(DASH) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the DoorDash Q4 2023 Earnings Call. I would now like to welcome Andy Hargreaves, VP of Investor Relations, to begin the call.

感謝您的耐心等待，歡迎參加 DoorDash 2023 年第四季財報電話會議。現在我歡迎投資者關係副總裁 Andy Hargreaves 開始電話會議。

Andy, over to you.

安迪，交給你了。

Thanks, Mandy. Good afternoon, everybody, and thanks for joining us on our Q4 2023 earnings call. I'm very pleased today to be joined by Co-Founder Chair and CEO, Tony Xu; and CFO, Ravi Inukonda.

謝謝，曼迪。大家下午好，感謝您參加我們的 2023 年第四季財報電話會議。我很高興今天能與聯合創始人兼首席執行官托尼·徐 (Tony Xu) 一起參加會議。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, capital allocation approach and the broader economic 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、資本配置方法和更廣泛的經濟環境的預期。

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. Many of these uncertainties 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）中描述了許多此類不確定性。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 to the most directly comparable GAAP financial measures may be found in our earnings release, which is available on our IR website. These non-GAAP measures should not -- 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，包括與最直接可比較的 GAAP 財務指標的調節，可以在我們的收益報告中找到，該報告可在我們的 IR 網站上找到。這些非公認會計原則措施不應該——應該在我們的公認會計原則結果之外被考慮，並且無意於取代我們的公認會計原則結果。

Finally, this call is being audio webcasted on our IR website. An audio replay of the call will be available on our website shortly after the call ends.

最後，本次電話會議將在我們的 IR 網站上進行音訊網路廣播。通話結束後不久，我們的網站上將提供通話的音訊重播。

Mandy, we'll pass it back to you, and we can take our first question.

曼迪，我們會將其傳回給您，然後我們可以回答第一個問題。

(Operator Instructions) Our first question comes from the line of Michael Morton with Moffett Nathanson.

（操作員說明）我們的第一個問題來自 Michael Morton 和 Moffett Nathanson 的線路。

First one for Tony. And then a second one for Ravi. Tony, I would love to hear your thoughts on what you think the future structure of the grocery market looks like. As order density increases on a store level, some industry participants think you might see more growth in the merchant picked model and also like consumers demand more speed. That kind of plays to your advantage with the Dashers. Would love to see how you see that evolving.

第一個是給托尼的。然後是拉維的第二個。東尼，我很想聽聽您對雜貨市場未來結構的看法。隨著商店層面的訂單密度增加，一些行業參與者認為，您可能會看到商家選擇的模式有更多成長，消費者也需要更快的速度。這對你在 Dasher 中的優勢發揮了作用。我很想看看您如何看待這種演變。

And then for Ravi, we get a lot of investor questions on the ability to leverage sales and marketing on a per order basis. It seems like it might have slowed down just a tad in the fourth quarter and then looking at the forward guide. Could you talk a little bit about the opportunity to continue to leverage sales and marketing?

對於拉維來說，我們收到了很多投資者的問題，詢問是否有能力根據訂單利用銷售和行銷。看起來第四季度它可能會稍微放慢一點，然後看看前方指南。您能否談談繼續利用銷售和行銷的機會？

Michael, it's Tony. Regarding your question on grocery, I think it really depends on what it is that you're trying to build in terms of for the customer. I mean if you think about it, a customer is going to evaluate across several dimensions. They're going to evaluate what grocers they can order from how good the order quality is in terms of if they order x items, do they get exactly those x items, the affordability of the service and obviously, what happens with customer support, especially if things don't go perfectly. And so we're always judged on those dimensions, and we're always building initiatives towards that.

邁克爾，是托尼。關於您關於雜貨的問題，我認為這實際上取決於您想要為客戶建造什麼。我的意思是，如果你仔細想想，客戶會從多個維度進行評估。他們將根據訂單品質的好壞來評估他們可以訂購哪些雜貨，具體包括：如果他們訂購了X 件商品，他們是否準確地獲得了這些X 件商品，服務的承受能力，以及客戶支持的情況，特別是如果事情進展不順利。因此，我們總是根據這些維度來評判，我們總是為此制定舉措。

And a lot of this is still really nascent. If you think about DoorDash's entry into the grocery space, which happened about 3 years ago, we really started by nailing this top-up use case, where we're solving the middle of the week run and delivering the items that are consumed the most often, your berries, your dairy products, your cereals, your coffee, et cetera. All of that was done in concert with fantastic grocers. We're now shifting a lot of the work towards solving bigger baskets. And so that is just solving for a different use case for the consumer.

其中許多仍處於新生階段。如果你想想 DoorDash 進入食品雜貨領域（大約 3 年前發生），我們實際上是從解決這個充值用例開始的，我們正在解決一周中的運行問題並交付消耗最多的物品通常，你的漿果、你的乳製品、你的穀物、你的咖啡等等。所有這一切都是與出色的雜貨店合作完成的。我們現在正在將大量工作轉向解決更大的籃子問題。所以這只是為消費者解決不同的用例。

And I think we're also going to have to do other things, too, because when I just look at the structure of grocery, most of the behavior for consumers still happens off-line where consumers are purchasing groceries inside physical stores. And so that tells me that we still have -- as an industry, a long ways to go to getting a product good enough such that it can replace the offline experience.

我認為我們還必須做其他事情，因為當我看到雜貨的結構時，消費者的大部分行為仍然發生在實體店內購買雜貨的線下行為。因此，這告訴我，作為一個行業，我們還有很長的路要走，才能獲得足夠好的產品以取代離線體驗。

All of this is going to be done in concert with grocers. And again, it's this kind of continuum of where we want to make sure that we can solve for more than just one dimension. Speed is one of those things, but there's going to be other factors that we have to get right as well.

所有這一切都將與雜貨商合作完成。再說一次，我們希望確保我們能夠解決不只一個維度的問題，這是一種連續體。速度是其中之一，但我們還必須考慮其他因素。

Michael, on the second point on sales and marketing, right? I'll break it into 2 parts. First, we'll talk about the Q3 to Q4 and then talk about the forward looking, what we expect in 2024. Q3 to Q4, we did generate leverage on consumer acquisition. The change that you're seeing is largely related to Dasher acquisition. That was purely to support the higher growth that we saw in Q4 as well as, as you know, there's some seasonal effect from a Dasher acquisition cost in Q4 in order for us to be able to continue to supply to the volumes that we had in Q4.

邁克爾，關於銷售和行銷的第二點，對吧？我將把它分成兩部分。首先，我們將討論第三季度到第四季度，然後討論我們對 2024 年的預期。第三季度到第四季度，我們確實在消費者獲取方面產生了槓桿作用。您所看到的變化很大程度上與 Dasher 的收購有關。這純粹是為了支持我們在第四季度看到的更高成長，如您所知，第四季 Dasher 採購成本產生了一些季節性影響，以便我們能夠繼續供應我們在Q4。

As I look at it, right, when I think about overall leverage from a sales and marketing perspective, 2 frameworks here. One is we are trying to maximize sort of like payback periods, and our goal is to continue to be within the payback period. You're not looking at the absolute level of dollar investment. We're still within the payback periods on the consumer side. We are still acquiring a healthy level of consumers. Over half of the new consumers in the U.S. today start their journey with DoorDash. So that's going to be a continued way for us to continue to drive growth.

當我從銷售和行銷的角度考慮整體槓桿作用時，這裡有兩個框架。一是我們正在努力最大化投資回收期，我們的目標是繼續保持在投資回收期。你沒有考慮美元投資的絕對水準。我們仍處於消費者方面的投資回收期。我們仍在獲得健康水準的消費者。如今，美國超過一半的新消費者透過 DoorDash 開始他們的旅程。因此，這將是我們繼續推動成長的持續方式。

On the second one, when I think about overall leverage, it purely starts from product. What you've done -- we've done in the last year or so is we've continued to drive improvements in the product. whether it's on the Dasher side or the consumer side, that ultimately improves retention. As the retention goes up, you'll start to see benefits from an overall sales and marketing perspective also. So when I look at 2024, we do expect to generate leverage from an overall sales and marketing.

關於第二個，當我考慮整體槓桿時，它純粹是從產品開始的。你們所做的事——我們在過去一年左右所做的就是繼續推動產品的改進。無論是在 Dasher 端還是消費者端，最終都會提高保留率。隨著保留率的提高，您也會開始從整體銷售和行銷的角度看到好處。因此，當我展望 2024 年時，我們確實希望從整體銷售和行銷中產生槓桿作用。

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

我們的下一個問題來自 Nikhil Devnani 和 Bernstein 的對話。

I had a couple, please, on the '24 outlook. So first off, on the GOV guidance, it looks like you're calling for a few points of deceleration, Q4 into Q1 and then for the year more broadly. So could you please talk about what you might be seeing in the business that's driving that outlook? Is that a reflection of the core U.S. marketplace in restaurants or a trend that you're consistently seeing across segments?

我有兩個關於 24 年展望的問題。因此，首先，在政府指導方針中，您似乎要求在第四季度和第一季進行一些減速，然後在更廣泛的範圍內進行今年的減速。那麼您能否談談您在該行業中可能看到的推動這一前景的因素？這是美國核心餐廳市場的反映還是您在各個細分市場中一直看到的趨勢？

And then for my second question, on the EBITDA outlook for the year, I think the letter mentioned a ramp in margins in the back half of '24. So is this something you can call out, Ravi, on maybe specific investments that you might be leaning harder into in the first half. Just wondering what drives the comfort and visibility into more meaningful margin improvement in the back half of the year?

關於我的第二個問題，關於今年的 EBITDA 前景，我認為這封信提到了 24 年下半年利潤率的上升。拉維，這是你可以在上半年更傾向於的特定投資上提出的嗎？只是想知道是什麼推動了今年下半年更有意義的利潤率改善的舒適度和可見性？

Yes, Nikhil, I'll take both of those, right? On the first one on the growth point, I mean, just to back up a minute, right, our goal is to grow as fast as we can within the disciplined parameters that we've set for ourselves. I mean, look, we've been public for 3 years now. We've driven consistently strong growth every single quarter. What you're seeing in the business is even at our scale, if you look at our overall MAUs, they're growing at a double-digit rate. We've hit $37 million, which is an all-time record for us. Even order frequency continues to grow.

是的，尼基爾，我會接受這兩個，對嗎？關於第一個關於成長點的問題，我的意思是，我們的目標是在我們為自己設定的嚴格參數內盡可能快速成長。我的意思是，看，我們已經上市三年了。我們每季都持續強勁成長。即使按照我們的規模，您所看到的業務也是如此，如果您查看我們的整體月活躍用戶數，您會發現它們正在以兩位數的速度成長。我們的銷售額已達到 3700 萬美元，這是我們的歷史記錄。甚至訂單頻率也在持續成長。

When I look at the opportunity either on the users or the order frequency side, the users that are active on the platform are still a small portion of everybody who's used the app at least once in the last year. That just goes to show you the breadth of the opportunity ahead of us.

當我從用戶或訂單頻率方面考慮機會時，在該平台上活躍的用戶仍然只佔去年至少使用過一次該應用程式的每個人的一小部分。這只是向您展示了我們面前的機會的廣度。

Similarly, on the order frequency side, I mean, the blended order frequency is still very low compared to the number of usable movements we have, especially if you think about all the categories that we are adding in the business. What you're seeing in the business is that we are continuing to drive selection as we're making the product more affordable as the quality continues to increase. You're seeing that strength come through, whether it's retention or order frequency, both are continuing to grow.

同樣，在訂單頻率方面，我的意思是，與我們擁有的可用移動數量相比，混合訂單頻率仍然非常低，特別是如果您考慮到我們在業務中添加的所有類別。您在業務中看到的是，我們正在繼續推動選擇，因為隨著品質的不斷提高，我們使產品變得更加實惠。您會看到這種力量正在顯現，無論是保留率還是訂單頻率，兩者都在持續增長。

Our goal is as long as we continue to make the product better, I'm very confident that we're going to be able to drive strong growth across restaurants, new verticals as well as international.

我們的目標是，只要我們繼續改進產品，我非常有信心我們將能夠推動餐廳、新垂直產業以及國際市場的強勁成長。

And to the second point around EBITDA, again, look, Nikhil, I mean, we've been very pleased with the performance of the business. We've scaled profitability quite nicely if you look at it over the last couple of years. What you saw in '23 is a few things, right? We have generated volume improvements through the course of the year. We have driven unit economic improvements across all major lines of business. When you put those 2 together, you saw the second half EBITDA being higher than the first half EBITDA, which is very similar to what we saw in the prior year in '22 as well.

關於 EBITDA 的第二點，尼基爾，我的意思是，我們對公司的業績非常滿意。如果你看看過去幾年的情況，我們的獲利能力已經很好地擴大了。你在23年看到了一些東西，對嗎？在這一年中，我們的銷量有所改善。我們推動了所有主要業務領域的單位經濟效益改善。當你將這兩者放在一起時，你會發現下半年的 EBITDA 高於上半年的 EBITDA，這與我們在 2022 年看到的情況非常相似。

When I look at '24, I would expect the trend to be very similar, where the second half EBITDA is going to be higher than the first half EBITDA. But more importantly, our philosophy is we're going to operate the business with the same level of rigor and discipline with the goal being trying to drive durable growth and at the same time, improve the profitability of the business.

當我觀察 24 年時，我預期趨勢非常相似，下半年 EBITDA 將高於上半年 EBITDA。但更重要的是，我們的理念是我們將以同樣的嚴格和紀律來經營業務，目標是努力推動持久成長，同時提高業務的獲利能力。

And to the specific factors around first half versus the second half, we are investing in the first half. I mean the investments are, we are seeing strength in restaurants, we're seeing strength in new verticals, we're seeing strengthening on our national business. You can see that in the results. both from a growth as well as a profitability perspective. I do expect those investments to generate leverage in the second half.

對於上半年和下半年的具體因素，我們是在上半年進行投資。我的意思是，投資是，我們看到了餐廳的實力，我們看到了新垂直領域的實力，我們看到了我們全國業務的加強。您可以在結果中看到這一點。無論是從成長或獲利的角度來看。我確實預計這些投資將在下半年產生槓桿作用。

And secondly, if you have volume continuing to scale, plus the unit economics continuing to improve, you're going to see more of the EBITDA in the second half versus the first half. And even from a margin perspective, I would expect the second half margin to be higher than first half as well as the full year.

其次，如果銷售持續擴大，加上單位經濟效益持續改善，下半年的 EBITDA 將會比上半年更高。即使從利潤率的角度來看，我預計下半年的利潤率也將高於上半年和全年。

But just to pull back a minute, right, I'm very pleased with the full year guide for EBITDA because, a, we are driving margin improvement; and b, we are driving overall profitability improvement quite considerably.

但退一步來說，我對 EBITDA 的全年指南非常滿意，因為，a，我們正在推動利潤率的提高； b，我們正在相當大地推動整體獲利能力的提升。

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。

Tony, I wanted to see if you can elaborate on the key areas of investments inside international and new verticals, maybe in terms of countries and products, as you kind of scale these efforts, how should we think about the contribution margin curve of these initiatives versus what you saw in maybe the core restaurant business or even the convenience business over the last 3 to 4 years?

東尼，我想看看您是否可以詳細說明國際和新垂直行業內投資的關鍵領域，也許是在國家和產品方面，當您擴展這些努力時，我們應該如何考慮這些舉措的邊際貢獻曲線與您在過去3 到4 年看到的核心餐飲業務甚至便利商店業務的情況有何不同？

And then maybe one for Ravi. On 4Q EBITDA, I know you don't always aim to beat the high end of the guidance consistently. Did you observe any sort of change in the margin trajectory of the business? Or anything you would call out as maybe 1 or 2 initiatives that drove investments higher during the quarter, perhaps in the last couple of months?

也許還有一個是給拉維的。關於第四季 EBITDA，我知道您並不總是致力於持續超越指導的高端。您是否觀察到企業的利潤軌跡有任何變化？或者您認為可能是在本季（也許在過去幾個月）推動投資增加的 1 或 2 項措施？

Deepak, it's Tony. I'll take the first one, which is about investing into international and also into new verticals. So on international, we really are investing across the board with a fairly similar framework, which is really finding product market fit and then finding an efficient way to grow. And in certain markets, it's more about the former. And the majority of markets is more about the latter. But there are markets that are younger in the portfolio. I mean, I would say, across the board, the penetration levels in terms of our coverage of consumers as well as the merchants that we have remaining to serve is still quite low, certainly lower than where we are in the U.S., but even lower, I would say, to where they can be given the runway that we see.

迪帕克，我是東尼。我將選擇第一個，即投資國際和新的垂直領域。因此，在國際上，我們確實正在透過一個相當相似的框架進行全面投資，這實際上是尋找適合市場的產品，然後找到有效的成長方式。在某些市場，更多的是前者。大多數市場更多的是後者。但投資組合中也有一些較年輕的市場。我的意思是，我想說，就我們對消費者以及我們剩餘服務的商家的覆蓋範圍而言，滲透率仍然相當低，肯定低於我們在美國的水平，但甚至更低我想說的是，他們可以得到我們所看到的跑道。

So it's really about making sure that we're efficient and disciplined in investing across whether we are in search of product market fit and improving that or whether we are scaling that quite nicely, in which case you see both an improvement in growth retention as well as unit economics.

因此，這實際上是為了確保我們在投資方面高效且有紀律，無論我們是在尋找產品市場契合度並加以改進，還是我們是否正在很好地擴大規模，在這種情況下，您也會看到成長保留的改善作為單位經濟學。

On the new vertical side, I mean, I think this has been just yet another quarter of continued strength. I mean, the growth on a bigger base has accelerated now 3 quarters in a row. That's really coming from across the board, investments into grocery, the convenience category, DashMarts, retail. So really, we're seeing improvements in growth, retention, unit economics across all major lines within our investment areas. There's lots of work -- so I don't -- that would probably take much more than the hour to discuss with respect to products that we're working on. But all of them are trying to better the selection that we offer, the quality of the service, the affordability of the service and the customer support levels.

我的意思是，在新的垂直方面，我認為這又是一個持續強勁的季度。我的意思是，在更大的基礎上的成長現在已經連續三個季度加速。這其實來自於雜貨、便利品類、DashMarts、零售的全面投資。事實上，我們在投資領域的所有主要領域都看到了成長、保留和單位經濟效益的改善。有很多工作要做——所以我沒有——討論我們正在開發的產品可能會花費比一個小時更多的時間。但他們都在努力改善我們提供的選擇、服務品質、服務的承受能力和客戶支援水準。

Deepak, it's Ravi. I'll extend Tony start on the first question, and then I'll take the second question, right? Like we -- to your point around margins across the investment areas. What we're seeing in the business is really strong performance, not just across growth, but when I look at the unit economics, there's been a material step function change improvement, both on the new vertical side as well as the international side.

迪帕克，我是拉維。我將延長托尼開始第一個問題的時間，然後我將回答第二個問題，對嗎？就像我們一樣 - 就您關於整個投資領域的利潤率的觀點而言。我們在業務中看到的是非常強勁的業績，不僅是在成長方面，而且當我觀察單位經濟效益時，無論是在新的垂直領域還是在國際領域，都出現了實質性的階躍功能變化改進。

And to your specific question on the contribution margin, if I look at the basket of our overall international business, there are several countries where the core restaurant business is actually contribution margin positive and still a lot of runway for both growth as well as improvement in the margin structure.

至於你關於邊際貢獻的具體問題，如果我看看我們整體國際業務的籃子，有幾個國家的核心餐飲業務實際上是邊際貢獻為正的，而且在增長和改善方面仍然有很大的空間。保證金結構。

And your second point, Deepak, around Q4, again, I mean the performance was great, right, like nothing specific that we would call out. What you're seeing is volume continuing to grow. In fact, new verticals, the volume actually accelerated in Q4 compared to Q3. grocery was a bright spot where grocery volume also accelerated in Q4 compared to Q3. international volume continues to be very strong, and we're also seeing unit economic improvement. That's basically what drove the performance both on the top line as well as the bottom line in Q4.

迪帕克，你的第二點，關於第四季度，我的意思是表現非常出色，對吧，就像我們不會指出的任何具體內容一樣。您看到的是數量持續增長。事實上，就新的垂直領域而言，第四季度的銷量實際上比第三季度有所增長。雜貨是一個亮點，與第三季相比，第四季雜貨銷量也有所增加。國際銷售持續強勁，我們也看到單位經濟效益有所改善。這基本上是推動第四季營收和淨利潤表現的原因。

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

我們的下一個問題來自伯尼·麥克特南 (Bernie McTernan) 與尼達姆公司 (Needham & Company) 的對話。

Maybe just to start the New York City minimum wage. I saw you guys put through some price increases. Just wondering how you expect it to impact 1Q and the year. And then if our math is right, I think you guys added 5 million DashPass subs in '22, 3 million in '23, over the next year or 2 or maybe a couple of years, how big do you think Dash Pass can get? And any commentary on early benefits of Wolt+ if it's been a contributor to the base?

也許只是為了開始紐約市最低工資。我看到你們漲價了。只是想知道您預計它將如何影響第一季和今年。然後，如果我們的數學是正確的，我認為你們在22 年增加了500 萬個DashPass 訂閱者，在23 年增加了300 萬個，在接下來的一年或兩年甚至幾年內，你認為Dash Pass 可以達到多大？如果 Wolt+ 是基地的貢獻者，對它的早期好處有什麼評論嗎？

Sure. Bernie, it's Tony. I'll start and feel free to chime in, Ravi. First question is on regulation. I mean, by and large, the way we see the landscape is fairly similar to how we've seen it every year in the 10 years that we've been building DoorDash, which is most governments that we work with want to actually work with us and want to work with business. And they understand that in order for something like DoorDash to work, it has to work for all audiences. We're always trying to keep the most affordable prices for consumers. We want to maximize the sales for local businesses, and we want to offer the most number of work opportunities for Dashers.

當然。伯尼，是托尼。我將開始並隨意插話，拉維。第一個問題是關於監管。我的意思是，總的來說，我們看待這一情況的方式與我們構建DoorDash 的10 年來每年所看到的方式非常相似，這是與我們合作的大多數政府都希望真正與之合作的方式。我們並希望與企業合作。他們明白，為了讓像 DoorDash 這樣的東西發揮作用，它必須適合所有受眾。我們始終努力為消費者提供最實惠的價格。我們希望最大限度地提高當地企業的銷售額，並為 Dasher 提供最多的工作機會。

The vast, vast, vast majority of places that we operate in work this way. I think there are a handful of markets, one of which you called out, New York City, that kind of takes policies to the extreme. And I think has had some adverse impacts against its wishes, which is whenever you see regulation enter the way it does in a place like New York City, what you see is cost rise for the overall system. So there are -- there's less accessibility to consumers, to your point about rising costs.

我們經營的絕大多數地方都是這樣運作的。我認為有一些市場將政策推向了極端，其中一個就是你所說的紐約市。我認為這對它的願望產生了一些不利影響，每當你看到像紐約市這樣的地方進行監管時，你就會看到整個系統的成本上升。因此，就您對成本上升的觀點而言，消費者的可及性較少。

There are lower sales for local businesses, and there are fewer work opportunities for Dashers. And we largely expect that the vast, vast majority of cities will be fairly central in terms of how they think about working together with companies like ourselves. But there are a handful of markets in which have taken extreme policies. We don't expect that to change much in terms of the financial impact, all of that is reflected in our guidance.

當地企業的銷售額下降，達許者的工作機會也減少。我們很大程度上預計，絕大多數城市在如何考慮與我們這樣的公司合作方面將佔據相當中心的地位。但也有少數市場採取了極端政策。我們預計這對財務影響不會有太大改變，所有這些都反映在我們的指導中。

I think your second question was around DashPass I mean, DashPass had a great year. I mean it was a record year in terms of its membership as well as the order frequency that we saw with DashPass subscribers. This includes Wolt+ as well. In fact, internationally, we actually saw the members for DashPass and Wolt+ double in the quarter. And so we're certainly seeing quite a lot of strength there. I mean the way I think about it is, I mean, there's 100 possible use cases per month for every consumer in terms of the categories and their consumption, whether that's eating or buying in retail. Even for our best customers and certainly for the average subscriber, we're just a fraction of those use cases. So when I think about the runway, I think it's quite far. And if we can certainly serve every use case for local commerce, I think the subscriber base would be fairly healthy.

我認為你的第二個問題是關於 DashPass 的，我的意思是，DashPass 度過了美好的一年。我的意思是，就其會員數量以及我們在 DashPass 訂戶中看到的訂單頻率而言，今年是創紀錄的一年。這也包括 Wolt+。事實上，在國際上，我們實際上看到 DashPass 和 Wolt+ 的會員數量在本季度翻了一番。因此，我們確實看到了相當大的實力。我的意思是，我的想法是，就類別和消費而言，每個消費者每月有 100 個可能的用例，無論是吃飯還是零售購買。即使對於我們最好的客戶，當然對於普通訂戶來說，我們只是這些用例的一小部分。所以當我想到跑道時，我認為它很遠。如果我們確實能夠為本地商業的每個用例提供服務，我認為用戶群將相當健康。

Bernie, it's Ravi. I'll just add to Tony's point around New York City. As you can see from the Q1 EBITDA guide, we are absorbing some of the regulatory costs in Q1. I do expect that to ramp down as we ramp up efficiency as well as we take other actions in the marketplace. And to your second point around impact on volume, again, it's a small portion of the overall volume in the business. So I would expect the impact on volume to be very minimal.

伯尼，我是拉維。我將補充一下托尼關於紐約市的觀點。正如您從第一季 EBITDA 指南中看到的那樣，我們正在吸收第一季的一些監管成本。我確實預計，隨著我們提高效率以及在市場上採取其他行動，這種情況會逐漸減少。關於對銷售的影響的第二點，同樣，它只佔業務總量的一小部分。因此，我預計對交易量的影響非常小。

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 the investments in international new verticals and better understand tactically what you guys are doing. Is the investments around improving selection? Is it on the consumer DASH or such? Just help us understand more directly what exactly it is that you're doing.

我想回到國際新垂直領域的投資，並在戰術上更了解你們正在做的事情。投資是為了改善選擇嗎？是在消費者 DASH 上還是類似的？只要幫助我們更直接地了解您到底在做什麼。

And then in the press release, you called out increased first-party distribution costs for COGS. Can you just talk about where you are with DashMarts and their progress towards profitability overall?

然後在新聞稿中，您提到了銷貨成本的第一方分銷成本增加。您能否談談您在 DashMarts 方面的進展以及他們在整體盈利方面的進展？

Andrew, I mean, I think you pretty much answered the question. yourself, which is -- I mean we're investing in all the dimensions in which a consumer judges us, right? So we're adding selection to the platform. We've launched a lot of awesome retailers over 2023. Even this year, we launched with [Ahold] most recently here in the U.S.

安德魯，我的意思是，我認為你幾乎回答了這個問題。你自己，我的意思是，我們正在對消費者評判我們的所有維度進行投資，對吧？因此，我們正在為平台添加選擇。 2023 年，我們推出了許多出色的零售商。即使是今年，我們最近也在美國推出了 [Ahold]。

We're certainly helping to improve the affordability of the service, and there's lots of work to do there. We are working on improving the quality of the service. I mean I think the hardest challenge that every grocer faces, whether it's physically or digitally in terms of sales is knowing how much inventory they have on the shelves. And that is one of the biggest reasons in terms of why sometimes consumers prefer to go and shop inside stores. And customer support is always something that we're trying to get better.

我們當然正在幫助提高服務的可承受性，這方面還有很多工作要做。我們正在努力提高服務品質。我的意思是，我認為每個雜貨店面臨的最艱鉅的挑戰，無論是實體銷售還是數位銷售，都是了解他們貨架上有多少庫存。這就是為什麼有時消費者更喜歡去商店購物的最大原因之一。客戶支援始終是我們努力改善的事情。

And when I look internationally, I mean, it's similar, but it's across more categories. It's not just new verticals or retail, it's also across the restaurant sector. We're just a lot earlier there in terms of the penetration levels. We have a lot more places we have to launch. We have a lot more restaurants and retailers we have to sign up. We have a lot more work to do in terms of launching our subscription programs in the countries. I mean they've seen great adoption so far, but we're very early in terms of the launch. And then we always have to make sure that we can make the product better.

當我放眼國際時，我的意思是，它是相似的，但它涉及更多類別。這不僅涉及新的垂直行業或零售業，還涉及整個餐飲業。就滲透程度而言，我們只是早了很多。我們還有很多地方需要推出。我們還有更多的餐廳和零售商需要註冊。在這些國家推出我們的訂閱計畫方面，我們還有很多工作要做。我的意思是，到目前為止，它們已經得到了廣泛的採用，但就發布而言，我們還處於早期階段。然後我們必須始終確保我們能夠使產品變得更好。

Yes, Andrew, I'll take the second question around DashMart. I mean look, we're really happy with where the footprint is. We've expanded the footprint a couple of years ago, just to make sure we have the volume density across all the markets that we operate in.

是的，Andrew，我將回答第二個問題有關 DashMart 的問題。我的意思是，看，我們對足跡的位置非常滿意。幾年前，我們擴大了業務範圍，只是為了確保我們在所經營的所有市場上都擁有一定的體積密度。

Today, our focus continues to be driving same-store sales growth by better merchandising, continue to improve the overall product market fit. We have both retention as well as order frequency. When you look at the performance of the business, I mean, we're really pleased. It's doing well compared to plan. Our goal is to continue to improve, a, both the volume in that business as well as continuing to drive unit economic improvement where we've seen material improvement compared to last year.

今天，我們的重點仍然是透過更好的商品陳列來推動同店銷售成長，繼續提高整體產品的市場契合度。我們既有保留率又有訂單頻率。當你看到公司的業績時，我的意思是，我們真的很高興。與計劃相比，進展順利。我們的目標是繼續提高該業務的銷量，並繼續推動單位經濟的改善，與去年相比，我們已經看到了實質的改善。

As I look at 2024, our priority is going to be continue to keep the existing footprint while increasing volume as well as driving unit economics in that business.

展望 2024 年，我們的首要任務是繼續維持現有足跡，同時增加銷售並推動該業務的單位經濟效益。

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)。

I have 2. The first one, Tony, on sort of prioritization of investments. I know you're very data-driven. And so when you sort of look at the grocery and new verticals, you talked in the letter about adding more merchants, more seamless wording experiences, execution, pricing. When you sort of study the data, what is holding back adoption or driving churn or any of the negative you don't want to see? Where are sort of the pinch points you really want to solve first to try to continue to drive some strong grocery adoption in 2024?

我有 2 個建議。托尼，第一個建議是關於投資的優先順序。我知道你非常注重數據。因此，當你審視雜貨和新的垂直領域時，你在信中談到了增加更多商家、更無縫的措辭體驗、執行和定價。當您研究數據時，是什麼阻礙了採用或導致客戶流失或任何您不希望看到的負面影響？為了在 2024 年繼續推動食品雜貨的強勁普及，您真正想要首先解決的關鍵點在哪裡？

And the second one, Ravi, to go back to one of your earlier answers, we talked about, you called "a step change function" on new vertical unit economics. Just any color on sort of which of the areas of the business in the blocking and tackling sort of drove that step change improvement in unit economics in the year?

第二個，拉維，回到你之前的一個答案，我們談過，你稱之為新垂直單位經濟學的「階躍變化函數」。到底哪些業務領域的攔截和攔截推動了今年單位經濟效益的顯著改善？

Brian, with respect to all of the barriers to adoption, I think there are a few, but I would start by saying that things in general are going pretty well. I mean we have over 20% of customers ordering in the nonrestaurants category for the first time. I mean we're now north of 100,000 plus stores that are outside of restaurants that are on our platform, which we estimate to be the largest in North America.

布萊恩，關於採用的所有障礙，我認為有一些，但我首先要說的是，總體來說事情進展順利。我的意思是，我們有超過 20% 的顧客是第一次在非餐廳類別中點餐。我的意思是，我們現在在我們平台上的餐廳之外有超過 100,000 家商店，我們估計這是北美最大的商店。

More and more grocers, retailers are coming inbound, and then similarly, more and more consumers are shopping for the first time in the grocery category on DoorDash even ahead of restaurants.

越來越多的雜貨商、零售商湧入，同樣，越來越多的消費者首次在 DoorDash 上購買雜貨類別，甚至領先餐廳。

So I think there's a lot of goodness to see. And if you think about what that's centered on, that's really been centered on the fact that we launched with this top of use case, which we effectively had to invent, if you think about it. People knew DoorDash really as a place to get lunch and dinner very quickly. And so we launched this product where you can get your middle of the week run done as fast as possible. When you run out of eggs or cereal or your berries, that usually isn't like the most fulfilling trip to go inside a physical store yourself. But it's also something you want to be done quickly. And so that's something that we've solved pretty well.

所以我認為有很多好處值得一看。如果你想想它的中心是什麼，那實際上是圍繞著這樣一個事實：我們推出了這個頂級用例，如果你仔細想想，我們實際上必須發明它。人們知道 DoorDash 確實是一個可以快速享用午餐和晚餐的地方。因此，我們推出了這款產品，您可以在其中盡快完成周中的跑步。當你用完雞蛋、麥片或漿果時，通常不會像親自去實體店那樣最令人滿意的旅行。但這也是您希望快速完成的事情。我們已經很好地解決了這個問題。

At the same time, I think there are a lot of barriers. I mean, if you just pan out and look at the industry, I mean, digital sales or e-commerce penetration of grocery is still amongst the lowest, if not the lowest across all categories of e-commerce. And I think there's many reasons.

同時，我認為還有很多障礙。我的意思是，如果你仔細觀察這個行業，我的意思是，雜貨的數位銷售或電子商務滲透率即使不是所有電子商務類別中最低的，也是最低的。我認為原因有很多。

First is how do you make sure that you can get exactly what a customer wants delivered to their home. I mean if you look at one of the challenges that grocers have, whether it's through their physical stores or their online channels, it's not knowing how much inventory that they actually carry. There's other barriers around affordability. I think customers largely expect to pay similar to what they pay inside the store when they get something delivered.

首先是如何確保您能夠準確地將客戶想要的物品送到家中。我的意思是，如果你看看雜貨商面臨的挑戰之一，無論是透過實體店還是線上管道，你都會發現不知道他們實際上擁有多少庫存。負擔能力還存在其他障礙。我認為顧客在很大程度上期望在收到商品時支付與在商店內支付的費用類似的費用。

And when you look at selection, that's something that we're just working towards. I mean it's happening actually pretty rapidly and consistently where 3 years ago, when we just launched our service. We were working with maybe a couple of dozen of retailers now that's in the hundreds with hundreds of thousands of stores. So that remains a very -- and I think the final thing is that it's just going to take a bit of time. I mean, I think most people in the country or in the world know DoorDash and Wolt has a place to get lunch or dinner delivered. I think it takes some time to get everyone to know that you can get your city delivered. We've certainly made a priority bet on grocery. I think it's paid off really well. I mean we see it every day in the numbers in terms of growth, retention as well as improvements in unit economics. But look, it's a long ways to go. I mean, we're 3 years into it where we went from 0 to multibillion, which we're excited about, but I think it's just the beginning.

當你考慮選擇時，你會發現這就是我們正在努力的方向。我的意思是，與三年前我們剛推出服務時相比，這種情況實際上發生得相當快且持續。我們之前與大約幾十家零售商合作，現在已經與數百家零售商合作，擁有數十萬家商店。所以這仍然是一個非常--我認為最後一件事是這需要一些時間。我的意思是，我認為這個國家或世界上的大多數人都知道 DoorDash 和 Wolt 有一個可以送午餐或晚餐的地方。我認為需要一些時間才能讓每個人都知道你可以交付你的城市。我們當然優先押注於食品雜貨。我認為它得到了很好的回報。我的意思是，我們每天都在成長、保留以及單位經濟效益的數字中看到這一點。但你看，還有很長的路要走。我的意思是，我們已經從 0 增長到了數十億，我們對此感到興奮，但我認為這只是開始。

Brian. On the second one, right, in terms of the step function change and improvement in unit economics, I'll start off by saying, like in these businesses that we operate, one of the more important things is scale. Because ultimately, scale as we saw in the restaurant business, that drives volume growth, which ultimately drives efficiency in the business. If you combine that with the overall platform density that we have, whether it's quality where we're able to accrue benefits across the platform on improvements in credits and refunds or the Dasher side efficiency. All of that is driving the improvements you're seeing in the unit economic improvement across both restaurants and honestly, across all parts of the new verticals portfolio. And there's many parts of the P&L that we are driving efficiency across the board.

布萊恩.關於第二個，右邊，就單位經濟效益的階躍函數變化和改進而言，我首先要說的是，就像我們經營的這些業務一樣，更重要的事情之一是規模。因為最終，正如我們在餐廳業務中看到的那樣，規模會推動銷售成長，最終提高業務效率。如果將其與我們擁有的整體平台密度結合起來，無論是我們能夠在整個平台上獲得積分和退款改進的質量，還是 Dasher 的效率。所有這些都推動了您在餐廳以及新垂直產品組合的所有部分中看到的單位經濟改善的改善。我們正在全面提高損益表的許多部分的效率。

And the second dimension I would give you is when you think about the portfolio and break it apart, right, third-party convenience, we've talked about the fact that, that was unit economic breakeven a few -- several quarters ago. That business has continued to grow as well as improve in overall unit economics. Growth, we are seeing something very similar where the overall unit economics have continued to improve. Look, I mean, I realize there's a question if these businesses are going to be profitable for us. But when I look at the data, I have no doubt in my mind that all parts of our new vertical business is going to be profitable over time.

我要給你的第二個維度是，當你考慮投資組合並將其分解時，對吧，第三方便利性，我們已經討論過這樣一個事實，那就是幾個季度前的單位經濟盈虧平衡。該業務持續成長，整體單位經濟效益不斷提高。成長方面，我們看到了非常相似的情況，整體單位經濟效益持續改善。聽著，我的意思是，我意識到這些業務是否能為我們帶來利潤是一個問題。但當我查看數據時，我毫不懷疑我們新垂直業務的所有部分都將隨著時間的推移而實現盈利。

But again, it's important to remember, we are still very early in the journey. We're seeing great signals across growth in volume. You saw that in Q4 where the business accelerated as well as growth in unit economics. So our goal is to continue to invest because that will ultimately drive the free cash flow generation in the business.

但再次強調，重要的是要記住，我們仍處於旅程的早期階段。我們看到了銷量成長的重要訊號。您在第四季度看到了業務加速以及單位經濟效益的成長。因此，我們的目標是繼續投資，因為這最終將推動業務自由現金流的產生。

Our next question comes from the line of James Lee with Mizuho Securities.

我們的下一個問題來自瑞穗證券的 James Lee。

My question is mostly on grocery business. And maybe, Tony, can you lay out the plan or how you try to explain -- how you plan to expand the supply of grocers going forward? And what does that process maybe entail? Do you need to hire more salespeople? Maybe system integration to retailers? And also give a sense at what point can you get to the same size as your largest competitor?

我的問題主要是關於雜貨業務。東尼，也許你能列出這個計劃或你如何解釋——你計劃如何擴大未來雜貨店的供應？這個過程可能需要什麼？您需要雇用更多銷售人員嗎？也許系統整合到零售商？也要了解您何時可以達到與最大競爭對手相同的規模？

James, yes, I mean I would say that getting supply of grocers onto the platform has not been an issue for us. I mean, it's actually gone really well and really quickly. I mean if you asked me 3 years ago, do -- would we have thought that we would be north of 100,000 stores in North America from close to 0, I'm not sure. And if you ask me whether or not that we would have over 20% of customers ordering outside of restaurants. I'm not sure. And I think if you asked me, would these things continue to grow as quickly as they have. I'm also not sure.

詹姆斯，是的，我的意思是我想說，將雜貨商的供應納入平台對我們來說並不是問題。我的意思是，它實際上進展得非常好而且非常快。我的意思是，如果你在 3 年前問我，我們是否會想到北美的 100,000 家商店會從接近 0 家開始，我不確定。如果你問我是否有超過 20% 的顧客在餐廳外點餐。我不知道。我想如果你問我，這些東西會繼續像現在這樣快速成長嗎？我也不確定。

And I think one of the reasons why it's been fairly straightforward in terms of onboarding these grocers is that they see in DoorDash, the largest local commerce base of users that are shopping with the greatest frequency, which means it's very highly incremental. I mean they've seen that with each grocer that we work with we conduct incrementality tests that continue to show that DoorDash is just adding more and more sales for them and also, frankly, solving new use cases that they had previously saw. And I think they also see in DoorDash, a partner that they can build with decades or centuries into the future.

我認為這些雜貨商的入職相當簡單的原因之一是他們在 DoorDash 中看到了最大的本地用戶商業基礎，他們購物的頻率最高，這意味著它的增量非常高。我的意思是，他們已經看到，我們對與我們合作的每個雜貨商進行了增量測試，這些測試繼續表明DoorDash 正在為他們增加越來越多的銷售額，而且坦率地說，還解決了他們之前看到的新用例。我認為他們也認為 DoorDash 是他們可以在未來幾十年或幾個世紀內建立的合作夥伴。

Right. Tony, I can add on here. I think last time you talked about in terms of grocery in the app, you tried to improve the user experience, make it more seamless, that will help you to improve the fill rate and substitution rate. Any update on that specifically?

正確的。托尼，我可以在這裡補充一下。我想上次你談到應用程式中的雜貨方面時，你試圖改善用戶體驗，使其更加無縫，這將幫助你提高填充率和替代率。有具體更新嗎？

Yes, it's gone really well. I mean, I think the results kind of speak for themselves. I mean, we now acquire more customers than any other platform who shop in the convenience or grocery or alcohol segments than anyone else. I think we cited in Q3 that our grocery business is growing triple digits, which I think when you compare to peers suggest that we're outpacing by many multiples. So I think the numbers kind of speak for themselves.

是的，一切進展順利。我的意思是，我認為結果不言而喻。我的意思是，我們現在比任何其他平台獲得的客戶都多，他們在便利商店、雜貨店或酒類領域購物的客戶比其他任何人都多。我認為我們在第三季度提到我們的雜貨業務正在以三位數的速度成長，我認為當你與同行相比時，這表明我們的成長速度是好幾倍。所以我認為數字本身就說明了一切。

Our next question comes from the line of Mark Mahaney with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

I just want to ask about DashPass and Wolt+ members. When you think about the growth of that program going forward, this is a great customer retention, customer engagement tool. What are the things you can do to further accelerate the adoption of DashPass? Is it -- do you find it -- is it more features and functionality? Is it more competitive pricing or lower pricing? What is it that allows that subscriber base to double in the space of a couple of years? What do you think are the most interesting missing features today?

我只想問一下 DashPass 和 Wolt+ 會員的狀況。當您考慮該計劃的未來發展時，您會發現這是一個很好的客戶保留、客戶參與工具。您可以採取哪些措施來進一步加速 DashPass 的採用？是不是──你找到了嗎──它有更多的特性和功能嗎？是更具競爭力的定價還是更低的定價？是什麼讓用戶基數在幾年內翻倍？您認為當今最有趣的缺失功能是什麼？

Mark, it's Tony. Well, I mean, I think there's a few things here with respect to membership adoption. I think the first is just making sure that members are aware of the savings that they're actually receiving. I think if you think about DoorDash, we have within our own ecosystem, hundreds of millions of customers who've ordered with us. But as you saw, we wrote in our shareholder letter that we have 37 million monthly active customers.

馬克，這是東尼。嗯，我的意思是，我認為這裡有一些關於會員採用的事情。我認為首先是確保會員了解他們實際收到的節省。我想如果你想想 DoorDash，我們在自己的生態系統中擁有數億透過我們訂購的客戶。但正如您所看到的，我們在股東信中寫道，我們每月有 3700 萬活躍客戶。

And so there's a pretty large base who I think we have to meet them where they are in terms of their usage behavior and then make them aware of the possible savings that there could be. So I think thing number one -- job number one is really making sure that we can make all customers within the DoorDash and bulk ecosystem to understand the savings that they would be receiving.

因此，我認為我們必須滿足相當大的群體的使用行為，然後讓他們意識到可能節省的費用。因此，我認為第一件事 - 第一項工作實際上是確保我們能夠讓 DoorDash 和批量生態系統中的所有客戶了解他們將獲得的節省。

I think job number two is always increasing the value that members receive. And so that's something that we're always working towards and we'll add more and more benefits over time.

我認為第二項工作始終是增加會員獲得的價值。這就是我們一直在努力的方向，隨著時間的推移，我們將增加越來越多的好處。

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)。

Tony, you highlighted 7 million Dashers in '23. And it was good to see some of the details from the 4Q Dasher survey. Can you just talk to us about current Dasher supply levels and how you're feeling about Dasher satisfaction and then also individual Dasher earnings trajectory.

東尼，您強調了 23 年有 700 萬個 Dasher。很高興看到 4Q Dasher 調查的一些細節。您能否與我們談談目前的 Dasher 供應量以及您對 Dasher 滿意度的感受，以及個人 Dasher 的收入軌跡。

And then second question on, anything you'd call out in terms of generative AI benefits thus far in the business around efficiency or anything on the new product side?

然後是第二個問題，到目前為止，您在業務中圍繞效率或新產品方面的任何方面對生成人工智慧的好處有何看法？

Sure. Yes, your first question, Doug, I believe, was on Dasher supply. I mean it's been the healthiest we've seen. And I think this is something that we called out in the letter, where it really is precisely because of the #1 feature that we offer in the DoorDash platform has flexibility that there are such high levels of engagement, right? I mean we have -- as you said, 7 million plus Dashers who earn over $15 billion in the year, these Dashers on average, only Dash about 4 hours a week, 90% of them Dash fewer than 10 hours a week. So they -- and the vast majority, north of 80-plus percent of them have other full-time work. I mean it really is a complementarity to what they already do. So I think that's one of the reasons that you're seeing there.

當然。是的，道格，我相信你的第一個問題是關於 Dasher 的供應。我的意思是這是我們見過的最健康的。我認為這是我們在信中指出的，這確實正是因為我們在 DoorDash 平台中提供的第一大功能具有靈活性，因此有如此高的參與度，對吧？我的意思是，正如您所說，我們有 700 萬以上的 Dasher，年收入超過 150 億美元，這些 Dasher 平均每週只花 4 小時左右，其中 90% 的人每週花時間不到 10 小時。因此，他們——以及其中的絕大多數（80% 以上）都有其他全職工作。我的意思是，這確實是他們已經做過的事情的補充。所以我認為這就是你看到那裡的原因之一。

So satisfaction is high, engagement is at all-time highs, and it's been easier and easier for us to make sure that we can supply the roads. That doesn't mean that we don't have work to do, by the way. I mean we have a lot of work to do in making sure that the friction to use the app a lot easier. Making sure that we can create more earnings opportunities for Dashers. We launched some new payment models for Dashers for the first time in 2023 in a while. So there's a lot of work to both optimize as well as innovate and create new services for Dashers.

因此，滿意度很高，參與度也處於歷史最高水平，我們越來越容易確保能夠供應道路。順便說一句，這並不意味著我們沒有工作要做。我的意思是，我們還有很多工作要做，以確保使用該應用程式的摩擦變得更容易。確保我們能夠為 Dasher 創造更多獲利機會。我們在 2023 年首次為 Dasher 推出了一些新的支付模式。因此，需要做大量的工作來優化、創新並為 Dasher 創建新服務。

On the second question, I think, was on generative AI and the benefits that we've seen. We've been working with a lot of these large language models for probably a couple of years at this point. They certainly do serve some benefits in areas where you see lots of structured information that digests nicely into these LOMs. And which then you can solve. I mean, if you see a lot of work that's been repetitive that it's done manually, for instance, a lot of that can be -- we've seen efficiency gains with generative AI. We're always trying to do our best to play with the newest technologies.

我認為，第二個問題是關於生成式人工智慧以及我們所看到的好處。到目前為止，我們已經使用許多這樣的大型語言模型大概有幾年了。在您看到大量結構化資訊可以很好地消化到這些 LOM 中的領域，它們確實確實提供了一些好處。然後你就可以解決這個問題。我的意思是，如果你看到很多重複性的工作是手動完成的，例如，其中許多工作都可以——我們已經看到了生成式人工智慧的效率提升。我們一直在努力嘗試最新的技術。

But at the same time, I think a lot of times, the question I always ask myself is technology is a tool. We have to make sure we understand the job to be done and apply the correct tool. So I think with respect to generative AI, we have seen efficiencies in many areas. But I think it's something that's going to be explored for many years to come.

但同時，我想很多時候，我總是問自己的問題是技術是一種工具。我們必須確保我們了解要完成的工作並應用正確的工具。因此，我認為就生成式人工智慧而言，我們已經在許多領域看到了效率。但我認為這是未來很多年都需要探索的事情。

Our next question comes from the line of Brad Erickson with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的布拉德·埃里克森（Brad Erickson）。

I guess first for Tony, when you think about adding that value to DashPass, that you kind of just talked about a minute ago. Do you ever think about maybe partnering with anyone in kind of like an adjacent or even, say, different end market, for example? Or would that added value kind of be more likely homegrown, would you say?

我想首先對於托尼來說，當你考慮將這一價值添加到 DashPass 時，你剛才剛剛談到了這一點。例如，您是否考慮過與相鄰甚至不同終端市場的任何人合作？或者你認為這種附加價值更有可能是本土產生的？

And then second, just for Ravi. I guess, a few quarters ago now, you've laid out a really nice chart highlighting kind of how your losses sometimes were going up on new verticals and geos even though your unit economics were also kind of improving at the same time. So -- as we look at the guidance, are there a lot of end markets or geos where that's still kind of the case? Or I guess, are we reaching a point at some point where those 2 lines kind of start to go the same direction? Or is that maybe already happening? Just any color there would be great.

其次是拉維。我想，幾個季度前，您已經制定了一個非常好的圖表，突出顯示您的損失有時如何在新的垂直領域和地理區域上增加，儘管您的單位經濟效益同時也有所改善。那麼，當我們查看指導意見時，是否有許多終端市場或地區仍然存在這種情況？或者我猜，我們是否在某個點上達到了這兩條線開始朝同一方向移動的點？或者這可能已經發生了？任何顏色都會很棒。

Brad, yes, on your question on Dash Pass and benefits of whether those benefits can come through partnership or build within. There's -- I mean, a portfolio of bets here, but it really starts within, I think, understanding our own ecosystem. We are fortunate that we have the largest local commerce space of customers in which we can offer these benefits. And I think when you think about the depth of use cases as well as the breadth of use cases. I mean there really isn't any category larger than eating and retail.

Brad，是的，關於您關於 Dash Pass 的問題以及這些好處是否可以透過合作夥伴關係或內部建構來實現的問題。我的意思是，這裡有一系列的賭注，但我認為，它真正開始於了解我們自己的生態系統。我們很幸運，我們擁有最大的本地客戶商業空間，我們可以在其中提供這些好處。我認為當您考慮用例的深度以及用例的廣度時。我的意思是，確實沒有比餐飲和零售更大的類別了。

And so I think job #1 is we have to first make sure we do a great job with what we have. And I think if it makes sense to have certain partnerships, we'll certainly consider those. But I think job #1 is just realizing how big of an opportunity we have within our own ecosystem and building the best products for our customers.

所以我認為第一個任務是我們必須先確保我們利用我們所擁有的資源來做好工作。我認為，如果建立某些合作關係有意義，我們肯定會考慮這些。但我認為第一項工作就是意識到我們在自己的生態系統中擁有多大的機會，並為我們的客戶打造最好的產品。

I'll take the second one on the overall investment level, right? Like look, I mean, we are not trying to optimize the business for an overall quantum of investment dollars. When you're thinking about operating the business, right? Our goal is to maximize long-term free cash flow per share. What we're seeing in the business across both new verticals as well as international is volume is growing very nicely. In fact, I mentioned in -- to my earlier question to both Brian and Deepak, like volume is continuing to accelerate in the second half for our new verticals business, international business is continuing to grow. Combined with that, we are seeing improvements in unit economics as we drive efficiency across the P&L.

整體投資水準我選第二個吧？就像你看的那樣，我的意思是，我們並不是試圖針對整體投資金額來優化業務。當您考慮經營業務時，對吧？我們的目標是最大化每股長期自由現金流。我們在新垂直領域和國際業務中看到的是，業務量都在快速成長。事實上，我在先前向布萊恩和迪帕克提出的問題中提到，下半年我們新的垂直業務的銷售量持續加速，國際業務也持續成長。除此之外，隨著我們提高損益表效率，我們看到了單位經濟效益的改善。

You put both of those together, that strong signal for us both from a product market fit as well as a profitability perspective. Our goal is as long as we are continuing to see that strength as long as we're able to drive growth efficiently. We're going to continue to invest behind that. because that's a driver for long-term free cash flow generation in our business, and both of those I'm very confident are going to contribute to the overall profitability of the entire business for us.

將兩者放在一起，從產品市場契合度和獲利能力的角度來看，這對我們來說都是一個強烈的訊號。只要我們能夠繼續看到這種優勢，只要我們能夠有效地推動成長，我們的目標就是。我們將繼續對此進行投資。因為這是我們業務中長期產生自由現金流的驅動力，我非常有信心這兩者都將為我們整個業務的整體獲利能力做出貢獻。

Our next question comes from the line of Ken Gawrelski with Wells Fargo.

我們的下一個問題來自富國銀行的 Ken Gawrelski 的電話。

Two, if I may. First, on the regulatory side, I believe most of the Wolt markets are currently independent contractor model with the exception of Germany. It seems like the EU platform work directive is going to be published any day. And do you expect to have to reclassify Wolt workers in Europe?

如果可以的話，兩個。首先，在監管方面，我相信目前除德國外，大多數Wolt市場都是獨立承包商模式。歐盟平台工作指令似乎隨時都會發布。您是否預計必須對歐洲的 Wolt 工人進行重新分類？

And then the second one, is based is on the capital return side, based on the '24 EBITDA guidance and the renewed share purchase authorization, I was hoping maybe you could update us on your medium-term thoughts about capital returns? You talked about maximizing free cash flow per share. I know you talked a lot about what you're doing on the numerator. Can you talk a little bit more about the denominator there?

第二個是基於資本回報方面，基於'24 EBITDA 指導和更新的股票購買授權，我希望您能向我們介紹一下您對資本回報的中期想法嗎？您談到了最大化每股自由現金流。我知道你談了很多關於分子的事情。能多談談那裡的分母嗎？

Yes. Ken, I can start. This is Tony. And Ravi, feel free to follow. I think on your first question, which is about regulation in the EU and the platform workers directive.

是的。肯，我可以開始了。這是托尼.拉維，請隨意關注。我想回答你的第一個問題，即有關歐盟監管和平台工人指令的問題。

Yes, I mean, it's certainly an ongoing piece of work that regulators are coming up with. And I think the good news here is that they're doing it in partnership with industry and we expect a very productive outcome for everyone. I think that, by and large, when I made my comment earlier to the -- I think there was an earlier question about regulation. I mean, there really are just a handful of cities across the world. So not just EU or U.S. or other places in which I think governments don't want to work productively with companies. I think the majority of vast, vast, vast majority scenario we've seen is that governments want to work with companies. I mean, why wouldn't you? I mean, why wouldn't you want to increase the GDP of the local economy and create more work opportunities, more sales for local businesses and more accessibility for consumers. I think that every government recognizes that, that's a positive sum situation for their constituents. And we see that in the EU. We also see that in most parts of the world.

是的，我的意思是，這肯定是監管機構正在進行的工作。我認為好消息是他們正在與業界合作，我們期望每個人都能取得非常有成效的成果。我認為，總的來說，當我早些時候發表評論時——我認為早些時候存在一個關於監管的問題。我的意思是，世界上確實只有少數幾個城市。因此，我認為不僅是歐盟、美國或其他地方的政府不想與企業進行有成效的合作。我認為我們所看到的絕大多數情況是政府希望與公司合作。我的意思是，你為什麼不呢？我的意思是，為什麼你不想增加當地經濟的國內生產總值並為當地企業創造更多的工作機會、更多的銷售額以及為消費者提供更多的便利。我認為每個政府都意識到，這對其選民來說是一個正和的局面。我們在歐盟也看到了這一點。我們在世界大部分地區也看到了這一點。

I think your second question was around capital allocation. Maybe I can start and then Ravi, feel free to take the rest. In general, I mean, we're always trying to look to build products for customers. And we think that that's the best way to maximize long-term free cash flow per share. Obviously, to your point, there's 2 component parts to that.

我認為你的第二個問題是關於資本配置的。也許我可以先開始，然後拉維，你可以放心剩下的。總的來說，我的意思是，我們一直在努力為客戶打造產品。我們認為這是最大化每股長期自由現金流的最佳方式。顯然，就您的觀點而言，這有兩個組成部分。

There's the first component in which we're doing our best to grow as fast as possible within a disciplined set of parameters that we set for ourselves. A lot of that isn't just a budget, but also just how we run the business and run different projects against their state of progress, whether they're in search of product market fit, there's a different set of operating metrics that we look at, if they're in a phase of scaling and looking for efficient ways to grow. There's another set of operating metrics. If they are cash flow generative. There's another set of operating metrics we look at. So I think that's on the former -- on the latter or the denominator, we're always looking to make sure that we do this with discipline. I mean stock-based compensation is certainly is a very real expense. We want to make sure that we're as disciplined as possible with headcount. I'm pleased with the fact that we've been relatively flat on share count over the last 6 quarters, even though revenue has grown considerably over the same time period.

第一個組成部分是我們盡最大努力在我們為自己設定的一組嚴格的參數範圍內盡可能快地成長。其中許多不僅僅是預算，還包括我們如何根據其進度狀態運行業務和運行不同的項目，無論他們是否正在尋找適合市場的產品，我們都會尋找一組不同的運營指標如果他們正處於擴展階段並尋找有效的成長方式。還有另一組營運指標。如果它們能產生現金流。我們也關注另一組營運指標。所以我認為對於前者——對​​於後者或分母，我們總是希望確保我們遵守紀律。我的意思是，基於股票的薪酬肯定是一項非常實際的支出。我們希望確保我們在員工人數方面盡可能遵守紀律。我很高興看到過去 6 個季度我們的股票數量相對持平，儘管同期收入大幅成長。

And look, I think it's also been very healthy for company culture. I mean, DoorDash is a company that's quite scrappy in terms of how well we -- how we like to operate and we'd like to continue operating with the same speed and quality.

我認為這對公司文化也非常健康。我的意思是，DoorDash 是一家非常鬥志旺盛的公司，我們的營運方式以及我們希望繼續以相同的速度和品質運作。

Okay, just a couple of points to add, right? Like we've given guidance around both SBC as well as the share count. I mean you can see -- we're focused on driving leverage from a stock-based compensation. I mean it's a true real cost to the business. We've driven leverage last year and expect to continue to drive leverage in that.

好的，只需補充幾點，對吧？就像我們已經就 SBC 和份額計數提供了指導一樣。我的意思是你可以看到——我們專注於透過基於股票的薪酬來提高槓桿率。我的意思是，這對企業來說是真正的實際成本。我們去年提高了槓桿率，並預計將繼續提高槓桿率。

And from an overall share count perspective, you can see the RSU issuance that we've given, we expect the overall RSUs to come down because it's actually -- SBC is a lagging indicator in some ways.

從整體股票數量的角度來看，您可以看到我們給出的 RSU 發行量，我們預計總體 RSU 會下降，因為實際上 - SBC 在某些方面是一個滯後指標。

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

我們今天的最後一個問題來自邁克爾·麥戈文與美國銀行的對話。

I have 2. First, I want to ask about the partner commission rate, which you mentioned is down year-over-year. just curious, as you build out all of these new features for partners, you have under 1% churn for restaurants, as you mentioned. Is that rate going down just a function of signing up a lot of new merchants and kind of what is your expectation long term for your partner commission rate?

我有2個。首先，我想問一下合作夥伴佣金率，你提到合作夥伴佣金率逐年下降。只是好奇，正如您所提到的，當您為合作夥伴建立所有這些新功能時，餐廳的流失率低於 1%。該費率的下降是否只是因為簽署了許多新商家以及您對合作夥伴佣金率的長期預期？

And then secondly, I was just wondering if you could talk a bit about the advertising business. And when you mentioned in your full year guidance that net revenue margin going up in the second half of the year potentially, does the advertising business contribute significantly to that?

其次，我想知道您是否可以談談廣告業務。當您在全年指引中提到下半年淨收入利潤率可能會上升時，廣告業務是否對此做出了重大貢獻？

Sure. Mike, I'll start and feel free to add in here, Ravi. So on the first question, which I believe is around partner commissions, we're always trying to maximize the value that we bring every single partner, right? And we're fortunate that we've generated lots of sales on behalf of these merchants, and we've spent over $40 billion of R&D, sales and marketing team spend over the past few years in helping achieve that level of sales, which I think would be very difficult/impossible for these merchants to replicate on their own.

當然。麥克，我將開始並隨時添加進來，拉維。因此，關於第一個問題，我認為與合作夥伴佣金有關，我們一直在努力最大化為每個合作夥伴帶來的價值，對吧？我們很幸運，我們為這些商家創造了大量銷售額，過去幾年我們在研發、銷售和行銷團隊上花費了超過 400 億美元，以幫助實現這一銷售水平，我認為我認為這些商家很難/不可能自行複製。

And I think that's why you see that those churn numbers are low and actually, frankly, they continue to get lower. So for us, it's making sure that we're always delivering more value to these customers such that will continue to grow together. I think there's a long runway ahead before every physical merchant can truly argue and compete on their own as companies in the digital economy. I think we've done a nice job in our first decade of helping the restaurant category get there. But I think we have a lot more work to do certainly within restaurants, and I think we're just getting started outside of restaurants.

我認為這就是為什麼你會看到這些流失率很低，而且坦白說，實際上，流失率還在繼續下降。因此，對我們來說，我們要確保始終為這些客戶提供更多價值，以便繼續共同成長。我認為，在每個實體商家能夠真正作為數位經濟中的公司進行競爭和競爭之前，還有很長的路要走。我認為我們在幫助餐廳類別實現這一目標的第一個十年中做得很好。但我認為我們在餐廳內當然還有很多工作要做，而且我認為我們在餐廳外才剛開始。

I think your second question was around ads. Yes, I mean, the ads business has gone really well. I mean I think that it's not something probably we've talked about that much, but it's certainly grown, I think, commensurate to the size of business that we're at.

我認為你的第二個問題是關於廣告的。是的，我的意思是，廣告業務進展得非常順利。我的意思是，我認為這可能不是我們談論得那麼多的事情，但我認為它確實在成長，與我們所處的業務規模相稱。

And for us, again, I think the key operating tenet here is that healthy ads business, we believe, in which it delivers best-in-class industry returns for advertisers as well as -- continues to allow us to have the best consumer experience is one in which we have to have a healthy and growing marketplace. That's what causes or allows the cause for a healthy ads business. not the other way around.

對我們來說，我認為這裡的關鍵運營宗旨是健康的廣告業務，我們相信，它為廣告商提供一流的行業回報，並且繼續讓我們擁有最佳的消費者體驗我們必須擁有一個健康且不斷增長的市場。這就是廣告業務健康發展的原因或促成因素。不是相反。

And so for us, it's always making sure that we can achieve on those 2 dimensions where we have the best-in-class returns for advertisers. Which we believe we have as well as the smallest or ideally 0 degradation in the consumer experience, which I'm really proud that the team has accomplished. It's done really well.

因此，對我們來說，始終確保我們能夠在這兩個維度上實現為廣告商提供一流回報的目標。我們相信我們已經實現了消費者體驗最小或理想情況下的 0 降級，我對團隊所實現的目標感到非常自豪。做得真的很好。

Mike, I'll take your question around the net revenue margin, right? I broaden that just to give you a little bit more context around how I expect the margins to scale through the rest of the year. Across both revenue as well as gross margin. I would expect that to increase as we go through the rest of the year. Definitely, to your point, as is contributing to that. In addition to that, I expect us to drive leverage from an overall Dasher cost perspective. We're consistently working on quality. We're consistently trying to improve the overall efficiency we have on discounts and promos.

麥克，我會回答你關於淨收入利潤率的問題，對吧？我擴大這一範圍只是為了讓您更了解我預計今年剩餘時間利潤率將如何擴大。包括收入和毛利率。我預計隨著今年剩餘時間的推移，這一數字將會增加。當然，就你的觀點而言，這也是對此的貢獻。除此之外，我希望我們能夠從整體 Dasher 成本角度提高槓桿。我們始終致力於品質。我們一直在努力提高折扣和促銷的整體效率。

Again, you should expect us to see drive improvements across the P&L., which will ultimately drive both revenue as well as gross margin, which will also flow through from a contribution and EBITDA margin perspective in the second half of the year compared to the first half of the year.

同樣，您應該期望我們看到損益表的推動改善，這最終將推動收入和毛利率的提高，與上半年相比，從下半年的貢獻和 EBITDA 利潤率的角度來看，這也將體現出來半年。

Ladies and gentlemen, this concludes today's call. You may now disconnect. Goodbye.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。再見。