DoorDash Inc (DASH) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is John, and I will be your conference operator for today.

謝謝你的支持。我叫約翰，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the DoorDash second quarter 2024 earnings c.all.

此時此刻，我謹歡迎大家參加 DoorDash 2024 年第二季財報電話會議。

I would now like to introduce and welcome Mr. Andy Hargreaves, VP of Investor Relations to begin the call.

現在我想介紹並歡迎投資者關係副總裁 Andy Hargreaves 先生開始電話會議。

Andy, the floor is yours.

安迪，地板是你的。

Thanks, John.

謝謝，約翰。

Good afternoon, everyone, and thanks for joining us for our Q2 2024 earnings call.

大家下午好，感謝您參加我們的 2024 年第二季財報電話會議。

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

非常高興今天聯合創辦人、董事長兼執行長 Tony Xu 加入其中；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.

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。

Many of these uncertainties are described in our SEC filings, including our Form 10-Ks and 10-Qs.

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。

You should not rely on our forward-looking statements as predictions of future events.

您不應依賴我們的前瞻性陳述作為未來事件的預測。

We disclaim any obligation to update any forward-looking statements, except as required by law.

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 also discuss certain non-GAAP financial measures.

在本次電話會議中，我們也將討論某些非公認會計準則財務指標。

Information regarding our non-GAAP financial measures, including a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures, may be found in our earnings release, which is available on our Investor Relations website.

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 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。

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.

除了我們的 GAAP 結果之外，還應考慮這些非 GAAP 指標，而這些非 GAAP 指標不能取代我們的 GAAP 結果。

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

最後，我們的投資者關係網站將對該電話會議進行音訊網路廣播，電話會議的音訊重播將在電話會議結束後不久在同一網站上提供。

John, I'll pass it back to you, and we can take the first question.

約翰，我會把它傳回給你，我們可以回答第一個問題。

(Operator Instructions) Nikhil Devnani, Bernstein.

（操作員說明）Nikhil Devnani，伯恩斯坦。

I wanted to ask about what you're seeing from an overall demand perspective.

我想問一下您從整體需求的角度看到了什麼。

There's a lot of talk right now about softening restaurant demand.

現在有很多關於餐廳需求疲軟的討論。

Your outlook points to some deceleration, but still looks very healthy.

您的前景顯示有些減速，但看起來仍然非常健康。

So I guess to what degree are you seeing changes in behavior or softening on that front?

所以我猜你在多大程度上看到了行為的改變或這方面的軟化？

And my follow-on to that is a bit more of the secular story here.

我的後續內容是更多關於世俗的故事。

So I mean how would you characterize the new customer funnel for the US restaurant marketplace?

我的意思是，您如何描述美國餐廳市場的新客戶管道？

I think there's a common perception that all customers should have been acquired during the pandemic.

我認為人們普遍認為所有客戶都應該在疫情期間獲得。

But what do you see on that front in terms of how new customers are still adopting this service today?

但是，您對新客戶至今仍採用這項服務的情況有何看法？

And how does that make you -- how do you think about where we are on kind of the growth curve there?

這對你有何影響——你如何看待我們在成長曲線上的位置？

Nikhil, it's Tony.

尼基爾，我是東尼。

I'll take both of those, and feel free to chime in, Ravi.

我會接受這兩個，並隨時插話，拉維。

We're seeing really strong demand on the consumer side.

我們看到消費者方面的需求非常強勁。

So we're not actually seeing some of the challenges that you may be hearing about or reading about in other headlines.

因此，我們實際上並沒有看到您可能在其他頭條新聞中聽到或讀到的一些挑戰。

I think there are a few reasons for this.

我認為這有幾個原因。

I think, first, we're still in the earliest innings of the move towards digital and the overall omnichannel experiences that every restaurant and retailer is participating in.

我認為，首先，我們仍處於向數位化和每家餐廳和零售商都參與的整體全通路體驗邁進的最初階段。

And we're lucky to play in the part that is growing.

我們很幸運能夠參與這個正在成長的角色。

I mean if you looked at digital only, that's growing not just for us at DoorDash on our marketplace.

我的意思是，如果你只關注數位化，那麼這不僅對我們市場上的 DoorDash 來說是成長的。

It's also growing for us in our first-party platform as we power a lot of these restaurant and retailer websites for ordering as well as their delivery channels.

我們的第一方平台也不斷成長，因為我們為許多餐廳和零售商網站提供訂購服務及其配送管道。

And they see that, too, by the way.

順便說一句，他們也看到了這一點。

While some restaurants, to your point, maybe seeing some headwinds in traffic, I mean, their digital channels are growing very robustly many multiples of, I think, their overall growth and we see that similarly.

雖然一些餐廳，就你的觀點而言，可能會在流量方面遇到一些阻力，但我的意思是，他們的數位管道的成長非常強勁，我認為是他們整體成長的數倍，我們也看到了類似的情況。

But at the same time, we're still just single-digit penetration in restaurants and outside our restaurants, we're even lower than that.

但同時，我們在餐廳和餐廳外的滲透率仍然只有個位數，甚至更低。

So we see a long runway for growth there.

因此，我們看到那裡的成長還有很長的路要走。

The second point I'd make is that our product continues to get better.

我要說的第二點是我們的產品不斷變得更好。

I mean if you looked at our cohort behavior, whether it's retention or order frequency, I mean, all of these things are as good or better than even our pandemic cohorts for every cohort since the pandemic.

我的意思是，如果你觀察我們的隊列行為，無論是保留率還是訂單頻率，我的意思是，自大流行以來，所有這些事情都與我們的大流行隊列一樣好甚至更好。

And so I think that's a reflection and testament to the work that the team is doing.

所以我認為這是對團隊正在做的工作的反思和證明。

We already have category-leading selection, but we're continuing to extend that lead.

我們已經擁有類別領先的選擇，但我們正在繼續擴大這種領先優勢。

We have the best quality as well as lowest-cost logistics network in the most places in the US not just for restaurants, but also for retail.

我們在美國大部分地區擁有品質最好、成本最低的物流網絡，不僅適用於餐廳，也適用於零售業。

That continues to get more accurate and faster.

這將繼續變得更加準確和更快。

We continue to work on our affordability programs.

我們繼續致力於我們的負擔能力計劃。

I mean DashPass had an all-time high in terms of its subscriber base.

我的意思是，DashPass 的用戶群創下歷史新高。

So I think a lot of people are resonating across all of the dimensions in which we are judged from the consumer's view.

所以我認為很多人在從消費者的角度來評判我們的所有維度上都產生了共鳴。

The final point I'd make is that we are increasing the number of use cases on DoorDash.

我要說的最後一點是，我們正在增加 DoorDash 上的用例數量。

We continue to see just tremendous growth much faster than the industry.

我們繼續看到比行業快得多的巨大成長。

I mean many, many, many fold faster than anyone else both in the US as well as globally in restaurants, but also outside of restaurants.

我的意思是，無論是在美國還是全球範圍內的餐廳內，以及餐廳外，很多很多的折疊速度都比其他任何人都快。

And increasingly, we're seeing customers coming to us for the first time actually for nonrestaurant use cases.

而且，我們越來越多地看到客戶首次來找我們，實際上是為了非餐廳用例。

And so -- and then in terms of your question on new customers, I mean, we actually see a couple of things.

因此，就您關於新客戶的問題而言，我的意思是，我們實際上看到了一些事情。

One, we still acquire more than anyone else.

第一，我們獲得的東西仍然比其他任何人都多。

I mean more -- in restaurants, more than one out of every two new customers that come into the industry.

我的意思是更多——在餐廳裡，超過二分之一的新顧客進入該行業。

Outside of restaurants, we're about one in every two.

在餐廳之外，我們大約是二分之一。

So in any category of local commerce, we acquire more new customers than anyone else.

因此，在本地商業的任何類別中，我們都比其他任何人都獲得更多的新客戶。

And I think what you see about the point about like, hey, look, is the new customer point saturating?

我認為你所看到的這個點是，嘿，看，新的客戶點是否飽和了？

The way I think about this is for us at DoorDash, yes, we have tens of millions of customers every single month, but we have many multiples of that ordering with us every single year.

我對 DoorDash 的看法是這樣的，是的，我們每個月都有數以千萬計的客戶，但每年我們的訂單量都是數倍的。

So within even our own ecosystem, whether they're a new customer or a customer that's an occasional customer that's coming back now to the platform, within our own ecosystem, we have a long runway for growth.

因此，即使在我們自己的生態系統中，無論他們是新客戶還是現在回到平台的偶爾客戶，在我們自己的生態系統中，我們都有很長的成長跑道。

And so yes, we're getting new customers, especially in restaurants and new categories.

所以，是的，我們正在吸引新客戶，特別是在餐廳和新類別。

I mean I mentioned some of those stats, but we're also getting customers who are in our ecosystem.

我的意思是我提到了其中一些統計數據，但我們也得到了我們生態系統中的客戶。

They don't participate yet with us every single month or every single day, but increasingly, they are getting there.

他們還沒有每個月或每天都與我們一起參與，但他們正在逐漸實現這一目標。

Nikhil, just to add a couple of points to what Tony talked about, right, the demand on the platform continues to be very strong.

Nikhil，我想對 Tony 所說的內容補充幾點，對，平台的需求仍然非常強勁。

When we look at the underlying cohorts, they're very strong.

當我們觀察潛在群體時，他們非常強大。

The recent quarter actually is as strong as any of the older cohorts that we've seen.

最近一個季度的表現實際上與我們所見過的任何較早的季度一樣強勁。

Even for the core restaurant business, when I look at the growth rate in GOV on a year-over-year basis, the growth in Q2 is very consistent with what we saw in Q1.

即使對於核心餐飲業務，當我查看 GOV 的同比增長率時，第二季度的成長與我們在第一季看到的非常一致。

Even from a linearity perspective, the business actually grew faster in June compared to April.

即使從線性角度來看，6 月的業務實際上比 4 月成長得更快。

Tony talked about some of this, but DashPass had a really strong quarter, all-time high in terms of subscribers.

Tony 談到了其中的一些內容，但 DashPass 的季度表現非常強勁，訂戶數量創歷史新高。

Order frequency continues to be at an all-the-time high.

訂單頻率繼續處於歷史最高水平。

So the underlying cohort strength is actually very strong and the demand continues to be very strong across the board for us.

因此，潛在的群體實力實際上非常強大，而且對我們來說，全面的需求仍然非常強勁。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

First one on the take rate.

第一個是關於接受率。

It's up quarter-on-quarter, year-on-year, the revenue take rate.

收入率環比、年比都有所上升。

And in the letter, you talked about reducing consumer fees and you just mentioned DashPass growing a lot faster than overall.

在信中，您談到了降低消費者費用，並且您剛剛提到 DashPass 的成長速度比整體快得多。

So could you talk about like what's driving that?

那麼您能談談是什麼推動了這一趨勢嗎？

Are you seeing efficiencies on cash or cost or something else like Drive causing that take rate to go up as much as it is?

您是否看到現金或成本或其他因素（例如 Drive）的效率導致了利用率的上升？

And then the second one is you also mentioned that the majority of your largest international markets have better retention than US.

第二個問題是，您也提到，大多數最大的國際市場的保留率都比美國更好。

Could you just give us a little bit more color on what's driving that?

您能為我們提供更多關於推動這一趨勢的因素嗎？

Is that kind of the breadth of offering or levels of competition or something else?

這是產品的廣度、競爭的程度還是其他？

Ross, I'll take the first one.

羅斯，我選第一個。

Tony, feel free to jump in on the second one.

托尼，請隨意參與第二個。

On a take rate perspective, Ross, let me break out what's going on with revenue.

從轉換率的角度來看，羅斯，讓我來談談收入的變化。

If you think about the revenue, there's a few different components.

如果你考慮一下收入，你會發現有幾個不同的組成部分。

You have the ads business, which is growing really fast.

你的廣告業務成長得非常快。

You have our platform business, which is also growing really fast.

我們的平台業務也成長得非常快。

Both of those are driving the improvement you're seeing in both revenue growth as well as take rate.

這兩者都推動了您在收入成長和轉換率方面看到的改善。

At the same time, you also have cost lines, whether it's Dashers or quality.

同時，你也有成本線，無論是 Dashers 還是品質。

The team has done a great job of improving that compared to last year.

與去年相比，該團隊在這方面做了很大的改進。

We're seeing improvements in efficiency.

我們看到效率有所提高。

For us, the goal has always been continue to drive improvements from an efficiency perspective.

對我們來說，目標始終是從效率的角度繼續推動改善。

But at the same time, we're also going to continue to find opportunities to reinvest that back in growth.

但同時，我們也將繼續尋找機會將其再投資於成長。

As I look ahead from a take rate perspective, I do expect us to improve and grow our ad business as well as our platform business.

當我從使用率的角度展望未來時，我確實希望我們能夠改善和發展我們的廣告業務以及平台業務。

Even on the cost line, there's still a lot of opportunity for us to continue to drive improvements in efficiency.

即使在成本方面，我們仍然有很多機會繼續推動效率的提高。

At the same time, we're going to try to find good opportunities where we could drive investments in retention, order frequency, while continuing to improve the overall take rate in the business.

同時，我們將努力尋找良好的機會，推動在保留率、訂單頻率方面的投資，同時繼續提高業務的整體接受率。

And Ross, on the second question about international markets and just the retention and frequency levels there.

羅斯，關於第二個問題，關於國際市場以及那裡的保留率和頻率水平。

I mean it's really a story of TWO things.

我的意思是，這實際上是一個關於兩件事的故事。

One is, well, we started with a very robust set of fundamentals and foundation, right?

一是，我們從一套非常強大的基礎知識和基礎開始，對吧？

I mean this really was the key investment thesis behind teaming up with Wolt.

我的意思是，這確實是與沃特合作背後的關鍵投資論點。

I mean when we were looking internationally in terms of expansion opportunities, one of the things, perhaps the top thing that got us most excited about teaming with Wolt, was the fact that they had leading retention and frequency in every market that they competed in.

我的意思是，當我們在國際上尋找擴張機會時，其中一件事，也許是最讓我們對與Wolt 合作感到興奮的事情是，他們在每個參與競爭的市場中都擁有領先的保留率和頻率。

And that's a combination of a few things, right?

這是一些事情的結合，對吧？

But at the end of the day, it comes down to offering the best combination of inputs for customers, the best selection, the best quality of service in terms of delivery quality, the best affordability and the best support.

但歸根究底，還是要為客戶提供最佳的投入組合、最佳的選擇、交付品質方面的最佳服務品質、最佳的承受能力和最佳的支援。

The second thing I would say is that since teaming up with Wolt, which closed in '21, it's been a couple of years now, we've added some of the lessons that we've learned at DoorDash, lessons in making improvements to each one of these inputs.

我要說的第二件事是，自從與 21 年關閉的 Wolt 合作以來，已經有幾年了，我們添加了一些在 DoorDash 中學到的經驗教訓，以及改進每個功能的經驗教訓。一。

And that combination, I think, is what you see that's driving the growth and virtually taking share gains in every market that we play in.

我認為，這種結合正在推動我們所涉足的每個市場的成長並幾乎獲得份額成長。

Michael Morton, MoffettNathanson.

麥可莫頓，莫菲特內森森。

If we could maybe do one on international following up on some of the comments Tony just made and then maybe a quick one on grocery.

如果我們可以就托尼剛發表的一些評論進行後續的國際討論，然後也許可以快速討論雜貨問題。

Tony, I love hearing more about the retention aspects for international.

東尼，我喜歡聽到更多有關國際人才保留的資訊。

But like you talked about in the press release today, two full years with Wolt.

但就像你在今天的新聞稿中談到的那樣，在沃爾特工作了整整兩年。

I love to learn some more just beyond the retention aspects, some key takeaways after running this business for two full years on what it takes for the best performance in these international markets.

我喜歡了解更多超出保留方面的知識，以及在經營這家公司整整兩年後的一些關鍵要點，了解如何在這些國際市場上取得最佳業績。

Is it market structure, market share, consumer spending capabilities?

是市場結構、市場佔有率、消費者消費能力？

And then how that might dictate your plans to grow in new countries and/or maybe exit certain markets where you don't like the industry structure.

然後，這將如何決定您在新國家/地區發展的計劃和/或退出某些您不喜歡其行業結構的市場。

And then just a quick one on CPG advertising, some learnings and differences you've picked up compared to your restaurant advertising business would be great.

然後快速了解 CPG 廣告，與您的餐廳廣告業務相比，您學到的一些知識和差異將會很棒。

Sure.

當然。

Yes, I mean, on the first question regarding international and just lessons learned, I mean the first thing I would say is that there's no silver bullet in operating these kinds of businesses.

是的，我的意思是，關於第一個問題，關於國際和經驗教訓，我的意思是我要說的第一件事是，經營這類業務沒有靈丹妙藥。

But the story is really the same in virtually every market.

但幾乎​​每個市場的情況都是一樣的。

Sure, every market, to your point, has different challenges and different dynamics in the market.

當然，就您而言，每個市場都有不同的挑戰和不同的市場動態。

But at the end of the day, it comes down to who can create the best service for customers, carriers and merchants.

但歸根結底，這取決於誰能為客戶、營運商和商家創造最好的服務。

And I think remembering that, as simple as it sounds, is actually quite important because I think there's always a lot of competitive activities in our space.

我認為記住這一點，雖然聽起來很簡單，但實際上非常重要，因為我認為我們的領域總是有很多競爭性活動。

But I think that making sure that you can win on building the best product as measured by the highest retention and frequency levels, I mean that's kind of what we've always held ourselves to.

但我認為，確保您能夠透過最高的保留率和頻率等級來建立最好的產品，我的意思是，這就是我們一直堅持的目標。

That's what the customer holds us to.

這就是客戶對我們的要求。

And I think that we've been lucky in that we've been able to achieve that bar at least better than anyone else in all the markets that we play in.

我認為我們很幸運，因為我們能夠比我們所涉足的所有市場中的其他任何人都更好地實現這一目標。

But at the same time, it's also not good enough if you look at just how underpenetrated so many of these markets are, especially outside of the United States.

但同時，如果你看看其中許多市場的滲透率有多低，這還不夠好，尤其是在美國以外的市場。

And that's true in the restaurants category, but that's true virtually in every category, which just means that we've got a long ways to go before we're satisfied with what we've done for customers in solving the local commerce opportunity.

在餐廳類別中確實如此，但實際上在每個類別中都是如此，這只是意味著我們還有很長的路要走，才能對我們為客戶解決本地商業機會所做的事情感到滿意。

With respect to CPG, I think it's been just a really fast learning curve for us.

就 CPG 而言，我認為這對我們來說是一個非常快速的學習曲線。

I think we had a lot of attention and excitement from virtually every top CPG advertiser because they saw the largest local commerce platform offering ads for the first time three years ago that had the highest frequency, the highest membership base for local commerce and the highest cross-sell between categories.

我認為幾乎所有頂級CPG 廣告商都對我們給予了極大的關注和興奮，因為他們三年前首次看到最大的本地商業平台提供廣告，該平台具有最高的頻率、最高的本地商業會員基數和最高的交叉度- 在類別之間銷售。

And so obviously, their question is like, hey, what are you waiting for?

顯然，他們的問題是，嘿，你還在等什麼？

When are you guys going to actually open up the platform so that we can meet new customers?

你們什麼時候真正開放這個平台以便我們能夠認識新客戶？

At the same time, we also have to balance the other side, which is an advertising business can only be built off the back of a healthy and robust marketplace business, and it doesn't really go the other way around.

同時，我們也必須平衡另一面，即廣告業務只能建立在健康、強勁的市場業務的基礎上，而不能真正反過來。

So you kind of need the marketplace business to grow in order for your advertising business to have a long runway for healthy growth.

因此，您需要市場業務的成長，以便您的廣告業務有一個健康成長的長跑道。

And so that's kind of what we've always looked for, but it's always two guiding principles: how do we offer the best-in-class consumer experience with no degradation in experience and how do we offer the best return for advertisers?

這就是我們一直在尋找的東西，但這始終是兩個指導原則：我們如何在不降低體驗的情況下提供一流的消費者體驗以及我們如何為廣告商提供最佳回報？

And that's true for small restaurants.

對於小餐館來說也是如此。

That's true for big restaurants.

對於大餐館來說更是如此。

That's true for big CPGs.

對於大型消費品來說確實如此。

That's true for small, mid-market CPGs.

對於中小型市場的快速消費品來說確實如此。

I think that one thing that you see now that we're in the third year of doing this is we're starting to finally make great progress in just offering a very balanced portfolio.

我認為你現在看到的一件事是，我們已經進入了這樣做的第三年，我們終於開始在提供非常平衡的產品組合方面取得巨大進展。

I think we started by offering and introducing ads to restaurants, where I think that was something that was very natural to some of the activities that we had done before then.

我認為我們首先向餐廳提供和引入廣告，我認為這對於我們之前所做的一些活動來說是非常自然的。

But now that's pretty much fully built out for CPGs.

但現在這幾乎已經完全為快速消費品而建構了。

And I think, now, it's making sure that we grow that in a responsible way, achieving, again, the balance between consumer happiness and advertiser returns.

我認為，現在，我們要確保我們以負責任的方式發展這一點，再次實現消費者幸福和廣告商回報之間的平衡。

Mike, it's Ravi.

麥克，我是拉維。

Just to add a couple of points Tony talked about on the international side.

補充一下托尼在國際方面談到的幾點。

Again, the formula for us, like Tony mentioned, is largely similar.

同樣，正如托尼所提到的，我們的公式在很大程度上是相似的。

We're seeing strength in retention.

我們看到了保留的力量。

We're seeing strength in order frequency as well as gross profit.

我們看到訂單頻率和毛利都有成長。

Last call, I talked about the fact that the entire international portfolio is gross profit positive and it has continued to improve.

上次電話會議中，我談到了整個國際投資組合的毛利為正且持續改善的事實。

For us, what's important is we want to drive scale.

對我們來說，重要的是我們想要擴大規模。

Scale drives efficiency in the business.

規模驅動業務效率。

We've done that in the US, and it's the same formula we are using in the international markets as well.

我們在美國已經這樣做了，我們在國際市場上也使用同樣的公式。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

You mentioned in the press release a better frequency from new verticals.

您在新聞稿中提到新垂直領域的頻率較高。

Can you help us better understand that, the drivers, and then where are you seeing better frequency?

您能否幫助我們更了解驅動因素，以及您在哪裡看到更好的頻率？

And then a question really on ramping new merchants.

然後是關於增加新商家的問題。

We've noticed that incentives are kind of larger.

我們注意到激勵措施更大。

As we think about you guys normalizing on selection, can you just help us understand the size of the investment it takes to bring new merchants onto the platform?

當我們考慮你們正在規範選擇時，您能否幫助我們了解將新商家引入平台所需的投資規模？

Sure.

當然。

I can take the first part of the question.

我可以回答問題的第一部分。

I mean Andrew, I guess, in general, I mean we see order frequency increases both within restaurants and incrementally on top of that from new verticals.

我的意思是安德魯，我想，總的來說，我的意思是我們看到餐廳內的訂單頻率都在增加，而且在新垂直領域的訂單頻率也逐漸增加。

It depends a lot on the geography and which new selection that has been onboarded or how strong the selection density is within a market.

這在很大程度上取決於地理位置以及已加入的新選擇或市場內選擇密度的強度。

For example, obviously, we've been very strong in grocery and in convenience.

例如，顯然，我們在雜貨和便利性方面一直非常強大。

That's been a big focus for us for three years.

三年來，這一直是我們關注的重點。

And we're excited actually.

事實上我們很興奮。

Actually, just this morning, we announced an update to our partnership with Chase, which now makes us Chase's exclusive partner in both restaurant delivery and grocery delivery for all of their cardholders.

事實上，就在今天早上，我們宣布了與大通銀行的​​合作夥伴關係的更新，這使我們成為大通銀行為其所有持卡人提供餐廳送貨和雜貨送貨服務的獨家合作夥伴。

And so I think you're seeing the appreciation of our performance not just by consumers, but also by other large companies out there that are trying to tap into a very valuable base of customers, a lot of whom are coming to us for grocery and for these new verticals.

因此，我認為您不僅會看到消費者對我們表現的讚賞，而且還會看到其他大公司對我們的表現的讚賞，這些公司正在努力挖掘非常有價值的客戶群，其中許多人來我們這裡購買雜貨和食品。

But there are examples where we just launched recently, for example, it's Ulta Beauty.

但也有一些我們最近剛推出的例子，例如 Ulta Beauty。

So as we've launched health and beauty, some customers come to us for the first time, whether it's to Ulta, to Sephora, to other health and beauty merchants for the first time, or Lowe's in the home improvement category.

所以當我們推出健康美容的時候，有些顧客是第一次來找我們，無論是第一次到Ulta、絲芙蘭、第一次到其他健康美容商家，還是家居裝飾類別的Lowe's。

So it's not coming from one area.

所以它不是來自一個地區。

As we add more categories, we see more order frequency growth.

隨著我們添加更多類別，我們看到訂單頻率有更多成長。

Yes, I'll take the second one.

是的，我會選擇第二個。

Maybe just a couple of points on the first one that Tony mentioned, right?

也許只是東尼提到的第一點的幾點，對嗎？

Our goal is to drive overall order frequency up.

我們的目標是提高整體訂單頻率。

We're not trying to drive just the restaurant order frequency up or the new vertical product frequency app.

我們不僅僅試圖提高餐廳訂單頻率或新的垂直產品頻率應用程式。

In fact, looking at the order frequency on a blended basis is not how we think about the business.

事實上，混合地看待訂單頻率並不是我們看待業務的方式。

It's truly a cohorted business.

這確實是一個隊列業務。

When I look at the cohorts, even the age cohorts, they're engaging better with us, their order frequency is going up, partly because the product has gotten better, you have more categories, delivery times have gotten better.

當我觀察這些群體時，即使是年齡群體，他們與我們的互動也越來越好，他們的訂單頻率也在上升，部分原因是產品變得更好，有更多的類別，交貨時間也變得更好。

The entire base, the order frequency continues to go up.

整個基地，訂單頻率持續走高。

The newer cohorts are actually joining a better order frequency than many of the older cohorts.

事實上，新加入的群體比許多老群體加入的訂單頻率更高。

And your second point on selection investments, I mean, look, I mean, our goal is to continue to drive selection higher.

關於選擇投資的第二點，我的意思是，你看，我的意思是，我們的目標是繼續推動選擇更高。

It's a core part of our strategy.

這是我們策略的核心部分。

We are adding selection in restaurants.

我們正在增加餐廳的選擇。

We are definitely adding more selection on the grocery side as well as international.

我們肯定會在雜貨和國際方面增加更多選擇。

The way we think about it is as long as we are driving incremental GOV, as long as the conversion is continuing to increase, we're going to continue to drive selection higher.

我們的想法是，只要我們推動增量 GOV，只要轉換率持續增加，我們就會繼續推動選擇更高。

And you're seeing that strength being reflected in not just the demand, but the underlying cohorts of the business as well.

您會看到這種優勢不僅體現在需求上，也體現在業務的基礎群體上。

Brad Erickson, RBC Capital Markets.

Brad Erickson，加拿大皇家銀行資本市場部。

I just have two here.

我這裡只有兩個。

One, on the incremental flow-through of EBITDA, so relative to GOV, it looks like it ticked up a bit quarter-over-quarter maybe a couple of hundred basis points.

首先，就 EBITDA 的增量流通而言，相對於 GOV，它看起來似乎比上一季略有上升，可能增加了幾百個基點。

Can you call out just any drivers of the difference there, if you can?

如果可以的話，您能指出造成差異的任何驅動因素嗎？

And then second, kind of bigger picture, Ravi just talked about the improving unit economics on the gross margin side across all parts of the business.

其次，從更大的角度來看，拉維剛剛談到了各業務部門毛利率方面單位經濟效益的改善。

So it kind of seems like that should roughly rhyme with EBITDA expansion over time.

因此，隨著時間的推移，這似乎應該與 EBITDA 擴張大致押韻。

What are any other sort of considerations as to why that would not be the case, if you could?

如果可以的話，還有哪些其他考慮因素可以解釋為什麼情況並非如此？

Yes, Brad.

是的，布拉德。

Let me take the first one, and then I'll get into the second one.

讓我先講第一個，然後我再講第二個。

On the EBITDA side that we saw in Q2, I mean, there's two factors, right?

在我們在第二季度看到的 EBITDA 方面，我的意思是，有兩個因素，對吧？

One, you saw us continue to drive higher growth.

第一，您看到我們繼續推動更高的成長。

GOV came in better than expectations.

GOV 的表現優於預期。

The overall business is gross profit positive.

整體業務毛利為正。

You're seeing that flow through to the bottom line.

你會看到它一直流向底線。

Two, you also have improvements in unit economics gross profit across most major lines of business, you're seeing that impact the overall business as well.

第二，大多數主要業務領域的單位經濟效益毛利也有所提高，您會發現這也對整體業務產生了影響。

From a philosophy perspective, Brad, I mean, I think I want to be clear, right?

從哲學的角度來看，布拉德，我的意思是，我想我想清楚，對嗎？

Like our goal is to grow as fast as we can by being inside of the range from an EBITDA perspective.

就像我們的目標是從 EBITDA 角度來看，在範圍內盡可能快速地成長。

I would expect that to be the case going forward in Q3 as well.

我預計第三季的情況也會如此。

But longer term, let me break the business apart, right?

但從長遠來看，讓我把業務分開，對嗎？

On the restaurant side, we've done a great job of improving the contribution margin in H1 despite absorbing some of the regulatory costs.

在餐廳方面，儘管吸收了一些監管成本，但我們在上半年的邊際貢獻方面做得很好。

There's still a lot of opportunity for us to continue to drive margin higher there.

我們仍然有很多機會繼續提高利潤率。

It's not going to be at the same clip as we've done over the last couple of years.

它不會像我們過去幾年所做的那樣。

New verticals as well as international are still early.

新的垂直領域以及國際化仍處於早期階段。

We're seeing good growth.

我們看到了良好的成長。

We're seeing good opportunities to continue to invest there.

我們看到了繼續在那裡投資的好機會。

But these businesses are not truly optimized for efficiency.

但這些企業並沒有真正針對效率進行最佳化。

As we continue to drive efficiency higher across the P&L, I would expect margins to continue to improve.

隨著我們持續提高損益表效率，我預期利潤率將持續提高。

More importantly for us, the formula has always been invested behind retention order frequency as well as continued improvement in gross profit.

對我們來說更重要的是，該公式始終投資於保留訂單頻率以及毛利的持續改善。

We have seen that in the business.

我們已經在業務中看到了這一點。

If we find good areas to continue to drive investment, we're going to do that.

如果我們找到可以繼續推動投資的好領域，我們就會這麼做。

Our goal is to drive GOV growth while being disciplined from an overall investment perspective.

我們的目標是推動政府成長，同時從整體投資角度進行約束。

Bernie McTernan, Needham.

伯尼·麥克特南，李約瑟。

Great.

偉大的。

Just wanted to stick on international.

只是想堅持國際化。

Tony, you mentioned the shareholder Lateral international ambitions remain well above what you'd be able to achieve so far.

托尼，您提到股東橫向國際野心仍然遠遠超出您迄今為止所能實現的目標。

So just wanted to see, does that mean more countries, different categories or different products coming to your current?

所以只是想看看，這是否意味著更多的國家、不同的類別或不同的產品會出現在您的當前產品中？

And Basically, do you have the right asset mix currently to achieve those ambitions?

基本上，您目前是否擁有合適的資產組合來實現這些目標？

Yes.

是的。

Bernie, I mean I guess to add to some of the comments I made previously, we have a good foundation to build from in all of our markets.

伯尼，我的意思是，我想補充我之前發表的一些評論，我們在所有市場上都有良好的基礎。

I mean that's kind of how we start.

我的意思是我們就是這樣開始的。

And if you don't have that, I think it's difficult to kind of solve every local commerce problem.

如果沒有這個，我認為很難解決每個本地商業問題。

For us, that obviously starts with the restaurants business, which whether it's internationally or here in the US, we have leading retention and frequency, which is a great place to build upon.

對我們來說，這顯然是從餐飲業務開始的，無論是在國際上還是在美國，我們都擁有領先的保留率和頻率，這是一個很好的基礎。

And we've added quite a lot of categories into all of our markets actually, and those are growing really, really nicely.

事實上，我們已經在所有市場中添加了相當多的類別，而且這些類別的成長非常非常好。

But when I look outside of the US, I would say that the vast majority, virtually every country outside the US. for us is still behind what we think the penetration level ought to be, if we actually brought all of the products that we have in market here in the US overseas.

但當我看看美國以外的國家時，我會說絕大多數，幾乎是美國以外的每個國家。如果我們真的將美國市場上的所有產品帶到海外，我們仍然落後於我們認為的滲透水平。

We're not there yet, right, where we have a great house in which that the structure is very, very good.

我們還沒有達到這樣的程度，對吧，我們還沒有建造一座結構非常非常好的大房子。

We're growing many folds faster than our peers.

我們的成長速度比同業快很多倍。

We're doing a nice job of launching new products that we've built from the DoorDash side to all of our markets.

我們在向所有市場推出我們從 DoorDash 方面構建的新產品方面做得很好。

But on the flip side, I would say that the levels there are still not where we ought to be.

但另一方面，我想說，那裡的水平仍然沒有達到我們應該達到的水平。

We've got a long way to go on getting restaurant selection where it needs to be.

要讓餐廳選擇到需要的地方，我們還有很長的路要走。

We were off to a fantastic start outside of restaurants, especially given that retail, I would say, is a little less developed on a comparative basis when you look outside of the US versus, say, the retail industry within the US.

我們在餐廳外有一個美妙的開端，特別是考慮到當你觀察美國以外的地區與美國境內的零售業時，我想說的是，零售業的發展程度稍差一些。

And then when I look at the five businesses that we have as well as other businesses that we're incubating, I think the potential to bring this globally to be the largest local commerce platform in any country, I think that remains just a very, very large opportunity for many years of growth.

然後，當我看到我們擁有的五項業務以及我們正在孵化的其他業務時，我認為將其推向全球成為任何國家/地區最大的本地商業平台的潛力，我認為這仍然是一個非常，多年成長的巨大機會。

Michael McGovern, Bank of America.

麥可·麥戈文，美國銀行。

I want to ask again a little bit about the restaurant menu inflation.

我想再問一下有關餐廳菜單膨脹的問題。

Is there any dynamic underlying the AOV number that is basically suggesting that there is some level of food inflation and maybe have some offsetting things like Drive that are making AOV not increase?

AOV 數字背後是否存在任何動態，基本上表明存在一定程度的食品通膨，並且可能有一些抵消因素（例如 Drive）導致 AOV 不增加？

And then also just quickly, I want to see if you comment on regulatory with Prop 22 being upheld in California?

然後很快，我想看看您是否對加州支持第 22 號提案的監管有何評論？

And are you still seeing any impact in New York City and Seattle from regulatory changes there?

您是否仍看到紐約市和西雅圖的監管變化對其產生影響？

Mike, I'll take the first one.

麥克，我選第一個。

Tony will take the second one on regulatory.

托尼將參加第二場有關監管的比賽。

On the first one, I mean, look, I mean, inflation has not had a big impact on our business.

關於第一個問題，我的意思是，你看，我的意思是，通貨膨脹並沒有對我們的業務產生很大的影響。

If you think about it, right, like when inflation first peaked about a year ago, we saw fewer items per order.

如果你想一想，就像一年前通膨首次達到頂峰時一樣，我們看到每個訂單的商品數量減少了。

But overall, we've also driven consumer fees down.

但整體而言，我們也降低了消費者費用。

So when I look at overall, even the restaurant business from an AOV perspective, it's relatively flat year-on-year.

因此，當我從整體來看時，即使是從AOV的角度來看，餐飲業務也與去年同期相比相對持平。

So we're not seeing any impact on that.

所以我們沒有看到對此有任何影響。

And pretty pleased with the progress we've made on overall affordability, which is continue to drive the growth that you're seeing in the business.

我們對整體負擔能力的進展感到非常滿意，這將繼續推動您在業務中看到的成長。

Yes.

是的。

On the second question with respect to regulatory, it's actually pretty much the same story that I think we've communicated ever since during the first earnings call, and really it reflects even what we thought 10 years ago when we started forecasting what might be true in regulatory, in particular, on the labor piece, across the world, which is I think in the majority of the world, the overwhelming majority, most jurisdictions wanted to actually support us in giving Dashers what they want, which is the flexibility of a work opportunity that's never existed before and also protections that we believe they deserve.

關於監管方面的第二個問題，我認為我們自第一次財報電話會議以來一直在傳達同樣的故事，實際上它甚至反映了我們 10 年前開始預測可能真實情況時的想法。特別是在世界各地的勞工方面，我認為在世界上大多數地區，絕大多數，大多數司法管轄區都希望真正支持我們為Dasher 提供他們想要的東西，這就是前所未有的工作機會以及我們認為他們應得的保護。

I mean to your point, or the premise of the question, you're right, I mean it's good to see that lawmakers most recently have held Prop 22 here in California.

我的意思是，就你的觀點或問題的前提而言，你是對的，我的意思是很高興看到立法者最近在加州舉行了第 22 號提案。

We expect that.

我們期望如此。

We expected that not just because we're right on the wall, but because we think it's the right thing to do.

我們期望如此，不僅因為我們就在牆上，而且因為我們認為這是正確的事情。

It's actually giving users, in this case, the Dasher or the driver, exactly what they're looking.

它實際上為用戶（在本例中為 Dasher 或駕駛員）提供了他們正在尋找的內容。

I always have to remind people that over 90% of Dashers do fewer than 10 hours a week on the platform.

我總是要提醒人們，超過 90% 的 Dasher 每週在平台上的工作時間不到 10 小時。

The average Dasher does three to four hours a week.

Dasher 平均每週工作三到四小時。

The overwhelming majority, over 80%, 85% of Dashers actually have full-time jobs.

絕大多數（超過 80%、85%）的 Dasher 實際上都有全職工作。

So they're specifically telling us we do not want to be told what hours to work or where to work them.

因此，他們特別告訴我們，我們不想被告知工作時間或工作地點。

And so we see that most governments, lawmakers around the world, certainly here in the US as well, actually want to do right by the Dasher and actually support us in what we want to do for workers.

因此，我們看到世界各地的大多數政府、立法者，當然也包括美國，實際上希望透過 Dasher 做正確的事，並真正支持我們為工人做的事情。

I also hope whether it's this election cycle or future election cycles, whether it's here in the US or around the world that things will moderate a bit in terms of temperature and that this can be something that we, as a company, as well as other companies in the space can work productively with any government to actually achieve what Dashers want.

我還希望，無論是這個選舉週期還是未來的選舉週期，無論是在美國還是在世界各地，事情的溫度都會有所緩和，這可以是我們作為一家公司以及其他公司的事情。與任何政府進行富有成效的合作，以真正實現達什者想要的目標。

And I don't know, Ravi, did you want to comment on New York or Seattle or any of the economic activity?

我不知道，拉維，你想對紐約或西雅圖或任何經濟活動發表評論嗎？

Yes, maybe on the New York and Seattle, I talked about the fact in the last call that we did take a meaningful amount of impact on EBITDA from the regulatory costs in Q1.

是的，也許在紐約和西雅圖，我在上次電話會議中談到了這樣一個事實：第一季的監管成本確實對 EBITDA 產生了重大影響。

That did come down in Q2, just like I said it would.

正如我所說，第二季度確實有所下降。

A lot of that is being driven by the underlying improvements we've made in product to drive efficiency higher.

這在很大程度上是由我們為提高效率而對產品進行的根本改進所推動的。

I do expect those costs to continue to reduce as we go through the rest of the year.

我確實預計隨著今年剩餘時間的推移，這些成本將繼續減少。

Look, I mean, our goal and philosophy has always been any market that we operate in, we want to run with sustainable unit economy, and that's going to be true for these markets as well.

我的意思是，我們的目標和理念始終是我們經營的任何市場，我們希望以可持續的單位經濟運行，對於這些市場來說也是如此。

It's not going to be a step function change.

這不會是一個階躍函數的改變。

It's going to be a gradual change.

這將是一個漸進的改變。

We really like what we're seeing in the business from an overall efficiency improvement perspective for those markets.

從這些市場的整體效率改進的角度來看，我們真的很喜歡我們在業務中看到的情況。

Ron Josey, Citi.

羅恩喬西，花旗銀行。

Great.

偉大的。

So maybe a follow-up on what we were talking about earlier and all the improvements on efficiencies.

因此，也許是我們之前討論的內容以及所有效率改進的後續行動。

The letter to -- the press release talked about reducing order defect rates and merchant churn, also lowering fees.

新聞稿中談到了降低訂單缺陷率和商家流失率，以及降低費用。

And I'm just wondering this lowering fees, is this passing along the savings and you're sort of seeing the benefits of, call it, lowering fees more efficiency, lower fees, higher order rates.

我只是想知道降低費用，這是否可以節省費用，你會看到這樣的好處，稱之為降低費用，提高效率，降低費用，提高訂單率。

It's all coming together.

一切都在一起了。

I wanted to get your thoughts on just are you passing along these savings to consumers and then, therefore, seeing improving top line growth?

我想了解您的想法，您是否會將這些節省的費用轉嫁給消費者，從而看到收入成長的改善？

I'm curious on that dynamic.

我對這種動態很好奇。

Yes.

是的。

Ron, it's Tony.

羅恩，是托尼。

I mean, look, we're always trying to do one thing, right, which is to move fees in one direction.

我的意思是，看，我們一直在努力做一件事，對吧，那就是向一個方向轉移費用。

I don't think I've ever spoken to a consumer who's asked us to raise prices.

我認為我從未與要求我們提高價格的消費者交談過。

And so we are always trying to lower the fees and pass them on.

因此，我們一直在努力降低費用並將其轉嫁出去。

And there's various ways in which you can do this.

您可以透過多種方式來做到這一點。

We're obviously trying to be more affordable.

顯然，我們正在努力降低成本。

We're trying to increase and widen the selection lead that we have.

我們正在努力增加和擴大我們的選擇領先優勢。

We are trying to improve the quality of our logistics system.

我們正在努力提高物流系統的品質。

We believe we have the best one, but it doesn't mean that it's perfect.

我們相信我們擁有最好的，但這並不意味著它是完美的。

And so we have to get more accurate.

所以我們必須變得更加準確。

We have to get faster.

我們必須走得更快。

We have to be better about finding every product in the physical world, especially now that a lot of what we do is outside of restaurants and inventory remains a challenge for every physical retailer.

我們必須更好地尋找現實世界中的每種產品，特別是現在我們所做的許多工作都是在餐廳外進行的，而庫存仍然是每個實體零售商面臨的挑戰。

And so there's a lot of work to do.

因此還有很多工作要做。

We're not yet satisfied with where we are on all of the dimensions.

我們對所有方面的現狀還不滿意。

We appreciate and tremendously respect all of the efforts that our teams have done in terms of building the best product, in terms of having category-leading retention and frequency.

我們讚賞並非常尊重我們的團隊在打造最佳產品、保持類別領先的保留率和頻率方面所做的所有努力。

We're not there yet.

我們還沒到那兒。

And in the eyes of the consumer, we can still be more affordable.

而且在消費者眼裡，我們還是可以更實惠的。

We can still have better selection.

我們還可以有更好的選擇。

We can still have better quality and better support.

我們仍然可以有更好的品質和更好的支援。

So we're working on all of those things.

所以我們正在致力於所有這些事情。

And just to add to that, all the way we think about investing is our goal is to grow as fast as we can while trying to be within the discipline parameters.

除此之外，我們對投資的所有思考方式都是我們的目標是盡可能快速地成長，同時努力遵守紀律參數。

What you're seeing in the business is restaurant growth has been very strong.

你在業界看到的是餐廳的成長非常強勁。

We're continuing to drive margins there higher.

我們將繼續提高那裡的利潤率。

You're seeing very similar dynamic in both new verticals as well as international.

您在新垂直領域和國際領域都看到了非常相似的動態。

Not just the growth, but overall improvement in profitability has been higher.

不僅是成長，獲利能力的整體改善也更高。

For us, whenever we think about a dollar of efficiency, the next step we think about is (inaudible) back in the business because you want to drive order rates higher, we want to drive scale higher.

對我們來說，每當我們考慮一美元的效率時，我們考慮的下一步就是（聽不清楚）重返業務，因為你想提高訂單率，我們希望擴大規模。

The scale ultimately drives efficiency.

規模最終會提高效率。

And that's the consistent cycle that we've been on and nothing has changed in regards to how we operate the business.

這就是我們一直以來的一貫循環，我們的業務運作方式沒有任何改變。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

In the past, you've called out sort of fixed OpEx as a percentage of GOV for '24, that's expected to be stable.

過去，您曾將 24 年固定營運支出佔 GOV 的百分比稱為固定的，預計將保持穩定。

I guess is that still the operating assumption that we should be thinking about for this year?

我想這仍然是我們今年應該考慮的營運假設嗎？

And then sort of looking beyond this year, how are you thinking about sort of your ability to drive leverage on a go-forward basis as you digest sort of an immediately small step in fixed OpEx?

然後，展望今年之後，當您消化固定營運支出的一小步時，您如何考慮在未來的基礎上提高槓桿率的能力？

And then maybe just on the advertising business.

然後也許只是廣告業務。

I guess looking out to next year, you guys will have stacked up some really nice growth within your grocery business, which I assume would open up the eyes of some of your CPG ad partners.

我想展望明年，你們的雜貨業務將會取得一些非常好的成長，我認為這會讓你們的一些 CPG 廣告合作夥伴大開眼界。

Would you expect sort of CPG ad participation in the advertising product perhaps lag some of the volume growth, as we've heard from some of your competitors in the space?

正如我們從該領域的一些競爭對手那裡聽到的那樣，您是否預計廣告產品中的 CPG 廣告參與可能會落後於部分銷售成長？

Lee, I'll take the first one on OpEx, Tony will take the second one.

Lee，我將選擇 OpEx 上的第一個，Tony 將選擇第二個。

Look, I mean, our goal is not just to grow strongly in '24, but our goal is to continue to drive strong growth for many years to come.

我的意思是，我們的目標不僅是在 24 年實現強勁成長，而且我們的目標是在未來許多年繼續推動強勁成長。

For us, the key there is continue to innovate on the product side.

對我們來說，關鍵在於產品端不斷創新。

What we're seeing in the business is continuing to invest behind the product.

我們在業務中看到的是繼續對產品進行投資。

You're seeing improvements in retention; you're seeing improvements in order frequency.

您會發現保留率有所提高；您會發現訂單頻率有所提高。

I mentioned earlier, the '23 and the '24 cohorts are as strong as any of the older cohorts we've seen.

我之前提到過，「23」和「24」群體與我們見過的任何較老的群體一樣強大。

Our philosophy has always been to invest behind the strength that we're seeing in the business.

我們的理念始終是投資於我們在業務中看到的實力。

We are investing, we're adding resources in select areas, mostly on the engineering and the product side.

我們正在投資，我們正在選定的領域增加資源，主要是在工程和產品方面。

And I think the benefits of that from an overall growth as well as an efficiency perspective.

我認為從整體成長和效率的角度來看，這樣做的好處。

And I think about OpEx, I would expect OpEx roughly to be at the same level on a percentage GOV basis for the rest of the year.

我想到營運支出，我預計今年剩餘時間營運支出以政府百分比計算大致處於同一水平。

I mean looking forward, our goal is to continue to scale the business and our goal is to drive leverage in OpEx just like any other part of the P&L.

我的意思是，展望未來，我們的目標是繼續擴大業務規模，我們的目標是像損益表的任何其他部分一樣提高營運支出的槓桿率。

Lee, on the second question about the pacing of CPG ad growth, I mean we really like what we see, right?

Lee，關於 CPG 廣告成長節奏的第二個問題，我的意思是我們真的很喜歡我們所看到的，對吧？

I mean right now, the focus again, and it will always be this is to make sure that the principle that building a great marketplace comes before building a great ad business.

我的意思是，現在的焦點再次是，而且永遠都是這樣，確保建立一個偉大的市場的原則先於建立一個偉大的廣告業務。

And if your marketplace business isn't growing in a sustainable and healthy way that's not going to degrade the consumer experience, it almost doesn't matter everything that comes after that sentence.

如果您的市場業務沒有以可持續和健康的方式成長，並且不會降低消費者體驗，那麼這句話之後的所有內容幾乎都不重要。

And so for us, I mean, to your point, you're right.

所以對我們來說，我的意思是，就你的觀點而言，你是對的。

I mean our new verticals, whether it's grocery, convenience, alcohol, other retail categories business is growing really fast.

我的意思是我們的新垂直領域，無論是雜貨、便利、酒類或其他零售類別業務都成長得非常快。

Every CPG is a customer and the question is like how fast do we get into that spend.

每個 CPG 都是客戶，問題是我們花的速度有多快。

The way I think about this is there's no rush to doing it.

我的想法是不急於這樣做。

And actually, you can actually make a pretty big mistake if you get into it too quickly.

事實上，如果你太快陷入其中，你實際上可能會犯下一個很大的錯誤。

I mean as long as we have the biggest audience with the greatest level of activity in terms of frequency, engagement, retention and frequency, we're always going to be available to the CPG advertiser, and I think they're always going to be interested and they're always looking for the best returns.

我的意思是，只要我們在頻率、參與度、保留率和頻率方面擁有最大的受眾和最高水平的活動，我們就始終可以為 CPG 廣告商提供服務，而且我認為他們也將始終能夠他們感興趣，並且總是尋求最好的回報。

And I think it tends to come from the marketplaces that aren't the biggest -- just the biggest but also the ones with the highest activity and the highest growth rates.

我認為它往往來自不是最大的市場——只是最大的市場，但也是最活躍、成長率最高的市場。

And so that's the balance for us.

這就是我們的平衡。

I mean our CPG ad business is going really, really fast.

我的意思是我們的 CPG 廣告業務發展得非常非常快。

I'm very pleased with the performance by the team.

我對球隊的表現非常滿意。

But again, in terms of pacing, analysts think of it as sequencing, which is the marketplace -- the health of the marketplace should always come before the monetization of the marketplace.

但同樣，就節奏而言，分析師將其視為排序，即市場——市場的健康應該始終先於市場的貨幣化。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

Let me try two, please.

請讓我嘗試兩個。

One is on advertising growth.

一是廣告成長。

So could you talk about your current adtech stack and where you are in terms of your product and where you think there is opportunity to continue to grow and gain greater share?

那麼您能否談談您目前的廣告技術堆疊以及您的產品處於什麼位置以及您認為有機會繼續成長並獲得更大份額？

That is whether you're talking about attribution or your targeting capabilities or telling that we can get you incremental customers that you can't find elsewhere, whatever that is, where are you today and where is the opportunity?

也就是說，無論您是在談論歸因還是您的定位能力，還是告訴您我們可以為您提供在其他地方找不到的增量客戶，無論是什麼，您今天在哪裡以及機會在哪裡？

And second is on competitive dynamics there.

其次是那裡的競爭動態。

Through the quarter, there was a lot of talk about perhaps you potentially losing share.

在整個季度中，有很多關於您可能會失去市場份額的討論。

Clearly, it doesn't sound like you are.

顯然，這聽起來不像你。

Could you talk about whether you're seeing greater competitive intensity in suburban markets in the US and what you're seeing in international markets?

您能否談談您是否看到美國郊區市場的競爭更加激烈以及您在國際市場上看到的情況？

Sure.

當然。

I can take both of those and feel free, Ravi, to add.

我可以接受這兩點，拉維，請隨意補充。

Thanks, Shweta.

謝謝，舒維塔。

On the first question on adtech stack and just where we are, I mean it's a 3-year old business.

關於廣告科技堆疊的第一個問題以及我們所處的位置，我的意思是這是一家已有 3 年歷史的企業。

I mean it's growing lights out fast.

我的意思是它的燈很快就熄滅了。

I think of our stand-alone business, people would be very pleased with its performance.

我認為我們的獨立業務，人們會對它的表現感到非常滿意。

But again, to me, it's not about rushing even though it's growing really, really fast, and we're in no disadvantage relative to anyone else, it doesn't mean that we should just step on the gas all the way.

但對我來說，這並不是急於求成，儘管它的增長非常非常快，而且我們相對於其他任何人都沒有處於劣勢，但這並不意味著我們應該一路踩油門。

So there's a lot more room.

所以還有很多空間。

I mean if you look at where we started with ads, most of the stack was built for restaurants, and that probably makes sense given our history.

我的意思是，如果你看看我們從廣告開始的地方，大部分堆疊都是為餐廳建造的，考慮到我們的歷史，這可能是有道理的。

But DoorDash is no longer just a one category, one country company.

但 DoorDash 不再只是一家單一類別、單一國家的公司。

We are five business lines, 30-plus countries.

我們有 5 個業務線，30 多個國家。

And so to your point, we have to evolve and build maturity in the stack for bigger restaurants, for CPG advertisers, for advertisers across all categories not just in food, but in all of retail.

因此，就您的觀點而言，我們必須為更大的餐廳、CPG 廣告商、所有類別的廣告商（不僅是食品領域，而且包括所有零售領域）發展並建立成熟的堆疊。

So I think there's a very long and straightforward road map.

所以我認為有一個非常漫長而直接的路線圖。

What I like is that the -- and certainly what they've told me and also what we see in terms of their investments with us is that they're ready to go.

我喜歡的是——當然他們告訴我的，以及我們在他們對我們的投資方面看到的，他們已經準備好了。

And they're always going to be there so long as we offer the best-in-class returns for them, which we believe derive from having the leading marketplace both in terms of users as well as usage.

只要我們為他們提供一流的回報，他們就會一直存在，我們相信這源於在用戶和使用方面擁有領先的市場。

And I think the rest will take care of itself.

我認為剩下的事情會自然解決的。

So we feel good about the growth there, but there's a lot more to come.

因此，我們對那裡的成長感到滿意，但還有更多的事情要做。

On the second question, I mean, to be candid, we haven't really seen much change in the competitive landscape.

關於第二個問題，我的意思是，坦白說，我們並沒有真正看到競爭格局發生太大變化。

I mean there might be a lot of activity, but there's not a lot of progress, if you know what I'm saying.

我的意思是，可能會有很多活動，但沒有太多進展，如果你知道我在說什麼的話。

I mean I think it's mostly noise that we've kind of heard and I think that whether you look at new customer acquisition, you look at existing behavior, you still see that, at least in the eyes of the consumer, they seem to really prefer DoorDash.

我的意思是，我認為這主要是我們聽到的噪音，我認為無論你看看新客戶的獲取，還是看看現有的行為，你仍然會看到，至少在消費者眼中，他們似乎真的更喜歡 DoorDash。

And I think what it speaks to is that you're always going to have a lot of activity.

我認為它說明的是你總是會有很多活動。

I mean we've seen -- I've been doing this for over 11 years.

我的意思是我們已經看到——我這樣做已經超過 11 年了。

I've seen periods of very high promotional activity, high partnership activity, high other forms of activity.

我見過促銷活動、合作活動和其他形式的活動非常頻繁的時期。

But at the end of the day, the one thing that any marketplace or any consumer product is judged on is retention and frequency.

但歸根結底，判斷任何市場或任何消費產品的一件事是保留率和頻率。

And that's something you can't cheat; you can't just gain on a onetime basis.

這是你無法欺騙的；你不能只獲得一次性的收益。

And all roads always point back to the marketplace that offers the best combination of selection, quality, price and support.

所有道路始終指向提供選擇、品質、價格和支持最佳組合的市場。

So far, we are in that marketplace as long as we can continue our extension of our lead in the product.

到目前為止，只要我們能夠繼續擴大我們在產品方面的領先地位，我們就處於這個市場。

I feel really strong about our position irrespective of activity.

無論活動如何，我都對我們的立場感到非常堅定。

But I think it's always been competitive.

但我認為競爭一直存在。

I expect it to always be competitive.

我希望它始終具有競爭力。

But in terms of like what's actually happening, whether it's in suburban markets, urban markets, nothing has really changed.

但就實際發生的情況而言，無論是郊區市場還是城市市場，一切都沒有真正改變。

Just to add a point on ad, right?

只是為了在廣告上加點，對吧？

Like, I mean, we're still very early in our journey, like Tony talked about, right?

就像，我的意思是，我們還處於旅程的早期階段，就像托尼所說的那樣，對吧？

Like you're seeing the impact of ads on both revenue as well as EBITDA.

就像您看到廣告對收入和 EBITDA 的影響一樣。

But majority of the ad revenue is in the US.

但大部分廣告收入來自美國。

It's mostly focused on restaurants at this point, still early from a CPG as well as in a national perspective.

目前，它主要集中在餐館，從消費品集團以及全國的角度來看，仍處於早期階段。

They are holding our teams with a constraint on conversion as well as merchant who has as long as those continue to be best-in-class, we're going to continue to improve the overall ad business.

他們限制了我們的團隊的轉換率，以及商家，只要他們繼續保持一流的水平，我們就會繼續改善整體廣告業務。

John Colantuoni, Jefferies.

約翰·科蘭托尼，杰弗里斯。

You added tens of thousands of new merchants to the US marketplace.

您為美國市場新增了數以萬計的新商家。

I'm curious how that additional supply compare between the restaurant delivery business and new verticals.

我很好奇餐廳外送業務和新垂直行業之間的額外供應如何比較。

And I know that's just one of a number of investments that you're making to help drive improvements to the consumer offering.

我知道這只是您為幫助推動消費者產品改進而進行的眾多投資之一。

But I'm curious if you could help frame how much more room you have to continue expanding supply over time.

但我很好奇您是否可以幫助確定隨著時間的推移，您還有多少空間可以繼續擴大供應。

And second question, just curious if you can quantify the impact of New York and Seattle and the changes that you made there on GOV and EBITDA in the second quarter?

第二個問題，只是好奇您是否可以量化紐約和西雅圖的影響以及您在第二季度對 GOV 和 EBITDA 所做的改變？

John, it's Tony.

約翰，這是東尼。

I'll take the first one on adding selection.

我將選擇第一個關於添加選擇的內容。

And maybe, Ravi, you can take the second one.

拉維，也許你可以選擇第二個。

On adding selection, I mean it's really everywhere, John.

關於添加選擇，我的意思是它真的無處不在，約翰。

I mean there is no like one category we're particularly targeting.

我的意思是，沒有一個類別是我們特別針對的。

I mean we are trying to represent every city in a digital way, which means unless we have every breathing merchant that is alive in the city, we don't have great selection.

我的意思是，我們正在嘗試以數位方式代表每個城市，這意味著除非我們擁有城市中每一個活著的商人，否則我們沒有很好的選擇。

And so that's really true.

所以這確實是真的。

I mean if you even were to drive out from any city center, our selection probably wanes as you go further out.

我的意思是，如果您要從任何市中心開車出去，隨著您走得更遠，我們的選擇可能會減少。

And so I think we've got a long ways to go.

所以我認為我們還有很長的路要走。

And don't forget also with restaurants.

並且不要忘記還有餐廳。

There's always new restaurants coming in.

總是有新的餐廳進來。

One interesting fact about the restaurant industry, and this is virtually true in every country, is that the total number of restaurants every year almost always exceed the previous year.

關於餐飲業的一個有趣的事實是，每年的餐廳總數幾乎總是超過前一年，這幾乎在每個國家都是如此。

But it's not necessarily the same set of restaurants.

但不一定是同一組餐廳。

And that's because restaurants come and go, and so there's always a ton of work to do there.

這是因為餐廳來來去去，所以那裡總是有大量的工作要做。

So the room to run on restaurants is almost this perennial kind of body of work.

因此，餐廳的經營空間幾乎是這種常年存在的工作。

And then with retail, I mean, we're just getting started.

我的意思是，在零售方面，我們才剛開始。

And so I think we have a long ways to go in terms of adding selection.

因此，我認為在增加選擇方面我們還有很長的路要走。

John, on New York and Seattle, from an overall GOV perspective, I mean the combination of both of those markets don't make up a large portion from an overall company perspective.

約翰，關於紐約和西雅圖，從政府的整體角度來看，我的意思是，從整個公司的角度來看，這兩個市場的結合併不佔很大一部分。

So the impact from GOV volume from an overall company perspective has been small.

因此，從整個公司的角度來看，GOV 數量的影響很小。

Individual markets we are seeing from elasticity, but not to impact the overall total company growth rate.

我們看到個別市場的彈性，但不會影響公司整體的成長率。

From an EBITDA perspective, I mean, look, Q1, I mentioned that we did take a meaningful amount of impact on EBITDA from these costs.

從 EBITDA 的角度來看，我的意思是，看，第一季度，我提到我們確實從這些成本中對 EBITDA 產生了相當大的影響。

That cost did come down in Q2.

該成本在第二季度確實有所下降。

A lot of that is being driven by improvements we made on the product on the efficiency side.

這在很大程度上是由我們在產品效率方面所做的改進所推動的。

As we go through the rest of the year, I do expect the cost to impact from an EBITDA perspective to go down.

隨著今年剩餘時間的推移，我確實預計從 EBITDA 角度來看，成本影響將會下降。

This was part of the reasoning I mentioned pausing at EBITDA to be higher than H1, where we're seeing impact from regulatory costs continue to reduce as well as the volume continues to grow as well as the gross profit for the various lines of business continue to grow as we go through the rest of the year.

這是我提到的 EBITDA 暫停高於上半年的部分原因，我們看到監管成本的影響繼續減少，銷量繼續增長，各業務線的毛利繼續增長隨著我們度過今年剩下的時間而成長。

Mark Zgutowicz, The Benchmark Company.

馬克‧茲古托維奇 (Mark Zgutowicz)，基準公司。

Maybe switching gears a little bit, talking about price parity.

也許稍微換個話題，談價格平價。

Obviously an important topic, doesn't seem to get much progression though.

顯然這是一個重要的話題，但似乎沒有太多進展。

And I'm curious if you've -- are close to any initiatives that might incentivize grocers to get there, possibly like prioritize ad placement, maybe what some of the puts and takes are there?

我很好奇您是否接近任何可能激勵雜貨商實現這一目標的舉措，可能例如優先考慮廣告投放，也許有哪些投放和獲取？

And then maybe flipping the ad expansion discussion on its head.

然後也許會徹底顛覆廣告擴充的討論。

I'm curious where you have seen, maybe in certain verticals or environments, degradation and app engagement or order frequency as a result of increased outload.

我很好奇您在哪裡看到過，也許是在某些垂直行業或環境中，由於負載增加而導致的降級和應用程式參與度或訂單頻率。

Mark, it's Tony.

馬克，這是東尼。

I'll take both of those and to add here, Ravi.

我將把這兩點都拿來並在這裡添加，拉維。

Look, on price parity, I mean you're absolutely right that it's an important point in terms of affordability, right?

聽著，關於價格平價，我的意思是你完全正確，這是負擔能力的一個重要點，對吧？

I mean we're always trying to make our products and services more affordable.

我的意思是，我們一直在努力讓我們的產品和服務更便宜。

That's true in restaurants, that's true in grocery, that's true in convenience, that's true across the board.

在餐廳中如此，在雜貨店中如此，在便利性中如此，在所有方面都是如此。

There's no simple or silver bullet answer to your question.

對於您的問題，沒有簡單或靈丹妙藥的答案。

I mean we're constantly working to make sure that we can align the business model and the incentives such that we can offer the most accessible and affordable service.

我的意思是，我們不斷努力確保我們能夠調整業務模式和激勵措施，以便我們能夠提供最容易獲得和負擔得起的服務。

Now look, all of this comes in conjunction with other things, right?

現在看，所有這些都與其他事情結合在一起，對吧？

It's not hold -- you can't just hold one thing static.

這不是保持——你不能僅僅保持一件事靜止。

I mean there's a lot of other things that we have to do in terms of making sure that the inventory is actually there, making sure that if you didn't get what you were hoping to get that the substitution we made is perfect or acceptable to you.

我的意思是，我們還必須做很多其他事情來確保庫存確實存在，確保如果您沒有得到您希望得到的東西，我們所做的替代品是完美的或可以接受的你。

And so there's a lot of things that have to come together for what you're talking about.

因此，有很多事情必須結合在一起才能實現您所談論的內容。

Price, obviously, is one component or one input in which we are judged.

顯然，價格是我們被評判的一個組成部分或一項輸入。

But there are so many other components too.

但還有很多其他組件。

And they sometimes interplay, right.

他們有時會相互作用，對吧。

As we find efficiencies in our logistics work, that's where -- or if we can rip out inefficiencies that shouldn't be in our system, those are costs that we can use to help fund other programs.

當我們發現我們的物流工作效率很高時，或者如果我們能夠消除我們系統中不應該出現的低效率問題，那麼我們就可以用這些成本來幫助資助其他專案。

And so there's a lot going on.

所以發生了很多事情。

There's no simple answer to your question, but it's something that will be a perennial part of what we do.

你的問題沒有簡單的答案，但這將是我們工作中長期存在的一部分。

On the second question, I mean it's a great question, which is that you're absolutely right that ads do have an impact, a negative impact on the consumer experience, and that's why I kind of harp on this all the time, where you have to not be confused in terms of what drives what.

關於第二個問題，我的意思是這是一個很好的問題，你說的完全正確，廣告確實會對消費者體驗產生影響，產生負面影響，這就是為什麼我一直在強調這一點，你一定不要混淆什麼驅動什麼。

And in this case, it's a healthy marketplace that enables the ads business and not the other way around.

在這種情況下，這是一個健康的市場，可以促進廣告業務，而不是相反。

And so this is one thing in which I think we've been more conservative on in making sure that we protect the consumer experience.

因此，我認為我們在確保保護消費者體驗方面更加保守。

And so in terms of seeing degradation, we haven't seen much of it partly because of how we're designing the systems.

因此，就看到退化而言，我們沒有看到太多，部分原因是我們設計系統的方式。

Again, we're super proud of, I think, our ads business.

我想，我們再次對我們的廣告業務感到非常自豪。

I think the size of the business would be impressive as a stand-alone company.

我認為作為一家獨立公司，該業務的規模將令人印象深刻。

But at the same time, we have to make sure the sequencing is right where we are always making sure that we have the most engaged, the largest audience when it comes to local commerce.

但同時，我們必須確保排序正確，並始終確保我們在本地商業方面擁有最活躍、最大的受眾。

That will make it easy for everything else from an ads perspective.

從廣告的角度來看，這將使其他一切變得容易。

Ladies and gentlemen, this concludes today's Q&A session and today's conference call.

女士們、先生們，今天的問答環節和電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。

Thank you for your participation.

感謝您的參與。