DoorDash Inc (DASH) 2024 Q3 法說會逐字稿

Good afternoon and good evening. My name is Aaron, and I will be your conference operator for today. At this time, I'd like to welcome everyone to the DoorDash Q3 2024 earnings call. (Operator Instructions)

下午好，晚上好。我叫 Aaron，今天我將擔任您的會議主持人。現在，我歡迎大家參加 DoorDash 2024 年第三季財報電話會議。（操作員指示）

And with that, I would like to turn today's call over to Andy Hargreaves, Andy, you can begin.

接下來，我想將今天的電話交給安迪·哈格里夫斯，安迪，你可以開始了。

Thanks, Aaron. Good afternoon, everyone, and thanks for joining us for our Q3 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，亞倫。大家下午好，感謝您參加我們的 2024 年第三季財報電話會議。我很高興今天能與聯合創始人、董事長兼首席執行官 Tony Xu 和首席財務官 Ravi Inukonda 一起出席。

We'll be making forward-looking statements during today's call, including our expectations for our business, financial position, operating performance, profitability, our guidance, strategies, capital allocation approach and the broader economic environment.

我們將在今天的電話會議上做出前瞻性陳述，包括對我們的業務、財務狀況、經營業績、盈利能力、我們的指導、策略、資本配置方法和更廣泛的經濟環境的期望。

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. Many of those uncertainties are described in our SEC filings, including our Form 10-Ks and 10-Qs. You should not rely on our forward-looking statements as predictions of future events or performance. We disclaim any obligation to update any forward-looking statements, except as required by law.

前瞻性陳述受風險和不確定性的影響，可能導致實際結果與所描述的結果有重大差異。許多不確定性都在我們的證券交易委員會文件中有所描述，包括我們的 10-K 表格和 10-Q 表格。您不應依賴我們的前瞻性陳述來預測未來事件或表現。除非法律要求，我們不承擔更新任何前瞻性聲明的義務。

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

在本次電話會議中，我們將討論某些非公認會計準則財務指標。有關我們的非公認會計準則 (non-GAAP) 財務指標的信息，包括非公認會計準則 (non-GAAP) 指標與最直接可比的公認會計準則 (GAAP) 財務指標的對賬，可在我們的 IR 網站上的收益報告中找到。這些非 GAAP 指標應作為我們 GAAP 結果的補充，並非旨在取代我們的 GAAP 結果。

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

最後，本次通話將在我們的 IR 網站上進行音訊網路直播。通話結束後不久，我們的網站上將提供通話的音訊回放。

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

亞倫，有了這個，我們會把它交還給你，然後我們就可以回答第一個問題了。

(Operator Instructions)

（操作員指示）

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼、伯恩斯坦。

Hi, thanks for taking the question. I wanted to ask a two part question on international. So in the past, you've kind of illustrated this dynamic in the US business where as cohorts experienced go forward and mature a little bit you see improvements in the contribution margins by years three and four. Now that you've been operating in some of these international markets for a few years now, -- have you seen a similar arc and magnitude of improvement on the contribution margin front for these cohorts as well? Or is it a little bit different for market structure reasons or for other reasons?

你好，謝謝你回答這個問題。我想問一個關於國際的兩部分問題。因此，在過去，您已經在美國商業中展示了這種動態，隨著同齡人的經歷不斷進步和成熟，您會看到第三年和第四年的貢獻利潤率有所提高。現在您已經在這些國際市場中運作了幾年，您是否也看到這些群體在貢獻利潤率方面出現了類似的弧線和幅度的改善？或因市場結構或其他原因而略有不同？

And then my second question is around the degree of fixed cost leverage that you can get operating in so many different countries at once. I'm sure you get to share some technology and talent, but given delivery is hyper local, how do those two things shake out? Is your fixed cost burden in your newer markets lower and easier to overcome or not really? Thank you.

我的第二個問題是關於同時在這麼多不同的國家開展業務時可以獲得的固定成本槓桿程度。我相信你會分享一些技術和人才，但考慮到交付是高度本地化的，這兩件事會如何發展？您在新市場的固定成本負擔是否更低且更容易克服？謝謝。

Nik, it's Tony. I'll start and Ravi feel free to chime in here. I think on your first question, in short, the answer is yes. We are seeing similar progress both top line and bottom line in our international markets that we saw while building the US. And that's because if we were to rewind the clock three years ago when we first partnered with Volt, what we saw in the company was something that looks very familiar to us at DoorDash, which is a company that has built the leading product when it came to retention and order frequency.

尼克，我是東尼。我先開始，拉維可以隨意加入。我認為，對於你的第一個問題，簡而言之，答案是肯定的。我們在國際市場上看到了類似的進步，無論是營收還是利潤，都與我們在建立美國時看到的類似。這是因為，如果我們將時鐘倒回三年前我們第一次與 Volt 合作時，我們在這家公司看到的景象與我們在 DoorDash 看到的景象非常相似，DoorDash 是一家在保留率和訂單頻率方面打造出領先產品的公司。

And that really is what drives the flywheel in terms of efficient growth. And so -- we continue to see this past quarter as well as in the last several years of partnering together with Bbot continued strong progress, where we virtually are gaining share in every single market that we play in. and we continue to see the bottom line perform in tandem.

而這正是推動飛輪高效成長的真正動力。因此，我們繼續看到上個季度以及過去幾年與 Bbot 合作持續取得強勁進展，我們幾乎在我們參與的每個市場中都獲得了份額。而我們繼續看到底線表現同步。

And so you are seeing that progression and it's been very encouraging. I guess, I can start on the second question, and then I'll hand the mic over to Ravi. In terms of fixed cost leverage, in short, the answer is yes. As we add subsequent markets or subsequent even products, we do use -- I mean, for all intents and purposes, the same team. You're right to say that these are hyper local businesses and services. So we do have to obviously start new in terms of acquiring each of the different audiences. But in terms of the tech stack in terms of the products, in terms of the know-how whether that's expanding products within a geography or adding net new geographies, you do see that operating leverage.

所以你看到了這種進步，這是非常令人鼓舞的。我想，我可以開始回答第二個問題，然後我會把麥克風交給拉維。就固定成本槓桿而言，簡而言之，答案是肯定的。當我們增加後續市場甚至後續產品時，我們確實使用——我的意思是，無論出於何種目的，都是使用同一支團隊。您說得對，這些都是超本地化的企業和服務。因此，在吸引不同受眾方面，我們顯然必須從新開始。但就產品技術堆疊而言，就專業知識而言，無論是在某個地區擴大產品範圍或增加新的地區範圍，你確實會看到經營槓桿。

Yes. Nick, let me add a couple of points there, right? Like when you think about the performance of the overall international business. I mean, it has a strong third quarter as well as the year itself has been very strong. When you think about it from a growth perspective, we are growing substantially faster than peers, which essentially means we've gained share in virtually most of the markets that we operate in.

是的。尼克，讓我補充幾點，好嗎？就像當你考慮到整體國際業務的表現。我的意思是，它的第三季表現強勁，今年全年的表現也非常強勁。從成長角度來看，我們的成長速度遠遠快於同行，這實際上意味著我們在幾乎所有經營的市場中都獲得了份額。

Last call, if you recall, I mentioned the fact that the overall international business is gross profit positive. It continues to be the case. The dynamics are similar, right? Like this is a scale-driven business. Our goal has always been, if we find good opportunities to drive retention and order frequency, we're going to double down and invest. That's the same formula we are using in the international market. We are pleased that the gross profit continues to improve.

最後一次，如果你還記得的話，我提到整體國際業務的毛利為正。這種情況至今仍是如此。動態是相似的，對嗎？就像這是一個規模驅動的業務。我們的目標一直是，如果我們發現提高保留率和訂單頻率的好機會，我們就會加倍投資。這與我們在國際市場上使用的公式相同。我們很高興看到毛利持續提高。

On the fixed cost, I mean, similar dynamics that we saw in the US. Again, a lot of it has to deal with scale. But if you recall where we are in the international markets, we are still very early. We're -- we're investing behind product, and that's what's causing the strength that you're seeing from a cohort retention and an order frequency perspective.

就固定成本而言，我的意思是，我們在美國看到了類似的動態。再次強調，很多事情都跟規模有關。但如果你回想一下我們在國際市場的現狀，我們仍然處於非常早期的階段。我們正在對產品進行投資，這就是為什麼您從群組保留和訂單頻率角度所看到的強勁表現的原因。

Thank you both.

謝謝你們兩位。

Michael Morton, Moffett Nathanson.

麥可莫頓、莫菲特內森森。

Hey, everyone. Thanks for the question. I wanted to start first maybe one for Tony and then a cohort question for Ravi. It's great to see the Wegmans grocery announcement. Just curious if we're getting closer to seeing an unlock of some of the largest grocers in the country who are not currently on DoorDash platform coming on to DoorDash? And then on the grocery topic and thinking longer term and your ability to make strides into the market.

嘿，大家好。謝謝你的提問。我想先問 Tony 一個問題，然後再問 Ravi 一個同類問題。很高興看到 Wegmans 雜貨店的公告。我只是好奇，我們是否即將看到一些目前尚未加入 DoorDash 平台的國內最大雜貨商加入 DoorDash？然後是關於雜貨的話題，以及長期思考和進入市場的能力。

Could you talk about the trends that you see for the grocers who have been on the platform for the like longer extended period of times that you see with larger baskets and maybe larger basket market share trends for the grocers have been on the platform for two years. And then for Ravi your comments on cohorts the last couple of quarters is really encouraging. The new cohorts coming in being as strong as ever. The question that we get from investors is, who are these people . What are the demographics isn't everybody already ordering (technical difficulty) clearly not. So we would love if you could maybe shine a little light on what they look like. Is this skewing younger college age students, more digitally inclined, who are moving out of their home every fall going to college. Anything there would be great. Thanks again.

您能否談談對於在該平台上營運時間較長的雜貨商所觀察到的趨勢？這些雜貨商的購物籃越來越大，對於已經在平台上經營兩年的雜貨商來說，購物籃的市佔率趨勢也越來越大。然後對於拉維來說，你對過去幾季的群體的評論確實令人鼓舞。新隊伍的加入和以往一樣強大。投資人問我們的問題是，這些人是誰。人口統計數據是什麼，是不是每個人都已經訂購了（技術難度）顯然不是。因此，如果您能稍微介紹一下它們的樣子，我們將非常高興。這是否意味著更年輕的大學生，更傾向於數位化，他們每年秋天都會離開家去上大學。那裡的任何東西都會很棒。再次感謝。

Hey Michael, it's Tony. Yes, on the first question related to grocery, we're pretty excited about what we're seeing in grocery. I mean, we launched grocery at this point almost four years ago now. And the entry point was by delivering a product that was relatively speaking, new to the market, which was solving for this top-up experience, where for consumers, we were replenishing that middle of the week run where you run out of the items that you consume the most often or the earliest or the ones that perish the most frequently, whether that's your berries, your fruits, your dairy products, your coffees, et cetera.

嘿，邁克爾，我是托尼。是的，關於第一個與雜貨有關的問題，我們對雜貨領域所看到的情況感到非常興奮。我的意思是，我們差不多四年前就開始推出雜貨店了。我們的切入點是推出一款相對來說比較新的市場產品，它解決了消費者的補貨體驗問題，我們是在一周中期補充那些最常消費、最早消費或最容易腐爛的商品，無論是漿果、水果、乳製品、咖啡等等。

And I think what that spurred was both an introduction that was easy to understand for consumers and also something that grocers hadn't seen before and made it very easy to onboard a lot of these grocers. Now all of these things take time, right? I mean we had to build a new catalog from scratch. We obviously wanted to make progress on understanding inventory and the reliability of the inventory fees that we're receiving, which we thought is one of the biggest problems to solve here.

我認為這既是一種消費者容易理解的介紹，也是雜貨商以前從未見過的東西，這使得許多雜貨商很容易加入。現在所有這些事情都需要時間，對嗎？我的意思是我們必須從頭開始建立一個新目錄。我們顯然希望在了解庫存和我們收到的庫存費用的可靠性方面取得進展，我們認為這是這裡需要解決的最大問題之一。

And we've made tremendous progress pretty much across the board, whether that's adding selection, including some of the largest grocers in the country. We're just as excited as you are about Wegmans, but also everyone else that -- whether that's the corner grocery store to the middle market, grocery stores and I think this is why you're seeing when it comes to customer adoption, customers come to DoorDash first, new customers into the grocery delivery industry. And just in general, to delivery outside of restaurants come to DoorDash first, before any other platform.

我們在各方面都取得了巨大的進步，包括增加選擇，包括一些全國最大的雜貨店。我們和您一樣對 Wegmans 感到興奮，但其他人也一樣——無論是街角雜貨店還是中端市場，雜貨店，我認為這就是為什麼您會看到，當談到客戶採用時，客戶首先會選擇 DoorDash，然後新客戶會進入雜貨配送行業。一般來說，如果要在餐廳外送餐，首先會選擇 DoorDash，而不是其他平台。

And so I think you're already seeing a lot of this. And in terms of other trends, we see that as customers get used to ordering groceries on DoorDash, they tend to order more items each subsequent visit. So from a cohort perspective, you're noticing that we are increasing both the frequency as well as the spend and wallet share in terms of how consumers spend when it comes to their monthly bills on grocery. And that's increasing with every single cohort. So in short, I think what we've seen is -- we have seeing a much bigger market than we expected when it came to launching this pop-up run product, which now has nicely translated into shopping for the other types of occasions, including your weekly stock ups and those types of baskets.

所以我想你已經看到了很多這樣的情況。就其他趨勢而言，我們發現，隨著顧客習慣在 DoorDash 上訂購食品雜貨，他們往往會在每次訪問時訂購更多商品。因此，從群體角度來看，您會注意到，就消費者每月食品雜貨帳單的支出而言，我們正在增加頻率以及支出和錢包份額。而這個數字隨著每個群體的增加而增加。簡而言之，我認為我們看到的是——在推出這款彈出式跑步產品時，我們看到的市場比我們預期的要大得多，現在它已經很好地轉化為其他類型場合的購物，包括每週的補貨和那些類型的籃子。

And we just continue to see whether it's on the new customer acquisition side, leading share there. And then also on the retention side, positioning us to really continue to grow in a way that will outpace others as well as outpace our previous cohorts.

我們只是繼續觀察它是否在新客戶獲取方面佔據領先地位。然後，在保留方面，我們能夠真正繼續發展，超越其他人，也超越我們以前的團隊。

Hey Mike, it's Ravi. I'll take the one on cohorts side? Maybe I'll just level up and give you broadly on what we're seeing from an underlying cohort perspective. I mean, you're right, we've been very pleased with the cohorts. I think about it like a majority of the volume still comes from existing cohorts for us. The most instructive thing for me when we're operating the business is to look at the engagement of the older cohorts. And on to the older cohort, even cohorts as old as five, six, seven years old, we're still seeing good amount of retention as well as overall wallet share increase. That tells you that the improvements we are making in the product, whether it's selection, whether it's adding new categories, all of that is driving the new -- I mean, the cohort trend that you're seeing in the business.

嘿，麥克，我是拉維。我要選擇同夥那邊的人嗎？也許我只是要提高水平，從底層群體的角度大致告訴你我們所看到的情況。我的意思是，您說得對，我們對這些同伴感到非常滿意。我認為，對我們來說，大部分交易量仍然來自現有的客戶群。對我來說，在經營業務時，最有啟發性的事情就是專注於老一輩的參與度。對於年齡較大的群體，甚至是五、六、七歲的群體，我們仍然看到相當多的保留率以及整體錢包份額的增長。這說明我們在產品方面所做的改進，無論是選擇，還是增加新的類別，所有這些都在推動新的——我的意思是，你在業務中看到的群體趨勢。

From a new cohort perspective, I'll have a couple of ways to think about this, right? Like One is we're still attracting a healthy amount of new consumers. It's not any different from a demographic perspective. We're starting to see cohorts coming from some of the suburban markets still. And the reason for that is -- remember, this is a product that continues to change. We add more selection, grocery, in many cases, the selection is net new to the platform.

從新群體的角度來看，我可以從幾個方面來思考這個問題，對嗎？首先，我們仍在吸引大量新消費者。從人口統計學角度來看，這並沒有什麼不同。我們開始看到仍有一些來自郊區市場的客流。原因是——請記住，這是一個不斷變化的產品。我們增加了更多的選擇，雜貨，在許多情況下，這些選擇對於平台來說都是全新的。

And the second way we are seeing is not only are consumers new to restaurants. Today, we actually had consumers that start their journey with grocery as the first order. That's a net new consumer that we're adding to the platform. But overall, when I look at the underlying cohorts, I mean the strength continues to be very strong, both across existing as well as new.

我們看到的第二種情況是，消費者不僅僅是對餐廳不熟悉。今天，我們確實有消費者以購買食品雜貨作為旅程的第一筆訂單。這是我們平台新增的淨消費者。但總體而言，當我觀察潛在群體時，我認為無論是現有群體還是新群體，其實力仍然非常強勁。

Thank you so much.

太感謝了。

Bernie McTernan, Needham.

伯尼·麥克特南，尼德姆。

Great. Thanks for taking the question. Just wanted to ask about the partnership strategy, especially in light of the list announcement from tonight. So maybe just talk about the broader partnership strategy. I know you also partner with streaming companies, for example, but is there anything different here with the list that there is the driver component as well?

偉大的。感謝您回答這個問題。只是想問一下合作策略，特別是考慮到今晚公佈的名單。所以也許只是談論更廣泛的合作策略。例如，我知道您也與串流媒體公司合作，但這裡的清單有什麼不同嗎？其中還有驅動程式組件嗎？

Yeah. Bernie, it's Tony. Maybe I can take this one. So one of the things we have at DoorDash that we believe in and follow religiously, is that we keep the main thing -- the main thing. And the main thing at DoorDash is building and enabling local commerce. And so when you think about kind of our perspective on all things, partnerships as well as building products, the [80] goes towards building products, which means that it's because that we've offered customers the best combination of selection, quality, affordability and service that we get used the most often our app. And because we get used the most often, it's how we actually are able to build not only the most useful, but also the largest local commerce membership program, which is Dash pass.

是的。伯尼，我是托尼。也許我可以接受這個。因此，我們在 DoorDash 所信奉和嚴格遵循的一件事就是，我們要堅持主要的事情——主要的事情。DoorDash 的主要任務是建立和支援本地商業。因此，當您考慮我們對所有事物的看法、合作夥伴關係以及產品構建時，[80] 都致力於構建產品，這意味著，因為我們為客戶提供了選擇、質量、可負擔性和服務的最佳組合，所以我們的應用程序使用率最高。因為我們最常被使用，所以我們實際上不僅能夠建立最有用的，而且也是最大的本地商業會員計劃，即 Dash pass。

Now that's the -- the 20 is the partnerships piece, where for us, we do believe that there are others outside of our network that can offer attractive benefits to our members. You saw this a few years ago when we first launched our partnership with Chase, which we renewed in an expanded way earlier this year. Then you saw the announcement and partnership with MAX, which happened a couple of months ago in terms of adding streaming benefits to Dashpows subscribers. And then today's announcement with Lyft, which we're really excited about.

現在，這 20 家是合作夥伴，對我們來說，我們確實相信，在我們的網路之外還有其他公司可以為我們的會員提供有吸引力的福利。幾年前，當我們首次與大通建立合作夥伴關係時，您就看到了這一點，今年早些時候，我們以擴大的方式續簽了該合作夥伴關係。然後你看到了幾個月前與 MAX 的公告和合作，旨在為 Dashpows 訂閱用戶增加串流媒體福利。然後今天我們與 Lyft 宣布了這一消息，我們對此感到非常興奮。

Lyft is a service that's used by millions of writers. And many of those writers already are DoorDash customers. Some of them are Dash past subscribers, but a lot of them are also not DashPas subscribers. And so I think it's a great opportunity for us to continue to add engagement to the DashPass program as well as new DashPass members. And in return, lift gets access to the largest local commerce platform that sees the highest frequency program of its kind when it comes to consumer membership programs. And so I think that will be great for them as well.

Lyft 是數百萬作家使用的服務。其中許多作家已經是 DoorDash 的客戶。他們中的一些人是 Dash 的過去訂閱者，但其中很多人也不是 DashPas 的訂閱者。因此，我認為這對我們來說是一個很好的機會，可以繼續增加 DashPass 計劃的參與度以及吸引新的 DashPass 成員。作為回報，lift 可以訪問最大的本地商務平台，該平台在消費者會員計劃方面擁有同類中最高頻率的計劃。所以我認為這對他們來說也是一件好事。

But again, the 80 for us remains to be building the products. And if you think about it, the runway for just organic growth, for DashPass, or really just for our own customer base is quite large. I mean we have hundreds of millions of customers who order with us every year, whether it's on DoorDash or on Bbot and only a fraction of those are members to either Dash Pass or [Bbot Plus].

但同樣，我們剩下的 80% 仍用於生產產品。如果你仔細想想，DashPass 的有機成長空間，或者說我們自己的客戶群的空間就相當大。我的意思是，我們每年有數億客戶透過 DoorDash 或 Bbot 訂購餐食，而其中只有一小部分是 Dash Pass 或[Bbot Plus]。

So we've got a long ways to go just within our own ecosystem, and then when you look at this from the consumer's perspective, although we've done a reasonably good job in terms of enabling local commerce in the categories that we play in today, we still only represent single-digit fraction of the restaurant industry and a much smaller fraction of that outside of restaurants. So I think there's a long runway ahead -- and the main thing for us continues to be improving our products so that we can be the most useful to customers that they use our products most often, which will give us the privilege of having them as members in our programs.

因此，僅在我們自己的生態系統中，我們還有很長的路要走，然後，當你從消費者的角度來看待這個問題時，儘管我們在今天所從事的類別中推動本地商業方面做得相當不錯，但我們仍然只佔餐飲業的個位數比例，而在餐飲業以外的領域，這一比例則要小得多。所以我認為前面還有很長的路要走——對我們來說，最重要的是繼續改進我們的產品，以便我們能夠對客戶最有用，讓他們最常使用我們的產品，這將使我們有幸讓他們成為我們計劃的會員。

Makes sense. Thanks, Tony.

有道理。謝謝，托尼。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Thank you so much for taking my questions. Let me try two, please. Ravi, the day rate contributors in the past, you've mentioned its ad growth and platform contribution as well as cost line efficiencies. Could you maybe please rank order them in terms of the impact on take rates as you think about maybe near to mid-term?

非常感謝您回答我的問題。請讓我試兩次。拉維，過去的日費率貢獻者，您提到了它的廣告成長和平台貢獻以及成本線效率。您能否根據對中期利率的影響對它們進行排序？

And then on price parity, either Tony or Ravi, where do you think you want to be when it comes to grocery price parity in the mid to long term. Is there a future where it's going to be the same as in-store prices? Is that the goal? Or is it that you want to be the most competitively priced online grocery delivery platform?

然後關於價格平價，無論是托尼還是拉維，您認為在中長期內，您希望食品雜貨價格平價達到什麼水平。未來價格會跟店內價格一樣嗎？這就是目標嗎？還是您想成為價格最具競爭力的線上雜貨外送平台？

Hey, Shweta, it's Ravi. I'll take the first one on the take rate, right? Let me start by just giving a broader framework around the interplay between revenue and Govind our business. I mean if you think about revenue, it's been outpacing the GOV growth in our business. That's being driven by ads, as you mentioned, it's been driven by benefits we get from the commerce platform. And any time we improve efficiency on the cost line, whether it's cash or cost or CLR, that drives revenue. So that's why revenue growth has been outpacing our GOV growth rate.

嘿，Shweta，我是 Ravi。我會選擇接受率最高的那個，對嗎？首先，讓我先給一個更廣泛的框架，說明收入和政府與我們的業務之間的相互作用。我的意思是，如果你考慮收入，它已經超過了我們業務的 GOV 成長。這是由廣告推動的，正如您所說，這是由我們從商業平台獲得的利益所推動的。任何時候我們提高成本線的效率，無論是現金、成本或 CLR，都會帶來收入。這就是為什麼收入成長速度一直超過政府成長率的原因。

And more specifically, what we saw in the third quarter was two things. One is advertising, and the second one is leverage from Dash flow costs. I wouldn't read into the advertising as something has changed in which we operate the business. We are operating the ad business with the same amount of discipline. It's growing in a very healthy manner. We're also very proud of the leverage that we've generated on the DAS side. A lot of that is being driven by the underlying improvements we are making on the product, and we are pretty happy with that.

更具體地說，我們在第三季看到了兩件事。一是廣告，二是Dash流量成本槓桿。我不會對廣告進行過多解讀，因為我們的經營方式已經發生了一些變化。我們以同樣的紀律經營廣告業務。它正在以非常健康的方式生長。我們也對我們在 DAS 方面產生的影響力感到非常自豪。這在很大程度上是由我們對產品所做的根本性改進所推動的，我們對此感到非常高興。

More broadly, when I think about on a go-forward basis, I would expect revenue to continue to outpace GOV growth. But I would not think of it linearly in terms of the same amount every single quarter. So if you think about the operating philosophy for us when we find good opportunities to invest, we want to invest flexibly up and down the P&L. Sometimes those opportunities are going to present themselves in the revenue line. And we're pretty happy to take advantage of that.

更廣泛地說，當我考慮未來時，我預計收入將繼續超過政府成長。但我不會以每季相同數量的方式線性思考這個問題。因此，如果您考慮我們的經營理念，當我們找到良好的投資機會時，我們希望在損益表上靈活地進行投資。有時這些機會就會出現在收入方面。我們非常樂意利用這一點。

On your question on price parity, I think it's a good one. I do think though, in the eyes of the consumer, they think about grocery delivery against a few dimensions at the same instance and it's not just about price, right? One of the challenges you see in the grocery delivery industry right now is that customers are asked to pay a premium even though they don't get exactly what they ordered. And that's one of the key problems that we're trying to fix here at DoorDash, which is, first and foremost, how do we get customers exactly what they order.

關於價格平價的問題，我認為你問得很好。不過，我確實認為，在消費者眼中，他們會同時從幾個方面考慮雜貨配送，而不僅僅是價格問題，對嗎？目前雜貨配送業面臨的一個挑戰是，即使顧客收到的商品與訂購的商品不完全一致，他們也需要支付額外費用。這就是我們在 DoorDash 試圖解決的關鍵問題之一，也就是，首先，我們如何讓顧客準確地獲得他們所訂購的東西。

We think that we're making great strides against that dimension. But there are other dimensions. Price is one of them, and we are working with each one of our retail partners to making sure that we do have prices as competitive and affordable as possible. We do have some partners already there in terms of having or matching in-store prices.

我們認為，我們正朝著這個方向邁出巨大的步伐。但還有其他方面。價格是其中之一，我們正在與每個零售合作夥伴合作，以確保我們的價格盡可能具有競爭力和實惠。在店內價格方面，我們確實已經有一些合作夥伴。

But we think that we can do more there. And at the same instance, we have to continue to offer the level of convenience where we can be faster than what a customer can do on their own. And so I think the combination of those three things of getting people exactly what they ordered at prices that they would expect, certainly faster than they can do it on their own. That's kind of what we're going for. It is the combination of those things in which we're shooting for.

但我們認為我們可以做得更多。同時，我們必須繼續提供便利的服務，使我們的服務速度比客戶自己能做到的更快。因此，我認為這三件事的結合可以讓人們以他們期望的價格獲得他們所訂購的商品，而且肯定比他們自己做要快。這正是我們所追求的。它是我們所追求的那些事物的結合。

Thanks Tony. Thank you, Ravi.

謝謝托尼。謝謝你，拉維。

Deepak Mathivanan.

迪帕克·馬蒂瓦南。

Hi. This is [Cameron Lynch] on for Deepak. Just two quick questions. First, can you help us unpack the 19% GOV growth we saw this quarter, a high level between core restaurant and other categories such as grocery, either qualitatively or quantitatively? And second, we saw that AOV trends were up slightly this quarter. Is this due to product mix or bed price inflation I would appreciate any additional color you can provide on what's driving (technical difficulty). Thanks.

你好。我是 [Cameron Lynch]，代表 Deepak 報道。只要問兩個簡單的問題。首先，您能否幫助我們解讀本季看到的 19% 的 GOV 成長率？無論是從質量還是數量上看，這都處於核心餐廳和雜貨店等其他類別之間的較高水平？其次，我們發現本季 AOV 趨勢略有上升。這是由於產品組合或床位價格上漲所造成的嗎？如果您能提供更多細節，說明造成這現象的原因，我將非常感激。（技術難度）。謝謝。

Deepak, I'll take both of those. I mean look, I mean, we're really pleased with the performance of the business on the growth side. So let me talk about the inputs and then I'll talk a little bit about the outputs and the various drivers in the business. From an underlying input perspective, right, I mean, the biggest thing for us is looking at the underlying cohorts. I answered the question, Mike, I talked about the fact that the cohorts continue to remain very strong.

迪帕克，這兩個我都要。我的意思是，我們對業務在成長方面的表現感到非常滿意。因此，讓我先談談輸入，然後再談談輸出和業務中的各種驅動因素。從底層輸入的角度來看，對的，我的意思是，對我們來說最重要的是專注於底層群體。我回答了這個問題，麥克，我談到了同夥們繼續保持強大的事實。

If I look at users, users are still growing at a double-digit rate. users hit an all-time high in the quarter. Order frequency continues to be an all-time high. A lot of that is being driven by the underlying work we've done, whether it's selection, quality or affordability. All this has set us up well, not just for the third quarter, but going forward as well.

如果我看用戶，用戶仍然以兩位數的速度成長。本季用戶數創下歷史新高。訂單頻率持續創歷史新高。這在很大程度上是由我們所做的基礎工作所推動的，無論是選擇、品質還是可負擔性。所有這些都為我們做好了準備，不僅為第三季度，而且為未來。

And from an output perspective, if you think about the various lines of business, the restaurant business, the growth has actually been very stable for the last few quarters. Both grocery new verticals, international they're growing much faster than the restaurant business as well as they have gained share across grocery as well as most of the international markets that we've operated in.

從產出角度來看，如果你考慮各個業務線，那麼餐飲業務在過去幾季的成長其實非常穩定。無論是食品雜貨還是國際新興垂直行業，它們的成長速度都比餐飲業快得多，而且它們在食品雜貨以及我們經營的大多數國際市場上都獲得了份額。

And to your second point around the overall AOB increase, we've seen some increase in the overall grocery business. Again, I wouldn't think of that as a major shift. Our goal is to ensure that we are bringing the highest number of consumers to order from more categories and the consumers ordering for more categories, that number continues to increase every single quarter.

關於您提到的第二點，即整體 AOB 的成長，我們看到整體雜貨業務有所成長。再說一次，我不認為這是一個重大轉變。我們的目標是確保吸引最多的消費者訂購更多類別的產品，並且訂購更多類別產品的消費者數量每季都會持續增加。

Thank you.

謝謝。

Andrew Boone, JMP Securities.

JMP證券的安德魯·布恩（Andrew Boone）。

Thanks so much for taking my questions. Ravi, I wanted to ask about the gross profit margin outperformance in the quarter. I understood the call out on the insurance benefit, but is there anything else that you guys want to highlight in terms of the outperformance there? And then Wolf acquired TAS in Europe. Tony, can you just step back and talk about what may be attractive in terms of M&A targets going forward and why that specific country and acquisition? Thanks so much.

非常感謝您回答我的問題。拉維，我想問一下本季的毛利率表現如何。我理解保險福利的呼籲，但就其優異表現而言，你們還有什麼其他想強調的嗎？隨後，Wolf 收購了歐洲的 TAS。東尼，您能否退一步談談未來併購目標中哪些可能具有吸引力，以及為什麼選擇特定的國家和收購目標？非常感謝。

Yes, I'll take the first one on the gross salt. Let me give you two ways to think about this. If you think of the business as a collection of businesses, what you're seeing is -- I mean, we performed really well. The team has executed really well compared to the plan that we have checked for ourselves at the beginning of the year. We've driven efficiencies in some parts of the business. We've reinvested that in other parts of the business, and the output is what you're seeing (technical difficulty) the face of the P&L. More specifically, if you think about the drivers Advertising has obviously been a driver in terms of gross margin improvement.

是的，我會選擇第一個粗鹽。讓我給你兩種思考這個問題的方法。如果您將業務視為業務的集合，那麼您會看到——我的意思是，我們的表現確實非常好。與我們年初檢查的計劃相比，團隊的執行情況非常好。我們已經提高了部分業務的效率。我們已將其重新投資於業務的其他部分，其產出就是您在損益表中看到的（技術難度）。更具體地說，如果你考慮驅動因素，廣告顯然是毛利率提高的一個驅動因素。

The second thing I would call out, Andrew, is we've talked about the fact that regulatory costs will continue to reduce as we go through the year. That's been another driver. And the last one is efficiency from an overall logistics perspective. But the key thing that I would underscore is -- remember, I mean, we are not operating the business towards a specific gross margin percentage. What we're trying to do is maximize overall profit dollars over the long term.

安德魯，我要說的第二件事是，我們已經討論過這樣一個事實，即隨著時間的推移，監管成本將繼續降低。這是另一個驅動因素。最後一個是從整體物流角度來考慮的效率。但我要強調的關鍵一點是——請記住，我們經營業務並不是追求特定的毛利率。我們試圖做的是長期最大化整體利潤。

And the way we do that is every dollar of efficiency we find, we're going to reimburse that back in the business. And our goal is to flexibly invest that up and down the P&L, wherever we see the opportunity. Our goal has always been to build a large business while continuing to be manically focused on unit economics. That's how we've operated, and that's going to be the same philosophy in which we operate the business going forward as well.

我們的做法是，我們每一美元的效率提升，我們都會在業務中予以補償。我們的目標是靈活地在損益表的上下進行投資，只要我們看到機會。我們的目標一直是建立一家大企業，同時繼續瘋狂關注單位經濟效益。這就是我們一直以來的經營方式，也將繼續秉持同樣的經營理念。

Andrew, it's Tony. On the second question with regards to international M&A. Our standards and VAR continue to remain really high and we are consistent in our approach, which really first and foremost, starts with asking ourselves the question, does this candidate help us launch a new geography grow our TAM and/or our product portfolio.

安德魯，我是東尼。第二個問題是關於國際併購。我們的標準和 VAR 繼續保持在很高的水平，並且我們的方法始終如一，首先要問自己一個問題，這個候選人是否有助於我們開拓新的地域，擴大我們的 TAM 和/或我們的產品組合。

The second question we ask is, does this help accelerate us in a differentiated way that we couldn't do ourselves organically. Three is, do we believe that by partnering with the candidate that we can achieve long-term cash flows. And the last one, perhaps the most important is do we have a team that has the management talent and bandwidth to execute on the opportunity in a single-threaded way.

我們提出的第二個問題是，這是否有助於以我們無法自行實現的差異化方式加速我們的發展。三是，我們是否相信透過與候選人合作我們可以實現長期現金流。最後一點，也許是最重要的一點，是我們是否擁有一支擁有管理才能和頻寬的團隊，能夠以單線程方式抓住機會。

And when I look at that last one in particular, I mean, Bolt has been on an incredible run. I mean, ever since well, ever since founding, I mean, actually, I should say that it's now been 10-years for boldeactually celebrated 10-years earlier this month, and they've achieved over $15 billion of sales for merchants in their lifetime and $3 billion of earnings for years, and they've just don't rate in their geographies, and they continue to take share virtually everywhere they operate in and they've continued to help us perform just as a management team. And so when I look at the performance over the last three years, they certainly have earned the privilege to continue expansion. And then when I piece that together with TAS, playing in an attractive market in Romania, we get really excited about what the combination can provide.

當我特別看最後一個時，我的意思是，博爾特的表現令人難以置信。我的意思是，自從創立以來，我的意思是，實際上，我應該說，bolddeactually 已經成立 10 週年了，他們在本月初慶祝了 10 週年，他們一生中為商家實現了超過 150 億美元的銷售額，多年來盈利 30 億美元，他們在自己的地域幫助我們擁有一個出色評級，他們繼續在所有經營評級，他們繼續作為管理團隊的地位。因此，當我回顧過去三年的表現時，他們確實贏得了繼續擴張的權利。然後，當我將其與 TAS 結合起來，在羅馬尼亞這個有吸引力的市場上開展業務時，我們對這個組合所能帶來的收益感到非常興奮。

Thank you.

謝謝。

James Lee, Mizuho.

詹姆斯李（James Lee），瑞穗。

Great. Thanks for taking my questions. Great. Tony, I was wondering if you can comment about comment about [DashMart]. And maybe can you give us an update like which business models are working and which business model is still working progress? And maybe talk about some of the growth constraints that we should be thinking about? So -- and lastly, it seems like some of the European peers are able to make quick commerce profitable. Maybe help us understand any differences you're seeing between North America and Europe? Thanks.

偉大的。感謝您回答我的問題。偉大的。托尼，我想知道你是否可以評論一下[達世幣]。也許您能為我們提供一些最新消息，例如哪些商業模式正在發揮作用，哪些商業模式仍在取得進展？也許可以談談我們應該考慮的一些成長限制？所以——最後，看起來有些歐洲同行能夠透過快速貿易來實現獲利。也許可以幫助我們了解您所看到的北美和歐洲之間的差異？謝謝。

Sure. On DashMart, we're very excited about how they progressed. I mean if I rewind the clock when we started DashMart 3, 3.5 years ago, mean the first push was making sure that we can actually be a national service. And one of the reasons for that was really in search of to help merchants actually because we've always viewed DashMart over time as an infrastructure in which we can offer retailers to forward deploy their inventory. But first, we needed to prove to ourselves and then certainly to merchants, that we knew how to run these warehouses.

當然。關於 DashMart，我們對他們的進步感到非常興奮。我的意思是，如果我們把時鐘倒回 3 年半前我們創辦 DashMart 的時候，我們所做的第一個努力就是確保我們能夠真正成為全國性服務。其中一個原因實際上是為了幫助商家，因為我們一直將 DashMart 視為一個基礎設施，我們可以在其中為零售商提供提前部署庫存的服務。但首先，我們需要向自己證明，然後當然也要向商家證明，我們知道如何經營這些倉庫。

And I would say after 3.5 years, the team certainly has achieved that marker. And so that or on their own have done really well in terms of learning how to execute by selling inventory exactly what's on the shelf, which is very differentiated from a selling inventory that's available in third-party stores. They've done it at great prices, and they've done it with awesome selection and very high reliability and speed. And so I think on its own, DashMart have just continued to grow, take share and do really, really well. But that was where DashMart would end per se. I mean we've also seen quite a lot of progress in terms of our partnership discussions with a lot of retailers.

我想說，經過 3.5 年的時間，團隊確實已經實現了這一目標。因此，他們自己在學習如何透過銷售貨架上的庫存來執行方面做得非常好，這與銷售第三方商店的庫存有很大區別。他們以極好的價格完成了這項工作，並且提供了極好的選擇以及極高的可靠性和速度。因此我認為，就其本身而言，DashMart 一直在持續成長、佔據市場份額並且做得非常非常好。但這就是 DashMart 本身的終結。我的意思是，我們在與許多零售商的合作討論方面也取得了相當大的進展。

So we've first started that in Canada and partnering with Loblaws, but we've also now have started some of those journeys here in the US, as well as in other countries, where we are providing that infrastructure on behalf of retailers so that they can gain additional business at hours that they usually are closed in as well as in geographies that they may not be as penetrated in. So -- we're quite excited about the potential that DashMart bring both individually, but more so as in partnership with retailers and merchants -- and that's kind of what I expect going forward.

因此，我們首先在加拿大開始了這項計劃，並與 Loblaws 合作，但現在我們也在美國和其他國家開始了一些類似的旅程，我們代表零售商提供基礎設施，以便他們可以在通常不營業的時間以及在他們可能沒有那麼深入的地區獲得額外的業務。因此，我們對 DashMart 單獨帶來的潛力感到非常興奮，但更重要的是，它與零售商和商家的合作——這也是我對未來的期望。

Great. Thank you.

偉大的。謝謝。

[Mark Mahaney, Everclear ISI.]

[Mark Mahaney，Everclear ISI。 ]

Hey, this is David for Mark. A question on the commerce platform. Do you have any early feedback from merchant customers around the new products that you released last month? And then one more on the Lyft partnership, -- could you talk about the concentration of Dash Pass members between urban and suburban markets? Thank you.

嘿，我是馬克的大衛。關於商務平台的一個問題。您是否收到了商家客戶對上個月發布的新產品的早期回饋？然後再談談與 Lyft 的合作關係——您能談談 Dash Pass 會員在城市和郊區市場的集中度嗎？謝謝。

Sure. On the first question with regards to the Darach Commerce platform. I mean this announcement for us really, I would say, has been a few years coming, meaning that it really just encapsulates what DoorDash has now become, which is really two parts, right? Part one of our mission has always been to grow the local economy, and we do that by bringing incremental sales with the wrap.

當然。關於 Darach Commerce 平台的第一個問題。我的意思是，對我們來說，這個公告實際上已經醞釀了幾年，這意味著它實際上只是概括了 DoorDash 現在的樣子，它實際上是兩個部分，對吧？我們的使命的首要部分一直是發展當地經濟，我們透過包裝帶來增量銷售來實現這一目標。

And the second part is to empower local economy to become digital businesses. And so a lot of these physical businesses now are using products like DoorDash drive or storefronts or some of the other products that we've talked about in order to in order to become digital powerhouses in their own rights and with their own customers.

第二部分是賦能地方經濟，使其成為數位化企業。因此，許多實體企業現在都在使用 DoorDash Drive 或店面等產品，或者我們討論過的其他一些產品，以便憑藉自己的權利和客戶成為數位巨頭。

And so -- we are seeing that. I mean when you have hundreds of thousands of businesses now who are part of the DoorDash commerce platform. So I think the numbers speak for themselves in terms of the excitement. And I guess, from their perspective, if you look at DoorDash, the marketplace as the leading local commerce marketplace, where we do the best job of building products that connect consumers to merchants why wouldn't you want to partner with that and have that for yourself as the retailer that's trying to become more and more digitally native. And so that's what we're seeing.

所以——我們看到了這一點。我的意思是，現在有數十萬家企業加入 DoorDash 商務平台。所以我認為數字本身就說明了人們的興奮程度。我想，從他們的角度來看，如果你將 DoorDash 視為領先的本地商務市場，我們在構建將消費者與商家連接起來的產品方面做得最好，那麼作為一家試圖變得越來越數字化的零售商，你為什麼不想與其合作並擁有它呢？這就是我們所看到的。

With respect to -- I think your second question about DashPass, I mean we see strength and opportunity in terms of any partnership, whether it's Lyft or Chase or MAX across all of our members. Otherwise, we wouldn't be that excited if it was just trying to target one group of customers while excluding a different group of customers.

關於——我認為您的第二個問題是關於 DashPass 的，我的意思是，我們看到任何合作夥伴關係都具有優勢和機遇，無論是 Lyft、Chase 還是 MAX，對於我們所有成員來說都是如此。否則，如果它只是試圖針對一組客戶而排除另一組客戶，我們就不會那麼興奮。

But again, I think it's important to just understand what the main thing is 80% of what I believe is important for building membership programs is by building the most useful products, which get used the most often. That's actually how you earn the right to even start a membership program. So that's the 80%. And then the 20% for us is in partnerships, and we're super excited about the Lyft partnership as we are about our other partners, and we believe that they'll help us in any geography.

但是，我再次強調，我認為重要的是要理解最重要的事情是什麼，我認為建立會員計畫的 80% 是透過建立最有用、最常用的產品。這實際上就是您獲得啟動會員計劃的權利的方式。這就是 80%。然後，我們的 20% 來自合作夥伴關係，我們對 Lyft 合作夥伴關係感到非常興奮，就像我們對其他合作夥伴一樣，我們相信他們會在任何地區幫助我們。

And David, just to add to that, right . Like we don't -- I mean if you think about DashPass, itself, it's a leading local commerce subscription program, and we continue to grow. In fact, in the third quarter result, we hit a record number of subscribers, which was an all-time high, over 18 million plus DashPass members. They're everywhere, right? They are not differentiating between urban or suburban. We see strength across the board, which you see in the overall share gains that we've had in the quarter as well.

大衛，我再補充一下，對吧？。就像我們不會那樣——我的意思是，如果你想想 DashPass 本身，它是一個領先的本地商業訂閱計劃，而且我們還在繼續發展。事實上，在第三季的業績中，我們的訂閱用戶數量創下了歷史新高，超過 1,800 萬 DashPass 會員。它們無所不在，對吧？他們沒有區分城市和郊區。我們看到了整體的實力，您可以從本季我們整體的市場佔有率成長中看到這一點。

(Operator Instructions)

（操作員指示）

Michael McGovern, BofA.

美國銀行的麥可‧麥戈文。

Hey guys, thanks for taking my question. I have two -- there's been a lot of attention on the topic of AVs recently, obviously, for rideshare, but do you have a view on the potential future of the delivery use case for autonomous vehicles? Is that something that you may be looking into for your partnership strategy? And then secondly, on restaurant sponsored listings, what are the latest trends that you're seeing in terms of merchant roads and some consumer conversion? And how is that playing out in terms of demand for the ads? Thank you.

嘿夥計們，謝謝你們回答我的問題。我有兩個問題——最近人們對自動駕駛汽車的話題非常關注，顯然是為了共乘，但您對自動駕駛汽車在配送方面的應用的潛在未來有何看法？您是否正在考慮這一點以製定合作策略？其次，在餐廳贊助清單方面，您在商家道路和一些消費者轉換方面看到的最新趨勢是什麼？那麼從廣告需求來看，情況如何呢？謝謝。

Hey, Mike, Mike, I can take both of those. On the first question related to autonomy. I mean, we're very excited. I think it's been in some ways, as someone who's been working in the autonomous space now for several years. It's a long time coming. I think some of the developments that maybe you've been reading about or seeing -- so maybe that's where I'll start -- which say that we've been working on the autonomy delivery problem for several years now dating as far back as 2017.

嘿，麥克，麥克，這兩個我都可以拿。第一個問題涉及自治。我的意思是，我們非常興奮。作為一個已經在自主領域工作了好幾年的人，我認為從某種程度上來說確實如此。這已經是很久以前的事了。我想，您可能已經讀到或看到過一些進展——也許這就是我要開始說的——這表明我們已經研究自主交付問題好幾年了，最早可以追溯到 2017 年。

And I think the most important thing to tell you about it after working on it for a while now is that it's actually quite different from autonomous right halo. And it's probably obvious to states. But when you don't have a passenger who can just easily go in and come out of the vehicle, and you have to actually load and unload the vehicle when it comes to item delivery, that last 10 feet is actually quite tricky. And so it reminds me a lot of actually how DoorDash got started. I think when DoorDash got started 11-years ago, a lot of people thought, you should -- this is delivery and -- and something like ride hailing might be similar when it comes to dispatch algorithms or something like that.

我認為，經過一段時間的研究之後，最重要的事情是要告訴你，它實際上與自主右光環有很大不同。這對各州來說可能都是顯而易見的。但是，當您沒有乘客可以輕鬆進出車輛，並且在運送物品時您必須實際裝卸車輛時，最後 10 英尺實際上是相當棘手的。這讓我想起了 DoorDash 的起步過程。我認為，當 DoorDash 在 11 年前剛起步時，很多人都認為，你應該——這是送貨——當涉及到調度演算法或類似的東西時，像叫車這樣的服務可能會類似。

But if you were to apply the same dispatch algorithm for ride hailing as you did for delivery, you'd almost always make the wrong decision. If you dispatch the closest driver to a passenger, for example, which is what you would do in ride hailing and you apply that to delivery and either the inventory is not available or the food is not ready, then you kind of wasted everyone's time.

但是，如果你對叫車服務應用與送貨相同的調度演算法，你幾乎總是會做出錯誤的決定。例如，如果你派遣距離乘客最近的司機（這是你在叫車服務中會做的做法），並且你將它應用於送貨，而庫存不足或食物尚未準備好，那麼你就浪費了每個人的時間。

And I would say that they are very fundamental differences in a similar way for autonomous delivery versus autonomous ride hailing. And so we're taking a first principles approach -- in terms of what we're building at DoorDash and in terms of marrying technology as well as operations to build a system to make this work. We're pretty excited about what we're working on as well as conversations with potential partners as well. But it's a very different problem from maybe some of the things that you've read and -- but we'll have hopefully some things to share in the future, and we'll tell you more about it then.

我想說，自動送貨和自動叫車之間存在著非常根本的差異。因此，我們採取了第一原則的方法——就我們在 DoorDash 所建構的內容而言，以及就結合技術和營運來建立一個系統來實現這一點而言。我們對我們正在進行的工作以及與潛在合作夥伴的對話感到非常興奮。但這可能與您所讀到的一些內容是一個非常不同的問題——但我們希望將來能分享一些內容，然後我們會告訴您更多相關資訊。

The second question was around, I think, just adds and just trends in that business. I think more and more of what you're saying is that you just see kind of a continued progress on that business. And I think it starts from the fact that our marketplace continues to grow at pretty high rates, given its scale.

我認為，第二個問題只是關於該業務的增加和趨勢。我越來越覺得您所說的是，您只是看到了該業務的持續進展。我認為這源於這樣一個事實：考慮到我們的市場規模，我們的市場繼續以相當高的速度成長。

And I've always said that a successful ads business is preceded and always preceded by a successful marketplace business. And so that's what we continue to see where our ads business continues to have leading ROA or return on ad spend for advertisers for restaurants and increasingly for retailers. -- and we see our consumer conversion improving as well where they're approaching organic rates. And so I think the combination of these two things in tandem with a marketplace that is the largest for what it does in terms of connecting consumers locally to merchants, that's why you're seeing some of the results in terms of the ads business continuing to grow at very high rates at high scale.

我一直說，成功的廣告業務總是以成功的市場業務為先導。因此，我們繼續看到我們的廣告業務繼續在餐廳廣告商和零售商的廣告支出回報率（ROA）方面保持領先地位。 - 我們看到我們的消費者轉換率也在提高，他們正在接近有機轉換率。因此，我認為，將這兩件事與一個在連接本地消費者和商家方面最大的市場結合起來，這就是為什麼你會看到廣告業務繼續以非常高的速度和規模增長的原因。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Lee Horowitz, Deutsche Bank.

德意志銀行的李·霍洛維茲。

Thanks, Maybe sticking with ads and moving over to CPG advertising. You guys have obviously been stacking multiple quarters of really strong grocery volume growth and getting that marketplace to scale. I guess this is probably presumably grabbing the attention of your CPG advertising partners. Have you gotten any indication from those partners in your conversations as they think about budgets for next year, that they be leaning a bit more aggressively into your platform, just given how much you have grown over the last year or so?

謝謝，也許堅持廣告並轉向 CPG 廣告。你們顯然已經連續多個季度實現了食品雜貨銷售的強勁成長，並使該市場規模不斷擴大。我猜這可能會引起您的 CPG 廣告合作夥伴的注意。在與這些合作夥伴討論明年的預算時，您是否從他們那裡得到任何暗示，考慮到你們在過去一年左右的增長，他們會更積極地傾向於您的平台？

Yeah, I can follow on to the answer to the last question here. I mean the short answer is yes. I mean I think CVG advertisers have always been really excited about because not only because of our strength in growth outside of restaurants, but also just the combined view that we can offer because you can certainly sell a CPG item across both restaurants and retailers across multiple categories. And by being the largest local commerce player, we get to offer the most data and most views and most shots on goal for every brand to win their fair share. And I think that's what's increasing the excitement.

是的，我可以繼續回答這裡最後一個問題。我的意思是簡短的回答是肯定的。我的意思是，我認為 CVG 廣告商一直對此感到非常興奮，因為不僅因為我們在餐廳以外的成長實力，還因為我們可以提供的綜合視角，因為您當然可以在多個類別的餐廳和零售商中銷售 CPG 商品。作為最大的本地商業參與者，我們可以為每個品牌提供最多的數據、最多的瀏覽量和最多的射門機會，以贏得他們應得的份額。我認為這就是讓人更加興奮的原因。

On the flip side, I think the team, our team also deserves quite a lot of credit for building and maturing the product portfolio, which is still an area of emphasis for both our CPG ad partners as well as our restaurant partners.

另一方面，我認為我們的團隊在建立和完善產品組合方面也值得稱讚，這仍然是我們的 CPG 廣告合作夥伴和餐廳合作夥伴重點關注的領域。

Great. And maybe one follow-up just on grocery competition holistically. Obviously, it's very fierce. You have first-party delivery partners who can perhaps lean in on price, given vertical integration. You have other marketplaces that have other verticals that they can monetize on besides grocery and then obviously some focused grocery marketplaces. I guess within that hypercompetitive environment, where do you see as the most defensible sort of characteristics for DoorDash that should allow you guys to come out as one of the key winners in this vertical over a longer period of time.

偉大的。也許還有一次關於食品雜貨競爭的整體後續行動。顯然，這是非常激烈的。考慮到垂直整合，您擁有第一方交付合作夥伴，他們或許可以在價格上佔優勢。除了雜貨之外，還有其他市場可以獲利，例如其他垂直市場，當然還有一些專注的雜貨市場。我想，在這種高度競爭的環境中，您認為 DoorDash 最有競爭力的特點是什麼，可以讓你們在較長時期內成為這個垂直領域的關鍵贏家之一。

Well, it starts with building the best product. I mean -- and I think this is kind of how you get out of any competitive market. I mean if you look at the restaurant delivery industry, that's how it started 11 years ago, too. And I think that the way that DoorDash has come to its current position in restaurant delivery, whether it's in the U.S. or whether you look at us outside the U.S. or Volt outside of the U.S. It starts by building the product that achieves the highest retention and order frequency, which was -- which is really a testament that you built the best product. And -- it allows you to most efficiently grow. So I think, first and foremost, it comes down to product execution.

嗯，首先要打造最好的產品。我的意思是——我認為這就是你如何擺脫任何競爭激烈的市場的方法。我的意思是，如果你看看餐廳外送行業，它也是 11 年前開始的。我認為 DoorDash 在餐廳外賣領域取得目前地位的方式，無論是在美國還是在美國以外的地區，或者美國以外的 Volt，都是從打造實現最高保留率和訂單頻率的產品開始的，這確實證明了你打造了最好的產品。並且——它能讓你最有效地成長。所以我認為，首先，這取決於產品執行。

And I think you're seeing that. I mean you're seeing that where we are now the first place that consumers come to grocery delivery for, if they are a new customer to grocery delivery, that's also true if you're just getting something delivered locally outside of restaurants. And so we're seeing that -- it's always been true for us in restaurants or for several years now, it's been true where over half of customers that are shopping for restaurant delivery first comes to us for deliveries now outside of restaurants. -- it's approaching that market, too. And so we're seeing that. We're seeing strength on the retention and frequency side with every single cohort that continues to increase as we improve our selection, improve our pricing, improve our quality of delivery, improve our service.

我想你已經看到了這一點。我的意思是，你會看到，我們現在是消費者購買雜貨配送的首選之地，如果他們是雜貨配送的新客戶，那麼如果你只是在餐館以外的當地購買送貨上門的東西，情況也是如此。所以我們看到，對於我們在餐館中的情況一直如此，或者說，幾年來的情況一直如此，超過一半的顧客最初在餐館外購買外賣，現在卻在餐館外尋找我們的外賣服務——它也正在接近這個市場。我們看到的是這樣的。隨著我們改進選擇、改善定價、提高交付品質、改善服務，我們看到每個群體在保留率和頻率方面都在不斷增強。

And I think that the maniacal focus is what allows you to build the compounding advantage over time and allows you to grow at higher rates over multiple years.

我認為，瘋狂的專注可以讓你隨著時間的推移建立複合優勢，並使你在多年內以更高的速度成長。

And Lee, just to add to that, right, just on the consumer side, but we get good feedback from the merchant side as well, where merchants that we partner with have said that we're driving incremental same-store sales growth for them. The quality that we drive to the merchant has also been great. And you see that in the results where, a, we are the fastest growing in the US, as well as gaining share. And also from a cohort perspective, right, the retention and order frequency continues to increase.

李先生，我要補充一點，不僅是在消費者方面，我們從商家方面也得到了良好的回饋，與我們合作的商家表示，我們正在為他們推動同店銷售額的成長。我們提供給商家的品質也非常好。從結果中你可以看出，我們是美國成長最快的公司，而且市佔率也不斷擴大。而且從群體角度來看，保留率和訂單頻率持續增加。

Yeah. I think the final thing I believe is that like we also just get the most shots on goal. When you think about what gets delivered most often, it's prepared meals, which is in a different way of saying restaurant delivery. And because we're the leading player in that space and because we're also both in terms of size as well as the frequency we just get more at (technical difficulty) with these customers, which is very helpful, especially if you're not in the restaurant category, say, in grocery or other retail categories. And it's also really helpful for advertisers, too.

是的。我認為我最後相信的是，我們也獲得了最多的射門機會。如果說到最常送的東西，那就是預製食品，也就是餐廳送餐的另一種說法。因為我們是該領域的領先者，而且我們在規模和頻率方面也處於領先地位，所以我們在與這些客戶打交道方面能解決更多（技術難題），這非常有幫助，特別是如果你不在餐飲類別，而是在雜貨店或其他零售類別。這對廣告商來說也確實很有幫助。

Thank you.

謝謝。

John Colantuoni, Jefferies.

傑富瑞的約翰·科蘭圖尼。

Great. Thanks for squeezing me in here. So I want to start with sales and marketing leverage continues to be a really nice tailwind for EBITDA. Can you peel back the onion and talk a little bit about contribution from driver incentives. And sort of when you think about beyond the near term and look at supply and demand dynamics and your investments in driver experience, how are you thinking about the magnitude of the ongoing contribution to margin expansion from leverage on incentives?

偉大的。謝謝你把我擠到這裡。因此，我想首先指出，銷售和行銷槓桿繼續成為 EBITDA 的一個真正有利因素。您能否詳細談談駕駛員激勵措施的貢獻？當您考慮短期以外的情況並觀察供需動態以及您對駕駛員體驗的投資時，您如何看待激勵槓桿對利潤率擴張的持續貢獻程度？

And second question, just turning to grocery. How important is capturing more of that big basket weekly shop to your long-term profit aspirations in grocery? And what are the capabilities and investments you still need to make to start driving more of those large basket orders? Thanks.

第二個問題是關於雜貨。獲得更多的每周大購物籃對於您在食品雜貨領域的長期利潤目標有多重要？您還需要具備哪些能力和投資才能開始獲得更多的大筆訂單？謝謝。

Yes, John, I'll start will be black. On your point around sales and marketing, I mean, Look, John, when I think about sales and marketing or any type of operational efficiency that we drive in the business, it always starts with product because ultimately, product drives retention for us, which drives leverage in sales and marketing. If you break that apart, we've seen a lot of leverage on Dashers acquisition over the last couple of years.

是的，約翰，我開始會是黑色的。關於您所提到的銷售和行銷，我的意思是，約翰，當我考慮銷售和行銷或我們在業務中推動的任何類型的營運效率時，它總是從產品開始，因為最終，產品會為我們帶來保留，從而推動銷售和行銷的槓桿作用。如果你仔細分析一下，我們會發現過去幾年 Dashers 收購案帶來了很大的槓桿作用。

A lot of that is being driven by the product improvements that we've made. It's easier for Dashers to onboard. It's easier for Dashers to get paid -- all of that is driving retention of existing Dashers higher, which ultimately drives leverage from a sales and marketing perspective. The second thing I would say is. Even on the consumer side, the teams have done a pretty good job of optimizing at a channel level. So you're seeing leverage from a consumer acquisition cost perspective as well.

這在很大程度上是由我們所做的產品改進所推動的。Dashers 可以更輕鬆地加入。Dashers 更容易獲得報酬——所有這些都提高了現有 Dashers 的保留率，最終從銷售和行銷的角度提高了槓桿作用。我想說的第二件事是。即使在消費者方面，團隊在通路層面的優化方面也做得相當出色。因此，從消費者獲取成本的角度來看，您也看到了槓桿作用。

Looking ahead, I mean, I do expect us to continue to improve the product, which ultimatelywill will able to drive leverage on sales and marketing. But I expect the pace of change to be slightly slower than what we saw in the last couple of years. But overall, when I think about whether it's (inaudible) acquisition or consumer acquisition, there's still opportunity for us to continue to go and drive leverage there.

展望未來，我的意思是，我確實希望我們能夠繼續改進產品，這最終將能夠推動銷售和行銷的槓桿作用。但我預計變化的速度會比過去幾年略慢。但總的來說，當我考慮它是（聽不清楚）收購還是消費者收購時，我們仍然有機會繼續前進並推動槓桿作用。

And John, on the second question with regards to just larger baskets and grocery. I mean, I would all of that for us is really just cherries on top of the cake, meaning that we don't actually need large baskets to make the math work for grocery. And that's because we have the lowest cost structure when it comes to delivery and logistics.

約翰，第二個問題是關於更大的籃子和雜貨。我的意思是，對我們來說，這一切都只是錦上添花，這意味著我們實際上並不需要大籃子來計算雜貨的費用。這是因為我們在交付和物流方面擁有最低的成本結構。

And so one of the things that we've been able to do is actually build a very high-growth business with these smaller baskets as a way to introduce ourselves to consumers and grocers alike. And I think it's actually surprised us just how large that market is. I think in some ways, it resembles almost what happens in Europe, where people instead of buying one large basket for the week, they might buy several smaller baskets for the week. I think that's a phenomenon that we can afford that others may not be able to.

因此，我們能夠做的事情之一就是利用這些小籃子建立一個高成長業務，向消費者和雜貨商介紹我們自己。我認為這個市場的規模確實令我們感到驚訝。我認為在某些方面，它與歐洲的情況非常相似，人們不是購買一個大籃子來維持一週的糧食，而是購買幾個小籃子來維持一週的糧食。我認為這是我們能夠承受而其他人可能無法承受的現象。

I think -- so anything that we get, and we are getting these larger baskets, especially after customers buy with us a couple of times they start mirroring kind of their habits, where they will buy maybe a couple of smaller baskets during the week and by one large basket on the weekend. So we are seeing that. And we see that with every single subsequent order. We also see that with every subsequent cohort. But it doesn't have to be a focus for us to make the business financially sustainable.

我認為——我們得到的任何東西，以及我們得到的這些更大的籃子，特別是在客戶向我們購買幾次之後，他們開始模仿他們的習慣，他們可能會在一周內購買幾個小籃子，在周末購買一個大籃子。所以我們看到了這一點。我們在隨後的每一個訂單中都看到了這一點。我們在隨後的每一批人中也看到了這一點。但我們不必將其作為實現業務財務可持續性的重點。

John, just to add to that, right, I wouldn't think of it as a large basket versus a small basket. For us, when we build the business, we're trying to build the business for all baskets. If you think about it going back to your sales and marketing question, we have a strategic advantage because remember, we already have consumers on the platform. We already have dashes on the platform.

約翰，我補充一下，對的，我不會認為這是一個大籃子和一個小籃子之間的區別。對我們來說，當我們建立業務時，我們試圖為所有籃子建立業務。如果您回顧一下您的銷售和行銷問題，我們具有策略優勢，因為請記住，我們的平台上已經有消費者了。我們的平台上已經有破折號了。

So the flow-through from a gross margin to contribution margin for us is very high. When I think about the unit economics, team has done a phenomenal amount of work over the course of the last year. When I look at that in the P&L, that doesn't concern me. We have a combination of us being able to make the math work at smaller baskets, plus the sales and marketing leverage where we are focused on is what's the size of the opportunity in terms of scale as well as overall gross profit dollars.

因此，對我們來說，從毛利率到貢獻利率的轉換率非常高。當我考慮單位經濟學時，團隊在過去的一年裡完成了大量的工作。當我在損益表中看到這一點時，這並不讓我擔心。我們既能夠對較小的購物籃進行計算，又能利用銷售和行銷槓桿，我們關注的是規模和整體毛利方面的機會大小。

Thanks so much.

非常感謝。

And ladies and gentlemen, that will conclude our DoorDash Q3 2024 earnings call. Thank you for attending. Have a great rest of your day.

女士們、先生們，我們的 DoorDash 2024 年第三季財報電話會議到此結束。謝謝您的出席。祝您今天剩餘的時間過得愉快。