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。我叫亞倫，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 DoorDash 2024 年第三季財報電話會議。 （操作員說明）

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

接下來，我想將今天的電話轉給安迪·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兼首席執行官托尼·徐 (Tony Xu) 一起加入我們的行列。和財務長 Ravi Inukonda。

We'll be making forward-looking statements during today's call, including our expectations for our business, financial position, operating performance, profitability, 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、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預期。

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.

前瞻性陳述存在風險和不確定性，可能導致實際結果與所描述的結果有重大差異。我們的 SEC 文件中描述了許多不確定性，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作為未來事件或績效的預測。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

During this call, we will discuss certain non-GAAP financial measures. Information regarding our non-GAAP financial measures, including a reconciliation to 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 GAAP 財務指標的信息，包括非 GAAP 指標與最直接可比較的 GAAP 財務指標的調節，可以在我們的 IR 網站上的收益發布中找到。除了我們的 GAAP 結果之外，還應考慮這些非 GAAP 衡量標準，而這些非 GAAP 衡量指標不能取代我們的 GAAP 結果。

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

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

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

這樣，亞倫，我們會將其傳回給您，然後我們可以回答第一個問題。

(Operator Instructions)

（操作員說明）

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?

您好，感謝您提出問題。我想問一個關於國際的兩部分問題。因此，在過去，您已經說明了美國企業中的這種動態，隨著經驗豐富的群體不斷前進並變得成熟一點，您會看到第三年和第四年貢獻率有所改善。既然您已經在其中一些國際市場運作了幾年，那麼您是否也看到了這些群體在邊際貢獻方面的類似弧線和幅度的改善？還是因為市場結構原因或其他原因有點不同？

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.

然後我的第二個問題是關於您可以同時在許多不同國家開展業務的固定成本槓桿程度。我確信你會分享一些技術和人才，但鑑於交付是超本地化的，這兩件事如何擺脫？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，是托尼。我先開始，拉維也可以插話。我想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與建設美國時類似的收入和利潤進步。這是因為，如果我們把時間倒回三年前，當我們第一次與Volt 合作時，我們在這家公司看到的東西與DoorDash 看起來非常熟悉，這家公司在推出領先產品時就已經打造了它。

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.

這確實是飛輪高效率成長的驅動力。因此，我們繼續看到上個季度以及過去幾年與 Bbot 的合作繼續取得強勁進展，我們實際上在我們參與的每個市場中都獲得了份額。

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.

所以你看到了這一進展，這是非常令人鼓舞的。我想，我可以開始第二個問題，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。當我們添加後續市場或後續產品時，我們確實使用——我的意思是，出於所有意圖和目的，我們使用同一個團隊。你說得對，這些都是超在地化的企業和服務。因此，在獲取不同受眾方面，我們顯然必須重新開始。但就產品的技術堆疊而言，就專業知識而言，無論是在某個地區擴展產品還是增加淨新地區，你確實看到了營運槓桿。

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，對吧？就像當你考慮整個國際業務的表現一樣。我的意思是，第三季表現強勁，今年本身也非常強勁。當你從成長的角度考慮時，我們的成長速度遠遠快於同行，這本質上意味著我們在我們經營的幾乎大多數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.

如果您還記得的話，上次通話時我提到了整體國際業務毛利為正的事實。情況仍然如此。動力學是相似的，對吧？這是一個規模驅動的業務。我們的目標一直是，如果我們找到提高保留率和訂單頻率的好機會，我們將加倍投入。這與我們在國際市場上使用的公式相同。我們很高興毛利持續改善。

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.

關於固定成本，我的意思是，我們在美國看到了類似的動態。同樣，很多事情都必須處理規模問題。但如果你回想一下我們在國際市場上的位置，我們還處於早期階段。我們正在對產品進行投資，這就是為什麼您從隊列保留和訂單頻率角度看到的優勢的原因。

Thank you both.

謝謝你們倆。

Michael Morton, Moffett Nathanson.

麥可莫頓，莫菲特內桑森。

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。謝謝你的提問。我想先向東尼提出一個問題，然後向拉維提出一個隊列問題。很高興看到韋格曼斯雜貨店的公告。只是好奇我們是否越來越接近看到該國一些目前不在 DoorDash 平台上的最大雜貨店即將登陸 DoorDash 了？然後是關於食品雜貨的話題，從長遠考慮以及你大步進入市場的能力。

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.

您能否談談您所看到的雜貨商的趨勢，這些雜貨商已經在平台上停留了更長的時間，您看到更大的購物籃，也許更大的購物籃市場份額趨勢已經在平台上存在了兩年。對於拉維來說，您在過去幾季對同類群體的評論確實令人鼓舞。新的隊伍一如既往地強大。我們從投資者那裡得到的問題是，這些人是誰。人口統計數據並不是每個人都已經訂購（技術難度），顯然不是。因此，如果您能稍微了解一下它們的樣子，我們會很高興。這是否會影響那些更年輕、更傾向於數位化的大學生，他們每年秋天都會搬出家去上大學。任何事情都會很棒。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，關於與雜貨相關的第一個問題，我們對在雜貨中看到的東西感到非常興奮。我的意思是，我們大約四年前就推出了雜貨店。切入點是提供一種相對而言對市場來說是新的產品，它解決了這種充值體驗，對於消費者來說，我們會在周中補充你用完的商品。或最容易腐爛的東西，無論是你的莓果、你的水果、你的乳製品、你的咖啡等等。

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.

我認為這不僅是對消費者來說很容易理解的介紹，也是雜貨商以前從未見過的東西，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的目錄。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.

我們在各個方面都取得了巨大的進步，無論是增加選擇，還是包括全國最大的雜貨店。我們和你們一樣對 Wegmans 感到興奮，也和其他所有人一樣興奮——無論是街角雜貨店還是中間市場、雜貨店，我認為這就是為什麼你們在客戶採用、客戶方面看到的原因首先來DoorDash，新客戶進入雜貨配送業。一般來說，要在餐廳外送貨，首先會選擇 DoorDash，然後再選擇其他平台。

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.

所以我認為你已經看到了很多這樣的情況。就其他趨勢而言，我們發現，隨著客戶習慣在 DoorDash 上訂購雜貨，他們傾向於在每次訪問時訂購更多商品。因此，從隊列的角度來看，您會注意到，我們正在增加消費者每月在雜貨上的支出的頻率以及支出和錢包份額。而且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——在推出這款快閃產品時，我們看到了比我們預期大得多的市場，現在它已經很好地轉化為其他類型場合的購物，包括您每週的庫存和這些類型的籃子。

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.

我們只是繼續看看它是否在新客戶獲取方面佔據領先地位。然後在保留方面，使我們能夠真正以超越其他人和我們以前的同類的方式繼續增長。

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。我會選擇隊列一側的那個嗎？也許我會升級並從基本群體的角度向您廣泛介紹我們所看到的情況。我的意思是，你是對的，我們對這些團隊非常滿意。我認為大部分數量仍然來自我們現有的群體。當我們經營業務時，對我來說最有啟發性的事情就是觀察老員工的參與。對於年齡較大的群體，即使是五歲、六歲、七歲的群體，我們仍然看到大量的留存率以及整體錢包份額的增加。這告訴你，我們在產品中所做的改進，無論是選擇，還是添加新類別，所有這些都在推動新的趨勢——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，我會有幾種方式來思考這個問題，對吧？就像 One 一樣，我們仍然吸引了大量的新消費者。從人口統計的角度來看，這沒有什麼不同。我們仍然開始看到來自一些郊區市場的人群。原因是——記住，這是一個不斷變化的產品。我們添加了更多的選擇，雜貨，在許多情況下，選擇對於平台來說是全新的。

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不僅是消費者對餐廳不熟悉。今天，我們實際上有消費者將雜貨作為第一筆訂單來開始他們的旅程。這是我們添加到平台的新消費者。但總的來說，當我審視潛在群體時，我的意思是，無論是現有群體還是新群體，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，李約瑟。

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。感謝您提出問題。只是想詢問一下合作策略，特別是考慮到今晚的名單公佈。所以也許只是談論更廣泛的合作夥伴策略。例如，我知道您也與串流媒體公司合作，但是這裡的清單有什麼不同嗎？

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，是托尼。也許我可以接受這個。因此，我們在 DoorDash 堅信並虔誠遵循的一件事是，我們保留主要的事情——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、合作夥伴關係以及建立產品的看法時，[80] 會傾向於建立產品，這意味著這是因為我們為客戶提供了選擇、品質、負擔能力的最佳組合以及我們最常使用的應用程式的服務。因為我們使用得最頻繁，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，這就是 Dash 通證。

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，20 是合作關係部分，對我們來說，我們確實相信我們網絡之外的其他人可以為我們的會員提供有吸引力的福利。幾年前，當我們首次與大通銀行建立合作夥伴關係時，您就看到了這一點，並在今年稍早擴大了合作夥伴關係。然後您看到了幾個月前與 MAX 的公告和合作夥伴關係，旨在為 Dashpows 訂閱者增加串流媒體優勢。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 過去的訂閱者，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 計劃以及新 DashPass 會員的參與度。作為回報，lift 可以訪問最大的本地商業平台，該平台在消費者會員計劃方面擁有同類中頻率最高的計劃。所以我認為這對他們來說也很棒。

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，80 後對我們來說仍然是在打造產品。如果你仔細想想，對於 DashPass 來說，或者說對於我們自己的客戶群來說，有機成長的跑道是相當大的。我的意思是，我們每年有數億客戶透過我們訂購，無論是在 DoorDash 還是 Bbot 上，其中只有一小部分是 Dash Pass 或 [Bbot Plus] 的會員。

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，在我們自己的生態系統內，我們還有很長的路要走，然後當你從消費者的角度來看這個問題時，儘管我們在我們所從事的類別中實現本地商業方面做得相當不錯今天，我們仍然只代表餐飲業的個位數部分，而在餐廳以外的行業中，我們所佔的比例要小得多。因此，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，以便我們對最常使用我們產品的客戶最有用，這將使我們有幸讓他們成為我們計劃的成員。

Makes sense. Thanks, Tony.

有道理。謝謝，托尼。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

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。請讓我嘗試兩個。 Ravi，過去的日費貢獻者，您提到了它的廣告成長和平台貢獻以及成本線效率。您能否根據您認為可能接近中期的影響對採用率進行排序？

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?

然後在價格平價方面，無論是托尼還是拉維，您認為中長期雜貨價格平價方面您希望達到什麼水平。未來是否會與店內價格相同？這是目標嗎？或者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，我是拉維。我會選擇第一個的採納率，對嗎？首先，我將圍繞著收入與業務管理之間的互動給出一個更廣泛的框架。我的意思是，如果你考慮收入，你會發現我們業務的成長速度一直超過政府的成長速度。正如您所提到的，這是由廣告驅動的，這是由我們從商務平台獲得的好處所驅動的。每當我們提高成本線的效率時，無論是現金、成本或 CLR，都會推動收入。這就是為什麼收入成長一直超過我們政府成長率的原因。

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，二是達世幣流量成本的槓桿。我不會閱讀廣告，因為我們經營業務的方式已經改變了。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成長。我們也對 DAS 方面產生的影響力感到非常自豪。其中很大一部分是由我們對產品所做的根本改進所推動的，我們對此感到非常滿意。

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的成長。但我不會認為每季的金額都是線性的。因此，如果你想想我們的經營理念，當我們找到好的投資機會時，我們希望在損益表上靈活地進行投資。有時，這些機會會出現在收入中。我們很高興能夠利用這一點。

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. .

關於你提到的平價問題，我認為這是一個很好的問題。但我確實認為，在消費者眼中，他們會同時考慮多個維度的雜貨配送，而不僅僅是價格，對吧？您現在在雜貨配送行業看到的挑戰之一是，即使顧客沒有得到他們訂購的商品，他們也被要求支付額外費用。這是我們在 DoorDash 試圖解決的關鍵問題之一，首先也是最重要的是，我們如何讓客戶準確地獲得他們訂購的商品。 。

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.

我們認為我們正在朝著這個方向邁出一大步。但還有其他維度。價格就是其中之一，我們正在與每位零售合作夥伴合作，確保我們的價格盡可能具有競爭力和實惠。我們確實有一些合作夥伴已經在那裡擁有或匹配店內價格。

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在那裡做得更多。同時，我們必須繼續提供比客戶自己更快的便利水平。因此，我認為將這三件事結合起來，可以讓人們以他們期望的價格準確地訂購他們所訂購的產品，這肯定比他們自己做的速度更快。這就是我們想要的。這是我們所追求的目標的結合。

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。這是迪帕克的[卡梅倫·林奇]。只是兩個簡單的問題。首先，您能否幫助我們了解本季 19% 的 GOV 成長，無論是在品質上還是在數量上，這都處於核心餐廳和雜貨等其他類別之間的高水準？其次，我們看到本季 AOV 趨勢略有上升。這是由於產品組合還是床位價格上漲所致，我希望您能提供有關驅動因素（技術難度）的任何其他顏色。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，我會把這兩樣都拿走。我的意思是，我們對業務成長方面的表現非常滿意。因此，讓我談談輸入，然後我會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，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，我談到了這個群體仍然非常強大的事實。

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.

如果我看看用戶，用戶仍在以兩位數的速度成長。用戶在本季創下歷史新高。訂單頻率繼續創歷史新高。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、品質還是負擔能力。所有這些都為我們奠定了良好的基礎，不僅是第三季度，也是未來。

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.

從產出的角度來看，如果你考慮各種業務，餐飲業務，過去幾季的成長其實非常穩定。這兩個雜貨新垂直行業，國際化，它們的增長速度比餐飲業務快得多，並且它們在雜貨以及我們經營的大多數國際市場中都獲得了份額。

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.

關於整體 AOB 成長的第二點，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數量的消費者訂購更多品類，並且訂購更多品類的消費者數量每季都在持續增加。

Thank you.

謝謝。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

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。我理解對保險福利的呼籲，但是你們還想強調那裡的出色表現嗎？隨後 Wolf 收購了歐洲的 TAS。東尼，您能否退後一步，談談未來併購目標中哪些因素可能具有吸引力，以及為什麼選擇特定國家和收購？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。如果你將企業視為企業的集合，你會看到──我的意思是，我們的表現非常好。與我們年初檢查的計劃相比，該團隊執行得非常好。我們提高了部分業務的效率。我們已將其重新投資到業務的其他部分，輸出就是您所看到的（技術難度）損益表。更具體地說，如果你考慮一下驅動因素，廣告顯然是毛利率提高的驅動因素。

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，我要指出的第二件事是，我們已經討論過這樣一個事實：隨著這一年的推移，監管成本將繼續降低。那是另一個司機。最後一個是從整體物流角度來看的效率。但我要強調的關鍵是——請記住，我的意思是，我們的業務運作並不是針對特定的毛利率百分比。我們正在努力做的是從長遠來看最大化整體利潤。

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.

我們這樣做的方式是，我們發現每一塊錢的效率，我們都會回饋給業務。我們的目標是只要我們看到機會，就可以在損益表上靈活地進行投資。我們的目標始終是打造一家大型企業，同時繼續專注於單位經濟效益。這就是我們的營運方式，也將成為我們未來營運業務的相同理念。

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，是東尼。關於第二個問題，關於國際併購。我們的標準和VAR 繼續保持很高的水平，我們的方法是一致的，首先也是最重要的是，從問自己這個問題開始，這個候選人是否可以幫助我們開拓新的地域，發展我們的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.

我們問的第二個問題是，這是否有助於以一種我們自己無法有機地做到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。最後一個，也許是最重要的是，我們是否擁有一支擁有管理人才和頻寬的團隊，可以以單線程的方式抓住機會。

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，自從成立以來，我的意思是，實際上，我應該說，本月早些時候，Boldeactually 慶祝了10 週年，現在已經是10 週年了，他們已經為商家實現了超過150 億美元的銷售額。因此，當我審視過去三年的表現時，他們無疑贏得了繼續擴張的特權。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中開展業務時，我們對這個組合所能提供的功能感到非常興奮。

Thank you.

謝謝。

James Lee, Mizuho.

詹姆斯李，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。東尼，我想知道你是否可以對 [DashMart] 的評論發表評論。也許您能為我們提供一些最新信息，例如哪些業務模式正在發揮作用以及哪些業務模式仍在發揮作用？也許可以談談我們應該考慮的一些成長限制？因此，最後，一些歐洲同行似乎能夠透過快速貿易來實現盈利。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。在 DashMart 上，我們對他們的進展感到非常興奮。我的意思是，如果我把時鐘倒回 3.5 年前我們啟動 DashMart 3 的時候，這意味著第一個推動就是確保我們實際上可以成為全國性服務。原因之一實際上是為了幫助商家，因為隨著時間的推移，我們一直將 DashMart 視為一種基礎設施，我們可以在其中為零售商提供轉發部署庫存的服務。但首先，我們需要向自己證明，當然也向商家證明，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，3.5 年之後，團隊肯定已經實現了這個目標。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，這與第三方商店中提供的銷售庫存非常不同。他們以優惠的價格做到了這一點，並以出色的選擇以及非常高的可靠性和速度做到了這一點。所以我認為，就其本身而言，DashMart 一直在不斷發展、佔據份額並且做得非常非常好。但這就是 DashMart 本身的終點。我的意思是，我們在與許多零售商的合作夥伴關係討論方面也取得了很大進展。

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，我們首先在加拿大啟動並與 Loblaws 合作，但我們現在也在美國以及其他國家/地區啟動了其中一些旅程，我們代表零售商提供基礎設施，以便他們可以在他們通常封閉的時間以及他們可能不那麼深入的地區獲得額外的業務。

Great. Thank you.

偉大的。謝謝。

[Mark Mahaney, Everclear ISI.]

[馬克·馬哈尼，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，這是馬克的大衛。關於商務平台的問題。對於上個月發布的新產品，商家客戶有什麼早期回饋嗎？然後再談一談 Lyft 合作夥伴關係，您能談談 Dash Pass 會員在城市和郊區市場的集中情況嗎？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。關於第一個問題，有關 Darach Commerce 平台的問題。我想說的是，對我們來說，這個公告確實已經過去了幾年，這意味著它實際上只是封裝了 DoorDash 現在的樣子，這實際上是兩個部分，對嗎？我們的使命之一始終是發展當地經濟，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成為數位化企業。因此，許多實體企業現在都在使用 DoorDash 驅動器或店面等產品或我們討論過的其他一些產品，以便憑藉自己的權利並與自己的客戶一起成為數位強國。

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——我們正在看到這一點。我的意思是，現在有數十萬家企業成為 DoorDash 商務平台的一部分。所以我認為這些數字本身就足以說明興奮點。我想，從他們的角度來看，如果您將 DoorDash 市場視為領先的本地商業市場，我們在建立將消費者與商家聯繫起來的產品方面做得最好，為什麼您不想與它合作並擁有它作為一家正在努力變得越來越數位化的零售商。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——我認為你關於 DashPass 的第二個問題，我的意思是，我們在任何合作夥伴關係方面都看到了力量和機遇，無論是 Lyft、Chase 還是 MAX，我們所有的成員都如此。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.

但我再次認為，重要的是要了解主要的事情是什麼，我認為建立會員計劃的 80% 重要的是建立最有用、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% 是合作夥伴關係，我們對 Lyft 的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為我們提供幫助。

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，補充一下，對吧。就像我們不一樣——我的意思是，如果你考慮一下 DashPass 本身，它是一個領先的本地商業訂閱計劃，而且我們正在不斷發展。事實上，在第三季的業績中，我們的訂閱者數量創下了歷史新高，超過 1,800 萬 DashPass 會員。他們無所不在，對吧？他們不區分城市或郊區。我們看到了全面的實力，您也可以在本季的整體份額收益中看到這一點。

(Operator Instructions)

（操作員說明）

Michael McGovern, BofA.

麥可·麥戈文，美國銀行。

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，謝謝你提出我的問題。我有兩個問題——最近，自動駕駛汽車這個主題受到了很多關注，顯然是關於拼車，但是您對自動駕駛汽車交付用例的潛在未來有什麼看法嗎？您可能會在合作夥伴策略中考慮這一點嗎？其次，在餐廳贊助的清單中，您在商業道路和一些消費者轉換方面看到的最新趨勢是什麼？就廣告需求而言，情況如何？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，我兩個都可以。關於第一個問題，涉及自治。我的意思是，我們非常興奮。我認為在某些方面是這樣的，作為一個在自主領域工作了幾年的人。已經很久了。我認為您可能已經閱讀或看到了一些進展 - 所以也許這就是我要開始的地方 - 這表明我們多年來一直致力於解決自主交付問題，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.

我認為在研究了一段時間之後要告訴你的最重要的事情是它實際上與自主右暈有很大不同。這對各國來說可能是顯而易見的。但是，當您沒有可以輕鬆進出車輛的乘客時，並且在運送物品時您必須實際裝卸車輛，那麼最後 10 英尺實際上相當棘手。這讓我想起了 DoorDash 是如何開始的。我認為當 DoorDash 11 年前開始時，很多人認為，你應該——這就是送貨——而當涉及到調度演算法或類似的東西時，打車之類的東西可能是類似的。

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.

但如果您對叫車應用與送貨相同的調度演算法，您幾乎總是會做出錯誤的決定。例如，如果你將最近的司機派遣給乘客，這就是你在叫車中所做的，並將其應用於送貨，但庫存不可用或食物尚未準備好，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.

我想說的是，它們是非常根本的區別，就像自動送貨與自動叫車一樣。因此，我們正在採取首要原則方法 - 就我們在 DoorDash 構建的內容而言，並將技術與營運結合起來，建立一個系統來實現這一目標。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。但這與您讀過的一些內容可能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，第二個問題是關於該行業的補充和趨勢。我認為你所說的越來越多的是，你只是看到了該業務的持續進展。我認為這是因為我們的市場鑑於其規模而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，成功的廣告業務先於並且始終先於成功的市場業務。因此，這就是我們繼續看到的，我們的廣告業務繼續在餐廳廣告商和越來越多的零售商中擁有領先的 ROA 或廣告支出回報率。 ——我們看到我們的消費者轉換率也在提高，並且接近有機率。因此，我認為，將這兩件事與一個最大的市場相結合，將本地消費者與商家聯繫起來，這就是為什麼你會看到廣告業務繼續發展的一些結果。增長。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

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，也許可以繼續使用廣告並轉向 CPG 廣告。顯然，你們已經連續幾季實現了非常強勁的雜貨銷售成長，並擴大了該市場的規模。我想這可能會吸引您的 CPG 廣告合作夥伴的注意。在你們的談話中，當這些合作夥伴考慮明年的預算時，你們是否從他們那裡得到了任何暗示，考慮到你們在過去一年左右的增長了多少，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，我可以在這裡繼續回答最後一個問題。我的意思是簡短的回答是肯定的。我的意思是，我認為CVG 廣告商一直非常興奮，因為不僅因為我們在餐廳之外的成長實力，而且還因為我們可以提供綜合視圖，因為您當然可以在多個餐廳和零售商之間銷售CPG商品。透過成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、最多的觀看次數和最多的射門次數，以贏得公平的份額。我認為這就是增加興奮的原因。

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高度讚揚，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。也許還有一個關於雜貨競爭的整體後續行動。顯然，這是非常兇猛的。鑑於垂直整合，您擁有第一方交付合作夥伴，他們也許可以依靠價格。除了雜貨之外，還有其他可以透過其他垂直領域獲利的市場，顯然還有一些專注的雜貨市場。我想在這個競爭激烈的環境中，你認為 DoorDash 最具防禦性的特徵是什麼，這些特徵應該會讓你們在較長一段時間內成為這個垂直領域的主要贏家之一。

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——我認為這是擺脫競爭市場的一種方式。我的意思是，如果你看看餐廳外送行業，你會發現它也是 11 年前開始的。我認為，DoorDash 在餐廳配送領域取得目前的地位，無論是在美國，還是在美國以外的地區，或者在美國以外的地區，我們都是從打造實現最高保留率和最高留存率的產品開始的。訂單頻率，這確實證明了您打造了最好的產品。而且──它可以讓你最有效地成長。所以我認為，首先也是最重要的是，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。我的意思是，你會看到，我們現在是消費者來到雜貨配送的第一個地方，如果他們是雜貨配送的新客戶，如果你只是在餐館外的當地送貨，情況也是如此。因此，我們看到，對於我們的餐廳來說，這一直是事實，或者幾年來，超過一半購買餐廳外送服務的顧客首先來到我們這裡尋求餐廳外的送貨服務。 ——它也正在接近這個市場。所以我們看到了這一點。我們看到，隨著我們改進我們的選擇、提高我們的定價、提高我們的交付品質、改進我們的服務，每個群體在保留率和頻率方面的實力都在不斷增加。

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利優勢，並讓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.

Lee，補充一點，對，只是在消費者方面，但我們也從商家方面得到了很好的反饋，與我們合作的商家表示，我們正在為他們推動同店銷售的增量增長。我們提供給商家的品質也非常好。你可以看到，在結果中，a，我們是美國成長最快的，而且份額也在增加。而且從隊列角度來看，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。我認為我相信的最後一件事是我們也獲得了最多的射門次數。當你想到最常送的東西時，那就是預製餐食，這與餐廳送餐的方式不同。因為我們是該領域的領先者，而且因為我們在規模和頻率方面都處於領先地位，所以我們只是與這些客戶接觸更多（技術難度），這非常有幫助，特別是如果您不屬於餐館類別，例如雜貨店或其他零售類別。這對廣告商也非常有幫助。

Thank you.

謝謝。

John Colantuoni, Jefferies.

約翰·科蘭托尼，杰弗里斯。

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。謝謝你把我擠在這裡。因此，我想從銷售和行銷槓桿開始，這仍然是 EBITDA 的一個非常好的推動力。您能否剝開洋蔥，談談司​​機激勵措施的貢獻。當您考慮短期之外並考慮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擴張的持續貢獻的大小？

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，轉向雜貨店。每週購買更多的大籃子商品對於您在雜貨店的長期利潤願望有多重要？您還需要哪些能力和投資才能開始推動更多的大訂單？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，我將從黑人開始。關於您關於銷售和行銷的觀點，我的意思是，約翰，當我想到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，產品會推動我們的保留，這推動銷售和行銷的槓桿作用。如果你把它拆開來看，我們在過去幾年中看到了 Dasher 收購中的許多槓桿作用。

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.

其中很大一部分是由我們所做的產品改進所推動的。 Dasher 更容易上手。 Dasher 更容易獲得報酬——所有這些都提高了現有 Dasher 的保留率，最終從銷售和行銷的角度提高了槓桿作用。我要說的第二件事是。即使在消費者方面，團隊在通路層面的優化也做得相當不錯。因此，您也從消費者獲取成本的角度看到了槓桿作用。

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將比我們過去幾年看到的稍微慢。但總的來說，當我考慮是（聽不清楚）收購還是消費者收購時，我們仍然有機會繼續在那裡推動槓桿作用。

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，關於第二個問題，關於更大的籃子和雜貨。我的意思是，我認為所有這些對我們來說實際上只是蛋糕上的櫻桃，這意味著我們實際上並不需要大籃子來進行雜貨的數學計算。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，我們能夠做的一件事實際上是利用這些較小的購物籃建立一個非常高成長的業務，以此作為向消費者和雜貨商介紹自己的一種方式。我認為這個市場的規模確實讓我們感到驚訝。我認為在某些方面，這幾乎類似於歐洲發生的情況，人們可能不會在一周內購買一個大籃子，而是可能會在一周內購買幾個較小的籃子。我認為這是一種我們可以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- 所以我們得到的任何東西，我們都會得到這些更大的籃子，特別是在顧客與我們一起購買幾次之後，他們開始反映他們的習慣，他們可能會在一周內購買幾個較小的籃子，週末一大籃子。所以我們正在看到這一點。我們在每一個後續訂單中都看到了這一點。我們在隨後的每個隊列中也看到了這一點。但它不一定是我們關注的重點，以確保業務在財務上可持續。

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，補充一點，對吧，我不會認為它是一個大籃子與一個小籃子。對我們來說，當我們建立業務時，我們正在努力為所有籃子建立業務。如果你回想一下你的銷售和行銷問題，我們擁有策略優勢，因為請記住，我們的平台上已經有了消費者。我們已經在平台上有了破折號。

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，我們從毛利率到貢獻率的流量非常高。當我考慮單位經濟效益時，團隊在去年完成了大量工作。當我在損益表中查看這一點時，我並不關心這一點。我們的組合能夠在較小的籃子裡進行數學計算，再加上我們關注的銷售和行銷槓桿，即機會的規模和整體毛利有多大。

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。感謝您的出席。祝您有個愉快的一天。