DoorDash Inc (DASH) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the DoorDash Q1 2024 Earnings Call. (Operator Instructions)

謝謝你的支持。我叫艾瑞克，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 DoorDash 2024 年第一季財報電話會議。 （操作員說明）

I would now like to turn the call over to Andy Hargreaves. Please go ahead.

我現在想把電話轉給安迪·哈格里夫斯。請繼續。

Thanks, Eric. Good afternoon, everyone, and thanks for joining us for our Q1 2024 earnings call. I'm very pleased to be joined today by Co-Founder, Chair and CEO, Tony Xu; and CFO, Ravi Inukonda.

謝謝，埃里克。大家下午好，感謝您參加我們的 2024 年第一季財報電話會議。我很高興今天聯合創始人、董事長兼首席執行官托尼·徐 (Tony Xu) 加入我們的行列。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. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. Many of these uncertainties are described in our SEC filings, including our Forms 10-K and 10-Q. You should not rely on our forward-looking statements as predictions of future events. We disclaim any obligation to update any forward-looking statements, except as required by law.

我們將在今天的電話會議上發表前瞻性聲明，包括我們對業務、財務狀況、經營業績、指導、策略、資本配置方法和更廣泛的經濟環境的預期。前瞻性陳述存在風險和不確定性，可能導致實際結果與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 measures. Information regarding our non-GAAP financial measures, including a reconciliation of the 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措施。有關我們的非 GAAP 財務指標的信息，包括非 GAAP 指標與最直接可比較的 GAAP 財務指標的調整表，可以在我們的收益報告中找到，該報告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。

As a reminder, we're no longer providing full year financial outlook, and we disclaim any obligation to update our previous full year financial outlook.

謹此提醒，我們不再提供全年財務展望，並且我們不承擔任何更新之前全年財務展望的義務。

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

最後，本次電話會議將在我們的投資者關係網站上進行音訊網路廣播，電話會議結束後不久將在我們的網站上提供音訊重播。

Eric, I will pass it back to you, and we can take our first question.

艾瑞克，我會把它傳給你，我們可以回答第一個問題。

Your first question comes from the line of Nikhil Devnani with Bernstein.

你的第一個問題來自 Nikhil Devnani 和 Bernstein 的對話。

Tony, I wanted to ask about your logistics model versus some of the incumbents in the new verticals. As you build out bigger baskets within grocery, other categories of local commerce, it feels like you're competing more directly with the likes of Walmart and Amazon, which has some integrated models and significant fixed cost leverage at scale. So it seems that there's a chance the 3P model might always be at a somewhat disadvantaged on a cost-to-serve basis here and consumers are less paying higher prices for it.

東尼，我想問一下你們的物流模式與新垂直領域的一些現有企業的比較。當你在雜貨店和其他本地商業類別中建立更大的購物籃時，感覺就像你正在與沃爾瑪和亞馬遜等公司進行更直接的競爭，這些公司擁有一些整合模型和大規模的固定成本槓桿。因此，3P 模式在服務成本方面可能始終處於某種劣勢，並且消費者願意為其支付更高的價格。

So would love to just get your perspective on, first, whether you agree with that or not and what levers you kind of have at your disposal to make the model more cost effective over time. Or should we think about your opportunity set as just being a smaller segment of the market that's willing to pay up perhaps for quicker deliveries or a broader selection within the context of a category like grocery, for example?

因此，首先想了解您的觀點，您是否同意這一點，以及您可以使用哪些槓桿來使模型隨著時間的推移更具成本效益。或者我們應該將您的機會集視為市場中的一小部分，例如願意為更快的交貨或更廣泛的選擇（例如，在雜貨店等類別的背景下）付費？

Yes. Nikhil, that's a good question. So I guess this is kind of how we've always thought about it. I mean I think, first and foremost, we think about it from the perspective of the customer and how they're going to judge us, right? And if you think about that, well, there are several factors. They're going to judge us based on what selection of retail offerings we give; certainly, the cost of getting fast delivery; as well as the quality of that delivery, both in terms of the timeliness, the accuracy and, especially with regards to something like grocery, whether or not we got exactly all of the items that they had specifically ordered in the condition that they would expect.

是的。尼基爾，這是個好問題。所以我想這就是我們一直以來的想法。我的意思是，我認為，首先也是最重要的是，我們從客戶的角度思考問題，以及他們將如何評價我們，對嗎？如果你仔細想想，你會發現有幾個因素。他們將根據我們提供的零售產品選擇來評判我們；當然，快速交貨的成本；以及交付的品質，無論是在及時性、準確性方面，還是在食品雜貨等方面，我們是否收到了他們特別訂購的所有物品以及他們期望的狀態。

And so if you think about DoorDash's journey or evolution in that process, it started by really introducing a new use case, both to consumers as well as to grocers alike, which was this top-up use case, right, where we solve for the middle-of-the-week run, where the items in your pantry that you consume the most often or the items that perhaps may have perished the earliest, such as fruits or berries or milks or yogurts or coffees, things like this. We really started with that category. And that not only solved a consumer problem that wasn't being addressed in the market at the time, it was also an incremental occasion for retailers. And that's why we're seeing quite a lot of pull.

因此，如果您考慮 DoorDash 在此過程中的旅程或演變，它首先會真正向消費者和雜貨商引入一個新的用例，這就是充值用例，對吧，我們在其中解決了周中運行，即食品儲藏室中您最常消耗的物品或可能最早腐爛的物品，例如水果或漿果或牛奶或優格或咖啡，諸如此類。我們確實是從這個類別開始的。這不僅解決了當時市場上尚未解決的消費者問題，對零售商來說也是一個增量機會。這就是為什麼我們看到了很大的吸引力。

We announced a lot of additions to the platform in Q1, whether it was with Ahold as well as more recently in Q2 with Wakefern, and we added several dozen retailers in the quarter. And so I think, certainly, we're seeing increasing pull from consumers and from retailers. And so on the selection front, I think we're making the mark.

我們在第一季宣布了該平台的許多新增內容，無論是與 Ahold 合作，還是最近在第二季與 Wakefern 合作，我們在本季增加了數十家零售商。因此，我認為，當然，我們看到消費者和零售商的吸引力越來越大。因此，在選擇方面，我認為我們正在取得成功。

On the logistics question specifically, I think of few things. One, we always thought that we had an advantage given just our Dasher density and the network that we've built up where the thesis would go, if you can build the largest network in the highest frequency category, in the category that has the most nodes for last mile delivery, i.e., there are more restaurants than there are any other category of local retail, then you would have a cost advantage. And that's certainly something that we've seen. I mean, in fact, I think the positive surprise in our grocery business has been that, even with smaller baskets and without a meaningful contribution from CPG ad dollars, we're actually seeing positive unit economics in our new verticals business. And so I think that's certainly proven out. And certainly, there's an advantage of the speed and the flexibility in which we can make this offering to consumers.

具體到物流問題，我想到了幾件事。第一，我們一直認為，只要我們的Dasher 密度和我們在論文所在的地方建立的網絡，如果你能在頻率最高的類別中建立最大的網絡，在頻率最高的類別中建立最大的網絡，我們就有優勢。這當然是我們所看到的。我的意思是，事實上，我認為我們的雜貨業務的積極驚喜是，即使籃子較小，並且沒有來自CPG 廣告費用的有意義的貢獻，我們實際上在我們的新垂直業務中看到了積極的單位經濟效益。所以我認為這肯定已經被證明了。當然，我們向消費者提供此產品的速度和靈活性具有優勢。

But to your point, there is a trade-off sometimes with cost. Now we believe that we'll make quite a lot of progress in terms of equalizing what we can do versus what else is out there. But there's also this other dimension, right, which is the selection. So on the one hand, third-party is more expensive on a point-to-point basis versus first-party. But then on the other hand, it's faster and it offers more selection. You can certainly get offerings from more stores, for example, than just one single store.

但就您而言，有時需要對成本進行權衡。現在我們相信，在平衡我們能做的事情與其他事情之間的平衡方面，我們將取得相當大的進展。但還有另一個維度，對吧，那就是選擇。因此，一方面，在點對點基礎上，第三方比第一方更昂貴。但另一方面，它速度更快，並提供更多選擇。例如，您當然可以從更多商店獲得產品，而不僅僅是一家商店。

And so I think it's going to come down to what consumers prefer. We obviously are going to work on a model in which we can increase the amount of selection that we offer, reduce the cost in which that selection is made available, and improve the quality of the process. And I think on these dimensions, we've certainly done that. And I think that's why you see the results that we've outlined where I think it's a third straight quarter now where grocery has seen north of triple-digits growth year-on-year. And so certainly, I think we're seeing that retention and usage and high engagement from consumers. We believe that we're making quite a lot of progress on our fulfillment quality. And we're also making progress on the cost to serve. So all things are pointing in the right direction. So we're pretty excited about where things are headed.

所以我認為這將取決於消費者的喜好。顯然，我們將研究一種模型，在該模型中，我們可以增加我們提供的選擇數量，降低提供該選擇的成本，並提高流程的品質。我認為在這些方面，我們確實做到了。我認為這就是為什麼你會看到我們概述的結果，我認為雜貨店已經連續第三個季度同比增長超過三位數。當然，我認為我們看到了消費者的保留和使用以及高參與度。我們相信，我們在履行品質方面取得了很大進步。我們在服務成本方面也取得了進展。所以一切都在朝著正確的方向發展。因此，我們對事情的發展方向感到非常興奮。

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

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

If I could throw in two questions, please. First, on ad revenue, so it looks like you're a little nicely over $100 million run rate, just looking at some of your disclosures in here. Any color on how that's progressing? Are there any areas of strength for you, verticals you want to fill out? Just talk about the traction you're seeing so far. And then just a question, are we close to peak losses when it comes to other verticals and international markets?

如果我可以提出兩個問題，請。首先，在廣告收入方面，您的營運費用似乎遠遠超過 1 億美元，只需看看您在這裡披露的一些資訊。有什麼顏色可以說明進展如何嗎？您有哪些優勢領域、您想要填補的垂直領域嗎？只是談談您迄今為止所看到的吸引力。那麼問題來了，當涉及到其他垂直產業和國際市場時，我們是否已經接近虧損高峰？

Sure. I can start on the ad question. Ravi, maybe you can take the question on investment capacity. So Mark, on ads, I don't know how maybe you're making the estimates, but our ads business is substantially larger than I think what you were quoting in the question. But I think the broader point on ads is that it's going really well. I think that it started by certainly serving the restaurants category. And we've seen, I mean, extreme adoption from all cohorts, whether it's small businesses to large enterprises. We're now working on building that product both in terms of just more self-serve capabilities as well as serving more reporting capabilities so that everyone can see exactly what's going on with their dollar spend. I think what's been encouraging is that we are offering leading and best-in-class return on ad spend while also seeing good engagement on the consumer front.

當然。我可以開始討論廣告問題。拉維，也許你可以回答關於投資能力的問題。馬克，關於廣告，我不知道你是如何做出估計的，但我們的廣告業務比我認為你在問題中引用的要大得多。但我認為廣告更廣泛的一點是它進展得非常順利。我認為它首先是為餐廳類別服務的。我的意思是，我們已經看到所有群體都極端採用，無論是小型企業還是大型企業。我們現在正在致力於建立該產品，不僅提供更多的自助服務功能，還提供更多的報告功能，以便每個人都可以準確地了解他們的支出情況。我認為令人鼓舞的是，我們提供了領先且一流的廣告支出回報，同時也看到了消費者的良好參與度。

We're also turning our attention to the CPG asset. Obviously, that's something that came after. Our ads effort is about 2.5 years old, something like that. The first 1.5 years was really setting ourselves up for the pull from the market, which probably, not surprisingly, came from the restaurant side. But especially as our grocery and retail sectors have been growing on the marketplace, we're seeing increasing pull from CPG advertisers. And so we do work with all the large CPG advertisers. We're now just building up the products to serve them to meet their demand.

我們也將注意力轉向快速消費品資產。顯然，這是後來發生的事。我們的廣告工作已經有大約 2.5 年的歷史了。前 1.5 年我們確實為市場的拉動做好了準備，毫不奇怪，這可能來自餐廳方面。但尤其是隨著我們的雜貨和零售業在市場上不斷增長，我們看到來自 CPG 廣告商的吸引力越來越大。因此，我們確實與所有大型 CPG 廣告商合作。我們現在只是開發產品來服務他們，以滿足他們的需求。

Yes, Mark, I'll take the second one. But just to what Tony talked about on the first one, right, we've not disclosed the ad revenue, but it is growing. It's growing fast. It's contributing to both revenue as well as EBITDA that you're seeing in the business. Our goal has always been how do we think about merchant ROAS as well as consumer conversion, and we believe we are best-in-class for both of those. Those are the constraints we're using to measure the quality of our ad business.

是的，馬克，我要第二個。但就托尼在第一個問題中談到的，對吧，我們還沒有披露廣告收入，但它正在增長。它增長得很快。它對您在業務中看到的收入和 EBITDA 都有貢獻。我們的目標始終是如何考慮商家 ROAS 和消費者轉換率，我們相信我們在這兩方面都是一流的。這些都是我們用來衡量廣告業務品質的限制因素。

Mark, as it comes to your second question around quantum of investment, whether it's new verticals or a national business, when we operate and manage the business, we are not thinking about quantum of dollars. Our focus has always been are we growing order frequency, are we growing retention, are we growing unit economics across any investment that we make, whether it's a restaurant business or grocery or international business.

馬克，談到你關於投資量的第二個問題，無論是新的垂直行業還是全國性業務，當我們經營和管理業務時，我們不會考慮美元的數量。我們的重點始終是提高訂單頻率、提高保留率、提高我們所做的任何投資的單位經濟效益，無論是餐飲業務、雜貨店還是國際業務。

Just to give you a sense of performance for our new verticals business, I mean, grocery, Tony touched on this earlier, that business is growing at 100% year-on-year. We're the fastest growing. We're gaining share. Our focus has been to continue to drive more selection, improve the quality as well as make the product more affordable. When I look at the unit economics, last call, I made the comment that the unit economics have increased step-function change compared to last year. We've continued to improve the unit economics from that point. When I look at the third-party component of our new verticals portfolio, that business has been unit economic positive for several years. If you have a business that's growing very fast and the unit economics are continuing to improve, we like what we are seeing and we are continuing to invest behind that strategy.

只是為了讓您了解我們新的垂直業務的績效，我的意思是，雜貨，托尼早些時候提到過，該業務正在以 100% 的速度同比增長。我們是成長最快的。我們正在獲得份額。我們的重點是繼續推動更多選擇、提高品質以及讓產品更實惠。當我最後一次查看單位經濟效益時，我評論說，與去年相比，單位經濟效益增加了階躍函數變化。從那時起，我們不斷提高單位經濟效益。當我查看我們新垂直產品組合的第三方組件時，該業務多年來一直保持著單位經濟效益。如果您的業務成長非常快且單位經濟效益持續改善，我們喜歡我們所看到的，並且我們將繼續投資支持該策略。

Very similar dynamics on the international business where, if I look at the growth rate for our business compared to peers, we're growing substantially faster. In some cases, we're growing 5x to 6x faster, which is causing us to gain share in majority of the markets that we operate. Very similarly, on the unit economics, very good improvement year-on-year where the unit economics for the international business as a whole has been positive for a few quarters now. At the same time, the restaurant portion of our international business, there are several countries which are contribution margin profitable. So you put that together, right, like both the investment areas are growing nicely. They're improving in terms of unit economics. We like what we are seeing in both of those businesses. That's causing us to continue to invest. And I do expect the growth as well as unit economic improvement to continue through the rest of the year.

國際業務的動態非常相似，如果我看看我們的業務與同業相比的成長率，我們的成長速度會快得多。在某些情況下，我們的成長速度提高了 5 到 6 倍，這使我們在我們經營的大多數市場中獲得了份額。非常相似的是，在單位經濟效益方面，同比有了很好的改善，整個國際業務的單位經濟效益已經連續幾季呈正值。同時，我們國際業務的餐廳部分，有幾個國家的貢獻邊際利潤是可獲利的。所以你把它們放在一起，對吧，就像兩個投資領域都成長良好一樣。他們在單位經濟效益方面正在改善。我們喜歡在這兩項業務中看到的情況。這促使我們繼續投資。我確實預計成長和單位經濟改善將持續到今年剩餘時間。

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

你的下一個問題來自邁克爾·莫頓（Michael Morton）和莫菲特·內森森（MoffettNathanson）的對話。

First one maybe for Tony, just to follow on the Q and then a second question for Ravi. Tony, you've spoken a lot about the importance of selection and improving selection in the grocery business and you've added several new grocers recently. We'd love to know if there's any restricting factors in bringing all the nation's grocers onto the platforms. And then what's the time frame for having your selection at parity with the largest competitors?

第一個問題可能是問東尼，只是為了跟進問題，然後是拉維的第二個問題。托尼，您已經多次談到了食品雜貨行業中選擇和改進選擇的重要性，最近您還添加了幾家新的雜貨店。我們很想知道將全國所有雜貨店引入平台是否有任何限制因素。那麼您的選擇與最大競爭對手同等的時間範圍是多少？

And then for Ravi, we get a lot of investor inquiries looking into better understanding where the incremental investment dollars are going, especially with like Dash test for restaurant has hit the scale it has. Is there any way that you could kind of bucket for us or help us think about the different segments of investments within restaurant, new verticals and international, and if you still feel the same level of confidence about the inflection in the second half of '24?

然後對於 Ravi，我們收到了很多投資者的詢問，希望更好地了解增量投資的去向，特別是像 Dash 這樣的餐廳測試已經達到了它的規模。您是否可以透過任何方式為我們提供支持或幫助我們考慮餐廳、新垂直行業和國際領域的不同投資領域，以及您是否仍然對 24 年下半年的拐點抱有同樣的信心？

Sure. I mean I can take the first one. I mean, I think, Michael, I guess, as an add-on or maybe, in part, a repeated message from the first question, we're seeing increasing, I guess, inbound interest on the retail segment. That's true in grocery. That's also true in other retail segment. We added, for example, Lowe's, which is our first retailer in the home improvement category. We're now quite active in terms of what we offer to consumers in the health and beauty category, the apparel category, the electronics category. So I think this goes much beyond grocery, I guess, would be the way I think about this. I mean I think to stop just at grocery would be certainly not what our customers would expect or what they would demand. It's also not what retailers want either.

當然。我的意思是我可以拿第一個。我的意思是，我想，邁克爾，我想，作為一個附加項，或者可能部分是第一個問題的重複訊息，我想我們看到零售領域的入境興趣不斷增加。在雜貨店裡確實如此。其他零售領域也是如此。例如，我們新增了 Lowe's，這是我們在家居裝修類別中的第一家零售商。現在，我們在健康與美容類別、服裝類別、電子產品類別中為消費者提供的產品非常活躍。所以我認為這遠遠超出了雜貨店的範圍，我想這就是我思考這個問題的方式。我的意思是，我認為僅僅停留在雜貨店肯定不是我們的顧客所期望或他們所要求的。這也不是零售商想要的。

And so I think increasingly, retailers and consumers alike are seeing DoorDash as a one-stop shop for buying everything inside the city. So we're actually seeing the opposite of resistance in terms of joining the platform. I think the question is just like how do we prioritize the road map, how do we make sure that the sequencing is right, so that we can get all of these things to work. Because a lot of times how we work with these retailers, it's not just adding them to the marketplace, which obviously serves one job of bringing them incremental demand, but we also work with them by helping them with their own platforms, right, like their own e-commerce capabilities and selling first-party to their own consumers in an increasingly digital way. And there's a lot of products there, too, in which we integrate. And so there's a lot of work in both first-party and third-party. It's more a matter of sequencing than it is anything.

因此，我認為越來越多的零售商和消費者都將 DoorDash 視為購買城市內所有商品的一站式商店。因此，在加入該平台方面，我們實際上看到了與阻力相反的情況。我認為問題就像我們如何確定路線圖的優先順序，如何確保順序正確，以便我們能夠讓所有這些事情發揮作用。因為很多時候我們與這些零售商的合作方式不僅僅是將他們添加到市場中，這顯然是為他們帶來增量需求的一項工作，而且我們還通過幫助他們建立自己的平台來與他們合作，對吧，就像他們的平台一樣擁有電子商務能力，並以日益數位化的方式向自己的消費者銷售第一方產品。我們也整合了很多產品。因此，第一方和第三方都有很多工作要做。這更多的是一個順序問題而不是任何事情。

Yes, Mike, I'll take the second one, right? Maybe I'll broaden out the question a little bit. Look, I mean I feel really good about the progress we've made in the business not just in Q1 but the last several quarters. The business is growing quite nicely across all major lines of business, whether it's restaurant, grocery, new verticals or international. And like I said before in Mark's question, we're seeing improvement in unit economics across the board.

是的，麥克，我要第二個，對吧？也許我會稍微擴大一下問題的範圍。聽著，我的意思是，我對我們在業務方面取得的進展感到非常滿意，不僅是在第一季度，而且是過去幾個季度。該業務在所有主要業務領域都成長得相當好，無論是餐廳、雜貨、新垂直行業或國際業務。正如我之前在馬克的問題中所說，我們看到單位經濟效益全面改善。

I do expect the second half EBITDA to be higher than the first half. What's driving that is the same thing that we saw in '23 as well as '22. I expect the volume to be higher in the second half across all lines of business. Unit economics are continuing to progress quite nicely. I do expect further improvement in unit economics. The investments we are making in H1, that will drive both scale as well as leverage in the second half. The scale plus the leverage, that's going to lead to increasing EBITDA in the second half compared to the first half. So overall, when I look at Q1 as well as the Q2 guide, I'm very pleased with the performance, and I expect the full year to be pretty strong as well.

我確實預計下半年 EBITDA 將高於上半年。推動這一趨勢的因素與我們在 23 年和 22 年看到的情況相同。我預計下半年所有業務線的銷售都會更高。單位經濟效益持續取得良好進展。我確實期望單位經濟效益會進一步改善。我們在上半年的投資將推動下半年的規模和槓桿。規模加上槓桿，將導致下半年的 EBITDA 比上半年增加。因此，總的來說，當我查看第一季和第二季指南時，我對業績非常滿意，我預計全年也將相當強勁。

Next question comes from the line of James Lee with Mizuho.

下一個問題來自詹姆斯李和瑞穗的關係。

My question is relating to regulations. Obviously, you guys saw a little bit of impact in Seattle and also in New York. How should we think about maybe other cities potentially moving to a similar wage policy? And also, how should we think about the EBITDA impact? You mentioned 1% impact on orders. I'm just wondering what is the impact on EBITDA?

我的問題與法規有關。顯然，你們在西雅圖和紐約都看到了一些影響。我們該如何看待其他可能採取類似工資政策的城市？另外，我們應該如何考慮 EBITDA 的影響？您提到對訂單有 1% 的影響。我只是想知道對 EBITDA 有何影響？

Sure. Maybe I can take the first part. And then, Ravi, you can take the part around the financial impact. I mean I think it's pretty clear in both Seattle and New York City, as maybe you have read, James, in our press release that I mean these regulations clearly are having the opposite impact of what they intend to do, right? I think they certainly support to help drive earnings. But instead, what's happening is it's making the service a lot less accessible and a lot less affordable, right? It's increasing costs, which makes it such that consumers have to pay more.

當然。也許我可以參加第一部分。然後，拉維，你可以談談財務影響。我的意思是，我認為西雅圖和紐約市的情況都非常清楚，詹姆斯，您可能已經在我們的新聞稿中讀到，我的意思是這些法規顯然與他們打算做的事情產生了相反的影響，對嗎？我認為他們肯定支持幫助推動收入。但相反，正在發生的事情是，它使服務變得更加難以獲得並且更加難以負擔，對嗎？它增加了成本，使得消費者必須支付更多費用。

Merchants are making less as a result, and drivers are getting fewer work opportunities. I mean that's what you see in both Seattle and New York, I mean to the effect where I think Dashers, merchants and consumers in Seattle are lobbying their lawmakers and regulators and elected officials to overturn the regulation. So I think that's the unfortunate part of what's actually happening, which is it's literally having the opposite impact. Although this probably could have been predicted as I think we've been telling lawmakers and regulators alike.

結果，商人的收入減少了，司機的工作機會也減少了。我的意思是，這就是你在西雅圖和紐約看到的情況，我的意思是，我認為西雅圖的達許者、商人和消費者正在遊說他們的立法者、監管者和民選官員推翻這項規定。所以我認為這是實際發生的事情的不幸部分，它實際上產生了相反的影響。儘管這可能是可以預測的，因為我認為我們一直在告訴立法者和監管者。

But I think to the broader question that you're asking, this is kind of what we've been saying since, I guess, going public, and honestly, what we predicted even 10 years ago when we started the company, that most governments and lawmakers want to be productive, participants in working with businesses to provide a service that serves to existing cities. I mean why wouldn't you? I mean, think about the billions of dollars or tens of billions of dollars that you're adding to the local economic GDP or the fact that you're offering a service that consumers love and a place where anyone can really earn extra income on their own time. I mean, who wouldn't want that? And so I think most governments think like that, and that's true across the world, not just here in the U.S.

但我認為，對於你所問的更廣泛的問題，這就是我們自從上市以來一直在說的，老實說，我們甚至在 10 年前創辦公司時就預測到，大多數政府立法者希望提高工作效率，參與與企業合作，為現有城市提供服務。我的意思是你為什麼不呢？我的意思是，想想你為當地經濟GDP 增加了數十億美元或數百億美元，或者考慮一下你正在提供消費者喜愛的服務以及任何人都可以真正透過自己的收入賺取額外收入的地方。我的意思是，誰不想要這樣呢？所以我認為大多數政府都是這樣想的，全世界都是如此，而不僅僅是美國。

But there are a handful of cities, you listed a couple of them, where they're antagonists to this perspective. And in some ways, they would prefer the opposite of creating positive GDP inside their cities. But I think that's still limited to the handful of cities, on one hand, that we've kind of forecasted both 10 years ago when we started the company as well as what we've been saying ever since going public.

但有一些城市，你列出了其中的幾個，它們反對這種觀點。在某些方面，他們更願意在城市內創造正的 GDP。但我認為，一方面，這仍然僅限於少數幾個城市，我們在 10 年前創辦公司時以及上市以來一直在說什麼。

Yes, James, on the second point, right, we're not disclosing the exact EBITDA impact from both New York and Seattle in Q1. That said, we did absorb a meaningful amount of cost in the quarter. Look, I mean, our approach to regulatory market has not changed, right? First and foremost, our priority is to ensure that we're making the business more efficient, which we did in Q1. We did pass on some fees to consumers. I do expect that every market that we operate in, over time, will have sustainable unit economics. I do expect us to reduce the cost that we are taking in Q1 to go down over the course of the rest of the year. It's not going to be a step-function change. It will be gradual over time. But we expect both markets to be sustainable from a unit economic perspective going forward.

是的，詹姆斯，關於第二點，我們沒有透露紐約和西雅圖第一季的確切 EBITDA 影響。也就是說，我們在本季確實吸收了大量成本。你看，我的意思是，我們對監管市場的態度沒有改變，對吧？首先也是最重要的，我們的首要任務是確保我們提高業務效率，就像我們在第一季所做的那樣。我們確實將一些費用轉嫁給了消費者。我確實希望隨著時間的推移，我們經營的每個市場都將具有可持續的單位經濟效益。我確實希望我們能夠減少第一季的成本，以便在今年剩餘時間內下降。這不會是一個階躍函數的改變。隨著時間的推移，這將是漸進的。但我們預計，從單位經濟角度來看，這兩個市場未來都將是永續的。

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

你的下一個問題來自摩根士丹利的布萊恩諾瓦克（Brian Nowak）。

Maybe let me go back to that last comment you just made about market therein, you're looking to have sustainable unit economics. Can you help us understand a little bit more on the international side? You have all these countries that you're investing in, in the international side. I know a lot of times, scale is important to driving durable profitability in food delivery. Competitive dynamics are an advantage. Just walk us through, like how should we think about sort of the different countries and how you're managing the international portfolio just to make sure that all the markets that you're in can actually get to profitability over time?

也許讓我回到您剛剛對市場發表的最後評論，您正在尋求可持續的單位經濟效益。您能幫助我們更了解國際層面嗎？在國際方面，您正在投資所有這些國家。我知道很多時候，規模對於推動食品配送的持久獲利能力非常重要。競爭動態是一個優勢。請向我們介紹一下，例如我們應該如何考慮不同的國家，以及您如何管理國際投資組合，以確保您所在的所有市場都能隨著時間的推移真正實現盈利？

Yes. Brian, I can start. And feel free, Ravi to chime in. I mean we're very pleased with our international portfolio. I mean now it's about 29 countries outside of the U.S. So to your point, it's certainly an expanding portfolio, which makes it more complex to manage. But at the same time, the business is a minimum efficient scale business where in each ZIP code or a collection of ZIP codes or locale, if you can achieve minimum efficient scale, every order that comes after that point kind of becomes dollars that you can use to eat up all the investments that you've made in the market. So we feel pretty good about where things are heading.

是的。布萊恩，我可以開始了。請隨意，拉維插話。 我的意思是，我們對我們的國際產品組合非常滿意。我的意思是，現在它涉及美國以外的大約 29 個國家。 所以就您而言，它肯定是一個不斷擴大的投資組合，這使得管理變得更加複雜。但同時，該業務是最小有效規模業務，在每個郵遞區號或郵遞區號或區域設定的集合中，如果您可以實現最小有效規模，則該點之後的每個訂單都會變成您可以支付的美元。所以我們對事情的發展方向感覺很好。

I mean we are continuing to expand. I mean I think that's really the story of international right now in the sense that we're not even in the geographies that we are in, in 100% or even close to 100% of the population. And so we have a long ways to go in terms of getting to the cities that we want to reach. We certainly have a long ways to go in adding merchant selection in restaurants, outside of restaurants. We have a lot of work to do to bring the product portfolio that we've kind of built over the years equally or evenly across every country. But we like what we see, right?

我的意思是我們正在繼續擴張。我的意思是，我認為這確實是現在國際化的故事，因為我們甚至不在我們所在的地區，100% 甚至接近 100% 的人口中。因此，要到達我們想要到達的城市，我們還有很長的路要走。當然，在餐廳內外增加商家選擇方面，我們還有很長的路要走。我們還有很多工作要做，才能將我們多年來建立的產品組合平等地或均衡地推廣到每個國家。但我們喜歡我們所看到的，對吧？

I mean like if you think back to the investment thesis we had when we teamed up with Wolt, for example, which certainly added very quickly our international portfolio, it was really just two things, right? One was, if we were to team up with the product and the company that had built the leading product when it came to retention, order frequency; and number two, that we can find the best operating team to be singularly focused on running the international business, that, that would be the most capital-efficient way to grow outside of the U.S. And certainly, both of those dimensions have been true. I mean I think on the business side, I think Ravi may have mentioned this, but we're growing many times faster than our peers, and that's been sustained over the last 2 to 3 years, and that continues to be the case.

我的意思是，如果你回想一下我們與沃爾特合作時的投資論文，例如，這確實很快就增加了我們的國際投資組合，這實際上只是兩件事，對吧？一是，如果我們要與該產品以及打造領先產品的公司合作，在保留率、訂單頻率方面；第二，我們可以找到最好的營運團隊來專注於經營國際業務，這將是在美國以外發展的最資本效率最高的方式。我的意思是，我認為在業務方面，我認為拉維可能已經提到了這一點，但我們的成長速度比同行快很多倍，並且這種情況在過去的兩到三年中一直持續，而且情況仍然如此。

And then on the second point around the management team, Miki and the team have done a phenomenal job of running, obviously, the Wolt portfolio but then also adding on countries in the DoorDash portfolio outside of the U.S. And so they've done a really good job across all of those dimensions, which frees up management bandwidth to focus on, obviously, the core U.S. restaurants business but then also adding other legs of growth, whether it's the platform business, the new verticals business, the ads business and, obviously, other initiatives we're investing in for the future. So I think all of that is teaming up really nicely.

然後，關於管理團隊的第二點，Miki 和團隊顯然在運行Wolt 投資組合方面做得非常出色，而且還添加了美國以外的DoorDash 投資組合中的國家/地區，因此他們確實做了一項非常出色的工作。還是顯然的，我們正在為未來投資的其他舉措。所以我認為所有這些都非常完美地結合在一起。

You've also had this nice cross-team learning dynamic where we're certainly introducing things to the Wolt team and those markets for the first time, which is adding both top and bottom line impact, and conversely, the other direction. So I think when I look at how things are going internationally, they're going pretty well.

您還擁有這種良好的跨團隊學習動力，我們當然第一次向 Wolt 團隊和這些市場介紹一些東西，這增加了頂線和底線的影響，反之亦然，增加了另一個方向。所以我認為當我觀察國際上的情況時，它們進展得相當順利。

Yes. Look, I mean, Brian, I'll just add a couple of points to what Tony talked about. What we're managing the business towards each and every individual market, it's retention, order frequency and unit economics. When I look at the dashboard where we look at this by city, we have done a major improvement across all 3 metrics. We've seen a material progress on all 3 metrics over the course of the last couple of years.

是的。聽著，我的意思是，布萊恩，我將在托尼談到的內容上添加幾點。我們對每個單獨市場的業務進行管理，即保留率、訂單頻率和單位經濟效益。當我查看按城市查看的儀表板時，我們在所有 3 個指標上都取得了重大改進。在過去幾年中，我們看到所有 3 個指標都取得了實質進展。

And the proof is in the pudding, right? Like I talked about the fact that there are several countries within the Wolt portfolio as well as our international portfolio but the core restaurant business is actually contribution margin profitable. And the unit economics across the international portfolio is actually profitable for the last several quarters in a row. As we continue to add more selection, as we continue to make the product more affordable, we are starting to see that response, right? Like MAUs are growing at a double-digit rate. Order frequency continues to be at an all-the-time high. This is what gives us confidence that the business is doing really well as well as we are gaining share compared to peers.

證據就在布丁裡，對吧？正如我所說，沃爾特投資組合以及我們的國際投資組合中有多個國家，但核心餐廳業務實際上是貢獻邊際盈利的。國際投資組合的單位經濟效益實際上已經連續幾個季度實現盈利。隨著我們繼續增加更多選擇，隨著我們繼續使產品更加實惠，我們開始看到這種反應，對嗎？月活躍用戶數正以兩位數的速度成長。訂單頻率繼續處於歷史最高水平。這讓我們相信，我們的業務做得非常好，與同行相比，我們的市場份額正在增加。

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

你的下一個問題來自高盛的艾瑞克‧謝裡丹（Eric Sheridan）。

Maybe one big picture one, if I can. When you think about the SKU of an incremental investment dollar in the business, how do you measure where the better dollar might be spent between either end-demand generation and driving further GOV growth and penetration in new verticals compared to $1 of investment in platform innovation, product innovation and how that maybe sets the platform up over the medium to long term? Would love to get some broader thoughts on evolution of that SKU and relative ROI?

如果可以的話，也許可以畫一張大圖。當您考慮業務中增量投資美元的SKU 時，與平台創新上的1 美元投資相比，您如何衡量在最終需求生成和推動政府進一步增長和新垂直領域滲透之間可能花費更好的美元的地方、產品創新以及如何在中長期建立平台？想要了解有關該 SKU 的演變和相對投資回報率的更廣泛的想法嗎？

Sure. Eric, I mean, I can maybe start. I guess, in some ways, it hasn't changed in the sense that it almost always starts with what new products are we going to build to solve problems for customers better, right? The difference is that the surface area in which we apply that thinking has grown pretty tremendously. Obviously, 4 years ago or 4.5 years ago, it was really applied towards one kind of line of thinking, the U.S. restaurants business, which was upsized, but it was still just more of a singular business unit.

當然。艾瑞克，我的意思是，我也許可以開始了。我想，在某些方面，它並沒有改變，因為它幾乎總是從我們要建立哪些新產品來更好地為客戶解決問題開始，對吧？不同之處在於，我們應用這種思維的表面積已經大大成長。顯然，4年前或4.5年前，它確實應用於一種思路，即美國餐飲業務，規模擴大了，但它仍然只是一個單一的業務部門。

But then when I think about kind of the legs of the stool today, you obviously have the U.S. restaurant business, which has been severalfold bigger. But then you kind of have like 3 more that we've added that are now at scale. You have the platform business, the new verticals business, the international business. And then you kind of have a small thing that's just getting started, it's like I think 2.5 years old, which is the ads business.

但當我想到今天的凳子腿時，顯然美國的餐廳業務已經擴大了幾倍。但是我們又增加了 3 個現在已經規模化的項目。你有平台業務、新垂直業務、國際業務。然後你有一個剛開始的小事情，我想大概是 2.5 歲，這就是廣告業務。

But it's still the same idea where we found that the most capital-efficient way to think about the next dollar invested tends to be what product can we build to solve some problem better. Either it's the same problem, but we're solving it better and finding basically the next level of product market fit for the next cohort of customers who obviously have higher expectations than the previous cohort or it's solving a problem for the first time. When we entered, for example, the grocery segment 3.5 years ago, where that was meeting customers for the first time in that category. And so that's in general kind of how we think about it.

但我們發現，考慮下一美元投資的最有效資本效率的方式往往是我們可以建立什麼產品來更好地解決某些問題，這仍然是同樣的想法。要么是同樣的問題，但我們正在更好地解決它，並基本上找到適合下一批客戶的下一個產品市場水平，這些客戶顯然比上一批客戶有更高的期望，或者它是第一次解決問題。例如，當我們 3.5 年前進入食品雜貨領域時，我們第一次見到該類別的客戶。這就是我們一般的想法。

And then there's like other types of capital allocation decisions, right? When you start thinking about whether it's M&A or possible buybacks and things like this, but those tend to be slightly different computations and calculations. But with respect to like generally how we've done things, it tends to be how do you spend the incremental dollar by best solving the next job to be done for the customer.

然後還有其他類型的資本配置決策，對吧？當你開始考慮是併購還是可能的回購之類的事情時，但這些往往是略有不同的計算和計算。但就我們通常做事的方式而言，問題往往是如何透過最好地解決客戶的下一項工作來花費增量資金。

Yes. Maybe Eric, I'll just add to what Tony talked about. For us, our business ultimately depends on making the product better for our consumers, merchants and Dashers. So when we think about where to invest dollars, the first dollar is always going to go to making the product better. And it's adding selection, whether it's improving the quality or continuing to meet the product more affordable.

是的。也許艾瑞克，我會補充一下托尼所說的內容。對我們來說，我們的業務最終取決於為我們的消費者、商家和 Dashers 提供更好的產品。因此，當我們考慮在哪裡投資資金時，第一筆資金總是會用於改進產品。而且它還增加了選擇，無論是提高品質還是繼續提供更實惠的產品。

We are very scientific. We're very disciplined when it comes to measuring ROI. We obviously look at all aspects of that. We measure that both on a short term as well as a long-term basis. But sometimes, we just had ambitious goals and give the teams the flexibility to continue to innovate, with the goal being if we build the best product, consumers are going to come back. They're going to order more with us, which builds scale. And ultimately, that drives long-term free cash flow generation in the business.

我們非常科學。在衡量投資報酬率方面，我們非常嚴格。顯然我們會考慮這方面的各個面向。我們從短期和長期的角度來衡量這一點。但有時，我們只是有雄心勃勃的目標，並給予團隊繼續創新的彈性，目標是如果我們製造出最好的產品，消費者就會回來。他們將向我們訂購更多產品，從而擴大規模。最終，這將推動企業長期自由現金流的產生。

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

您的下一個問題來自 JMP 證券公司的安德魯·布恩 (Andrew Boone)。

Tony, can you talk about the drivers of the platform services acceleration that you've seen over the last year?

東尼，您能談談您去年看到的平台服務加速的驅動因素嗎？

Sure. I mean I think there's been many things there. But I would say it's really probably like two thematic things where, one, we're continuing to offer fulfillment services through DoorDash Drive, which is the first product we launched as part of the platform services portfolio, just into more places, right, whether that's more countries, more verticals. I think it's really encouraging to see that every retailer out there, whether they sell food or sell other items, recognizes the importance of delivery and also how that's net beneficial to their companies because the omnichannel customer is more valuable than any other customer who shops exclusively in one channel.

當然。我的意思是我認為那裡有很多東西。但我想說，這真的可能像兩個主題，一是我們繼續透過DoorDash Drive 提供履行服務，這是我們作為平台服務組合的一部分推出的第一個產品，只是進入更多地方，對吧，無論是更多的國家、更多的垂直領域。我認為看到每個零售商，無論是銷售食品還是銷售其他商品，都認識到送貨的重要性以及這對他們的公司的淨效益，這確實令人鼓舞，因為全通路客戶比任何其他專門購物的客戶更有價值在一個通道中。

And second, it's really just new products, right? We're always building new things. If you think about what platform services or division of the business is, it's to effectively enable any retailer to do what DoorDash does on its marketplace for their own customers, right? And so that goes much beyond fulfillment. You're going to have to do everything from online ordering, all the way to customer support, right? And there's a lot of activities in between that you kind of have to get right. So the second is just always building new products.

其次，這真的只是新產品，對嗎？我們一直在創造新事物。如果您考慮什麼是平台服務或業務部門，那就是有效地使任何零售商能夠為自己的客戶做 DoorDash 在其市場上所做的事情，對嗎？所以這遠遠超出了滿足感。您將必須完成從線上訂購到客戶支援的所有工作，對嗎？中間有很多活動你必須要做好。所以第二個就是不斷開發新產品。

So I think this is a nice example of, I think, the answer to the previous question around capital allocation, which is how do we make sure that we solve this job and how big is that job for the customer, how much is it worth, and solve it as deeply as we can and then move on to the next job, right? But that's really what we've seen in platform services. And it's just really great to see, I think, for every retailer, a physical retailer, that's just increasingly becoming more and more aggressive in investing in digital.

所以我認為這是一個很好的例子，我認為，回答了上一個關於資本配置的問題，即我們如何確保我們解決這項工作以及這項工作對客戶來說有多大，它值多少錢，並盡可能深入地解決它，然後繼續下一項工作，對嗎？但這確實是我們在平台服務中看到的。我認為，很高興看到每個零售商，實體零售商，在數位化投資方面都變得越來越積極。

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

你的下一個問題來自花旗集團的 Ron Josey。

I wanted to, maybe, Tony, take it back to take rates and sort of where we stand. I think in the press release, you talked about reduced average delivery time, defect rates, net consumer fees per order lower. So I was curious if you could talk just about the contributions of these changes or these improvements to overall take rates. And on the scale of, call it, where we are in the continuum of how things are going, sort of how much more is there that can just improve? And I'm sure the answer is infinite, but when we think about defect rates coming down, I think that was a pretty material impact on take rates. So any insights there would be helpful, just on delivery time, defect rates, just overall efficiencies.

托尼，也許我想收回它來了解利率和我們的立場。我認為在新聞稿中，您談到了平均交貨時間的縮短、缺陷率的降低、每筆訂單的淨消費者費用的降低。因此，我很好奇您是否可以談談這些變化或這些改進對整體採用率的貢獻。從規模上看，我們處於事情進展的連續體中，還有多少可以改進的地方？我確信答案是無限的，但是當我們考慮缺陷率下降時，我認為這對採用率產生了相當大的影響。因此，任何關於交付時間、缺陷率、整體效率的見解都會有所幫助。

And as a follow-up to Andrew's question on platform services, just curious, we've been highlighting it for the past couple of quarters, would love to hear just are we seeing more adoption amongst restaurants today versus a few years ago?

作為安德魯關於平台服務的問題的後續行動，只是好奇，我們在過去的幾個季度中一直在強調這一點，很想听聽我們今天是否看到與幾年前相比有更多的餐廳採用？

Sure. I can take both of them. I think the first question was around just how do we see like, I guess, benefits to the consumer product improving over time. And I mean, look, this is one of those things where it's really a game of inches, and then you're just following the laws of compound interest, which tend to get underestimated, right? And so you're totally right. I mean, like consumers demand improvements across the board. They always want lower prices, faster deliveries, higher accuracy, more selection, better customer support. That is always going to be true.

當然。我可以把他們兩個都帶走。我認為第一個問題是我們如何看待消費產品隨著時間的推移而改善的好處。我的意思是，看，這實際上是一場寸土寸金的遊戲，然後你只是遵循複利定律，而複利定律往往會被低估，對吧？所以你是完全正確的。我的意思是，就像消費者要求全面改進一樣。他們總是希望更低的價格、更快的交貨、更高的準確性、更多的選擇、更好的客戶支援。這永遠是真的。

And I think the thing that just, at least for me, been a lesson learned over almost now 11 years, but over 10 years of doing this, is that we always underestimate, I think, how far these things can go. And I think that's kind of just fighting human nature, right? I mean because I think human nature wants to know that there's some marginal return that becomes a concave function. And I think what ends up happening is you get surprised either by the next technology platform or you just get surprised by how compounding works. And so that's at least been my experience so far. And so we're always going to keep pushing the envelope. And so far, we keep seeing more ways to make improvements to the product, in part because that's what customers expect. And that's actually why I've always believed that customer expectations have always been, candidly, the most difficult form of competition.

我認為，至少對我來說，近 11 年的經驗教訓是，我們總是低估這些事情可以走多遠。我認為這就是與人性作鬥爭，對嗎？我的意思是因為我認為人性想知道有些邊際回報變成了凹函數。我認為最終發生的事情是，你要么對下一個技術平台感到驚訝，要么對複合的工作原理感到驚訝。到目前為止，這至少是我的經驗。因此，我們總是會不斷挑戰極限。到目前為止，我們不斷看到更多改進產品的方法，部分原因是因為這是客戶的期望。事實上，這就是為什麼我一直相信，坦白說，客戶期望一直是最困難的競爭形式。

I think your second question was around platforms and are restaurants may be adopting more now than before. I think it's a few things. So I think when it comes to adopting products that help retailers, physical retailers, become more digital, it's one of the things where it's a journey and sometimes the journey takes nonlinear steps, if that makes any sense. Because if you think about it from the perspective of the merchant, I mean, they have so many years of running a physical business, and it's such a big part of their businesses still today, that they kind of just have to get it right, right? And if that goes wrong, or any shock to that system, then it's a really big impact to the overall company and the people who work there.

我認為你的第二個問題是關於平台的，餐廳現在可能比以前更常採用平台。我認為有幾件事。因此，我認為，當談到採用幫助零售商、實體零售商變得更加數位化的產品時，這是一個旅程，有時這個旅程會採取非線性步驟，如果這有意義的話。因為如果你從商人的角度思考，我的意思是，他們經營實體業務已經很多年了，而且直到今天，這仍然是他們業務的重要組成部分，所以他們必須把事情做對，正確的？如果出現問題，或對該系統產生任何衝擊，那麼這將對整個公司和在那裡工作的人員產生非常大的影響。

And so sometimes, these things just kind of have like a natural rhythm that may take a little bit longer than you would expect. But I think what's encouraging is just that the appetite is moving in one direction. And so a lot of times, the timing of these kinds of changes, whether it's rolling out new products or doing more with us on fulfillment, or whether it's in restaurants or other categories, that's like maybe less predictable. But what is known is that the direction of travel is always in the direction of greater digital, greater convenience.

所以有時候，這些事情就像是一種自然節奏，可能需要比你預期的更長的時間。但我認為令人鼓舞的是人們的胃口正在朝著一個方向發展。所以很多時候，這些變化的時機，無論是推出新產品還是與我們一起在履行方面做更多的事情，或者無論是在餐廳還是其他類別，這可能不太可預測。但眾所周知的是，出行的方向始終是朝著更數位化、更便利的方向發展。

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

您的下一個問題來自伯尼·麥克特南 (Bernie McTernan) 與 Needham & Company 的對話。

Great. Just wanted to ask, the core U.S. restaurant business decelerated slightly in the quarter on a pro forma or ex leap year basis. What was the major driver of that? I know law of large numbers can be playing a factor here. And if you'd be willing to share if it was still a double-digit grower ex leap year in the first quarter?

偉大的。只是想問一下，根據預計或閏年計算，本季美國核心餐飲業務略有放緩。其主要驅動因素為何？我知道大數定律在這裡可能發揮作用。您是否願意分享第一季閏年前是否仍保持兩位數成長？

Yes, Bernie, I mean, I'll take this one. I mean I look at the performance of the business in Q1, I mean I was really pleased with the overall progress and performance of the business. I mean the U.S. restaurant business is large at this point. It's growing. It's gained share in the quarter, not just in Q1, but when I look at over the course of the last year. When I look at users and order frequency, both have continued to grow quite nicely. Users, last quarter, we talked about the fact that we have more than 37 million consumers on the platform. That number has continued to grow since that point. The growing users at double-digit rates. Order frequency continues to be at an all-time high.

是的，伯尼，我的意思是，我會接受這個。我的意思是，我查看了第一季的業務表現，我的意思是，我對業務的整體進展和表現非常滿意。我的意思是，目前美國的餐飲業規模很大。它正在增長。它在本季度的份額有所增加，不僅僅是在第一季度，而且當我回顧去年的過程時也是如此。當我觀察用戶和訂單頻率時，兩者都在持續良好地成長。用戶，上個季度，我們談到了我們平台上擁有超過 3700 萬消費者的事實。自那時以來，這個數字一直在持續增長。用戶以兩位數的速度成長。訂單頻率繼續處於歷史最高水平。

When I look at the underlying cohort performance, I mean, it's very strong. DashPass subscribers continue to be at record highs as well. But look, I mean, we've invested to continue to expand the size and scope of the platform and the opportunity in front of us. When you look at new verticals, that business is growing. Grocery, we talked about that business is doubling for 3 straight quarters in a row. International business is growing quite nicely. Our strategy of having multiple categories in multiple countries is going to allow us to really drive strong growth for many years to come.

當我觀察潛在群體的表現時，我的意思是，它非常強大。 DashPass 訂閱者數量也持續創下歷史新高。但是，我的意思是，我們已經投資繼續擴大平台的規模和範圍以及我們面前的機會。當你專注於新的垂直領域時，你會發現該業務正在成長。雜貨，我們談到業務連續三個季度翻倍。國際業務成長相當不錯。我們在多個國家擁有多個類別的策略將使我們能夠在未來許多年真正推動強勁成長。

Your next question comes from the line of Lee Horowitz with Deutsche Bank.

你的下一個問題來自德意志銀行的李‧霍洛維茲（Lee Horowitz）。

Great. I just wanted to ask on the macro environment a little bit. You've heard from a number of restaurants chains this quarter indicating incrementally weak consumer demand environment, with inflation perhaps being in place higher for longer, finally catching up to the consumer. Can you comment at all maybe what you're seeing in the overall macro environment in terms of overall demand into the restaurant business and how that may be impacting sort of your outlook for the 2Q and the rest of the year?

偉大的。我只是想問一下宏觀環境。本季許多連鎖餐廳都表示，消費者需求環境逐漸疲軟，通膨可能持續較長時間，最終影響消費者。您能否評論一下您在整體宏觀環境中對餐飲業務的整體需求的看法，以及這可能對您對第二季和今年剩餘時間的前景有何影響？

Yes, I can take that. I mean, in general, we're not seeing, I think, the signs of strain on the consumer. But I think it perhaps has something to do with the segment that we operate in, which is digital and delivery. I do understand that there are some headwinds that certain merchants face when it comes to in-store traffic. But when it comes to all things digital, we're actually not seeing I think those same signs of strength. I mean, even, for example, in the U.S. restaurants business, I mean, the growth is pretty consistent over the last 6 quarters. So that's, whatever, 18 months or something that, at that roughly has true for. And so we tend to see that to be true there. We even see it true in other categories, even categories like grocery where you're still seeing very sticky or very high inflation in terms of input prices, which has led to high prices on grocery items. But I think on the digital side, we tend to see pretty strong demand. And that's why you see a relatively stable growth.

是的，我可以接受。我的意思是，總的來說，我認為我們沒有看到消費者面臨壓力的跡象。但我認為這可能與我們經營的數位和交付領域有關。我確實理解某些商家在店內客流量方面面臨一些阻力。但當談到所有數位化事物時，我們實際上並沒有看到我認為相同的力量跡象。我的意思是，即使是在美國的餐飲業，我的意思是，過去 6 個季度的成長也相當穩定。無論如何，這就是 18 個月或大致正確的時間。所以我們傾向於認為這是真的。我們甚至在其他類別中也看到了同樣的情況，甚至是像食品雜貨這樣的類別，在投入價格方面您仍然看到非常粘性或非常高的通貨膨脹，這導致食品雜貨的價格很高。但我認為在數字方面，我們往往會看到相當強勁的需求。這就是為什麼你會看到相對穩定的成長。

Yes. Just to add to that, right, like demand continues to be very strong. You can see that in the cohorts as well. When I look at the 2023 cohorts, they're as strong as any of the other cohorts we've seen. I talked earlier on the previous question, order frequency has continued to set at an all-time record in Q1. And when we look at the newer cohorts, they're actually joining the platform at higher order frequency compared to many of the other cohorts. DashPass also had a very good quarter. Last year, we ended DashPass with over 18 million subscribers. That number has continued to grow. So when I look at the growth across all 3 lines of business, we are really pleased, all 3 lines of business growing double digits, very strong as well as gaining share across the board.

是的。除此之外，需求仍然非常強勁。您也可以在隊列中看到這一點。當我觀察 2023 年的群體時，他們與我們見過的任何其他群體一樣強大。我剛才談到了上一個問題，第一季的訂單頻率繼續創下歷史最高紀錄。當我們觀察較新的群體時，與許多其他群體相比，他們實際上以更高的訂單頻率加入平台。 DashPass 的季度表現也非常好。去年，我們結束了擁有超過 1800 萬訂閱者的 DashPass。這個數字還在持續成長中。因此，當我看到所有 3 個業務線的成長時，我們真的很高興，所有 3 個業務線都實現了兩位數成長，非常強勁，並且全面增加了份額。

Your next question comes from the line of Ken Gawrelski, Wells Fargo.

您的下一個問題來自富國銀行的 Ken Gawrelski。

This is Alec Brondolo on for Ken. You noted earlier in the call that the investment that you're going to make in New York City, in Seattle, around the minimum wage was going to decrease through the year. I'm sure there's a consumer fee component of that, but it also sounds like there's probably operational changes that you're making in those markets to improve profitability. So could you maybe speak to those, to the level of specificity, anyway you can?

我是肯的亞歷克·布隆多洛。您早些時候在電話中指出，您將在紐約市、西雅圖圍繞最低工資的投資將在這一年中減少。我確信其中有消費者費用的成分，但聽起來您可能正在這些市場進行營運變革以提高獲利能力。那麼您是否可以與這些人談談，具體程度如何？

And then maybe secondly, I think that thinking about Dasher supply since COVID, it seems like it's been a little cyclical. In '21, when people are getting stimulus checks, Dasher supply was tight and it seems like it's been very favorable over the last 12 to 18 months. Could you maybe just speak to your outlook for Dasher supply? Should it remain healthy over the next year or two? Any potential changes to the supply environment would be helpful, too.

其次，我認為考慮到新冠疫情以來的 Dasher 供應，它似乎有點週期性。 21 世紀，當人們領取刺激支票時，Dasher 的供應很緊張，而且在過去 12 到 18 個月裡似乎非常有利。您能否談談對 Dasher 供應的展望？它應該在未來一兩年保持健康嗎？供應環境的任何潛在變化也會有所幫助。

Sure. I mean I can start maybe on the question. I think in general, when it comes to regulatory, it's honestly just making the best with what you have, right? I mean we know what customers expect. They want the widest selection. They want the lowest prices, the best quality and the best levels of support. So that's what you should expect us to do in any market. And then also at the same time, I think we'll work with regulators to show them, I think, the impact of some of the work that they've contributed. And especially when it's gone opposite of what they hope to achieve, we certainly want to show them those results, too.

當然。我的意思是我也許可以開始討論這個問題。我認為總的來說，當涉及到監管時，老實說，就是利用現有的資源做到最好，對嗎？我的意思是我們知道客戶的期望是什麼。他們想要最廣泛的選擇。他們想要最低的價格、最好的品質和最好的支援。因此，這就是您應該期望我們在任何市場上所做的事情。同時，我認為我們將與監管機構合作，向他們展示他們所做的一些工作的影響。尤其是當結果與他們希望實現的目標相反時，我們當然也想向他們展示這些結果。

Yes. Just to add to what Tony talked about, on Seattle, New York, you're right, I mean we did absorb costs in Q1. I do expect the amount of cost that we'll absorb to reduce as we go through the rest of the year. That's largely being driven by further improvements in efficiency, whether it's logistics, quality, credits and refunds. We're going to take a look at the entire P&L and see where we are going to continue to drive efficiency, which will ultimately drive improvement in unit economics. And at the same time, our goal is to ensure that all the markets that we operate in have sustainable unit economics. But again, there, it's going to be gradual, but that's the goal for us in general.

是的。只是補充一下托尼所說的，在紐約西雅圖，你是對的，我的意思是我們確實在第一季吸收了成本。我確實預計，隨著今年剩餘時間的推移，我們吸收的成本將會減少。這在很大程度上是由效率的進一步提高所推動的，無論是物流、品質、信用和退款。我們將審視整個損益表，看看我們將在哪些方面繼續提高效率，最終將推動單位經濟效益的改善。同時，我們的目標是確保我們經營的所有市場都具有可持續的單位經濟效益。但同樣，這將是漸進的，但這是我們整體的目標。

And I think the second point around Dasher supply, supply chain continues to be very healthy. When I look at Dasher costs, we've driven leverage and efficiency despite absorbing some of the regulatory costs on a year-over-year basis. As I look ahead, for us, efficiency largely comes from improvements that we are going to make on the product side. If you look at over the course of the last year, we've made a number of improvements, whether it's redesigning the Dasher app, updating the way Dashers earn on the platform, all of that is driving increase in Dasher attention, which is making Dasher acquisition more efficient. And at the same time, we are seeing more hours from existing Dashers, which is making Dasher Pay also more efficient. We have a long list of improvements that we continue to plan to make, which will make Dasher cost overall more efficient across the board.

我認為圍繞 Dasher 供應的第二點是，供應鏈仍然非常健康。當我查看 Dasher 成本時，我們發現，儘管同比吸收了一些監管成本，但我們還是提高了槓桿率和效率。展望未來，對我們來說，效率很大程度來自於我們將在產品方面做出的改進。如果你回顧去年的過程，我們已經做出了許多改進，無論是重新設計Dasher 應用程序，還是更新Dasher 在平台上的賺錢方式，所有這些都推動了Dasher 關注度的增加，這使得Dasher 的關注度不斷提高。同時，我們發現現有 Dasher 的工作時間更長，這也使得 Dasher Pay 更有效率。我們有一長串的改進計劃，並繼續計劃進行，這將使 Dasher 的整體成本更加高效。

Your next question from the line of Douglas Anmuth with JPMorgan.

您的下一個問題來自摩根大通的道格拉斯·安穆斯 (Douglas Anmuth)。

Ravi, you talked about higher EBITDA in the back half relative to the first half. I was just hoping you could help us understand what drives the confidence in better unit economics and then the returns on those first half investments. And also, can you just shed a little more light on the step-up in R&D spending in 1Q and how we should think about that through '24?

拉維，您談到後半段的 EBITDA 比上半年更高。我只是希望您能幫助我們了解是什麼推動了對更好的單位經濟效益的信心，以及上半年投資的回報。另外，您能否進一步介紹一下第一季研發支出的增加情況以及我們在 2024 年應該如何考慮這一點？

Yes. Doug, I'll take the second half question first and then talk about the R&D spend and the outlook for the rest of the year. First, I mean, the formula is relatively simple, what we've used historically. We've seen that in '23 as well as '22. What you see in the business today is the core restaurant business continues to grow quite nicely, double digits, as well as continued improvement in terms of overall profitability. At the same time, you're seeing the growth in new verticals, whether it's grocery or other parts of the portfolio, as well as the international business where we're continuing to improve the unit economics. I mean a third-party component of the new verticals portfolio is unit economic profitable for a few quarters now. Same is true with international where the entire international portfolio is unit economic profitable for a few quarters now.

是的。 Doug，我先回答下半年的問題，然後談談研發支出和今年剩餘時間的展望。首先，我的意思是，這個公式相對簡單，是我們歷史上使用過的。我們在 23 年和 22 年都看到了這一點。今天您在業務中看到的是，核心餐飲業務繼續以兩位數的速度快速成長，整體獲利能力持續改善。同時，您會看到新垂直產業的成長，無論是雜貨還是產品組合的其他部分，以及我們正在繼續改善單位經濟效益的國際業務。我的意思是，新垂直產品組合的第三方組件現在已經在幾個季度內實現了單位經濟盈利。國際市場也是如此，整個國際投資組合現在已經有幾個季度實現了單位經濟利潤。

We do expect to drive further efficiency, whether it's Dasher cost, a, the regulatory costs where we absorb the cost that's going to continue to reduce over the course of the year. Quality has been a key area of focus for us. Credits and refunds are going to get more efficient. Our ads business is growing. If you combine that with the investments we're making in H1, which will drive not only scale but also leverage, I do expect volume to increase as we go through the rest of the year as well as unit economics to improve as we go through the rest of the year. The combination of both of those is going to have second half EBITDA be higher than the first half. The reason I'm confident is we've done this before. 2023 is exactly the same pattern as well as in '22. And when I'm looking at the business, whether it's Q1 or Q2 guide over the rest of the year, I feel very good about both the top line as well as the bottom line.

我們確實希望進一步提高效率，無論是 Dasher 成本，還是我們吸收的監管成本，這些成本將在今年繼續降低。品質一直是我們關注的關鍵領域。積分和退款將變得更加有效率。我們的廣告業務正在成長。如果將其與我們在上半年進行的投資結合起來，這不僅會推動規模，還會提高槓桿率，我確實預計，隨著今年剩餘時間的推移，銷量將會增加，單位經濟效益也會隨之改善。兩者結合起來將使下半年的 EBITDA 高於上半年。我有信心的原因是我們以前已經這樣做過。 2023 年和 22 年的模式完全相同。當我審視業務時，無論是今年剩餘時間的第一季還是第二季的指導，我對營收和利潤都感覺非常好。

And the second point on R&D., I mean, look, Doug, our goal is not just to drive strong growth in '24, right, but for many years to come. We're fortunate that we are operating in large segments where we still find great opportunities to invest. The key investment we are making is continuing to improve the product. As we improve the product, you're seeing that impact of both retention going up as well as order frequency going up. For us, we are adding head count this year. We're going to be thoughtful. We're adding engineers to help us improve the product. When I look at the rest of the year, I would expect OpEx levels to be similar to what you're seeing in Q1, but longer term, our goal is to continue to drive leverage on OpEx as we continue to grow the business.

關於研發的第二點，我的意思是，道格，我們的目標不僅僅是推動 24 年的強勁成長，對吧，而是在未來的許多年裡推動強勁成長。我們很幸運，在大型細分市場中開展業務，仍然可以找到巨大的投資機會。我們正在進行的關鍵投資是持續改進產品。隨著我們改進產品，您會看到保留率上升和訂單頻率上升的影響。對我們來說，今年我們將增加員工人數。我們要深思熟慮。我們正在增加工程師來幫助我們改進產品。當我展望今年剩餘時間時，我預計營運支出水準將與第一季相似，但從長遠來看，我們的目標是隨著業務的不斷發展，繼續提高營運支出的槓桿率。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在您可以斷開線路了。