DoorDash Inc (DASH) 2025 Q1 法說會逐字稿

Hello and welcome to the DoorDash Q1 2025 earnings conference call. I would now like to turn the call over to Wes Twigg, Investor Relations. Mr. Twigg, the floor is yours.

您好，歡迎參加 DoorDash 2025 年第一季財報電話會議。現在我想將電話轉給投資者關係部門的 Wes Twigg。特維格先生，現在請您發言。

All right. Thanks, Dustin. Good afternoon, everyone, and thanks for joining us for our Q1 2025 earnings call. I'm very pleased to be joined today by Co-Founder, Chair, and CEO, Tony Xu; and CFO, Ravi Inukonda.

好的。謝謝，達斯汀。大家下午好，感謝您參加我們的 2025 年第一季財報電話會議。我很高興今天能與聯合創始人、董事長兼首席執行官 Tony Xu 一起參加此次活動；和首席財務官 Ravi Inukonda。

We'll be making forward-looking statements today on today's call, including without limitation, our expectations for our business, financial position, operating performance, profitability, or guidance, strategies, capital allocation approach, and the broader economic environment. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described.

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、獲利能力或指導、策略、資本配置方法和更廣泛的經濟環境的預期。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與所描述的結果有重大差異。

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

我們向美國證券交易委員會提交的文件中描述了許多此類不確定性，包括我們最新的 10-K 表和 10-Q 表。您不應依賴我們的前瞻性陳述來預測未來事件或表現。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 financials. 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.

在本次電話會議中，我們將討論某些非公認會計準則財務資料。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。

As a special note, by now, you should have seen our formal offer to purchase Deliveroo at 180p per share. A rationale for the offer, intentions, and other offer-related details are available on the 2.7 announcement. We understand there will be additional questions. For now, we are unable to provide details beyond what is available in that document.

特別要注意的是，現在您應該已經看到我們以每股 180 便士的價格收購 Deliveroo 的正式報價。報價理由、意向及其他報價相關細節請參閱 2.7 公告。我們知道還會有其他問題。目前，我們無法提供該文件以外的詳細資訊。

We may also make forward-looking statements regarding both Deliveroo and SevenRooms during today's call. These statements are also subject to the risks and uncertainties that I mentioned earlier and are described in our SEC filings.

我們也可能在今天的電話會議中對 Deliveroo 和 SevenRooms 做出前瞻性陳述。這些聲明也受到我之前提到的風險和不確定性的影響，這些風險和不確定性在我們的證券交易委員會文件中都有所描述。

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

最後，本次電話會議將在我們的投資者關係網站上進行音訊網路直播。通話結束後不久，我們的網站上將提供通話的音訊回放。

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

接線員，我會將其轉交給您，然後我們可以回答第一個問題。

(Operator Instructions) Shweta Khajuria, Wolfe Research.

（操作員指示） Shweta Khajuria，Wolfe Research。

Let me try two, please. On just international competitive landscape, could you please talk about now with DoorDash World and Deliveroo, what the combined share is as it stands in your 40 markets? And then how fast is the European market growing from your vantage point?

請讓我試兩次。就國際競爭格局而言，您能否談談 DoorDash World 和 Deliveroo 目前在 40 個市場中的總份額是多少？那麼從您的角度來看歐洲市場成長有多快？

And is it fair to assume Deliveroo's unit economics and retention rates are as attractive? I remember when you acquired Wolt, one of the reasons was the unit economics and retention rates as you saw them. So could you please comment for Deliveroo as well?

那麼，我們可以合理地認為 Deliveroo 的單位經濟效益和留存率同樣具有吸引力嗎？我記得當你收購 Wolt 時，其中一個原因就是你所看到的單位經濟效益和保留率。那麼您也可以對 Deliveroo 做出評論嗎？

And then my second question is on the tariff impact. If prices were to increase through the year, you touched on it in your release. How are you positioning yourself for the rest of the year in terms of what you could do as it relates to pricing, but whether it's price parity, loyalty integrations, discounts. Anything that you can talk about, that'd be great. Thanks a lot.

我的第二個問題是關於關稅的影響。如果價格在全年上漲，您在新聞稿中已經提到了這一點。就定價方面而言，您如何為今年剩餘時間的行銷活動做好定位，無論是價格平價、忠誠度整合還是折扣。如果您能談論任何事情，那就太好了。多謝。

On the first question, we are excited, I think, in many ways this is business as usual for us. We're adding and investing behind success in each one of our five business lines.

關於第一個問題，我們很興奮，我認為，從很多方面來說這對我們來說都是正常的業務。我們正在為五條業務線的每一條業務線的成功投入和投資。

Specifically with respect to Deliveroo, that really is adding obviously to our international business. We've had a strong track record now in teaming up with Wolt for over three years where we're leading in a majority of our markets with a playbook that we believe in.

具體來說，就 Deliveroo 而言，這顯然會增強我們的國際業務。我們與 Wolt 合作已有三年多，並取得了良好的業績記錄，我們憑藉所信賴的策略在大多數市場中處於領先地位。

And when I think about the possible combination, should the deal close, what I really see is adding more scale to the same continent, in this case Europe. And being able to lay the foundation for introducing all of the local commerce products that we are building.

當我考慮可能的組合時，如果交易完成，我真正看到的是為同一大陸（在本例中是歐洲）增加更多的規模。並為推出我們正在建立的所有本地商業產品奠定基礎。

I can't get into all of the details obviously, beyond that, but hopefully that gives you a high-level view of what we believe the investment opportunity is. And I think that if we do a great job in terms of investing wisely into the partnership, as well as what the scale economies can produce, I believe that it'll even unlock even greater profit pools for us, especially given in some of the markets that Deliveroo plays in to allow us to invest even further in the future.

顯然，我無法透露除此之外的所有細節，但希望這能讓您從高層次上了解我們認為的投資機會。我認為，如果我們在明智地投資合作夥伴關係以及規模經濟能夠產生的影響方面做得很好，我相信它甚至會為我們釋放更大的利潤池，特別是考慮到 Deliveroo 所涉足的一些市場，這將使我們能夠在未來進行進一步的投資。

With respect to the second question, which I believe is on tariffs. Right now, we're not seeing any effects, obviously, as a lot of the tariffs have been paused. And we haven't seen any changes in consumer behavior, even if there are changes in consumer sentiment.

關於第二個問題，我認為是關於關稅的問題。目前，我們顯然沒有看到任何影響，因為許多關稅已經暫停。儘管消費者情緒有所變化，但我們並未看到消費者行為有任何變化。

I've always believed and I think we saw this even as far whether it was during -- things were turning back to normal after COVID-19 or peak inflation in '21 and '22, I think what you really saw was that food or getting convenience delivered really is the most frequent form of spend and consumption. And food really is the most resilient category.

我一直相信，而且我認為我們已經看到了這一點，無論是在新冠疫情之後一切恢復正常，還是在 2021 年和 2022 年通膨達到頂峰，我認為你真正看到的是，食品或便利商店送貨確實是最常見的支出和消費形式。食品確實是最具彈性的類別。

We continue to believe that we continue to see signs of that. Obviously, we're going to focus on what we can control. Most of what that means is, we've always been trying to increase the selection that we offer both of merchants as well as items. We are continuing to invest behind our affordability initiatives as well as our quality and service initiatives.

我們仍然相信，我們將繼續看到這樣的跡象。顯然，我們將專注於我們能夠控制的事情。這意味著，我們一直在努力增加我們為商家和商品提供的選擇。我們將繼續投資於我們的可負擔性計劃以及品質和服務計劃。

Thanks, Tony.

謝謝，托尼。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Tony, historically, you've been somewhat hesitant to make bigger acquisitions. You've done two this quarter. Has the philosophy on how you generally think about M&As now changed at all? What are maybe some of the other areas you think M&As could help improve DoorDash?

東尼，從歷史上看，你對進行更大規模的收購有些猶豫。本季你已經完成了兩項。您對併購的整體看法現在有什麼改變嗎？您認為併購還可以幫助 DoorDash 改善哪些面向？

And then one for Ravi. On groceries specifically, can you discuss on the factors that's accelerating the spend per customer? Are you seeing the use case broaden out into larger baskets, maybe from weekly runs or monthly refills? Anything you're specifically doing to drive this behavior? Thank you so much.

然後給拉維一個。具體來說，就食品雜貨而言，您能討論一下加速每位顧客支出的因素嗎？您是否看到用例擴展到更大的購物籃，可能是每週運行或每月補充？您具體做了什麼來推動這種行為？太感謝了。

On the first question, the short answer is no. The bar continues to remain high for M&A. Sometimes, obviously, the timing of some of these announcements aren't or can't be perfectly forecasted, but what I would say, is it really is business as usual.

對於第一個問題，簡短的回答是「否」。併購的門檻仍然很高。有時，顯然，某些公告的發佈時間無法或無法準確預測，但我想說的是，一切如常。

I mean, and again, I guess just as a refresher, for us, when we look at something like M&A, the first thing obviously we consider is whether or not this increases the available market or the addressable market in front of us or whether it adds to our portfolio. And second, whether or not we have a proven track record in operating in that particular area, which includes both the management bandwidth but also the question around whether or not we believe that we know how to execute in that area.

我的意思是，我想再次提醒一下，對於我們來說，當我們考慮併購之類的事情時，我們首先要考慮的顯然是這是否會增加我們面前的可用市場或可尋址市場，或者是否會增加我們的投資組合。其次，我們是否擁有在該特定領域運作的良好記錄，這不僅包括管理頻寬，還包括我們是否相信我們知道如何在該領域執行的問題。

So if I take that one by one, in the case of Deliveroo, as mentioned in the last question, it really is about continuing our expansion across Europe. If this deal were to close, we would operate in about 30 countries in Europe, 45 globally, 30 in Europe. And I think it's adding scale to the same place and also giving us a foothold in strong profitable markets that will allow us to continue to introduce more and more products and hopefully have the biggest positive impact to the entire European local economy.

因此，如果我逐一考慮，就 Deliveroo 的情況而言，正如上一個問題中提到的，這實際上是為了繼續我們在歐洲的擴張。如果這筆交易完成，我們的業務將涵蓋歐洲約 30 個國家、全球 45 個國家以及歐洲 30 個國家。我認為它不僅擴大了同一地區的規模，還讓我們在利潤豐厚的市場中站穩了腳跟，這將使我們能夠繼續推出越來越多的產品，並希望對整個歐洲當地經濟產生最大的積極影響。

In the case of SevenRooms, it's really about adding to our platform business. So our commerce platform started in 2016 when we introduced DoorDash Drive. Later on, we introduced DoorDash Storefront. So we went from logistics as a service to online ordering as a service.

就 SevenRooms 而言，這實際上是為了擴大我們的平台業務。因此，我們的商業平台於 2016 年推出 DoorDash Drive 時啟動。後來，我們引進了 DoorDash Storefront。因此，我們從物流即服務轉向了線上訂購即服務。

And with something like SevenRooms, and especially what we hear all the time from merchants, is this desire to understand everything that's actually happening about their guests and inside their dining rooms as well as their other channels. And so, really, you can almost view this as marketing as a service and adding more intelligence into what restaurant owners can do in order to build their strong direct relationships with guests.

有了像 SevenRooms 這樣的產品，尤其是我們經常聽到商家說，他們希望了解客人、餐廳內部以及其他管道中實際發生的一切。因此，實際上，您幾乎可以將其視為一種行銷服務，並為餐廳老闆提供更多智能，以便與客人建立牢固的直接關係。

Hey, Deepak, on the second one, let me broaden it out and talk about the performance of the overall new vertical business, right? When I look at the performance of new verticals in Q1, I mean, it was very strong, continues to grow, we increased the number of MAUs.

嘿，Deepak，關於第二個問題，讓我擴大範圍，談談整體新垂直業務的表現，對嗎？當我看到第一季新垂直產業的表現時，我發現它非常強勁，並且持續成長，我們增加了 MAU 的數量。

Q4, we talked about the fact that about one-quarter of our MAUs are ordering grocery as well as restaurants. That number continues to increase. What you're seeing on the platform is as the cohorts continue to habituate, they're ordering more with us. They're using us for more use cases.

第四季度，我們談到了這樣一個事實：大約四分之一的每月活躍用戶正在訂購食品雜貨和餐廳食品。這個數字還在持續增加中。您在平台上看到的是，隨著顧客逐漸習慣，他們向我們訂購更多商品。他們在更多用例中使用我們。

And truly the key differentiator is we've added more selection. Today, when I look at the top 20 grocers, we have a majority of them on the platform. We've extended that. We've continued to add more grocers, even in the regional markets.

真正的關鍵區別在於我們增加了更多選擇。今天，當我查看排名前 20 位的雜貨商時，我們發現其中大多數都在該平台上。我們已經擴展了這個範圍。我們繼續增加更多的雜貨店，甚至在區域市場。

To the quality of the product, continues to get better. I mean, I look at the product today, which is about a year ago, the quality of the product and what we hear from customers and consumers continues to be good. That's obviously driving order volume share when I look at the share gain year-over-year, that's been meaningful. Like we wrote in the letter last quarter, right? Like we expect to be volume share leaders over the course of the next year.

對產品的品質，不斷精益求精。我的意思是，我今天看一下大約一年前的產品，產品的品質以及我們從客戶和消費者那裡聽到的評價仍然很好。當我看到市場佔有率年增時，這顯然推動了訂單量份額的成長，這是很有意義的。就像我們上個季度在信中寫的那樣，對吧？就像我們期望在明年成為銷售份額的領導者一樣。

And even when I look at the overall margin performance of the business, I mean, it's very promising. I mean, margins have continued to improve. Net net, the key thing for us is what we're seeing is we're focused on scale. And as we're continuing to drive improvements in the product, that's driving improvement in retention or frequency, which is increasing the scale of that business.

即使當我看業務的整體利潤表現時，我認為它還是非常有前景的。我的意思是，利潤率持續提高。總而言之，對我們來說，關鍵的是，我們看到我們專注於規模。隨著我們不斷推動產品的改進，這將推動保留率或頻率的提高，從而擴大業務規模。

Great. Thanks, Tony. Thanks, Ravi.

偉大的。謝謝，托尼。謝謝，拉維。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼、伯恩斯坦。

I wanted to ask on EBITDA in light of the M&A announcements. I know it's quite early to be talking about 2026, but I guess in recent quarters there's been pretty consistent GOP growth, pretty consistent EBITDA improvement.

我想根據併購公告詢問 EBITDA 問題。我知道現在談論 2026 年還為時過早，但我認為最近幾季 GOP 成長相當穩定，EBITDA 改善也相當穩定。

In your mind, when you think about the acquisitions of Deliveroo and SevenRooms, does this change any of that in terms of the earnings algorithm? I think they could open the door to further investment in new markets or new products, which is a good thing long-term.

在您看來，當您考慮收購 Deliveroo 和 SevenRooms 時，這是否會改變收益演算法？我認為他們可以為進一步投資新市場或新產品打開大門，從長遠來看這是一件好事。

But when you think about the quantum of investment required and you anticipate spending to accelerate these businesses, I mean, does it materially change your perspective on how earnings, the earnings power for DoorDash in 2025 and 2026? Thank you.

但是，當您考慮所需的投資量並預計支出將加速這些業務時，我的意思是，它是否會實質地改變您對 DoorDash 在 2025 年和 2026 年的盈利能力的看法？謝謝。

I mean, let me broaden out that question, right? Nikhil, I mean, talk about the performance of the business. Look, when you look at the performance of the business, the business is doing really well. We're extremely pleased with the performance of the business, not just in Q1, but over the course of the last several quarters, right?

我的意思是，讓我擴大這個問題的範圍，對嗎？尼基爾，我的意思是談論業務表現。你看，當你觀察業務表現時，你會發現業務表現確實很好。我們對業務表現非常滿意，不僅是第一季度，而且是過去幾季的表現，對嗎？

The formula for us has always been grow the business while continue to increase overall profit dollars. If you look at the EBITDA profit dollar growth in Q1, as well as the Q2 guide that we've given, we're very pleased with the year-over-year growth.

我們的準則一直是在不斷增加整體利潤的同時發展業務。如果您查看第一季的 EBITDA 利潤美元成長以及我們提供的第二季指南，我們對年成長感到非常滿意。

Because the philosophy has always been investing behind strength, you've heard us say this before, right? Our goal is to improve unit economics, take that and continue to drive improvements in retention and order frequency, which ultimately drives scale. And that scale drives profitability in the business. That is not going to change, right?

因為我們的理念一直是投資實力，你以前聽過我們這麼說，對吧？我們的目標是提高單位經濟效益，並在此基礎上繼續提高保留率和訂單頻率，最終實現規模化。這種規模推動了業務的獲利能力。這不會改變，對吧？

I think about how we operate the business is going to change. And in terms of how we operate together with Deliveroo, that formula will continue to be the case. We're trying to drive duration of profit dollar growth over a long period of time.

我認為我們的業務運作方式將會改變。就我們與 Deliveroo 的合作方式而言，該模式將繼續沿用。我們正努力推動利潤在長期內持續成長。

And when we think about investment, the key formula we think about is it going to generate a healthy amount of IRR, a strong return, and as long as we feel comfortable with that, our goal is to continue to invest to drive scale.

當我們考慮投資時，我們考慮的關鍵公式是它能夠產生健康的 IRR，即強勁的回報，只要我們對此感到滿意，我們的目標就是繼續投資以推動規模擴張。

Thanks Ravi.

謝謝拉維。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

So can you expand a little bit more on the affordability initiative and makeshift that caused net revenue margins to be down quarter-on-quarter, and what will drive it back higher? I think in the release you talked about the guidance for Q2 for it to flip back higher year-on-year and quarter-on-quarter.

那麼，您能否進一步說明一下，是什麼原因導致淨收入利潤率較上季下降，以及是什麼原因將推動淨收入利潤率回升？我認為您在新聞稿中談到了第二季度的指導，即其同比和環比回升。

And then maybe, Tony, again on Deliveroo. Deliveroo's growth and margins have been much lower than DoorDash's. Are there any structural issues in Europe, maybe Deliveroo's competitive positioning, et cetera, that makes these margins structurally lower and is there a chance for you guys -- I know it's early, but is there a chance for you guys to get those margins more in line with yours over time? Thanks a lot.

然後也許，托尼，再次在 Deliveroo 上。Deliveroo 的成長和利潤率遠低於 DoorDash。歐洲是否存在一些結構性問題，例如 Deliveroo 的競爭定位等等，導致這些利潤率在結構上較低，你們是否有機會——我知道現在還為時過早，但你們是否有機會讓這些利潤率隨著時間的推移與你們的利潤率更加一致？多謝。

I mean just a broader point, Youssef, I mean, just to clarify, our goal has not been to optimize margin percentage. We're trying to grow profit dollars. We've always been focused on driving overall EBITDA profit dollars up and you're seeing that in the business, right? Whether you look at Q1, whether you look at the last few quarters, I mean, that's what's visible in the business.

尤素夫，我的意思只是一個更廣泛的觀點，只是為了澄清一下，我們的目標並不是優化利潤率百分比。我們正在努力增加利潤。我們一直致力於提高整體 EBITDA 利潤，您在業務中看到了這一點，對嗎？無論您看第一季度，還是看過去幾個季度，我的意思是，這就是業務中可見的情況。

That said, when I look at the take rate, there's a few factors. I mean, there's some natural seasonality in the business. You've seen that in Q1 of last year as well. The second point I would make is, look, I mean, our goal is to improve unit economics and invest that back in the business. We found some specific initiatives, both around affordability as well as selection, that we invested back in Q1 that drove not just the GOP growth but the order growth, which we feel very good about.

話雖如此，當我查看接受率時，會發現有幾個因素。我的意思是，業務存在一些自然的季節性。您在去年第一季也看到過這種情況。我要說的第二點是，我們的目標是提高單位經濟效益並將其重新投資於業務。我們發現了圍繞可負擔性和選擇性的一些具體舉措，我們在第一季進行了投資，這些舉措不僅推動了 GOP 成長，還推動了訂單成長，我們對此感到非常滿意。

So I look, I mean the business is scale. Now, you're at the point where you're starting to see all of our categories grow, so the impact of makeshift is visible from a take grade perspective when you look at the overall business. When you put all that together, right? That's what impacted the take grade in Q1. But if you're thinking about it, use it from a modeling perspective, I would expect Q2 take rate to be higher than Q1 and the second half take rate to be higher than the first half.

所以我認為，業務是規模化的。現在，您開始看到我們所有的類別都在成長，因此，當您縱觀整個業務時，臨時措施的影響從等級角度來看是顯而易見的。當你把所有這些放在一起時，對嗎？這就是影響第一季成績的原因。但是如果你從建模的角度考慮的話，我預計第二季度的接受率會高於第一季度，下半年的接受率會高於上半年。

And your question around what are the key factors that are driving, right? One is we talked about seasonality. Q1, we lean into DashDoor supply that gets better as we go through the rest of the year, primarily because Q1 is a strong growth border for us.

您的問題是，推動這項進程的關鍵因素是什麼？一是我們討論了季節性。Q1，我們傾向於 DashDoor 的供應，隨著今年剩餘時間的推進，供應情況會越來越好，主要是因為 Q1 對我們來說是一個強勁的成長邊界。

Two, unit economics will continue to improve as we go through the rest of the year, and that will continue to be a tailwind from a take rate perspective. As business continues to grow, that'll also be a tailwind. Net net, I mean, we feel good about where the overall business is and our focus continues to be to drive the strong GOP growth that you're seeing in the business as well as overall EBITDA dollar production.

其次，隨著我們度過今年剩餘的時間，單位經濟效益將繼續改善，從接受率的角度來看，這將繼續成為順風。隨著業務的不斷增長，這也將成為一種順風。淨淨，我的意思是，我們對整體業務的狀況感到滿意，我們的重點仍然是推動您在業務中看到的強勁 GOP 增長以及整體 EBITDA 美元產出。

And, in regards to your second question, it's actually a similar story in terms of how we think about things, which is really how do we maximize long-term profit dollars versus looking at unit margins. And again, obviously I'll be limited in terms of what I'll be able to say about Deliveroo, but with respect to how to think about it or mental model of why we might be able to actually generate more profit dollars in the long run.

關於您的第二個問題，就我們思考問題的方式而言，這實際上是一個類似的故事，即我們實際上如何最大化長期利潤，而不是專注於單位利潤率。再次強調，關於 Deliveroo，我能說的顯然有限，但我可以談談如何看待它，或者說，從長遠來看，我們為什麼能夠真正創造更多的利潤。

I mean, you're really adding more scale to the same geography, in this case Europe. And we believe that if we can do that and take some of the lessons that we've learned in operating across other European countries as well as other parts of the world and bring it into the markets where Deliveroo operates, we believe not only can we increase the scale of the business, but that if we do it in a disciplined way that we have done historically across all of DoorDash's initiatives, that we can actually improve the underlying profit potential as well, which will allow us to even have more opportunities to invest should those be good investment opportunities.

我的意思是，你實際上是在同一地理區域增加了更多的規模，在這個例子中是歐洲。我們相信，如果我們能夠做到這一點，並吸取我們在其他歐洲國家以及世界其他地區運營過程中學到的一些經驗教訓，並將其引入 Deliveroo 運營的市場，我們相信我們不僅可以擴大業務規模，而且如果我們像過去在 DoorDash 的所有計劃中那樣，以嚴謹的方式進行，我們實際上也可以提高潛在的風險，這將使我們有更多盈利的潛力

But I think, one of the important things to remember always about DoorDash is our capital allocation strategy has never changed. We only invest when we see something is actually working.

但我認為，關於 DoorDash 要永遠記住的一件重要事情是，我們的資本配置策略從未改變。只有當我們看到某件事確實有效時，我們才會投資。

For a startup project or for something earlier stage, a lot of that starts with finding product market fit, finding great retention and frequency of use, building a product that is 10 times better than what's currently available. For later stage initiatives, a lot of it is looking at scaling the unit economics, improving those unit economics, reinvesting it back to give customers more value and then ultimately generating and maximizing long-term profit dollars.

對於新創專案或早期階段的專案來說，許多工作都是從尋找產品市場契合度、找到高保留率和使用頻率開始的，打造比現有產品好 10 倍的產品。對於後期計劃，許多都是著眼於擴大單位經濟規模，改善單位經濟狀況，將其重新投資以給客戶更多價值，最終產生並最大化長期利潤。

Great. Thank you both and good luck.

偉大的。謝謝你們，祝你好運。

Michael Morton, MoffettNathanson.

麥可莫頓，莫菲特納桑森。

Can we follow up, Ravi, on the net revenue margin commentary, and I would assume a lot of the affordability is coming in groceries. And I would love to know what type of behavior you're looking to drive in that, is that to bring new grocery orders or new users, or is it to increase frequency? And then is there any, like under the hood, is there any changes in competitive intensity you're seeing in the grocery market that are that maybe driving some of the affordability push?

拉維，我們能否跟進關於淨收入利潤率的評論，我認為許多可負擔性都來自於食品雜貨。我很想知道您希望推動哪種類型的行為，是帶來新的雜貨訂單或新用戶，還是增加頻率？那麼，您是否發現食品雜貨市場的競爭強度發生了一些變化，這些變化可能會推動價格上漲？

And then one for Tony, to the extent you can talk about European food delivery due to the limitations of the Deliveroo, seems like it's consolidating. Wondering over the next several years, do you see any step changes in competitive intensity in those markets and how you maybe see the concentration playing out? Thanks, guys.

然後對於托尼來說，由於 Deliveroo 的限制，你可以談論歐洲的食品配送，似乎它正在鞏固。想知道在接下來的幾年裡，您是否會看到這些市場的競爭強度發生任何階段性變化，以及您可能會如何看待集中度的發揮？謝謝大家。

I mean, look, I mean Mike, the goal for us has always been to reinvest back in the business, right? That's always been the number one goal as long as the investments make sense. The way we try to do it is we try to generate efficiency and every dollar of efficiency, we put that back in the business.

我的意思是，你看，我的意思是麥克，我們的目標一直是重新投資於業務，對嗎？只要投資合理，這始終是首要目標。我們嘗試的方式是努力提高效率，並將每一分效率投入業務。

Sometimes we invest behind consumers, sometimes it goes towards merchants, and other times it goes towards our courier supply or DashDoor supply. We invest in driving selection, quality and affordability, and depending on what opportunities we find, that changes depending on where we are in the cycle.

有時我們投資消費者，有時投資商家，有時投資於我們的快遞供應或 DashDoor 供應。我們投資於推動選擇、品質和可負擔性，並且根據我們發現的機會，這些機會會根據我們所處的周期位置而變化。

This quarter, I mean it was around specific affordability initiatives. I would say DashPass has been a key affordability lever for us. When I look at the performance of DashPass, I mean, DashPass are a really strong order, all-time high incomes the number of subscribers, the number of users grow, or a frequency continues to grow.

本季度，我的意思是圍繞具體的可負擔性舉措。我想說 DashPass 對我們來說是一個關鍵的負擔能力槓桿。當我查看 DashPass 的表現時，我的意思是，DashPass 的表現確實非常強勁，訂閱者數量、用戶數量和頻率都創歷史新高。

You're seeing that in the growth of DashPass itself, when you look at the growth in DashPass in Q1, it accelerated compared to the prior quarter. Overall, what you're trying to do is ultimately bring efficiencies back in the pockets of consumers to ultimately drive more order volume, and you're doing that across both restaurants as well as grocery.

您會看到 DashPass 本身的成長，當您查看第一季 DashPass 的成長時，會發現與上一季度相比，它的速度有所加快。總的來說，您最終要做的是提高消費者的效率，最終增加訂單量，而且您在餐廳和雜貨店都這樣做。

I mean your second point around is it driving images and order frequency? I mean, I think it's a combination of both, right? For us, it's two sides of the same coin. I think we are seeing more users come back and order more with us both across restaurants as well as grocery.

我的意思是，你的第二點是它推動圖像和訂單頻率嗎？我的意思是，我認為這是兩者的結合，對嗎？對我們來說，這是同一枚硬幣的兩面。我認為我們會看到更多用戶回來並在我們這裡訂購更多食物，無論是餐廳還是雜貨店。

And from a competitive dynamics perspective, nothing really has changed when I look at the category shared gain in our grocery business, we're very pleased, right? We gained a healthy amount of share in Q1 compared to last year. We continue to gain share quarter-on-quarter. And as we wrote in the letter last time, our expectation is that we'll be order volume share leaders over the course of the next year.

從競爭動態的角度來看，當我看到我們的食品雜貨業務的類別共享收益時，實際上並沒有什麼變化，我們很高興，對吧？與去年相比，我們在第一季獲得了大量的市場份額。我們的市佔率持續逐季成長。正如我們上次在信中所寫，我們期望在明年成為訂單量份額的領導者。

Yeah, I mean, I would say similar things to both of your questions, which is that we don't really focus on the competitive intensity. I mean, take something like affordability. I mean, customers are always going to want greater affordability, more selection, better service, higher quality.

是的，我的意思是，對於你的兩個問題，我會回答類似的問題，那就是我們並不真正關注競爭強度。我的意思是，以負擔能力為例。我的意思是，客戶總是希望價格更實惠、選擇更多、服務更好、品質更高。

And that's something that we've been investing in since day one of the company, something we'll continue to invest in irrespective of external factors. And we've continued to see gains across the board.

這是我們自公司成立第一天起就一直投資的事情，無論外部因素如何，我​​們都將繼續投資。我們繼續看到各方面都取得進展。

And that's something that I view, with respect to the European landscape, I mean, I think you know that it's always been a competitive market regardless of where we play, whether it's in the United States, Europe, other countries. And, I think, what I can say is that this, at the end of the day, is a scale business.

就歐洲市場而言，我認為無論我們在哪裡開展業務，無論是在美國、歐洲或其他國家，歐洲市場一直都是一個競爭激烈的市場。我認為，我可以說，從根本上來說，這是一項規模業務。

And it's also a business about, at least for us, always doing better for customers. And always introducing more local commerce products because we think we're in the earliest inning still of connecting every local business to every local consumer.

至少對我們來說，這也是一項始終為顧客提供更好服務的事業。我們始終在推出更多的本地商務產品，因為我們認為我們仍處於將每個本地企業與每個本地消費者聯繫起來的早期階段。

Yeah, my point I would add, right? Like when you think about us talking about investments to make the underlying product better because ultimately that's what's driving the scale, leading to the profit dollar production that you're seeing in the business, right? But it's the organic portion of the business or even some of the organic things that we're talking about, it gives us an opportunity to invest more, ultimately, to drive more profit dollar production. That's the key formula that we try to use when we think about all of our lines of business.

是的，我想補充一下我的觀點，對吧？就像當您想到我們談論投資以使基礎產品變得更好時，因為最終這是推動規模發展的因素，從而帶來您在業務中看到的利潤美元產出，對嗎？但這是我們談論的業務的有機部分，甚至是一些有機的東西，它為我們提供了更多投資的機會，最終推動更多的利潤美元生產。這是我們考慮所有業務線時嘗試使用的關鍵公式。

Thanks so much, guys.

非常感謝大家。

Andrew Boone, Citizens.

安德魯·布恩，公民。

I wanted to go back to take rate and pair it with sales and marketing. Take rates step down, implying more promotions, and sales and marketing also showed less leverage in 1Q. Can we just step back and talk about the efficiency in which you guys are driving demand? Was there incremental pressure there? Is there anything else you guys are seeing?

我想回去測量利率並將其與銷售和行銷結合。利率下降意味著促銷活動增多，而銷售和行銷在第一季的槓桿率也下降。我們能否退一步談談你們推動需求的效率？那裡是否存在逐漸增加的壓力？你們還看到了什麼嗎？

And then, Tony, in the press release you talked about DashPass evolving and adding more value. Can you just speak to your vision for DashPass and how you see that evolving over the next couple of years? Thanks so much.

然後，托尼，在新聞稿中您談到了 DashPass 的發展和增加的更多價值。您能否談談您對 DashPass 的願景以及您認為它在未來幾年將如何發展？非常感謝。

Let me start with sales and marketing. I mean, I would not read too much into it, right? Q1 typically a seasonal quarter for us where you see strong volume growth. We lean into DashDoor acquisition. We've done that last year. We've seen that year-over-year. This is very seasonal for us in the fact that both Q4, Q1 tend to be really good from a growth perspective, and we lean into supply to ensure that we can drive strong quality.

讓我先從銷售和行銷開始。我的意思是，我不會對此進行過多的解讀，對嗎？對我們來說，第一季通常是一個季節性季度，銷售量將強勁成長。我們傾向於收購 DashDoor。我們去年就已經這麼做了。我們年復一年地見證著這現象。這對我們來說非常季節性，因為從成長角度來看，第四季和第一季都表現良好，我們依靠供應來確保我們能夠推動強勁的品質。

That said, when I look at the sales and marketing line over the last couple years, and we're very pleased with the leverage that we've driven, right? But I look at the product improvements that we made, whether it's on the consumer side or the DashDoor side, all of that is driving the efficiency gains. And I look at the list of features that we have yet to implement, I feel pretty comfortable that there's still a lot of room for us to continue to drive leverage from an overall sales and marketing perspective.

話雖如此，當我回顧過去幾年的銷售和行銷線時，我們對所推動的槓桿作用感到非常滿意，對嗎？但我看到了我們所做的產品改進，無論是在消費者方面還是 DashDoor 方面，所有這些都在推動效率的提高。當我查看我們尚未實現的功能清單時，我感到非常放心，從整體銷售和行銷角度來看，我們仍然有很大的空間可以繼續發揮槓桿作用。

I mean go back to the take rate, right? I mean, like I said, if you're trying to model it, and what I would say is the second half take rate is going to be higher. And what's going to drive that is again, the business is going to grow, volume in the second half is going to be higher than the volume in the first half, unit economics are going to continue to increase.

我的意思是回到接受率，對嗎？我的意思是，就像我說的，如果你嘗試對其進行建模，那麼我想說的是下半年的接受率將會更高。而推動這項成長的因素是，業務將會再次成長，下半年的銷售量將會高於上半年的銷售量，單位經濟效益將會持續提高。

There is seasonality in the business, which you've seen last year as well. Look, 2025 is going to be no different than '24 or '23. We've executed against '24, '23 just like we said we would, and '25 is going to be exactly the same.

業務具有季節性，這一點您去年也已經看到過。瞧，2025 年與 24 年或 23 年沒有什麼不同。正如我們所說的那樣，我們已經針對 24 年、23 年採取了行動，而 25 年也將完全一樣。

The focus continues to be, again, like I said, overall EBITDA dollar production. And when I look at that in Q1 or the Q2 guide that we've given, when I compare that to on a year-over-year basis, we feel pretty good about that.

正如我所說，重點仍然是整體 EBITDA 美元產出。當我看到我們給出的第一季或第二季指南時，當我將其與去年同期進行比較時，我們對此感到非常滿意。

With respect to the second question on DashPass, I mean, DashPass is the membership program or your membership program to the physical world, and that's how we view it. Obviously, it starts with food, the highest form of consumption, but we believe that if we can maximize the number of ways in which we connect local businesses to local consumers, there would be no other program in which you would have more -- or you'd gain more utility from.

關於 DashPass 的第二個問題，我的意思是，DashPass 是會員計劃或您對現實世界的會員計劃，這就是我們的看法。顯然，它始於食品，這是最高形式的消費，但我們相信，如果我們能夠最大限度地增加將當地企業與當地消費者聯繫起來的方式，那麼就沒有其他項目能比它做得更多——或者說，沒有其他項目能比它做得更實用。

So that's really the ultimate goal for DashPass. Primarily, the focus is on making sure that we can make the product more useful and if we can connect local businesses and local consumers in more ways, if we can improve the service offering of the products we currently have, as well as build new products in order to achieve that objective, then we believe that DashPass has the potential to be the membership program in which you would derive the most utility from.

所以這確實是 DashPass 的最終目標。我們首先關注的是確保產品更加實用，如果我們能夠以更多方式連接本地企業和本地消費者，如果我們能夠改進現有產品的服務，並構建新產品以實現該目標，那麼我們相信 DashPass 有潛力成為您能從中獲得最大實用性的會員計劃。

Thank you.

謝謝。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

If I could come back to the questions around Deliveroo and Europe, and I know you can always speak to these at a high level, but could you just talk a little bit more about entering into some of these markets in a number two or three position? I understand that increasing the addressable market for you in Europe, but a UK consumer is different than a Norwegian consumer, and they don't care about the restaurant supply in Norway.

如果我可以回到 Deliveroo 和歐洲的問題，我知道您總是可以在高層次上談論這些問題，但您能否再多談如何以第二或第三的位置進入這些市場？我知道這會為您在歐洲擴大潛在市場，但英國消費者與挪威消費者不同，他們不關心挪威的餐廳供應。

So help us understand the approach to these markets. Not being in a leadership position currently, how you're thinking about that and maybe even the investment profile of those markets relative to the growth today? It maybe -- we'll just -- we'll hold it there.

因此請幫助我們了解這些市場的方法。您目前還沒有擔任領導職務，您對此有何看法？甚至您如何看待這些市場相對於當今成長的投資狀況？也許——我們只是——我們會把它保留在那裡。

Look, a few things to make sure that we see eye-to-eye on context, the first thing I would say is that the most important thing to profit production or the ability to generate profit is actually scale, less so your relative positioning. And I think you actually have to get to a lower level of detail to understand this.

看，有幾件事可以確保我們在背景上達成一致，我想說的第一件事是，利潤生產或創造利潤的能力最重要的實際上是規模，而不是相對定位。我認為你實際上必須深入了解細節才能理解這一點。

And in terms of what we see, both in terms of our own operations, whether it's in the US, in Europe, and other places, as well as what we've seen in Deliveroo, we think there's strong ability to generate great investment returns, otherwise we wouldn't be doing this. But that takes a lower level of study and analysis, which we've done, and can't really comment on it at this point. That's really the key.

就我們所看到的情況而言，無論是我們自己的運營，無論是在美國、歐洲還是其他地方，以及我們在 Deliveroo 上看到的情況，我們都認為它具有產生巨大投資回報的強大能力，否則我們不會這樣做。但這需要較低層次的研究和分析，我們已經完成了，目前無法對此發表評論。這才是關鍵。

And back to the other comment I made earlier, in addition to having the foundation in which we can add scale to our investments in Europe, we also have the possibility to introduce new products to the market. We think that the combination of both of those activities is what allows us to have the opportunity to generate great investment returns.

回到我之前提到的另一點，除了我們有能力擴大在歐洲的投資規模之外，我們還有可能向市場推出新產品。我們認為，這兩項活動的結合使我們有機會獲得巨大的投資回報。

I mean, we've done this with Wolt in which we partnered three years ago at this point. And have seen that and we believe a similar story can play out here.

我的意思是，我們已經與 Wolt 合作完成了這項工作，三年前我們就已與 Wolt 建立了合作關係。我們已經看到了這一點，我們相信類似的故事也會在這裡上演。

Okay. Thank you very much.

好的。非常感謝。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Really good progress in grocery, and you talked about a quarter of users purchasing across restaurants and grocery. What do you think is required to exceed the in-store experience going forward? What kinds of innovations and improvements? Thanks.

雜貨店確實取得了良好的進展，您談到了四分之一的用戶在餐廳和雜貨店購物。您認為未來要超越店內體驗需要做些什麼？有哪些創新和改進？謝謝。

I mean, look, I mean, the team's done a remarkable job getting us to this point. And I think our numbers speak for themselves in terms of the performance. But you're right in saying that there's still a long way to go before we can actually build a product that is 10 times better than the current leading product, which is shopping inside of a grocery store yourself.

我的意思是，你看，我的意思是，團隊做了出色的工作，讓我們達到了這一點。我認為我們的業績數字已經說明了一切。但你說得對，我們還有很長的路要走才能真正製造出比目前領先產品好 10 倍的產品，也就是自己在雜貨店裡購物。

.There's a lot of things that have to be done, and I mean it's not necessarily one dimension in which we get judged, but making sure that we can get you exactly what you ordered, making sure that those products are affordable, making sure that the products are delivered with high accuracy and quality of service. And then, obviously, making sure that the customer support experience is excellent, especially if something goes wrong.

有很多事情要做，我的意思是，我們不一定從某個方面來評判，而是要確保我們能夠準確地為您提供您訂購的產品，確保這些產品價格合理，確保產品以高精度和高品質的服務交付。然後，顯然要確保客戶支援體驗非常好，尤其是在出現問題時。

I mean, there are investments in all of those areas required in order to have a chance at being able to match the physical shopping experience. That said, I actually believe and these were hypotheses four or five years ago, but we're starting to see evidence that there are opportunities in which the online experience can actually beat the offline shopping experience.

我的意思是，為了有機會達到與實體購物體驗相當的水平，需要在所有這些領域進行投資。話雖如此，我確實相信，這些都是四、五年前的假設，但我們開始看到證據表明，線上體驗實際上有機會超越離線購物體驗。

To give you one example, I mean, you see this, for instance, with our DoubleDash product where it's hard, right? When you're -- even when you're shopping offline, even when you're in the store, even when you're in the intent of thinking about all of your shopping needs that you may forget things. And as a result, when you have products like DoubleDash where you can shop from multiple stores on the same go, that's a pretty cool experience where it makes it even easier to be able to shop the entire catalog from the city.

舉一個例子，我的意思是，例如，你看到我們的 DoubleDash 產品很難，對吧？當你——即使你在線下購物，即使你在商店裡，即使你專心思考你所有的購物需求，你也可能會忘記一些事情。因此，當您擁有像 DoubleDash 這樣的產品時，您可以同時從多家商店購物，這是一種非常酷的體驗，它使您能夠更輕鬆地從城市購買整個目錄。

Now, we got a lot of work to do to be able to actually allow you to shop from every single catalog in the city. We're working on that. But I do think that at some point, there is the potential in which the online shopping experience can even exceed the offline shopping experience.

現在，我們還有很多工作要做，才能真正讓您能夠從城市中的每個目錄中購物。我們正在努力。但我確實認為，在某種程度上，線上購物體驗甚至有可能超越離線購物體驗。

But, we're still in the work of just getting the basics right. We feel like the biggest form of competition is always the customer expectation. We've certainly have done a lot better than when we got started four or five years ago, but we got a long ways to go.

但我們仍在努力做好基礎工作。我們認為最大的競爭形式始終是客戶的期望。與四、五年前剛開始時相比，我們現在做得確實好多了，但我們還有很長的路要走。

Doug, I'll just have a couple of points right? Like you talked about the fact that over a quarter of our users, that number continues to grow, and if you think about it, right? We have a strategic advantage because we have tens of millions of consumers that are active on the platform. But when we expose consumers to gross whether it's a DoubleDash or other product interfaces, that number continues to grow, which is ultimately driving the retention as well as the growth that you're seeing in the business.

道格，我只想說幾點，對吧？就像您談到的事實一樣，我們的用戶中有超過四分之一的人是這樣的，而且這個數字還在不斷增長，如果您仔細想想，對嗎？我們擁有策略優勢，因為我們平台上有數千萬活躍的消費者。但是，當我們向消費者展示無論是 DoubleDash 還是其他產品介面時，這個數字就會繼續成長，這最終會推動保留率以及業務的成長。

Thank you both.

謝謝你們兩位。

Mark Mahaney, Evercore.

馬克‧馬哈尼 (Mark Mahaney)，Evercore。

Let me ask you a question on cash levels and then on the SevenRooms acquisition. So just talk about what you think is a minimum level of cash you want to run the business with going forward. You're obviously putting out, I don't know, $4 billion and something in cash for these two acquisitions, given where you are now. So just talk about your -- what are the right comfort levels in terms of the cash balance that you need or want to carry.

我想問您一個關於現金水平以及 SevenRooms 收購的問題。因此，只需討論一下您認為未來經營業務所需的最低現金水平即可。考慮到您目前的狀況，您顯然為這兩筆收購投入了約 40 億美元現金。所以只需談談您的——就您需要或想要攜帶的現金餘額而言，合適的舒適度是多少。

And then on the SevenRooms acquisition, it's not a huge pivot, but it is a pivot or it's an expansion of your offerings so just talk about how much more I think it's marketing as a service. I think you mentioned in there. You could do that with a lot of customers beyond just restaurants.

然後關於 SevenRooms 的收購，這不是一個巨大的轉變，但它是一個轉變，或者它是您產品服務的擴展，所以只談論我認為它在多大程度上是一種營銷即服務。我想你在那裡提到過。除了餐廳以外，您還可以為許多顧客這樣做。

So how far do you think you can extend SevenRooms or that idea to the rest of your customer base? I guess, how much of a push do you want to make behind offering marketing as a service? Thank you.

那麼您認為您可以將 SevenRooms 或這個想法推廣到多大程度，以惠及您的其他客戶群？我想，您想在提供行銷服務方面做出多大的推動？謝謝。

I mean, the way we think about minimum cash is, roughly, from a working capital perspective, roughly about $1 billion. So anything on top of that, our goal has been to invest back in the business to ultimately try to generate long-term free cash flow per share.

我的意思是，從營運資金的角度來看，我們對最低現金的考慮大約是大約 10 億美元。因此，最重要的是，我們的目標一直是重新投資於業務，最終努力產生每股長期自由現金流。

And what you're seeing in the business is the business is free cash flow generative, so our view on capital allocation in general is not changed. There's good opportunities for us to invest to ultimately drive long-term production of more profit dollars. We are happy to do that. But the key for us is it has to meet our IRR thresholds.

您在業務中看到的是業務是自由現金流產生的，因此我們對資本配置的整體看法並沒有改變。我們擁有良好的投資機會，最終能夠推動長期創造更多利潤。我們很樂意這麼做。但對我們來說關鍵是它必須滿足我們的 IRR 閾值。

And Mark, on the second question, I mean, you're absolutely right. I think, one of the hardest things about running DoorDash is that there's so much to do when you want to connect every local business to every local consumer. There's a depth component to that answer or objective. There's also a breadth component to that.

馬克，關於第二個問題，你完全正確。我認為，經營 DoorDash 最困難的事情之一是，當你想將每個本地企業與每個本地消費者聯繫起來時，有很多事情要做。這個答案或目標有一個深度成分。這其中也有一個廣度因素。

And I mean, take for example, just restaurant delivery, which is probably our longest chapter, almost 12 years long at this point. Even after generating what we have produced in a market, take for example, the United States, we're still single digit percentages of the restaurant industry when it comes to sales. We're proud of the results, but at the same time, I think even something as old for us as restaurant delivery still has a long runway ahead of it.

我的意思是，就拿餐廳外送來說，這可能是我們最長的篇章，到目前為止已經將近 12 年了。即使我們在某個市場（例如美國）做出了這樣的貢獻，但在餐飲業中，我們的銷售額仍然只佔個位數。我們為所取得的成果感到自豪，但同時，我認為即使是像餐廳外賣這樣古老的業務，未來仍有很長的路要走。

When it comes to our DoorDash Commerce platform, I think we're even earlier in that journey where most of it has been focused on restaurants, whether it's DoorDash Drive or Storefront. When you add SevenRooms into the mix, it's still focused on restaurants.

說到我們的 DoorDash 商務平台，我認為我們才剛開始，大部分業務都集中在餐廳上，無論是 DoorDash Drive 還是 Storefront。即使將 SevenRooms 添加到組合中，它仍然專注於餐廳。

You're right to say that there could be opportunities to also expand a different dimension, a breadth component, if you will, but building a business, I found a lot of it is about sequencing. Making sure that we have the right amount of focus but also increasing our ability to walk and chew gum at the same time.

您說得對，如果您願意的話，可以有機會擴展不同的維度、廣度組成部分，但我發現，建立一家企業很大程度上與排序有關。確保我們擁有適當的注意力，同時提高我們走路和嚼口香糖的能力。

So that's what we're doing. But I mean, again, everything that we're announcing today, to me really is business as usual and only something that we're investing in because we're seeing success in the five business lines that we have.

這就是我們正在做的事情。但我的意思是，我們今天宣布的一切，對我來說都是正常的業務，只是我們投資的東西，因為我們看到我們擁有的五條業務線取得了成功。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

I have two, one big picture and one excel question. So the big picture, Tony, goes back to your last answer about sequencing and prioritization. With Deliveroo, you're attempting to buy a business where 75% of the GMV is essentially a market laggard, arguably.

我有兩個問題，一個是大圖問題，一個是 Excel 問題。因此，托尼，總體情況可以追溯到你最後關於排序和優先順序的回答。透過 Deliveroo，您試圖購買 75% GMV 基本上處於市場落後地位的企業。

Can you give us some examples of what you've learned with Wolt or other European countries that give you excitement or where you see opportunities for Deliveroo to execute better than it is right now than it has historically.

您能否給我們舉一些例子，說明您在 Wolt 或其他歐洲國家學到了什麼，這些經驗讓您感到興奮，或者您認為 Deliveroo 有哪些機會可以比現在做得更好，比歷史上做得更好。

And then the second one on the excel question, CapEx is up quite a bit in the quarter. What's driving the increase in CapEx and how should we think about CapEx for the for the rest of the year? Thanks.

然後是關於 Excel 問題的第二個問題，本季的資本支出大幅增加。是什麼推動了資本支出的成長？我們該如何考慮今年剩餘時間的資本支出？謝謝。

Yeah, I mean, I guess I'd say a couple things, Brian, firstly, I think it's important to understand where profit pools are and also where market shares move because sometimes it's easy to look at a country at the aggregate level and not understand that. And what I would say is that Deliveroo has done an amazing job building leading positions in the strongest profit pool places within Western Europe, which may suggest that they've concentrated their efforts in a different way than other players. And allow them to set up in a way in which if they had extra firepower, then they can actually take a leading position.

是的，我的意思是，布萊恩，我想我會說幾件事，首先，我認為了解利潤池在哪裡以及市場份額如何變動很重要，因為有時我們很容易從總體層面來看待一個國家，而無法理解這一點。我想說的是，Deliveroo 在西歐利潤池最強的地方建立了領先地位，做得非常出色，這可能表明他們以與其他參與者不同的方式集中精力。並允許他們以某種方式進行設置，如果他們擁有額外的火力，那麼他們實際上可以佔據領先地位。

The other thing we've learned, and this comes more to our relationship with Wolt, is that you're absolutely right that we can exchange lessons learned. I mean, we've brought along a lot of the products that we built at DoorDash over to Wolt. And we've seen quite a lot of improvement from that exchange of learnings and also the other way as well, by the way.

我們學到的另一件事，這更多是與我們與沃爾特的關係有關，那就是你說得完全正確，我們可以交流經驗教訓。我的意思是，我們將 DoorDash 開發的許多產品帶到了 Wolt。順便說一句，我們從學習交流中看到了很大的進步，反之亦然。

So I think, only until we had a proof point internally where we saw that we can actually both improve, I think, the offering in the market so that we can make the biggest difference to the audiences in that market. As well as knowing how to do it from a management bandwidth perspective, did we get comfortable to actually increase our investment levels internationally.

所以我認為，只有當我們在內部有了證據證明我們實際上可以改進市場上的產品時，我們才能為該市場的觀眾帶來最大的改變。除了從管理頻寬的角度了解如何做到這一點之外，我們是否可以輕鬆地在國際上真正增加投資水準。

Like first, there's two points. One is we've done a refresh of tablets for some of our merchants because we're trying to improve the hardware experience, the software experience, because ultimately we think that drives merchant satisfaction. We're seeing an impact of that.

就像第一點一樣，有兩點。一是我們為一些商家更新了平板電腦，因為我們正在嘗試改善硬體體驗和軟體體驗，因為我們認為這最終會提高商家的滿意度。我們正在看到其影響。

I talked about the fact that we're making investments from an autonomous perspective. You're starting to see some impact of that as well. And to your point around what the rest of the year looks like, you should think of it in terms of the overall D&A guidance that we've given, similar level, sort of what you would expect in Q2 for the rest of the year.

我談到了我們從自主的角度進行投資的事實。您也開始看到它的一些影響。至於您提到的今年剩餘時間的前景，您應該根據我們給出的整體 D&A 指導來考慮，類似的水平，類似於您對今年剩餘時間在第二季度的預期。

Thank you, both.

謝謝你們兩位。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Maybe just another question on DashPass here ,Tony, I know you've gotten a few. But in the letter you talked about expanding the value prop of DashPass in 1Q and more things to come. So I just wanted to maybe get more insights on how the value prop continues to grow and how that's driving, just accelerating growth on DashPass.

東尼，也許這只是關於 DashPass 的另一個問題，我知道你已經問過幾個了。但在信中，您談到了在第一季度擴大 DashPass 的價值主張以及未來的更多事情。所以我只是想更多地了解價值主張如何持續成長，以及它如何推動、加速 DashPass 的成長。

And then just more tactically speaking, I think we saw in New York recently the city council raised delivery cap fees and wondering, I know we've talked about New York and the impact quite a bit since the pandemic. But would love your thoughts on that, particularly with the SevenRooms acquisition. Thank you.

然後從策略上講，我想我們最近看到紐約市議會提高了配送上限費用，而且我想知道，我知道自疫情爆發以來我們已經談論過紐約及其影響。但我很想聽聽您對此的看法，特別是關於 SevenRooms 收購的看法。謝謝。

With respect to DashPass, the main focus continues to be the same, which is to keep improving the products such that people want to use DoorDash more. And it sounds really basic, but it's actually, I think the -- it's been the North Star from day one and it continues to be. We want people to keep using it and increase the consumer surplus, if you will, that consumers or the subscribers see from using the service more often.

對於 DashPass 而言，主要重點仍然是相同的，即不斷改進產品，以便人們可以更多地使用 DoorDash。這聽起來很簡單，但實際上，我認為——它從第一天起就是北極星，而且一直都是。我們希望人們繼續使用它並增加消費者盈餘，如果你願意的話，消費者或訂戶可以透過更頻繁地使用該服務來獲得消費者盈餘。

With respect to the second issue in New York. I think that's something that we're always in discussions with cities about. Our take has always been that a lot of the policies, especially in cities like New York, not only sometimes are questionable from a legal perspective, but they almost always do the opposite of what they're intended to do.

關於紐約的第二個問題。我認為這是我們一直在與城市討論的事情。我們一直認為，許多政策，特別是在紐約這樣的城市，不僅有時從法律角度來看值得懷疑，而且它們幾乎總是起到與預期相反的作用。

Which is they actually harm the number of opportunities for dashers. They lower the sales for small, medium, and large businesses within that city. And they exclude consumers because of the higher prices that usually gets passed on as a result of these fees.

這實際上減少了​​衝刺者的機會。他們降低了該城市內小型、中型和大型企業的銷售額。而且由於這些費用通常會轉嫁到更高的價格，因此他們將消費者排除在外。

So we're working with the city to see if we can enact some common-sense policies. Sometimes, we get a very productive outcomes. Other times we face headwinds. But over the long run, we're really optimistic in finding common sense ways to work with common sense elected officials.

因此，我們正在與市政府合作，看看是否可以製定一些常識性的政策。有時，我們會獲得非常有成效的成果。有時我們也會面臨逆風。但從長遠來看，我們非常樂觀地認為，我們可以找到與有常識的民選官員合作的常識性方法。

Okay, thank you.

好的，謝謝。

Mark Zgutowicz, The Benchmark Company.

Mark Zgutowicz，The Benchmark Company。

I was just hoping we could take a step back and if you could maybe discuss how your affordability initiatives are being directed to restaurant versus grocery and domestic versus international? And how your promo activity in 1Q compared to last quarter and year-over-year? Thanks.

我只是希望我們可以退一步思考，您是否可以討論一下您的可負擔性舉措是如何針對餐館、雜貨店、國內和國際的？與上一季和去年同期相比，您第一季的促銷活動如何？謝謝。

I mean, our affordability work is true everywhere in every category. I mean, and that's because customers are always seeking more and more affordable options. It doesn't mean that's the only thing we get judged on our work on.

我的意思是，我們的可負擔性工作在各個領域都適用。我的意思是，這是因為客戶總是在尋求更多更實惠的選擇。這並不意味著這是我們工作受到評判的唯一標準。

We always work on the same four things. How do we improve selection, how do we increase affordability, how do we set a higher bar for the quality of service, and how do we do better in terms of customer service, especially if we get if we get it wrong. But our affordability initiatives really tackle every geography, every category, because what we're doing is we're just trying to continuously build more and more value into our products and increase the scale of what we can do and reinvest back into customers.

我們始終致力於同樣的四件事。我們如何改進選擇，如何提高可負擔性，如何為服務品質設定更高的標準，以及如何在客戶服務方面做得更好，特別是如果我們做錯了。但我們的可負擔性舉措確實針對每個地區、每個類別，因為我們正在做的只是試圖不斷地為我們的產品創造越來越多的價值，擴大我們能夠做的事情的規模，並將其重新投資於客戶。

We can go to the next question.

我們可以進入下一個問題。

John Colantuoni, Jefferies.

傑富瑞的約翰·科蘭圖尼。

Just wanted to ask about average order value picked up nicely in the quarter, maybe talk about the drivers of that improvement from US restaurant, international restaurant, and grocery and convenience. And specifically curious how basket sizes have shifted across those three businesses in the quarter.

只是想問一下本季平均訂單價值是否有所回升，或許可以談談美國餐廳、國際餐廳、雜貨店和便利商店等業務改善的驅動因素。特別令人好奇的是，本季這三家企業的購物籃規模發生了怎樣的變化。

And the second, just a quick one on GOB guidance, can you just give us a little a sense for how much FX is contributing to your outlook there? Thanks.

第二，關於 GOB 指導，您能否簡單介紹外匯對您的前景有多大影響？謝謝。

I'll take the AOE first and then talk about the FX one. Look, when I look at the overall average, order value at the total company level, there's definitely some impact from a makeshift perspective, right? Groceries is becoming a larger component of the overall business and you're starting to see that impact the overall company from an AOB perspective. Restaurants, AOB in general has been relatively stable over the course of the last several quarters.

我會先討論 AOE，然後再討論 FX。你看，當我從整個公司層面來看整體平均值和訂單價值時，從臨時角度來看肯定會有一些影響，對嗎？食品雜貨正在成為整體業務中更重要的組成部分，並且您開始從 AOB 角度看到它對整個公司的影響。餐廳、AOB 總體而言在過去幾季中相對穩定。

When I think about groceries specifically, the basket size continues to increase. That's largely being driven by consumers getting more habituated on the platform, and as they get more habituated to the earlier answer that I gave, they're starting to use us for all use cases, not just, the top-up, but also the top up use case. So we're starting to see increasing number of cohorts increase their spend with us over time. They're increasing both perishable as well as non-perishable.

當我具體考慮食品雜貨時，購物籃的尺寸不斷增加。這主要是因為消費者越來越習慣這個平台，隨著他們越來越習慣我之前給出的答案，他們開始將我們用於所有用例，不僅僅是充值，還有充值用例。因此，我們開始看到越來越多的群體隨著時間的推移增加在我們這裡的消費。他們正在增加易腐爛食品和不易腐爛食品的數量。

You're also seeing the impact from an overall Commerce platform which is driving volume and revenue, but it does not contribute to GOB. So that also impacts GOB if you're thinking about it from a modeling perspective.

您還會看到整體商務平台的影響，它正在推動交易量和收入，但對 GOB 沒有任何貢獻。因此，如果從建模的角度考慮，這也會影響 GOB。

FXs, when I think about the impact on GOB in Q1, roughly there was roughly about a 1% impact on a year-over-year growth basis. For the second quarter we do think there's going to be some impact, but that's embedded in the guidance for both GOV as well as EBITDA that we've given.

當我考慮外匯對第一季 GOB 的影響時，我發現其對年成長的影響約為 1%。對於第二季度，我們確實認為會產生一些影響，但這已經包含在我們給出的 GOV 和 EBITDA 指導中。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Michael McGovern, Bank of America.

美國銀行的麥可‧麥戈文。

I have two. You mentioned autonomy in terms of your uptick in CapEx this quarter, and I think you had some interesting announcements in your quarter about your first delivery robots in LA and also drone testing. Can you just provide an update on your efforts there and autonomy and how you view the long-term opportunity?

我有兩個。您在本季度資本支出增加方面提到了自主性，我認為您在本季度發布了一些有趣的公告，包括洛杉磯首批送貨機器人以及無人機測試。您能否簡單介紹一下您在那裡所做的努力和自主權以及您如何看待長期機會？

And then secondly, a question on regulatory. Recently there was a bill proposed in the Senate about independent workers getting access to portable benefits at the federal level. I think you provided portable benefits in some states. Is that driven a big impact in those states and just how do you view the possibility of that expanding more broadly?

其次，關於監管的問題。最近，參議院提出了一項法案，涉及獨立工作者在聯邦層級獲得可轉移福利。我認為你們在某些州提供了可攜帶福利。這是否會對這些州產生重大影響？您如何看待這種影響進一步擴大的可能性？

I'll start with the autonomy question. We're very excited about the autonomy initiatives and also just I think the promise of what it could bring up. Something that we've been thinking about and working on for about eight years now.

我先從自治問題開始。我們對自治舉措感到非常興奮，而且我認為它還能帶來希望。這是我們思考和努力了大約八年的事。

The key challenge with autonomous delivery that might be a little bit different from other autonomous efforts out there like autonomous taxis and things like this is that you really have to solve that first and last 10 feet problem of putting in items and taking out items from a vehicle. Obviously, that marriage of the operations and the technology to me is really what's going to be key in unlocking the possibility of autonomous delivery in a way that is highly scalable, that increases or improves the value proposition of the product experience today, and builds us towards the future.

自動送貨面臨的關鍵挑戰可能與自動計程車等其他自動送貨技術略有不同，那就是你必須解決將物品放入車輛和從車輛中取出物品的第一個 10 英尺和最後一個 10 英尺的問題。顯然，對我而言，營運與科技的結合才是真正開啟高度可擴展的自主交付可能性的關鍵，這將增加或改善當今產品體驗的價值主張，並引領我們走向未來。

The second thing that I would say about autonomous delivery is that it probably sounds obvious, but you don't need a 4,000 pound vehicle to deliver a one or two pound item or package. And so the form factors are also very different and they really have to match the use cases in which you're considering it.

關於自動送貨，我想說的第二件事是，這聽起來可能很明顯，但你不需要一輛 4,000 磅重的車輛來運送一兩磅重的物品或包裹。因此，外形尺寸也非常不同，它們必須與您考慮的用例相符。

So there's lots of things that we're doing. We'll have more to share later, but we're super excited about both the progress as well as I think, the partnership ecosystem that is developing as well as we bring more of this into reality.

所以我們正在做很多事情。我們稍後會分享更多信息，但我們對進展以及正在發展的合作夥伴生態系統以及我們將更多內容變為現實感到非常興奮。

Your second question on regulatory, which is around portable benefits, it is definitely something that we're really excited about. You're right, we actually started this effort and we started the effort in Pennsylvania with support from Governor Shapiro. And you know we're talking with other states right now of taking the initiative that we brought forth in Pennsylvania into those states.

您的第二個問題是關於監管的，即有關可攜帶福利的問題，這絕對是我們非常興奮的事情。你說得對，我們確實已經開始了這項工作，而且是在賓州州長夏皮羅的支持下開始的。你知道，我們現在正在與其他州商談，將我們在賓州提出的倡議推廣到這些州。

And we've always believed that, I mean, this is really coming directly from the dashers themselves that they want the flexibility of the work that we provide, but they also want to have access to benefits which we believe in. And so that's really what you see with respect to the portable benefits initiatives.

我們始終相信，這實際上直接來自於破折號者本身，他們希望我們提供的工作具有靈活性，但他們也希望獲得我們所相信的福利。這就是您所看到的有關可攜式福利計劃的情況。

We're excited that we have leading states who are the tip of the spear, if you will, really innovating in this area. We see momentum and excitement, now, possibly at the federal level and so these are all things I think moving in the right direction.

我們很高興看到我們擁有處於領先地位的國家，他們在這一領域真正地進行了創新。現在，我們看到了勢頭和興奮，可能在聯邦層面，所以我認為這些都是朝著正確的方向發展。

And we really hope that we don't just innovate on products and build more value for customers, but we also can innovate, although it may take a little bit longer, as we work collectively with all the stakeholders involved to make productive changes to the legal system, too, such that we can set up a world where people can choose to work freely, anytime they want, anywhere they want, and also have access to benefits.

我們真誠地希望，我們不僅能在產品上進行創新，為客戶創造更多價值，我們還能不斷創新，儘管這可能需要更長的時間，因為我們將與所有利益相關者共同努力，對法律體系進行富有成效的變革，以便我們能夠建立一個人們可以隨時隨地自由選擇工作，同時還能享受福利的世界。

Great. Thank you.

偉大的。謝謝。

Jim Sanderson, Northcoast Research.

吉姆·桑德森（Jim Sanderson），Northcoast Research。

You mentioned earlier in the call that the first quarter for DoorDash is a very strong growth quarter. So I'm wondering in this context, are there any sectors, geographies, or demographic groups within the DoorDash US restaurant business that grew ahead of your expectations or lagged significantly below your expectations?

您之前在電話會議中提到，DoorDash 第一季的成長非常強勁。因此，我想知道在這種背景下，DoorDash 美國餐飲業務中是否有任何行業、地區或人口群體的成長超出了您的預期，或遠低於您的預期？

I mean, look, the first quarter was a good quarter from an overall restaurant's growth perspective because I assume you're talking about only the restaurant's business. But even when I take a step back and look at the performance of the business, right? Over the last five or six quarters, I mean the growth has been pretty stable.

我的意思是，從整個餐廳的成長角度來看，第一季是一個好季度，因為我認為你只談論餐廳的業務。但即使我退一步看看業務表現，對嗎？在過去的五、六個季度裡，成長一直相當穩定。

I think what you're seeing in the business is users continue to grow out of frequency continues to grow. The retention has been very stable. When I look at the newer cohorts versus the existing older cohorts, all of the cohorts continue to perform extremely well.

我認為您在業務中看到的是用戶持續成長，頻率持續成長。保留率一直非常穩定。當我將較新的群組與現有的較老的群組進行比較時，我發現所有群組都繼續表現得非常出色。

I mean, look, I mean, we get over 8 million signals on a daily basis, and we have a team of analysts that look at the underlying performance. And when we look at the underlying cohort health, I mean it looks pretty healthy whether it's low income or high income or the universe is the existing cohorts.

我的意思是，你看，我的意思是，我們每天收到超過 800 萬個訊號，我們有一個分析師團隊來關注潛在的表現。當我們觀察潛在的群體健康狀況時，我的意思是，無論是低收入、高收入或現有群體，它看起來都相當健康。

Again, a lot of that is being driven by the underlying improvements that we're making in the product. And if you think about it, even if you peel back and look at the performance of the business over the last several years, I mean, the business has continued to be very resilient.

再次強調，這很大程度上是由我們對產品所做的根本性改進所推動的。如果你仔細想想，即使你回顧過去幾年的業務表現，你會發現，這項業務一直保持著強烈的彈性。

We've operated the business in a variety of demand cycles, so we are pretty comfortable operating the business, the different kinds of environments. And the overall restaurant business both from a growth profitability continues to be very healthy and very strong.

我們在各種需求週期中經營業務，因此我們非常適應在不同類型的環境中經營業務。從成長獲利能力來看，整體餐飲業務仍然非常健康和強勁。

Thank you. That concludes our question-and-answer session.

謝謝。我們的問答環節到此結束。