的雜貨業務，也許你必須建立一些外部信念。但我們首先考慮的是我們的客戶需要解決的實際問題是什麼。

And one of the things that we heard, for example, was that while what's really frustrating about grocery delivery is that the items that either perish the fastest or that we consume as consumers the most frequently. So think about your berries or your milk or your eggs or your cereals or your coffees. It's really annoying in the middle of the week to have to go back into the store and somehow go and get it. Whereas for other types of shopping behavior, if I'm already out on the weekends anyway, and I'm buying other things for the week, maybe it's less of a big deal. And so the first product we've built was actually to solve a smaller basket (inaudible) use case, which really introduced ourselves to consumers and helping address a problem we heard.

例如，我們聽到的一件事是，雖然雜貨配送真正令人沮喪的是那些物品要么腐爛得最快，要么我們作為消費者最頻繁消費。所以想想你的莓果、牛奶、雞蛋、穀物或咖啡。在周中不得不回到商店去買東西真的很煩人。而對於其他類型的購物行為，如果我週末已經出去了，並且我在一周內購買其他東西，也許這沒什麼大不了的。因此，我們建立的第一個產品實際上是為了解決一個較小的籃子（聽不清楚）用例，這真正向消費者介紹了我們自己，並幫助解決了我們聽到的問題。

And then I think had the byproduct of introducing ourselves to grocers, too, because this was a use case that they hadn't been investing that much into. And then I think it surprised everyone how large that opportunity occurred. So that's like one version of this, which is before we kind of just look at what everyone else is doing, that's first and foremost, start by building the correct product. And I think building the correct product has a lot of implications on do we use engineers and business people, and other functions correctly and therefore, get the most out of the team's potential. I think there's a version of that shows up.

然後我認為還有向雜貨商介紹自己的副產品，因為這是一個他們沒有投入太多資金的用例。然後我認為每個人都對這個機會的巨大程度感到驚訝。這就像一個版本，在我們只是看看其他人在做什麼之前，首先也是最重要的是，從建立正確的產品開始。我認為建立正確的產品對於我們是否正確使用工程師和業務人員以及其他職能並因此充分發揮團隊的潛力有很大影響。我認為有一個版本出現了。

I think number two, another example would be, while we didn't really spend much on marketing when it came to building the grocery business. Now Ravi echoed some of the kind of reasons why because, well, one, we do have the largest audience of local customers coming to our app shopping as well as just coming to the app and including those that don't shop. And so we had a bit of a benefit there. But at the same instance, we also didn't want to invest in marketing because the product wasn't good enough yet. And so I think those are 2, I guess, examples I would call out where you have to make the right call on how to make the most efficient use of your resources.

我認為第二個例子是，在建立雜貨業務時，我們並沒有在行銷上投入太多資金。現在，拉維回應了一些原因，因為，第一，我們確實有最大的本地客戶群來到我們的應用程式購物，以及剛剛訪問該應用程式的客戶，包括那些不購物的客戶。所以我們在那裡得到了一些好處。但同時，我們也不想投資行銷，因為產品還不夠好。因此，我認為這就是我想指出的兩個例子，您必須就如何最有效地利用資源做出正確的決定。

And first and foremost, for us, it starts with solving the right customer problem correctly. And whenever we see something that's not being solved correctly, and we think there's an opportunity to build something 10x better, we're going to go for it. And then the question becomes, well, is there an efficient way to grow, then we're going to think about that and if we have an advantage there. And then finally, what's the path towards building a very large cash flow generating business that will maximize total profit dollars in the long run. And I think that's kind of the sequencing of how we thought about things. I think so far, we've made good decisions in grocery and a lot of these bets. I think you're seeing some of the combination or the middle of impact of the results in this quarter. But we've got a long ways to go and we have to keep making good decisions.

首先，對我們來說，首先是正確解決正確的客戶問題。每當我們看到一些問題沒有正確解決，並且我們認為有機會建立比原來好 10 倍的東西時，我們就會去嘗試。然後問題變成了，是否有有效的成長方式，然後我們將考慮這一點，以及我們在這方面是否有優勢。最後，建立一個非常大的現金流產生業務的路徑是什麼，從長遠來看將最大化總利潤。我認為這就是我們思考事物的順序。我認為到目前為止，我們在雜貨和許多這樣的賭注方面做出了很好的決定。我認為您會看到本季結果的一些綜合影響或中間影響。但我們還有很長的路要走，我們必須繼續做出正確的決定。

Our next question comes from the line of Michael Morton with MoffettNathanson.

我們的下一個問題來自邁克爾·莫頓和莫菲特·內森森的對話。

Two questions, if I can. One, start with for Tony and then the second for Ravi. On the advertising business, kind of following up to the prior question. How do you feel about your product's ability to serve some of the larger enterprises that goes for the QSRs, who kind of demand sophisticated solutions, but also now moving into the grocery business? In our conversations with CPGs, there's a concern about incrementality in advertising for grocery retail marketplace -- retail media networks because the fact that there's not a lot of unit growth there. So whoever can win the incrementality measurement kind of like wins the market for advertising. So curious to how you think about your product there.

有兩個問題，如果可以的話。第一，從東尼開始，然後是拉維。關於廣告業務，有點像是之前問題的後續。您對您的產品為一些追求 QSR 的大型企業提供服務的能力有何看法，這些企業需要複雜的解決方案，但現在也進入了雜貨業務？在我們與快速消費品公司的對話中，人們對雜貨零售市場（零售媒體網路）的廣告增量表示擔憂，因為那裡的單位成長並不多。因此，誰能贏得增量衡量，就像贏得廣告市場一樣。很好奇你如何看待你的產品。

And then just second for Ravi. Really impressive levels of operating leverage. Just curious if maybe some details of the drivers behind it? Like is this like DASH might be hitting some type of maturity, natural like attrition in the employee base. And like if this is kind of a level we should think about going forward and how operating expenses philosophy could maybe change there?

拉維排名第二。營運槓桿水平確實令人印象深刻。只是好奇是否有一些背後驅動程式的細節？就像 DASH 可能正在達到某種成熟度一樣，就像員工基礎的自然流失一樣。如果這是我們應該考慮的一個水平，那麼營運費用概念可能會如何改變？

So to your first question, I think I really agree with the premise of the customer research that you did, which is that incrementality obviously, is a huge driver of return on ad spend. And I think that's why, at least my view and our company's view on advertising is the most important thing about building a highly incremental advertising business is to build the biggest and most robust marketplace and not to confuse the sequence or the order of operations there.

因此，對於你的第一個問題，我認為我非常同意你所做的客戶研究的前提，即增量顯然是廣告支出回報的巨大驅動力。我認為這就是為什麼，至少我和我們公司對廣告的看法是，建立高度增量的廣告業務最重要的是建立最大、最強大的市場，而不是混淆那裡的營運順序。

And so when our grocery business is growing more than doubling year-on-year, I think that's a good start, especially relative to other choices in the marketplace from an advertiser's perspective. But look, I mean, there's a lot of work to be done. I think we have a long ways to go in building out our advertising product. We're super excited about, I think, the growth we've seen. We're even more excited about I think the amount of demand that is coming into the ecosystem for a product like ours, where I think they recognize in addition to our growth and especially at our scale, they also see the opportunity across different categories.

因此，當我們的雜貨業務同比增長一倍多時，我認為這是一個好的開始，特別是從廣告商的角度來看，相對於市場上的其他選擇。但是，我的意思是，還有很多工作要做。我認為我們在打造廣告產品方面還有很長的路要走。我認為我們對所看到的增長感到非常興奮。我們更興奮的是，我認為像我們這樣的產品進入生態系統的需求量，我認為他們除了認識到我們的成長，特別是在我們的規模之外，他們還看到了不同類別的機會。

And so there's a lot of excitement both from enterprise merchants, whether it's in the restaurant category or in the non restaurant categories as well as from advertisers. And so we got a lot of work to do. We're not certainly pleased with where we are with the product that's usually how we feel about all of our products. But I think we've got a lot more to go. Certainly, in advertising, it's been a 2.5-year effort. I think it's already amongst, I think, some of the most desired online advertising platforms. Yes, I think we have a very, very long road ahead.

因此，企業商家（無論是餐廳類別還是非餐廳類別）以及廣告商都感到非常興奮。所以我們還有很多工作要做。我們對產品的現狀並不滿意，這通常是我們對所有產品的感受。但我認為我們還有很多工作要做。當然，在廣告方面，這是2.5年的努力。我認為它已經是一些最受歡迎的線上廣告平台之一。是的，我認為我們還有很長的路要走。

Mike, on your second point on the efficiency and leverage that you're seeing in the business. I mean you're right. I mean really pleased with the performance. Really proud of the team's execution here. I think what you're seeing is a combination of a couple of things. One, I mean, look, I mean, Q3 was a really strong quarter for us, not just across the top line, but also across unit economics. Every single line of business has continued to outperform our expectations, both on volume as well as unit economics. A lot of the EBITDA upside that you're seeing in the business is being driven by that.

麥克，關於您在業務中看到的效率和槓桿作用的第二點。我的意思是你是對的。我的意思是對錶演非常滿意。為這裡團隊的執行力感到非常自豪。我認為你所看到的是幾件事的結合。一，我的意思是，看，我的意思是，第三季度對我們來說是一個非常強勁的季度，不僅在營收方面，而且在單位經濟效益方面也是如此。每個業務線在數量和單位經濟效益方面都持續超出我們的預期。您在該業務中看到的許多 EBITDA 成長都是由此推動的。

Two, to your point, we've done a lot of things around operating expenses. Operating expenses, as you could see, have been relatively flat for the last 4 quarters in a row. The team has expressed a lot of discipline around the cost structure in general, while we've continued to grow revenue north of 25%, 30% over the same time frame. That said, there are also a couple of things that helped us in Q3. There was a onetime sales tax benefit that helped us in Q3 as well as the continuity of leverage that we're seeing across the board. But as I look ahead, our goal is to continue to drive further leverage in the business, whether it's improvement in unit economics or the fixed cost leverage that you're seeing in the business. And you can see that in the strong Q4 guide that we've given as well.

第二，就你的觀點而言，我們圍繞著營運支出做了很多事情。正如您所看到的，營運支出在過去四個季度中連續相對持平。團隊在整體成本結構方面表現出了很多紀律，同時我們的收入在同一時間段內繼續增長了 25%、30% 以上。也就是說，第三季還有一些事情對我們有幫助。一次性的銷售稅優惠在第三季為我們提供了幫助，並且我們全面看到了槓桿的連續性。但展望未來，我們的目標是繼續推動業務槓桿率的進一步提高，無論是單位經濟效益的改善還是您在業務中看到的固定成本槓桿率。您也可以在我們提供的強大的第四季度指南中看到這一點。

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

我們的下一個問題來自美國銀行的麥可‧麥戈文。

Just a couple on the cohort chart. If you look at some of these post-COVID cohorts, it seems as though the slope in trajectory for Marketplace GOV is a little bit lower than the steeper slope for pre-COVID cohorts even after the COVID spike. So I'm curious what gives you confidence that you can get the post-COVID cohorts to that same slope in growth? And then also curious what kind of contribution you're seeing from nonrestaurant in the newer cohorts versus older cohorts? Do you see newer users ordering more frequently from non restaurants?

隊列圖表上只有幾個。如果你觀察一些新冠疫情后的群體，你會發現，即使在新冠疫情高峰之後，市場 GOV 的軌跡斜率似乎也比新冠疫情前的群體的陡峭斜率要低一些。所以我很好奇是什麼讓您有信心讓新冠疫情後的人群達到同樣的成長斜率？然後你也想知道，與較老的群體相比，非餐廳在新群體中看到了什麼樣的貢獻？您是否發現新用戶從非餐廳點餐的頻率較高？

Yes. Let me take both of those. I'll start with the cohort chart, right? Like the 2 big takeaways that at least on the cohort chart is one, I actually look at the annual cohorts going as back as 7 years. I mean, every single cohort still continues to grow. And the second one is, if you actually look at the 2023 cohorts. In fact, it's the second best cohort that we've ever had, second only to the Jan '20 cohort, which obviously had some impact from COVID. What you see in the underlying cohorts is as we are continuing to improve the selection as we're making the quality of the product better as the service levels continue to increase, we are seeing strength across all the cohorts that we operate in.

是的。讓我把這兩個都拿走。我將從隊列圖表開始，對吧？就像隊列圖表上至少有兩個重要要點一樣，我實際上查看了 7 年前的年度隊列。我的意思是，每個群體仍在持續成長。第二個是，如果你真正觀察一下 2023 年的人群。事實上，這是我們有史以來第二好的隊列，僅次於 20 年 1 月的隊列，這顯然受到了新冠疫情的一些影響。您在基礎群體中看到的是，隨著我們不斷改進產品選擇，隨著服務水平的不斷提高，我們正在提高產品質量，我們看到了我們運營的所有群體的實力。

When I look at the newer cohorts from an order frequency perspective, in fact, the newer cohorts are starting out at a higher level than many of the older cohorts are starting out. And to your second point around what is the contribution from both restaurants as well as new verticals. The behavior that we've seen from user base is, the number of users that use both restaurants as well as new verticals, that number continues to increase every single quarter. The impact that's having on the business is that's lifting overall engagement of the cohorts up. We're starting to see that in the order frequency for the entire cohorts.

事實上，當我從訂單頻率的角度來看新群體時，新群體的起步水準比許多老群體的起步水準要高。關於第二點，兩家餐廳以及新垂直領域的貢獻是什麼。我們從用戶群中看到的行為是，同時使用餐廳和新垂直行業的用戶數量，這個數字每季都在持續增加。這對業務的影響在於提高了群體的整體參與。我們開始在整個群組的訂單頻率中看到這一點。

Again, to be very clear, we're not trying to drive the order frequency of just restaurants or new verticals, the way we think about it is how do we bring more users back, which is helping us drive overall users at a double-digit rate.

再次強調，我們並不是想僅僅提高餐廳或新垂直行業的訂單頻率，我們思考的方式是如何吸引更多用戶回來，這有助於我們以雙倍的速度推動整體用戶。位數率。

How do we get them to use the product more, which is what's being reflected in the overall order frequency going up. In fact, I mean, we're very pleased with the progress, and this is contributing to the strong growth that you've seen over the last couple of years.

如何讓他們更多地使用產品，這就是整體訂單頻率上升所反映的。事實上，我的意思是，我們對所取得的進展感到非常滿意，這有助於您在過去幾年中看到的強勁成長。

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

我們的下一個問題來自 JMP 證券的安德魯·布恩 (Andrew Boone)。

I wanted to go back to operating expenses and specifically sales and marketing. It continues to be very efficient. I understood you guys called out Dasher acquisition costs in the letter. But is there anything you can share on customer acquisition costs just as DoorDash's awareness continues to be higher? And then for my second question, I wanted to ask about the elasticity of grocery delivery costs. Tony, you've mentioned the customer cost out a couple of times in your past responses. What are the largest levers you have to pull to make grocery delivery cheaper for the consumer?

我想回到營運費用，特別是銷售和行銷費用。它仍然非常有效率。我知道你們在信中提到了 Dasher 的採購成本。但是，隨著 DoorDash 的知名度不斷提高，您在客戶獲取成本方面有什麼可以分享的嗎？接下來的第二個問題，我想問雜貨配送成本的彈性。托尼，您在過去的回覆中多次提到客戶支付了費用。為了讓消費者的雜貨配送變得更便宜，你必須採取哪些最大的手段？

Let me take the first one on sales and marketing. And Tony, if you were to take the second one. Yes, you're right. I mean, we've seen a ton of leverage on the sales and marketing in general. One of the biggest areas where we've driven a ton of leverage is Dasher. For us, whenever we think about efficiency in the business, it always starts with product. We've done a ton on the logistics side over the last couple of years. We've redesigned the Dasher app. We have given Dashers the opportunity to both own by time as well as own by effort. The combination of both of those things, what that does is it improves retention, it improves order frequency on the dasher side. We're seeing retention on Dashers go up. We're seeing engagement levels go up.

讓我談談第一個關於銷售和行銷的問題。東尼，如果你選擇第二個的話。你是對的。我的意思是，我們在銷售和行銷方面總體上看到了巨大的影響力。 Dasher 是我們投入大量資金的最大領域之一。對我們來說，每當我們考慮業務效率時，總是從產品開始。過去幾年，我們在物流方面做了很多工作。我們重新設計了 Dasher 應用程式。我們為衝刺者提供了透過時間和努力來擁有的機會。這兩件事的結合，其作用是提高保留率，提高攪拌機側的訂單頻率。我們看到 Dasher 的留存率上升。我們看到參與度不斷上升。

The effect that's having on the P&L is we're seeing leverage on both Dasher pay as well as the Dasher acquisition cost. Second, to your specific point around consumer acquisition, when we operate the business to a payback period, we are seeing healthy unit economics. We are seeing the unit economics continue to grow. As long as we are comfortable with the payback period, our goal is to continue to drive new user adoption. In fact, automotive is driving the overall growth in MAUs is they're continuing to see still healthy levels of user acquisition.

對損益表的影響是我們看到了 Dasher 薪酬和 Dasher 收購成本的槓桿作用。其次，就您關於消費者獲取的具體觀點而言，當我們將業務運作到投資回收期時，我們會看到健康的單位經濟效益。我們看到單位經濟效益持續成長。只要我們對投資回收期感到滿意，我們的目標就是繼續推動新用戶的採用。事實上，汽車產業正在推動每月活躍用戶的整體成長，因為他們繼續保持健康的用戶獲取水準。

With respect to your second question about lowering the cost of grocery delivery. I mean I think there's -- there are quite a few dimensions. I probably won't be able to share in much detail about all of the initiatives we're working on. But it starts with, obviously, how do you create the lowest possible cost structure for everybody involved. If you can do that, I think we can all agree that we all have then the choice of to what degree we actually want to lower the cost of the program. And obviously, we always want to continuously lower the cost of the program, so that we can drive greater and greater adoption and engagement in a way that still makes sense for the business, especially when it comes to maximizing total profit dollars in the long run.

關於你關於降低雜貨配送成本的第二個問題。我的意思是，我認為有很多維度。我可能無法詳細分享我們正在進行的所有舉措。但顯然，首先是如何為每個相關人員創建盡可能最低的成本結構。如果你能做到這一點，我想我們都可以同意，我們都可以選擇我們實際上想要降低該計劃的成本到什麼程度。顯然，我們總是希望不斷降低該計劃的成本，以便我們能夠以對業務仍然有意義的方式推動越來越多的採用和參與，特別是在長期總利潤最大化方面。

But I think there's other things, too. And so you should expect to see us continue to work on co-creating interesting products that haven't yet been built together with grocers and really just continue to solve all of the different challenges that they have. And hopefully, it won't just lower the cost of delivery for grocers on DoorDash, but also for grocers through their first-party channels and their in-store businesses as well.

但我認為還有其他事情。因此，您應該期望看到我們繼續致力於共同創造尚未與雜貨商一起開發的有趣產品，並且實際上只是繼續解決他們面臨的所有不同挑戰。希望它不僅能降低 DoorDash 上雜貨商的送貨成本，還能降低雜貨商透過其第一方通路和店內業務的送貨成本。

There are no further questions at this time. I'd like to thank our speakers for today's presentation, and thank you all for joining us. This now concludes today's call. You may now disconnect.

目前沒有其他問題。我要感謝今天的演講者，也感謝大家加入我們。今天的電話會議到此結束。您現在可以斷開連線。