DoorDash Inc (DASH) 2024 Q4 法說會逐字稿

Thank you for standing by.

感謝您的支持。

My name is Christina, and I will be your conference operator today.

我叫克里斯蒂娜，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the DoorDash Q4 2024 earnings call.

現在，我歡迎大家參加 DoorDash 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

I'd now like to turn the call over to West Twigg.

現在我想將電話轉給 West Twigg。

West, the floor is now yours.

現在請韋斯特發言。

Good afternoon, everyone, and thanks for joining us for our Q4 2024 earnings call.

大家下午好，感謝您參加我們的 2024 年第四季財報電話會議。

I'm very pleased to be joined today by co-Founder, Chair, and CEO, Tony Xu and CFO, Ravi Inukonda.

我很高興今天能與聯合創始人、董事長兼執行長 Tony Xu 和財務長 Ravi Inukonda 一起參加會議。

We'll be making forward-looking statements during today's call, including without limitation 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，包括但不限於我們對我們的業務、財務狀況、經營業績、獲利能力、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.

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描述結果有重大差異。

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

我們的美國證券交易委員會 (SEC) 文件中描述了許多此類不確定性因素，包括我們最新的 10-K 表和 10-Q 表。

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

您不應依賴我們的前瞻性陳述作為未來事件或表現的預測。

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

除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

During this call, we will discuss certain non-GAAP financial measures.

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。

Information regarding our non-GAAP financial measures, including a reconciliation of such non-GAAP measures to the most directly comparable GAAP financial measures, may be found in our earnings release, which is available on our investor relations website at ir.doordash.com. 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.

有關我們的非 GAAP 財務指標的信息，包括此類非 GAAP 指標與最直接可比較的 GAAP 財務指標的對賬，可在我們的收益報告中找到，該報告可在我們的投資者關係網站 ir.doordash.com 上找到。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 investor relations website.

最後，本次電話會議將在我們的投資者關係網站上進行音訊網路直播。

An audio replay of the call will be available on our website shortly after the call ends.

通話結束後不久，我們的網站上將提供通話的音訊回放。

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

接線員，我會將其轉回給您，然後我們可以回答第一個問題。

(Operator Instructions)

（操作員指令）

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Hey, guys, Tony, thanks for the letter.

嘿，夥計們，托尼，謝謝你的來信。

All with some great new interesting stats in there.

所有這些都包含一些很棒的、新的、有趣的統計數據。

So I wanted to just start with some of these new penetration stats.

所以我想從一些新的滲透統計數據開始。

So you're basically saying the funnel has like an 800 million person TAM and that your active shoppers are about 100 million.

所以你基本上是說，漏斗有 8 億人 TAM，而你的活躍購物者大約有 1 億。

And that these active shoppers order about 7 million times per day.

這些活躍的購物者每天下單約 700 萬次。

So I guess the question is, what's the bigger opportunity?

所以我想問題是，更大的機會是什麼？

Is it to increase the 7% frequency or the 12% penetration and what does the most penetrated market look like for these stats?

這是為了增加 7% 的頻率還是 12% 的滲透率？

Like, what's the north star on either frequency or penetration, which kind of move hand in hand.

例如，頻率或穿透力方面的北極星是什麼，它們是相輔相成的。

Thanks a lot.

多謝。

Hey, Ross, yeah, I'll start and feel free if you want to add anything, Ravi.

嘿，羅斯，是的，我先開始了，如果你想添加什麼的話，請隨意，拉維。

I think when I step back and look at the opportunity in front of us, I couldn't be more excited or bullish about both what we have been working on as well as what is to come.

我想，當我退一步看看我們面前的機會時，我對我們一直致力於的事情以及未來將要發生的事情感到無比興奮和樂觀。

And I think in part it's because of what you're talking about, which is the long runway in all of the areas where we've explored.

我認為部分原因是因為你所說的，我們已經探索的所有領域的跑道都很長。

If you took our oldest area of exploration, US restaurants, we, I mean, that would be the quote unquote most penetrated in terms of usage of our products.

如果以我們最古老的探索領域——美國餐廳為例，那麼從產品使用角度來看，那將是滲透率最高的領域。

And we're still single digit percentages of the US restaurant industry sales.

我們在美國餐飲業銷售額中所佔的比例仍然只有個位數。

If you look at globally, that number would be even smaller and then obviously if you added in the retail categories or if you added in the first party channels that we also support across every category.

如果從全球來看，這個數字會更小，顯然，如果你添加零售類別，或者添加我們在每個類別中都支持的第一方管道，這個數字就會更小。

And then if you added the population point that you made, we are a speck of dust in terms of how penetrated we are.

然後，如果你加上你所提到的人口點，那麼從滲透率來看，我們只不過是一粒塵埃。

And I think, the answer is really both, in terms of penetration and frequency.

我認為，從滲透力和頻率兩方面來說，答案都是肯定的。

On the penetration side, a lot of this has to do with getting into more geographies, launching more of the geographies that we currently serve but don't yet have a perfect product as well as making sure that we do a great job in terms of serving the cohorts that we already have.

在滲透方面，很大程度上與進入更多地區、推出更多我們目前服務但尚未推出完美產品的地區有關，並確保我們在服務現有客戶群方面做得很好。

One of the things that we've learned over the years is that it's really hard to keep improving the product, but it's also what we're paid to do.

我們多年來學到的一件事是，不斷改進產品真的很難，但這也是我們該做的事情。

This is what I spend the most of my time on, which is making sure how do we add more selection, how do we make the product's quality better in terms of accuracy, speed, reliability, how do we make it more affordable across the world and how do we improve our customer support?

這是我花費時間最多的事情，以確保我們如何增加更多選擇，如何提高產品在準確性、速度和可靠性方面的質量，如何使其在世界各地更實惠，以及如何改善我們的客戶支援？

And I just don't see an end in working each one of those vectors.

我只是看不到每一個向量的工作的盡頭。

That is even more true now as I think about some of the newer areas of exploration.

當我思考一些較新的探索領域時，這種感覺更加真實。

I mean when I think about grocery or retail, when I think about our commerce platform.

我的意思是，當我想到雜貨或零售時，當我想到我們的商業平台時。

I think all of these things are even in a much stronger effect or much earlier days of exploration in terms of building a product that we are proud of and building a product that we believe will actually just change behavior.

我認為，在打造一款我們引以為傲的產品和一款我們相信會真正改變行為的產品方面，所有這些事情都具有更強大的效果，或者說還處於更早期的探索階段。

I mean, that's really ultimately what you're trying to do as you think about moving up the curve in both penetration and frequency.

我的意思是，當您考慮提高滲透率和頻率的曲線時，這實際上就是您最終想要做的事情。

And does that complete your question?

這樣你的問題就完整了嗎？

Yes, thank you.

是的，謝謝。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Thanks a lot for taking my questions.

非常感謝您回答我的問題。

Let me try 2 please.

請讓我嘗試 2。

Could you please talk about contribution profit margins, especially in your international markets.

能談談貢獻利潤率嗎，特別是在國際市場。

When we think about efficiency gains in logistics versus retention improvement versus frequency versus lowering costs for delivery?

當我們考慮物流效率的提高、保留率的提高、頻率以及降低運輸成本時，會發生什麼事？

Where do you think there is greatest room for upside there as you think about that trajectory?

當您考慮該軌跡時，您認為哪裡有最大的上漲空間？

And then the second question is just stepping back a little bit, what is, Tony, how do you think about 2025 and 2026?

然後第二個問題稍微退一步，托尼，您如何看待 2025 年和 2026 年？

What are some of your goalposts for this year and how should we be thinking about it, especially as it relates to investments?

您今年的目標是什麼？

Thanks a lot.

多謝。

Hey, Shweta, it's Ravi.

嘿，Shweta，我是 Ravi。

Let me take the first one on the contribution margin, right?

讓我先討論一下貢獻毛利，對嗎？

I mean, the theme for us is very consistent, which is, A, we're not operating the business towards a specific margin percentage.

我的意思是，我們的主題非常一致，那就是，A，我們不會按照特定的利潤百分比來經營業務。

We always think about operating the business towards more EBITDA dollars, more profit dollars.

我們經營企業時始終考慮的是實現更多的 EBITDA（息稅折舊攤提前利潤）和更多的利潤。

And if you look at the theme that has been consistent for the last couple of years, we've continued to scale that business, continue to increase the overall density that ultimately is driving the profitability that you're seeing in the business.

如果你看看過去幾年一直一致的主題，你會發現我們一直在擴大業務規模，不斷提高整體密度，最終推動業務獲利能力。

But more specifically, when you think about our international business, let me give you a couple of stats about what we're seeing in the business today.

但更具體地說，當您考慮我們的國際業務時，讓我為您提供一些有關我們當前業務狀況的統計數據。

The business is growing, it's growing quite nicely.

業務正在成長，而且成長相當好。

They're growing substantially faster than peers, and when I think about it from a profitability perspective, I've talked about it in the last couple of calls that the international portfolio's gross profit positive.

它們的成長速度遠遠快於同行，當我從獲利能力的角度考慮時，我在過去幾次電話會議中談到了國際投資組合的毛利為正。

That continues to be the case. 2024 is more compared to 2023.

這種情況至今仍是如此。 2024 年比 2023 年多。

And I think about, where the business would get to.

我也在思考，生意會發展到什麼程度。

Again think about it, right?

再想想，對吧？

Like we are still early in our journey.

就像我們的旅程才剛開始一樣。

We're still very early in terms of penetration.

我們在滲透方面還處於非常早期的階段。

We're not in all the cities that, in all the countries that we operate in.

我們並未涵蓋所有開展業務的城市和國家。

Our goal is to continue to scale the business which ultimately is going to drive efficiency, which will continue to lead to more gross profit in the system, and we're very pleased with the performance of the business so far.

我們的目標是繼續擴大業務規模，最終提高效率，並繼續為系統帶來更多的毛利，我們對迄今為止的業務表現感到非常滿意。

Hey, Shweta.

嘿，Shweta。

I'll add a little to the first question and then I'll take your second one on the next couple of years.

我先對第一個問題做一點補充，然後再回答你關於未來幾年的第二個問題。

I think one of the things that we've learned in building any of our businesses is that it really is the combined sum or a cumulative compounding effect of a lot of small things.

我認為，我們在建立任何企業的過程中學到的一件事就是，它實際上是許多小事的總和或累積的複合效應。

And so, when you ask a question whether it's about margin or top line or product improvements, I wish it was as simple as to say, oh, there's one area that has way more room to run than some other areas.

因此，當你問到有關利潤、營業額或產品改進的問題時，我希望你能簡單地回答，哦，有一個領域比其他領域有更多的發展空間。

What we've actually found is that there's room to run almost everywhere and when you think about how we've been able to both grow our top line as well as significantly improve our bottom line as well as increase the amount of reinvestment in building this business.

我們實際上發現，幾乎所有地方都有發展的空間，想想我們如何既能夠增加我們的營業收入，又能夠顯著提高我們的盈利能力，並增加對建設這項業務的再投資額。

What you see is really the effect of having invested successfully in scale, having positive margins, and when you multiply those two things together, you just get increasing ability to reinvest and now you just have to make really good investments, which is comes to your second question around the next couple of years.

您所看到的實際上是成功進行規模投資所產生的效果，即獲得正利潤，當您將這兩件事相乘時，您就會獲得不斷增強的再投資能力，現在您只需要進行真正好的投資，這就是您在未來幾年提出的第二個問題。

The investment philosophy when I think about the next couple of years really hasn't changed.

當我考慮未來幾年時，投資理念其實並沒有改變。

It continues to be -- we only want to invest when we see great signs to do so.

我們依然是那樣——只有當我們看到好的跡象時我們才會投資。

So if it's an early stage product, it's generally signs of product market fit for each one of the audiences, making sure that we have a substantial improvement to what already exists in the market.

因此，如果它是早期產品，它通常是產品市場適合每個受眾的跡象，確保我們對市場上已有的產品進行實質改進。

And then having a hypothesis or a path towards monetization and building a strong cash generating business thereafter.

然後提出一個假設或一條實現貨幣化的途徑，並隨後建立強大的現金生成業務。

And so that starts with each of the five areas that we've been exploring, our US restaurants area, our business internationally, our business outside of restaurants, our commerce platform, and ads.

因此，這從我們一直在探索的五個領域開始，即我們的美國餐廳領域、我們的國際業務、我們的餐廳以外的業務、我們的商業平台和廣告。

And so that's really where the focal point continues to be.

因此這確實是焦點所在。

I think we have a lot of work to do as I mentioned in an earlier question in terms of just improving the product.

正如我之前在問題中提到的，我認為在改進產品方面我們還有很多工作要做。

So that's where most of the investment dollars will go.

所以大部分投資資金都會流向那裡。

But we're also in search of future areas of exploration.

但我們也在尋找未來的探索領域。

When I think of local commerce, I think there's lots of problems, and I think lots of ways to help grow the GDP within cities.

當我想到本地商業時，我認為存在著許多問題，我認為有很多方法可以幫助城市的 GDP 成長。

It doesn't mean that we invest in everything, but at the same time, when I see that we have a long runway in our existing areas, I get as excited about the reinvestment into doubling down there as well as in search of new areas.

這並不意味著我們要投資一切，但同時，當我看到我們在現有領域擁有廣闊的發展空間時，我會對在那裡加倍投資以及尋找新領域感到興奮。

Thanks, Tony.

謝謝，托尼。

Thanks, Ravi.

謝謝，拉維。

Deepak Mathivanan, Cantor Fitzgerald.

馬蒂瓦南 (Deepak Mathivanan)、費茲傑拉領唱者。

Great.

偉大的。

Tony, maybe I'll ask an autonomous vehicle question for you.

東尼，也許我可以問你一個關於自動駕駛汽車的問題。

Obviously the current cost structure of AVs does not make delivery a primary use case, but in a world, say in the next 5- to 10 years as personal vehicles sort of become increasingly autonomous and maybe can pick up food by themselves, how are you thinking about the potential opportunities and risk for that and how are you preparing for a navy world?

顯然，目前自動駕駛汽車的成本結構並不適合將配送作為主要用途，但在未來 5 到 10 年內，隨著私人車輛變得越來越自動化，甚至可以自己取食物，您如何看待其中的潛在機會和風險，您如何為海軍世界做準備？

And then our second question maybe for Ravi, can you give an update on Wolt?

然後我們的第二個問題可能是針對拉維的，您能提供關於 Wolt 的最新消息嗎？

What are you seeing in some of the fast growing markets?

您在一些快速成長的市場中看到了什麼？

Where does Wolt stand with respect to the new verticals product build out and penetration kind of in early 2025 in some of these key markets?

在 2025 年初的一些主要市場中，Wolt 在新垂直產品的建造和滲透方面處於什麼位置？

Thank you very much.

非常感謝。

Yeah, I'll start on autonomy, Deepak.

是的，我將從自治開始，迪帕克。

So I mean autonomy, I think is super exciting.

所以我認為自主是非常令人興奮的。

I think it's one of the two big mega trends that's happening right now in technology.

我認為這是目前科技領域的兩大趨勢之一。

The obvious other one is what's happening in the world of LLMs, and I think autonomy has come a long way.

另一個顯而易見的現像是法學碩士領域正在發生的事情，我認為自主性已經取得了長足的進步。

I think a lot of us certainly working in the field, probably either hoped for or expected this to have come sooner, but I think you're seeing just a lot of exciting existence proof points of what's to come.

我想我們中的許多在這個領域工作的人可能都希望或期望這一天能早點到來，但我認為你們看到的只是許多令人興奮的存在證明點，預示著未來的發展。

You're right to say that a lot of people are still trying to figure out the total cost of operations, and the way I think about this is, first and foremost I would articulate is that problem for autonomous delivery is actually quite different from the problem for robotaxis.

你說得對，很多人仍在試圖計算出營運的總成本，而我對此的看法是，首先我想說的是，自動送貨的問題實際上與機器人出租車的問題有很大不同。

Obviously in the case of robotaxis, you have the passenger who can solve the first and last 10-ft problem where they can enter and exit the vehicle for the vehicle, so to speak.

顯然，在機器人出租車的情況下，乘客可以解決第一個和最後一個 10 英尺的問題，他們可以在那裡進入和離開車輛，可以這麼說。

That is quite helpful in solving that problem.

這對於解決該問題非常有幫助。

Obviously with passengers, you're going to have to travel farther there there's life at risk and so you're going to need more expensive hardware.

顯然，對於乘客來說，你必須行駛更遠的距離，那裡有生命危險，所以你需要更昂貴的硬體。

You're going to have to travel farther distances and you're going to have to carry more capacity.

你將需要旅行更遠的距離並攜帶更多的東西。

That's very different when you're talking about some of the item deliveries that we partake in.

當我們談論我們參與的一些物品運送時，情況就大不相同了。

It's an area of exploration that we've now studied for years and have worked on.

這是我們多年來一直研究和努力的一個探索領域。

We don't have anything to announce at the moment, but we're quite excited about all of the challenges.

目前我們沒有任何消息可以宣布，但我們對所有挑戰都感到非常興奮。

We do think the problem statement is quite different, and I think that it's as important to both build technology that addresses the specific use cases within delivery as well as understand how the technology and operations must be married in order to achieve the cost profile that you're asking about in your question such that it makes sense for everybody.

我們確實認為問題陳述非常不同，我認為建立解決交付中特定用例的技術與了解如何將技術和操作結合起來以實現您在問題中詢問的成本概況同樣重要，這對每個人來說都是有意義的。

Hey, Deepak on your second point on board.

嘿，Deepak，關於你的第二點。

Look, I mean, the international business overall including Wolt had a very strong quarter as well as, in fact, 2024 has been a very strong year.

看，我的意思是，包括 Wolt 在內的整體國際業務本季表現非常強勁，事實上，2024 年也是非常強勁的一年。

You know I mentioned on an earlier question that Shweta talked about, which is we're growing faster than peers.

您知道我之前提到過 Shweta 談到的一個問題，那就是我們的成長速度比同業更快。

In fact, we're growing substantially faster.

事實上，我們的成長速度正在大幅加快。

We're gaining share in virtually every country that we operate in.

我們在幾乎每個開展業務的國家的市場份額都在不斷擴大。

When I look at the entire portfolio, I mean, users are growing.

當我審視整個投資組合時，我發現用戶正在成長。

We reached an all-time high in terms of our international MAUs as well as the order frequency continues to grow.

我們的國際月活躍用戶數達到了歷史最高水平，訂單頻率也持續增長。

That's a combination of us trying to improve the selection, trying to improve quality, as well as continuing to drive affordability.

這是我們努力改善選擇、努力提高品質以及繼續提高價格的結合。

Gold Plus, we launched that roughly about 2 years ago.

Gold Plus，我們大約在兩年前推出了它。

That business is growing.

那個業務正在成長。

It's scaling quite nicely.

它的擴展性相當好。

When I look at the slope of that curve compared to DashPass in its early years, it's growing faster than DashPass.

當我將該曲線的斜率與早年的 DashPass 進行比較時，我發現它的增長速度比 DashPass 更快。

And the portfolio of category expansion is also continuing to grow quite nicely.

而且品類擴展組合也持續保持良好的成長動能。

There are several countries where new verticals and grocery penetration in the international portfolio is actually higher than what we're seeing in the US.

在某些國家，國際投資組合中的新垂直產業和雜貨滲透率實際上高於我們在美國看到的水平。

So overall, when I look at the business, I mean, it's strong growth.

所以總的來說，當我審視業務時，它的成長強勁。

The unit economics have improved.

單位經濟效益有所提高。

We're really pleased with the performance of the business, both Q4 as well as full year 2024.

我們對第四季和 2024 年全年的業務表現感到非常滿意。

Great.

偉大的。

Thank you both.

謝謝你們兩位。

Michael Morton, MoffettNathanson.

麥可莫頓，莫菲特納桑森。

Hi there, thanks for the question.

你好，謝謝你的提問。

One for Tony and then one for Ravi.

一個給托尼，另一個給拉維。

Ravi, in the prior 10-Q you called out international markets utilizing NOLs for the first time.

拉維，在之前的 10-Q 中，您首次提到了利用 NOL 的國際市場。

I was wondering if you could talk a bit more maybe about some of the markets that are seeing this inflection in profitability, and then how far some other international markets could be behind those ones, utilizing the NOLs, so just curious on the curve there.

我想知道您是否可以再多談談一些正在經歷盈利能力轉變的市場，以及其他一些國際市場在利用淨運營利潤方面可能落後於這些市場多少，所以我對那裡的曲線很好奇。

And then for Tony, there's a lot of companies rolling out agents and assistants, it's no secret.

對東尼來說，很多公司都在推出經紀人和助理，這不是什麼秘密。

And when it comes to e-commerce, there's a thought that as you could be changing the traditional search funnel, it's an opportunity to integrate local inventory, more seamless into the consumer shopping experience.

而當涉及電子商務時，有人認為，由於你可以改變傳統的搜尋管道，因此這是一個將本地庫存更無縫地整合到消費者購物體驗中的機會。

So would love to hear how you're thinking about this opportunity and exploring potential partnerships in providing the infrastructure for these model and I would say upcoming search operators.

所以我很想聽聽你對這個機會的看法，並探索為這些模型提供基礎設施的潛在合作夥伴關係，我想說即將到來的搜尋營運商。

Thanks guys.

謝謝大家。

If I can -- I think the first one, I mean, when we think about international, right, I mean, I'm thinking about the overall portfolio as a whole.

如果可以的話——我認為第一個，我的意思是，當我們考慮國際時，對的，我的意思是，我正在考慮整個投資組合。

As you think about that, right, like there's the overall portfolio is gross profit positive.

正如您所想的，對的，就像整體投資組合的毛利是正的。

I talked about earlier that there's countries in there which are contribution margin positive from a pure restaurant's perspective.

我之前談過，從純餐廳的角度來看，有些國家的貢獻毛利是正的。

The portfolio looks, similar to what we've done in the US, right?

這個投資組合看起來與我們在美國所做的類似，對嗎？

There's countries where we feel very good about the contribution margin.

我們對某些國家的貢獻利潤感到非常滿意。

They're approaching levels that we're very positive about.

它們正在接近我們非常看好的水平。

We're using some of those profits to continue to invest behind some of the other markets.

我們將利用部分利潤繼續投資其他一些市場。

And if your question specifically is around tax, I mean, I would expect that to be somewhat volatile as we think about the rest of the year just given the level of profitability that we have in the international markets.

如果你的問題具體是關於稅收的，我的意思是，考慮到我們在國際市場的盈利水平，我預計今年剩餘時間的稅收情況會有些波動。

We don't expect to be a major cash, taxpayers this year.

我們預計今年我們不會成為主要的現金納稅人。

Hey Michael, on the second question around AI agents, I mean, I definitely agree with the premise that there's going to be a lot of AI agents working on our behalf and doing multiple tasks and jobs.

嘿，邁克爾，關於人工智慧代理的第二個問題，我的意思是，我絕對同意這樣的前提，即將會有很多人工智慧代理代表我們工作並執行多項任務和工作。

The way I kind of see this for DoorDash is really two things.

我對 DoorDash 的看法實際上有兩點。

I think one is, we have to first and foremost make sure that we master the physical world, right?

我認為，首先我們必須確保我們掌握物質世界，對嗎？

That's an area where LLMs and AI agents don't necessarily play a significant of a role.

在該領域，法學碩士 (LLM) 和人工智慧代理並不一定能發揮重要作用。

They're an interface in some ways to the physical world, but they certainly don't solve the tasks in the physical world, such as providing the logistics infrastructure, understanding how to do it at the highest quality with the lowest cost, with the greatest accuracy.

在某種程度上，它們是物理世界的接口，但它們肯定不能解決物理世界中的任務，例如提供物流基礎設施，了解如何以最低的成本、最高的品質和最高的準確度來完成這些任務。

So that's like, for job number one is make sure that we perfect that.

因此，首要任務就是確保我們能完美地完成這一點。

Job number 2 is to make sure that we take advantage of these technologies, especially as the costs continue to scale down quite quickly, as you see the prevalence of open source models that we can make the greatest use of this technology with all of the data that we have.

第二個任務是確保我們充分利用這些技術，特別是當成本繼續快速下降時，正如您所看到的開源模型的普及，我們可以利用我們擁有的所有數據來最大限度地利用這項技術。

With billions of orders and, over 100 million customers every year, and the graph that we've built, both for food and items at a local level, I think there's great opportunity for much better personalization.

每年有數十億份訂單和超過 1 億的客戶，而且我們已經建立了本地食品和商品的圖表，我認為有很大機會實現更好的個人化。

I think that there's much better opportunity to virtually improve every part of our operations with LLMs, both via the use of agents as well as in other ways with LLMs.

我認為，透過 LLM，我們可以更好地改善營運的每個部分，無論是透過使用代理商還是透過其他方式。

And so, and then, obviously, to state the obvious, with a program as exciting and as penetrating as DashPass, I think that that will be another way in which we add great value in addition to the improved personalization, as you think about how these technologies interface.

因此，顯然，顯而易見的是，有了像 DashPass 這樣令人興奮且具有滲透力的程序，我認為除了改進個性化之外，這將是我們增加巨大價值的另一種方式，因為你考慮這些技術如何接口。

But I think there's two different jobs.

但我認為這是兩種不同的工作。

I think job number one is we have to make sure that we continue to master the physical world, and the job number 2 is that we have to take advantage of the assets that we bring to bear and then make use of the technology, especially, something as quickly changing as LLMs so that we can offer customers the best experience.

我認為首要任務是我們必須確保繼續掌握物理世界，第二個任務是我們必須利用我們所擁有的資產，然後利用技術，特別是像法學碩士 (LLM) 這樣快速變化的技術，以便我們能夠為客戶提供最佳體驗。

Thanks so much, guys.

非常感謝大家。

Bernie McTernan, Needham & Company.

伯尼‧麥克特南 (Bernie McTernan)，尼德漢姆公司。

Great, thanks for taking the questions.

太好了，感謝您回答這些問題。

Just wanted to touch on bookings.

只是想談談預訂問題。

So the acceleration for bookings, just wanted to know, what made 4Q so strong and any trends to point to, whether it's restaurant or non-restaurant.

因此，預訂量加速成長，我只是想知道，是什麼讓第四季如此強勁，以及任何趨勢都可以指向，無論是餐廳還是非餐廳。

And then on the guide, thoughts on the deceleration 1Q, I think there's probably some headwinds with in 1Q is like leap year, California fires, FX, but just wanted to see kind of the core versus non-core as well, anything underlying going on.

然後，在指南中，關於第一季減速的想法，我認為第一季可能會有一些阻力，例如閏年、加州火災、外匯，但我只是想看看核心與非核心的情況，以及任何潛在情況。

Thank you.

謝謝。

Hey, Bernie.

嘿，伯尼。

I'll take, both of these.

我都要這兩個。

I mean, look, I mean, Q4 was a strong growth quarter for us.

我的意思是，第四季對我們來說是一個強勁的成長季度。

We are very pleased with the performance of the business.

我們對業務表現非常滿意。

What we're seeing in the business, right?

我們在業務中看到的是什麼，對嗎？

I mean, if you just pull back and look at 2024, restaurants continues to grow at a very nice pace, growing double digits, and more importantly, what we saw in the year was stable and as well as consistent growth throughout the quarters.

我的意思是，如果你回顧一下並展望 2024 年，你會發現餐廳將繼續以非常快的速度增長，實現兩位數的增長，更重要的是，我們在這一年中看到的是穩定且在各個季度都持續的增長。

Both new verticals as well as international growing much faster than the restaurant business.

新興垂直產業和國際產業的成長速度都比餐飲業快得多。

We talked about the fact that you know we have over 42 million monthly active users.

我們談到了一個事實，那就是我們每月有超過 4,200 萬活躍用戶。

That number is growing at a double digit rate or the frequency continues to be at an all-time high.

這一數字正以兩位數的速度增長，或者說頻率繼續保持歷史最高水準。

DashPaas had a strong year as well, right?

DashPaas 今年也表現不俗，對吧？

If you put all of this together, that's what's driving the growth that you're seeing in Q4.

如果將所有這些因素綜合起來，這就是推動第四季成長的因素。

As we talk about Q1, I mean look, we're really pleased with the performance of the business.

當我們談論第一季時，我的意思是，我們對業務表現非常滿意。

We're happy with, where the business is trending as well as the guidance that we've given.

我們對業務趨勢以及我們給予的指導感到滿意。

As you think about sort of like the com, right?

正如您所想的，這有點像 com，對嗎？

I mean, through one of last year there was a extra day.

我的意思是，去年有一天是額外的。

There's also some impact from FX, which is roughly about 1% on a year over year both basis.

外匯也產生了一些影響，年比變動約為 1% 左右。

But you know our business continues to do well.

但您知道我們的業務持續表現良好。

We continue to be overall very pleased with the performance of the business and more importantly, as I look at the rest of the year, right, very confident with the outlook for the full year as well.

整體而言，我們對業務表現感到非常滿意，更重要的是，展望今年剩餘時間，我對全年的前景也非常有信心。

Great, thank you.

太好了，謝謝。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼、伯恩斯坦。

Hi there, thanks for taking my question.

你好，感謝您回答我的問題。

I have two on the US new verticals, please.

請問我有兩個關於美國新垂直市場的資訊。

So first, how much repeat buying behavior do you see with these newer categories?

那麼首先，您看到這些較新的類別中有多少重複購買行為？

And I appreciate that aggregate cohort level metrics are probably more important, but it would be helpful to understand if you see repeat engagement or if demand is more episodic in nature.

我明白整體群組層級指標可能更為重要，但了解您是否看到重複參與或需求是否更具偶發性將會很有幫助。

And then second, the letter talks about continued progress towards strong profitability in US new verticals.

其次，信中談到了美國新興垂直領域持續取得強勁獲利進展。

So how should we think about the scale that you need to get there?

那我們應該如何考慮達到這個目標所需的規模呢？

And when you think long term about what that eventual operating profit per order looks like, how does that compare in your minds to restaurant delivery?

當您從長遠角度考慮每份訂單的最終營業利潤時，您認為這與餐廳外送相比如何？

I'm sure it varies a lot by category, but any commentary you can provide there would be helpful.

我確信它因類別而異，但您提供的任何評論都會有所幫助。

Thank you.

謝謝。

I mean, Nikhil, I'll take both of these, right?

我的意思是，尼基爾，我會選這兩個，對嗎？

I mean, if you think about new verticals, right, very strong year actually.

我的意思是，如果你考慮新的垂直領域，那麼今年實際上是非常強勁的一年。

I mean we are the fastest growing in the US.

我的意思是我們是美國發展最快的。

We gain share in new verticals through the year.

我們全年在新的垂直領域的份額不斷擴大。

You know what you're seeing in the behavior is, consumers are continuing to utilize new verticals.

您知道您所看到的行為是，消費者正在繼續利用新的垂直市場。

They're ordering from all categories.

他們從所有類別進行訂購。

And one of the pieces that we had very early on was [mouse] that order from both restaurants as well as new verticals.

我們很早就擁有的其中一項功能是使用滑鼠從兩個餐廳以及新的垂直市場訂餐。

They continue to increase their engagement on the overall platform.

他們繼續增加對整個平台的參與度。

That's showing up very nicely in the early data.

這在早期數據中表現得非常好。

And I think both things, right?

我認為兩者都有，對嗎？

The number of miles that use new verticals is growing, the order frequency is growing, and more importantly, they're spending more with us on a monthly basis.

使用新垂直運輸工具的里程數正在增長，訂單頻率正在增長，更重要的是，他們每月在我們這裡的消費越來越多。

The overall spend per mile per month that continues to go up.

每月每英里的總支出持續上漲。

It just goes to show you that the selection that we've added, the quality of the product, all of that is something that consumers love, and we're continuing to focus on that.

這只是向您展示我們增加的選擇、產品的質量，所有這些都是消費者喜愛的，我們將繼續關注這一點。

And your, second question around profitability, I mean a couple of things to reiterate, right?

關於獲利能力的第二個問題，我想重申幾件事，對嗎？

When we think about profitability, we're thinking about overall dollars that are flowing through the system.

當我們考慮獲利能力時，我們考慮的是流經系統的總資金量。

You're not thinking about it on a margin percentage basis.

您沒有根據利潤百分比來考慮這個問題。

That continues to be the case for new verticals.

對於新的垂直行業來說，情況仍然如此。

When I look at the progress that we've made, I mean, '24 was a good year.

當我看到我們所取得的進步時，我認為 24 年是很好的一年。

The unit economics have improved in '24 compared to '23.

與23年相比，24年的單位經濟效益有所改善。

I feel very good about where we are.

我對我們現在的狀況感到非常滿意。

What we're focused on right now is scale, because I think we have an opportunity to build a very large business here.

我們現在關注的是規模，因為我認為我們有機會在這裡建立一個非常大的業務。

I mean, look, ultimately the goal is to drive overall free cash flow dollars higher in the system, and grocery as well as new verticals is going to be a great area of growth, as well as overall profit dollar driver for us as we think about over the next several years.

我的意思是，看，最終目標是推動系統中整體自由現金流的增加，而雜貨以及新的垂直行業將成為一個巨大的成長領域，也是我們未來幾年整體利潤的驅動力。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克‧謝裡丹 (Eric Sheridan)。

Thanks so much for taking the question.

非常感謝您回答這個問題。

Maybe building on the last question, I just want to go a little bit deeper in the state of the grocery side of the business.

也許基於最後一個問題，我只是想更深入地了解食品雜貨業務的狀況。

What were the key learnings over the last year that unlocked elements of either user growth frequency or supply?

過去一年中，我們獲得了哪些關鍵的經驗，解鎖了用戶成長頻率或供應量的要素？

And when you think about the array of supply or frequency looking out over 2025 that isn't in your ecosystem, what do you see as some of the key investments to potentially unlock that potential and how does that inform against your strategic priorities?

當您考慮 2025 年不在您的生態系統中的供應或頻率陣列時，您認為哪些關鍵投資可能會釋放這種潛力，以及這如何引導您的策略重點？

Thanks so much.

非常感謝。

Hey, Eric, it's Tony.

嘿，艾瑞克，我是東尼。

I can take this one.

我可以拿這個。

I mean, I guess in short a lot of this is just making a lot of product improvements.

我的意思是，我想簡而言之，這其中很多只是對產品進行了大量改進。

I think that the state of play of where grocery delivery in the US or globally, it's still quite nascent.

我認為，美國或全球的雜貨配送現況仍處於起步階段。

I mean, if you look at the penetration levels of where it is compared to other categories of e-commerce and delivery, it is still quite lagging.

我的意思是，如果你看看與其他類別的電子商務和配送相比，它的滲透水平仍然相當滯後。

And I think there's several reasons, but the short version of this is that customers today are asked to pay a premium, but they don't always receive the items that they order.

我認為原因有很多，但簡而言之，今天的顧客被要求支付額外費用，但他們並不總是收到他們訂購的物品。

That's not a great proposition.

這不是一個好提議。

And so there's a lot of work that we're just doing to improve each one of these vectors, everything from adding more skews to our catalog, understanding exactly where items are and how do we make sure that we deliver with perfect accuracy.

因此，我們正在做大量工作來改進每個向量，從在我們的目錄中添加更多傾斜，到準確了解物品的位置，以及如何確保我們以完美的準確性交付。

Making sure that we can increase the affordability of the products, making sure that we have the matching, we're matching the right type of dashers who want to do grocery deliveries with actual grocery orders, working together with grocers and other retail partners to make sure that all of this ecosystem is set up for perfect delivery quality.

確保我們能夠提高產品的價格承受能力，確保我們能夠進行匹配，我們將想要進行雜貨配送的正確類型的送貨員與實際的雜貨訂單進行匹配，與雜貨商和其他零售夥伴合作，以確保整個生態系統都能夠實現完美的配送質量。

There's just a lot of different small things.

有很多不同的小事。

I mean, if you looked at the list, it would probably be like a project list of like hundreds or something like this.

我的意思是，如果你看一下列表，它可能會像數百個項目列表或類似的內容。

So there isn't any one thing.

所以不存在任何一件事。

I think the key learning is that, it would be one that there still remains a lot of product improvement left.

我認為關鍵的教訓是，產品仍有許多需要改進的地方。

We're really satisfied with what we've done in '24 and in the years prior, but there's a long way to go.

我們對 2024 年以及之前幾年所取得的成就感到非常滿意，但還有很長的路要走。

Two, customers who started by building a relationship with us in grocery of buying small top-up orders for the middle of the week run are now buying larger baskets, and we're now serving all of their use cases.

二是，最初與我們在雜貨店建立關係的客戶，他們在周中購買小額補貨訂單，現在他們購買更大的籃子，我們現在正在滿足他們的所有使用案例。

This is kind of the point Ravi made to an earlier question about how the spend is growing for each recurring customer.

這有點像 Ravi 之前回答的一個問題，即每個回頭客的支出如何成長。

And three, this, I think dabble a bit to another part of your question, which is that more and more grocers see that the business that we bring and the customers that we bring is very incremental to what they see through their own channels as well as with other partners and so I think all of these things have been very strong indicators that we're on the right path.

第三，我想稍微談談你問題的另一部分，那就是越來越多的雜貨商發現，我們帶來的業務和客戶與他們透過自己的管道以及其他合作夥伴看到的相比有很大的增量，所以我認為所有這些都是非常有力的指標，表明我們正走在正確的道路上。

But as I mentioned, I think kind of the main ones still, in terms of our focuses, we just have to keep working on the product.

但正如我所提到的，我認為就我們的重點而言，我們的主要任務仍然是繼續致力於產品。

We feel again, really good about the progress we've made, but we still feel like we're super early in terms of what grocery delivery should look like.

我們再次對所取得的進展感到非常高興，但我們仍然覺得，就雜貨配送的形態而言，我們還處於非常早期的階段。

Great, thank you.

太好了，謝謝。

Jason Helfstein, Oppenheimer.

奧本海默的傑森‧赫爾夫斯坦 (Jason Helfstein)。

Thanks.

謝謝。

If I could ask two questions, just general thoughts on DashPass, I appreciate you sharing the growth rate and the numbers.

如果我可以問兩個問題，只是對 DashPass 的一般想法，我感謝您分享成長率和數字。

Just I guess how do you think about the growth from here and any catalyst to potentially accelerate the growth.

我只是想知道您如何看待現在的成長以及任何可能加速成長的催化劑。

And then second, I think the math on GOV for MAU was up 6% in '24.

其次，我認為 GOV 的計算結果在 24 年上漲了 6%。

I think it was up 8% in '23 if our math is right.

如果我們的計算正確的話，我認為 23 年它會上漲 8%。

Just maybe talk about the factors that would be impacting us, whether US, non-US, restaurant, non-restaurant.

也許只是談論會影響我們的因素，無論是美國還是非美國，餐廳還是非餐廳。

Thank you.

謝謝。

Maybe I'll start with the first one on DashPass and Ravi, you can take the second one.

也許我會從 DashPass 和 Ravi 上的第一個開始，你可以選擇第二個。

So with respect to DashPass, I think it's a pretty straightforward playbook.

因此，就 DashPass 而言，我認為這是一個非常簡單的劇本。

I think, to start, we have over 100 million customers who order with us annually, but when you look at DashPass and Bolt Plus, we're only in the tens of millions, right?

我認為，首先，我們每年有超過 1 億客戶在我們這裡訂貨，但當你看看 DashPass 和 Bolt Plus 時，我們只有數千萬，對嗎？

And so we have a large fraction of our customer base within our own ecosystem that are not subscribers.

因此，我們自己的生態系統中有很大一部分客戶群不是訂閱者。

So that's the first thing we have to go and solve.

所以這是我們要解決的第一件事。

I think before trying to solve other problems.

在嘗試解決其他問題之前，我會先思考。

And so, okay, how do we solve that?

那麼，好吧，我們該如何解決這個問題？

Well, I think it's really by making the product better and making it more obvious why joining as a subscriber is better than not joining as a subscriber.

嗯，我認為這實際上是透過讓產品變得更好，並讓人們更明顯地明白為什麼作為訂閱者加入比不作為訂閱者加入更好。

But, so all of the commentary I've made earlier about improving the selection, making sure that there are more exclusive benefits for subscribers, making sure that the quality is perfect, making sure that customer support is improving.

但是，我之前提出的所有評論都是關於改善選擇，確保為訂閱者提供更多專屬優惠，確保品質完美，確保客戶支援不斷改善。

All of these things are going to help the ecosystem want to be more frequent users of our service.

所有這些都將有助於生態系統吸引更多用戶頻繁使用我們的服務。

And when someone is a greater frequency user of our service, then they actually, I think, would be more willing to consider a membership program.

當某人更頻繁地使用我們的服務時，我認為他們實際上會更願意考慮會員計劃。

And so that's where the focus really is.

所以這才是真正的焦點。

I don't think that we have to do anything unnatural to see growth in our subscriber programs.

我認為我們不必做任何不自然的事情就能看到訂閱者計劃的成長。

We feel really good about where we're at and we just have to keep going.

我們對目前的狀況感到非常滿意並且我們只需要繼續前進。

Hey, Jason.

嘿，傑森。

To your second point.

關於你的第二點。

I mean I appreciate the math that you're trying to do, but looking at the blended number is not really indicative of, sort of like what you're seeing from an underlying trends perspective, right?

我的意思是，我很欣賞你所做的數學計算，但查看混合數字並不能真正表明你從潛在趨勢的角度所看到的內容，對嗎？

For us when we think about this business, it's a cohorted business.

對我們來說，當我們考慮這項業務時，它是一項群組業務。

We're still acquiring new users at a pretty healthy clip.

我們仍在以相當健康的速度吸引新用戶。

And usually what you see in the business is when new users join, they have a lower order frequency before they graduate on to ordering more on the platform.

通常你在業務中會看到這樣的情況：當新用戶加入時，他們的訂購頻率會較低，之後他們才會開始在平台上訂購更多商品。

The real way to think about it is looking at it on a cohorted basis and I look at the underlying cohorts, right, whether it's retention, which is doing really well, retention continues to improve, but the sort of frequency that continues to improve.

真正思考這個問題的方式是從群組角度來看待這個問題，我會查看底層群組，對吧，無論是留存率（表現非常好），留存率還在繼續提高，但頻率也在繼續提高。

And the second dimension you should look at is look at the various different lines of business.

您應該考慮的第二個維度是查看各種不同的業務線。

When I look at the restaurant business, I mean the growth is strong.

當我觀察餐飲業時，我認為其成長強勁。

Users are still continuing to grow.

用戶還在持續成長。

They're ordering more with us.

他們正在向我們訂購更多。

Number 2, even on new verticals to an earlier question, right?

第二，即使在新的垂直領域，也要回答先前的問題，對嗎？

Like I talked about the fact that users are growing as well as their order frequency continues to grow.

就像我剛才說的，用戶正在成長，他們的訂單頻率也不斷成長。

The second thing I would look at is truly to look at the health of the business, you look at the older cohorts.

我要關注的第二件事是真正了解企業的健康狀況，看看老一輩。

The older cohorts continue to be very strong, and they continue to increase their engagement as well as order frequency over time.

年齡較大的群體仍然非常強大，並且隨著時間的推移，他們的參與度和訂購頻率不斷提高。

And that just tells me that you know the underlying cohort strength is strong both for new as well as the existing cohorts.

這只是告訴我，你知道新群體和現有群體的潛在群體實力都很強大。

And does that complete your questions?

這樣你的問題就解答了嗎？

Yeah, thank you.

是的，謝謝。

Ken Gorski, Wells Fargo.

富國銀行的肯‧戈爾斯基 (Ken Gorski)。

Thank you very much. 2, if I may please.

非常感謝。 2、如果可以的話。

First, on advertising, you listed as the fifth area where you can build a great business.

首先，您將廣告列為可以打造偉大業務的第五個領域。

Could you speak please to the roadmap for the next 12- to 24 months?

能談談未來 12 至 24 個月的路線圖嗎？

Do you feel you have the advertising product and the overall product experience ready to aggressively scale ads?

您是否認為您的廣告產品和整體產品體驗已經準備好積極擴大廣告規模？

And then the second question is more on dasher supply.

第二個問題比較是關於衝刺供給。

Could you just talk about, one, bigger picture, how you see the Dasher supply environment and how you think it may evolve throughout the year.

您能否談談更大的圖景，您如何看待 Dasher 的供應環境以及您認為它將如何發展。

And then secondarily there, are you seeing a segmentation of kind of use cases where we're seeing and reading about Instacart and Uber beginning to differentiate between delivery and store and kind of pick and pack.

其次，您是否看到了用例的細分，我們看到和讀到有關 Instacart 和 Uber 開始區分送貨和存儲以及挑选和包裝的報道。

Thank you very much.

非常感謝。

Hey, Ken.

嘿，肯。

I can start.

我可以開始了。

I mean, I think there were, I think a few questions in there.

我的意思是，我認為其中存在一些問題。

I think the first question was around ads.

我認為第一個問題是關於廣告的。

I mean ads had a great year.

我的意思是今年的廣告業績非常好。

I mean in terms of what we worked on, it's always two sets of products, one set of products for consumers and one set of products for advertisers, right?

我的意思是，就我們所做的事情而言，我們總是有兩套產品，一套產品針對消費者，一套產品針對廣告商，對嗎？

And it's because when you build advertising, you're constantly trying to solve the set of simultaneous equations where you're balancing how do you achieve the highest return on ad spend for the advertisers, and then the least amount of degradation, ideally no degradation for consumers.

這是因為，當你建立廣告時，你會不斷地嘗試解決一組聯立方程，在這些方程中，你需要平衡如何為廣告商實現最高的廣告支出回報，然後將消費者的損失降至最低，理想情況下是沒有損失。

And so I think there's a distinction between what you're saying, which is like there's an assumption you made in your question that you would aggressively scale if you're ready to scale.

因此，我認為你所說的是有區別的，就像你在問題中做出了一個假設，如果你準備好擴大規模，你就會積極擴大規模。

And I would challenge that by saying, it's important to make sure that in advertising business follows a healthy marketplace and that an advertising business in and of itself is quite a short term pursuit.

我想對此提出質疑，重要的是確保廣告業務遵循健康的市場，廣告業務本身就是一個短期追求。

And and so the way we think about it is, well, we got to keep making sure that our ads are more and more relevant.

因此，我們的想法是，我們必須不斷確保我們的廣告越來越相關。

We have to make sure that there are more and more units so that they can solve different types of problems for advertisers.

我們要確保有越來越多的部門，這樣他們才能為廣告商解決不同類型的問題。

But we also have to make sure that standard things like reporting and other kinds of tools of integrating, other platform partners that I think advertisers are accustomed to seeing or working with.

但我們還必須確保諸如報告和其他類型的整合工具之類的標準的東西，以及我認為廣告商習慣看到或與之合作的其他平台合作夥伴。

I think these are all kind of like par for the course.

我認為這些都是理所當然的事。

But I think the most important thing of getting the product right is making sure that we can balance the needs of the advertiser with the needs of the consumer because again, the way I think about this is that a healthy marketplace is always precedes and trumps an advertising business.

但我認為，做好產品最重要的是確保我們能夠平衡廣告主的需求和消費者的需求，因為我的想法是，健康的市場總是先於並勝過廣告業務。

With respect to Dasher Supply, Dasher supply looks really good.

就 Dasher Supply 而言，Dasher Supply 看起來確實不錯。

We've had very strong supply on the road.

我們的公路供應非常充足。

Obviously there's been some challenging circumstances with weather in different parts of the world, as well as unfortunately different natural disasters that have also occurred.

顯然，世界各地都出現了一些具有挑戰性的天氣情況，不幸的是，還發生了不同的自然災害。

But outside of those anomalies, Dasher supply continues to look really healthy.

但除了這些異常情況之外，Dasher 的供應仍然看起來非常健康。

And I'm sorry, what was your last question about it?

抱歉，您最後一個問題是什麼？

Yeah, I was just talking about differentiating supply versus core delivery versus what we're seeing some more differentiation versus the pick and pack and it got to be in store versus delivery.

是的，我剛才談到了區分供應與核心交付，以及我們看到的更多與挑選和包裝以及在商店中交付之間的差異。

I got it.

我得到了它。

Okay, I got it.

好的，我明白了。

Yeah, okay, that's helpful.

是的，好的，這很有幫助。

I didn't know the two were connected.

我不知道這兩者有關聯。

So we do see different preferences for different dashers and couriers around the world.

因此，我們確實看到世界各地對不同的快遞員和快遞員有不同的偏好。

One of the benefits of starting with the highest frequency delivery of restaurant food, as well as just the breadth of coverage that we offer where there's a lot more restaurants out there, other types of stores out there.

從提供最高頻率的餐廳食品配送服務開始，我們的優勢之一就是我們能提供覆蓋範圍廣的服務，涵蓋範圍包括更多的餐廳和其他類型的商店。

We effectively have dashers everywhere and we have the largest fleet out there.

實際上，我們到處都有快遞員，而且我們擁有最大的車隊。

And so a lot of this is just self-selection, that's kind of what we see, and it's a learning journey.

所以很多時候這只是自我選擇，這就是我們所看到的，這是一個學習之旅。

Some dashers prefer one type of delivery one week, but then they'll try another type of delivery, and they may actually add to their preferences.

有些送貨員在某一周內喜歡一種送貨方式，但之後他們會嘗試另一種送貨方式，而且他們實際上可能會增加自己的偏好。

So it's just something that we kind of continue to work on and continue to learn the different preferences.

所以這只是我們會繼續努力並繼續了解不同偏好的事情。

I think the most important thing is to remember the flexibility of the network where the number one feature is that you have 90% of dashers driving fewer than 10 hours a week and so in some ways what we're trying to do is we're trying to construct the maximum flexible set of opportunities for dashers.

我認為最重要的是要記住網路的靈活性，其中最重要的特點是 90％ 的駕駛者每週駕駛時間少於 10 小時，因此在某種程度上，我們正​​在嘗試為駕駛者建立最靈活的機會。

And so as we add more categories, as we add more different types of tasks into our network, that should help in that direction.

因此，隨著我們添加更多類別，隨著我們在網路中添加更多不同類型的任務，這應該會有所幫助。

Thanks Tony.

謝謝托尼。

Yousuf Swali, Truist Securities.

Truist Securities 的 Yousuf Swali。

Awesome, thank you very much.

太棒了，非常感謝。

So just as a follow up to the ads question.

這只是對廣告問題的後續跟進。

Tony, can you talk a little bit about the importance of DSPs on the platform?

Tony，您能談談 DSP 在平台上的重要性嗎？

Last quarter you signed a deal with the Trade Desk.

上個季度您與 Trade Desk 簽署了一項協議。

Maybe how significant is that relationship to you and maybe other DSPs on the platform.

這種關係對於您以及平台上的其他 DSP 來說有多重要？

And then -- and this may be created, maybe not.

然後——這可能會被創建，也可能不會。

Can you talk the take rate was sequentially flat at about 13.5%, I think the first time in a while.

您能說一下接受率連續持平在 13.5% 左右嗎，我想這是一段時間以來的第一次。

Anything to read into that?

有什麼可以解讀的嗎？

How much of the take rate was driven by advertising and maybe platform revenues in the quarter, maybe that's for Ravi.

本季的收費率有多少是由廣告和平台收入推動的，也許這是拉維的問題。

Thank you.

謝謝。

Yeah, I'll start the first part on ads.

是的，我將開始討論廣告的第一部分。

I think all of these things are all par for the course, right, in terms of the partnerships.

我認為，就合作關係而言，所有這些事情都是理所當然的。

And if you think about what it is, right, the first thing we did with ads when we started 3 years ago was we first built them for restaurants, and within restaurants you have two different kinds of advertisers if you will: you have small and medium businesses.

如果您想一想，對吧，我們三年前剛開始做廣告時，第一件事就是為餐廳製作廣告，在餐廳內，您可以有兩種不同的廣告商：小型企業和中型企業。

And then you have enterprise businesses, some of which are larger and some of which are smaller, but some of whom have franchisees, some of whom have no franchisees.

然後你有企業業務，其中一些較大，一些較小，但其中一些有特許經營商，一些沒有特許經營商。

And then, we moved to CPG as we progress, especially in our work into new verticals.

然後，隨著我們的進步，特別是在進入新的垂直領域時，我們轉向了 CPG。

And, now we have the product portfolio really to serve anyone.

現在，我們擁有真正能為任何人服務的產品組合。

And now we're doing this globally as well.

現在我們也在全球推行這項措施。

And so that's kind of where we're at.

這就是我們現在的狀況。

We're now ready, as you mentioned, we announced, a partner and we'll likely have more partnerships, where we'll just kind of keep solving for what I think advertisers are somewhat accustomed to, right?

正如您所說，我們現在已經準備好了，我們宣布了合作夥伴，並且可能會有更多的合作夥伴關係，我們將繼續解決我認為廣告商已經習慣的問題，對嗎？

We understand that this is a really important ecosystem.

我們知道這是一個非常重要的生態系統。

There are a lot of different partners that existing merchants and advertisers work with, and I think that'll just be part of the course of building out that roadmap.

現有的商家和廣告商與許多不同的合作夥伴合作，我認為這只是製定路線圖的一部分。

And just on the second point, right?

只討論第二點，對嗎？

I mean, the take rate in terms of Q4, the impact was largely seasonal, due to Dasher pay.

我的意思是，就第四季度而言，由於 Dasher 的付費，其影響主要是季節性的。

Look, I mean Q4 is a great quarter for us in terms of growth.

你看，我的意思是，從成長的角度來看，第四季對我們來說是一個很棒的季度。

We've seen this in historic years as well, so we lean into Dasher pay in order to support the growth.

我們在歷史上也見過這種情況，因此我們依靠 Dasher 支付來支持成長。

That's largely what you're seeing in terms of the Q4 take rate.

就第四季度的接受率而言，這基本上就是您所看到的。

But more importantly, right, just to pull back, I mean, again, important to reiterate, how we operate the business.

但更重要的是，對吧，只是回顧一下，我的意思是，再次重申我們如何經營業務很重要。

We're not operating the business towards a specific margin percentage.

我們經營業務時並不追求特定的利潤率。

Our goal has always been to continue to increase overall profit dollars and the way we think about the business is generating unit economic efficiency is extremely important for us.

我們的目標一直是繼續增加整體利潤，而我們對業務的思考方式是產生單位經濟效率，這對我們來說極為重要。

And when we generate the efficiency, we try to reinvest that back in the business with a constraint of, A, growing retention and B, growing order frequency because that drives scale and the scale drives profitability in the business.

當我們提高效率時，我們會嘗試將其重新投資到業務中，但要受到以下兩個限制：A、增加保留率；B、增加訂單頻率，因為這會推動規模，而規模會推動業務的獲利能力。

And we're investing flexibly up and down the P&L, and that's been the philosophy that we've operated for the last several years, and it's going to continue to be the case going forward as well.

我們在損益表中靈活地進行投資，這是我們過去幾年的經營理念，未來也將繼續如此。

That's great.

那太棒了。

Okay, thank you both, that's helpful.

好的，謝謝你們，這很有幫助。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

Great.

偉大的。

Hey guys, thanks for taking my questions.

嘿夥計們，謝謝你們回答我的問題。

Maybe two.

或許是兩個。

The first one, I'd love to sort of dig into a little bit of the prioritization changes year on year.

第一個問題，我想深入研究優先順序逐年發生的變化。

Tony, can you sort of talk to us about how your 25 budgeting and investment priorities or areas of capital allocation changed versus the start of 24?

東尼，您能否與我們談談，與 24 年初相比，您的 25 個預算和投資重點或資本配置領域有何變化？

Yeah I'm trying to sort of think through where are you sort of investing more or less year on year just to sort of continue to maximize your multi-year free cash flow, dollar growth and frequency.

是的，我正在嘗試思考，您每年在哪些方面投資更多或更少，以便繼續最大化您多年的自由現金流、美元成長和頻率。

And then the second one maybe a little bit of housekeeping, but just so we all get over our skis, how should we think about the pace of the buyback and sort of the cash balance or targeting or what is sort of the regulator on the pace of the buyback going forward?

然後第二個問題可能有點瑣碎，但為了讓我們都克服困難，我們應該如何考慮回購的速度和現金餘額或目標，或是未來回購速度的監管機構是什麼？

Thanks.

謝謝。

Yeah, I can start on maybe the prioritization question and Ravi, if you want to take the buyback question.

是的，我可以從優先問題開始，如果你想回答回購問題，請 Ravi 回答。

I guess in short, Brian, not much has changed.

我想簡而言之，布萊恩，並沒有太大的改變。

I would say '25 versus '24, it means.

我想說的是『25 對 ’24。

I wish that an infinite amount of progress can happen in 12 months, but things usually take a lot longer than I would hope, and that's certainly been my experience so far, and I think what I do see though is that I see continued, product market fit improvements effectively everywhere.

我希望在 12 個月內能夠取得無限的進展，但事情通常需要比我希望的時間更長的時間，這當然是我迄今為止的經驗，但我認為我確實看到產品市場契合度在各個方面都在持續有效地改善。

And so whenever I see that, I'll just continue to double down.

所以每當我看到這種情況，我就會繼續加倍下注。

So I think it's hard to see these things year to year.

因此我認為年復一年地看到這些事情是很困難的。

I mean, even if you looked intellectually honestly at '24 results or the Q4 results, I mean, most of those things were baked a long time ago, right?

我的意思是，即使你理智誠實地看待 24 年結果或第四季度結果，其中大多數都是很久以前就已經確定的，對吧？

Because they were a product sum of the decisions and prioritization actions taken leading up to it.

因為它們是先前做出的決策和優先行動的乘積總和。

And and the reason why I'm proud of our '24 results is probably a reflection of the work that we started in '22 or '23 or something like this.

我對我們24年的成績感到自豪的原因可能是我們在2022年或2023年或類似年份開始的工作的體現。

And that's kind of how I viewed '25, and so, I continue to see great reason to invest in each one of our areas.

這就是我對 25 年的看法，因此，我繼續看到在我們每個領域進行投資的充分理由。

I mean, we have a stable -- we stable and strong growth in the US restaurants area, which is our oldest area of exploration, but I continue to think that there's a lot more room to go there.

我的意思是，我們在美國餐廳領域保持著穩定而強勁的成長，這是我們最古老的探索領域，但我仍然認為那裡還有很大的發展空間。

Obviously with very strong candidates for investment both overseas as well as outside of restaurants.

顯然，無論是海外還是餐飲業之外，都有非常強勁的投資候選人。

Commerce platform continues to do well, I think, commerce platform right now we're really only addressing a couple of problems with first party delivery and first party ordering, but obviously if you think about how do you become a digital powerhouse, you're going to have to do more than that.

我認為，商業平台繼續表現良好，商業平台現在我們實際上只解決了第一方交付和第一方訂購的幾個問題，但顯然如果你想知道如何成為數位巨頭，你將不得不做更多的事情。

And then there's the ads business which has done amazing.

另外還有表現優異的廣告業務。

But I kind of expected that, again, I think that a healthy ads business follows a healthy marketplace, and I think our teams have executed really well, and have have followed a pretty clear line there.

但是我有點預料到，我再次認為，健康的廣告業務源自於健康的市場，而且我認為我們的團隊表現得非常好，並且一直遵循著一條非常明確的路線。

And so I think in each one of those areas, I kind of see very similar areas of of investment year on year.

因此我認為，在每一個領域，我都會看到逐年非常相似的投資領域。

I think for me, it's actually thinking about, well, what other problems can we solve and making sure that we're taking enough risk and working creatively enough with our customers so that we can be more and more useful.

我認為對我來說，這實際上是在思考，我們還能解決哪些其他問題，並確保我們承擔足夠的風險，並與客戶進行足夠有創意的合作，以便我們能夠變得越來越有用。

Hey, Brian.

嘿，布萊恩。

On the second point on, buyback, I mean I think it's important to reiterate how we think about capital allocation.

關於第二點，回購，我認為重申我們對資本配置的看法很重要。

Our philosophy around that has not changed.

我們的理念沒有改變。

The way we think about it has been very consistent, which is any time we invest every dollar we put to work, we expect to generate a meaningful amount of return.

我們對此的看法非常一致，那就是當我們投入每一美元時，我們都期望獲得可觀的回報。

That's been the strategy we employed and continues to be the case.

這是我們一直採用的策略，並且將繼續採用。

I look on the buyback piece, right?

我看了看回購部分，對嗎？

I mean, we're pretty happy with the results we've generated over the last couple of years.

我的意思是，我們對過去幾年所取得的成果非常滿意。

We've generated over $2 billion in terms of shareholder value.

我們為股東創造了超過20億美元的價值。

We've been opportunistic, our goal is to drive returns over a longer period of time and we'll continue to be opportunistic and conservative going forward as well.

我們一直是機會主義的，我們的目標是在更長的時間內獲得回報，我們在未來也將繼續保持機會主義和保守主義。

Great.

偉大的。

Thank you both.

謝謝你們兩位。

And this does conclude our Q&A session, and we will be concluding today's conference call.

我們的問答環節到此結束，我們將結束今天的電話會議。

We do thank everyone for your participation and for joining, and you may now disconnect.

我們非常感謝大家的參與和加入，現在您可以斷開連線了。

Have a great day, everyone.

祝大家有個愉快的一天。