DoorDash Inc (DASH) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the DoorDash Q3 2025 earnings call. (Operator Instructions) I would now like to turn the call over to Wes Twigg. Please go ahead, Wes.

感謝您的支持，歡迎參加 DoorDash 2025 年第三季財報電話會議。（操作員指示）現在我想將電話轉給 Wes Twigg。請繼續，韋斯。

Good afternoon, everyone, and thanks for joining us for our Q2 '25 earnings call. I'm pleased to be joined today by Co-Founder, Chair and CEO, Tony Xu; and CFO, Ravi Inukonda. 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.

大家下午好，感謝大家參加我們的 2025 年第二季財報電話會議。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。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預期。

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. Many of these uncertainties are described in our SEC filings, including our most recent Form 10-K and 10-Q.

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。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。

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.

您不應依賴我們的前瞻性陳述來預測未來事件或表現。除非法律要求，我們不承擔更新任何前瞻性聲明的義務。

During this call, we will discuss certain non-GAAP financial measures. Information regarding our non-GAAP financial measures, including a reconciliation 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指標。有關我們非公認會計準則 (Non-GAAP) 財務指標的信息，包括該等非公認會計準則 (Non-GAAP) 指標與最直接可比的公認會計準則 (GAAP) 財務指標的對賬表，請參閱我們的收益報告。該報告可在我們的投資者關係網站 ir.doordash.com 上查閱。這些非公認會計準則 (Non-GAAP) 指標應作為我們公認會計準則 (GAAP) 績效的補充，並非旨在取代我們的公認會計準則 (GAAP) 績效。

Finally, this call is being audio webcasted on our Investor Relations website. An audio replay of this call will be available on our website shortly after the call ends. Operator, I'll pass it back to you, and we can take our first question.

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本次通話的音訊回放。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。

Okay, thanks a lot for taking my questions. Let me try two, please. On the US marketplace, orders accelerating year-over-year, you continue to see strength in restaurants. So it sounds like the strength was driven by DashPass membership growth, frequency uptick and potentially some product improvements around personalization and maybe faster delivery.

好的，非常感謝您回答我的問題。請讓我試兩次。在美國市場，訂單量逐年增加，餐廳業務持續保持強勁成長。因此，聽起來，其優勢是由 DashPass 會員數量增長、頻率上升以及個性化和更快交付方面的一些產品改進所推動的。

So I guess my question is, could you perhaps point to some specific examples around what you did on personalization, and what specifically drove strength in membership growth and frequency?

所以我想我的問題是，您能否指出一些具體的例子，說明您在個人化方面做了什麼，以及具體是什麼推動了會員成長和頻率的提升？

And then the second question is on advertising revenue. You've now exceeded $1 billion in annualized revenue run rate, and you got there fairly quickly. So post Symbiosis acquisition, could you please share your thoughts on how you're thinking about scaling the on-platform and off-site ads opportunity as you see it in the near to midterm? Thanks a lot.

第二個問題是關於廣告收入。你們的年收入運行率現在已經超過了 10 億美元，而且你們實現這一目標的速度相當快。那麼在收購 Symbiosis 之後，您能否分享一下您對如何在近期至中期內擴大平台內和站外廣告機會的看法？多謝。

Hey Shweta, it's Tony. I'll start, and Ravi, feel free to chime in. On the first question about the accelerated growth at bigger scale, look, a lot of these improvements and developments were the results of our team's work probably dating back a couple of years ago.

嘿，Shweta，我是 Tony。我先開始，拉維，請隨意加入。關於更大規模加速成長的第一個問題，你看，很多這些改進和發展都是我們團隊幾年前的工作成果。

I've always believed that it's very, very difficult to make changes, especially at our scale that can have material impact within a short time period, whether it's the quarter or even the year. And in many ways, that goes to the work that we do today, which is the work that our teams are working on right now likely will have an impact on a quarter a few years into the future.

我一直認為，做出改變是非常非常困難的，尤其是在我們這樣的規模下，改變可以在短時間內產生重大影響，無論是一個季度還是一年。從很多方面來說，這都與我們今天所做的工作有關，我們的團隊目前正在進行的工作可能會對未來幾年的某個季度產生影響。

And I think if we're doing our work right, that is always going to be the cadence here at DoorDash, where the north star focus is always to make improvements, first and foremost, to our products, to the selection that we offer of both stores and items to the affordability of those items and stores, the quality of delivery, the timeliness, the accuracy and certainly the customer service, especially when we get things wrong.

我認為，如果我們正確地開展工作，那麼 DoorDash 就始終會保持這種節奏，我們的北極星焦點始終是不斷改進，首先是改進我們的產品，改進我們提供的商店和商品選擇，改進這些商品和商店的可負擔性，改進配送質量、及時性、準確性，當然還有客戶服務，尤其是在我們出錯的時候。

And I think that's been a consistent narrative that reflects a consistent execution at the company for the 12 years that we've been doing this, and it remains to be the case today. So we've seen improvements across the board in our various products that have achieved the results that you're seeing today.

我認為這始終是一個一致的敘述，反映了公司 12 年來始終如一的執行力，至今仍然如此。因此，我們看到我們的各種產品都有了全面的改進，並取得了您今天所看到的結果。

With respect to the second question on ads, you're right. At some point last year, we did cross $1 billion of revenue run rate in the ads business, making it the fastest in history to get there. And I mentioned all along that the ads business has been progressing really healthily.

關於廣告的第二個問題，您說得對。去年某個時候，我們的廣告業務收入運行率確實突破了 10 億美元，這是史上最快的突破。我一直提到廣告業務進展非常健康。

But the focus for the ads business today and three years ago when we started the business and in the future will always remain the same, which is we have to achieve the best consumer experience and build the most successful marketplace, which is what will enable us to build the most successful return on ad spend product or the most successful advertising business for retailers, CPGs and restaurants. And that remains the focus.

但是，今天以及三年前我們開始這項業務時以及將來的廣告業務的重點將始終保持不變，那就是我們必須實現最佳的消費者體驗並建立最成功的市場，這將使我們能夠為零售商、快速消費品和餐館打造最成功的廣告支出回報率產品或最成功的廣告業務。這仍然是重點。

With respect to Symbiosis, an acquisition that we closed, one of the developments we've always had is that we've always been privileged where there is more dollars that advertisers want to spend with us than we are willing to give in terms of the surfaces in which we allow them to advertise.

關於我們完成的一項收購 Symbiosis，我們一直以來的進展之一是，我們一直享有特權，因為廣告商願意在我們身上花的錢比我們願意在允許他們投放廣告的面積上提供的錢要多。

Again, we're trying to make sure that we have a best-in-class consumer experience. And therefore, whether it's compared to peers or just compared to what we think the right thing to do is we don't allow advertisements to just show up in the product.

再次強調，我們正在努力確保擁有一流的消費者體驗。因此，無論是與同行相比，還是僅僅與我們認為正確的做法相比，我們都不允許廣告出現在產品中。

And so -- that doesn't mean though that there isn't a good use of dollars or proceeds from these advertisers. This is why we purchased Symbiosis, where together with our know-how as well as our information that we collect, we believe that we can be the best marketer. You can almost think of it as we're the agent of choice where we can do the best marketing spend for each one of these merchants and advertisers.

但這並不意味著這些廣告商的資金或收益沒有得到很好的利用。這就是我們收購 Symbiosis 的原因，我們相信，憑藉我們的專業知識和收集的信息，我們可以成為最好的營銷商。您幾乎可以認為我們是首選代理商，我們可以為每位商家和廣告商提供最佳的行銷支出。

And a lot of times, I think when you think about our relationship with everyone we work with, we are not just a delivery provider. Many times, we are the growth engine or the growth button, both in terms of what we can bring incrementally from our marketplace as well as the know-how that we bring from our first-party business, in teaching these retailers and advertisers on how to build the most successful digital powerhouses in their own rights. And so you see that again here in the Symbiosis example as part of our advertising business.

很多時候，當你考慮我們與每個合作夥伴的關係時，我認為我們不僅僅是一個送貨供應商。很多時候，我們是成長引擎或成長按鈕，無論是從我們可以逐步從市場帶來的東西，還是從我們的第一方業務中帶來的專業知識來看，我們都可以教導這些零售商和廣告商如何憑藉自己的力量打造最成功的數位巨頭。因此，您可以在 Symbiosis 範例中再次看到這一點，它是我們廣告業務的一部分。

Shweta. It's Ravi. I think one of the things that you mentioned was the acceleration of the ad business. I mean I would clarify, right? I would not read into the disclosure as us changing the way in which we are operating the ads business.

施韋塔。是拉維。我認為您提到的事情之一就是廣告業務的加速發展。我的意思是我應該澄清一下，對嗎？我不會將這項揭露解讀為我們改變廣告業務的運作方式。

We're operating the business with the same level of discipline. The two metrics are merchant ROAs as well as consumer conversion. We think we are best in class for both of those. The goal for us has always been to build a great marketplace business. And if we do that, the ad business will scale and will continue to grow. But we are growing with the same level of discipline as we've done before.

我們以同樣的紀律來經營業務。這兩個指標分別是商家 ROA 以及消費者轉換率。我們認為我們在這兩方面都是最好的。我們的目標一直是建立一個偉大的市場業務。如果我們這樣做，廣告業務將會擴大規模並持續成長。但我們仍以與以前相同的紀律水平不斷發展。

Thanks, Tony. Thanks, Ravi.

謝謝，托尼。謝謝，拉維。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Great, thanks for taking the questions. Tony, I wanted to ask an AI question. We're seeing big improvements in search and recommendation systems across a lot of consumer Internet platforms, basically using AI models with reasoning capabilities.

太好了，感謝您回答這些問題。東尼，我想問一個關於人工智慧的問題。我們看到許多消費者網路平台的搜尋和推薦系統都有了很大的改進，基本上都是使用具有推理能力的人工智慧模型。

You obviously have a very strong engineering team that's on top of these tech breakthroughs. Can you talk about some of the ways how Dash is planning to use these larger AI models to both improve user experience and also find additional pockets of operational efficiencies, maybe say in the next 6 to 12 months?

你們顯然擁有一支非常強大的工程團隊，能夠實現這些技術突破。您能否談談 Dash 計劃如何使用這些更大的 AI 模型來改善用戶體驗並尋找額外的營運效率，例如在未來 6 到 12 個月內？

And then the second question, maybe for Ravi. With all the supply growth and value prop improvements that you've done with new verticals, how meaningfully is new verticals now contributing to a kind of new customer growth to the platform? And also maybe talk a little bit about the cross-platform benefits for the US restaurant business from new customers acquired through grocery and perhaps convenience. Thank you.

第二個問題可能是問拉維的。透過您在新垂直領域實現的所有供應成長和價值主張改進，新垂直領域現在對平台的新客戶成長有多大意義？也許還可以談談透過雜貨店和便利商店獲得的新客戶為美國餐飲業帶來的跨平台利益。謝謝。

Sure, hey, Deepak. On the first question on AI, I'll start. Whenever you see a revolutionary technology that seems to be improving by the hour, you kind of have to rethink your entire business. And I think this is a thought that dawned on me probably four years ago, when you started seeing kind of the beginnings of what these things can do.

當然，嘿，迪帕克。我先從人工智慧的第一個問題開始。每當你看到一項革命性的技術似乎在不斷進步時，你就必須重新思考你的整個業務。我認為這個想法大概是在四年前我萌生的，當時我才剛開始看到這些東西能做什麼。

Because I think that in many ways, it's not just a new technology, it's also a new way of how you attack different problems. So there are a few areas in which we found a lot of fruit in terms of how we thought about applying it.

因為我認為在很多方面，它不僅是一項新技術，也是解決不同問題的新方法。因此，就我們如何應用它而言，我們在一些領域中取得了很多成果。

So the first is thinking about what should the consumer product actually look like in a world where, to your point, there's a different way of doing everything from search to personalization, to ranking. And I would say that there's a lot of different iterations that I think you'll see us take in terms of shipping a version of the product that will really, I think, marry the best of what the technology brings in a way that actually brings pragmatic benefits to different use cases to the consumer.

因此，首先要思考的是，在一個從搜尋到個人化到排名的所有事情都有不同方式的世界裡，消費產品實際上應該是什麼樣的。我想說的是，在推出產品版本方面，我們會進行許多不同的迭代，我認為這些迭代將真正結合技術帶來的最佳優勢，真正為消費者的不同用例帶來實際利益。

The second area is a lot of our business happens in the physical world. It's not just the deliveries, whether it's the creation of inventory lists or menus from restaurants or all the work that we do to onboard different merchants and retailers and advertisers, there's a lot of physical activity or repetitive activity that happens. All of those processes can be and are being rethought right now at DoorDash in terms of how we can do that in much more efficient ways with higher quality and fidelity.

第二個領域是我們的許多業務都發生在現實世界。這不僅僅是送貨，無論是創建庫存清單還是餐廳菜單，或者我們為吸引不同的商家、零售商和廣告商而進行的所有工作，都會發生大量的體力活動或重複性活動。所有這些流程現在都可以並且正在 DoorDash 重新思考，以便我們能夠以更有效率的方式、更高的品質和保真度完成這些流程。

And the final way is -- and we see this most notably in our engineering teams is really how do we become a more productive organization if we were to start this company from scratch in 2025 versus getting our start back in 2013.

最後一種方法是——我們在工程團隊中最明顯地看到了這一點，如果我們在 2025 年白手起家創辦這家公司，而不是在 2013 年重新開始，我們如何才能成為一個更有效率的組織。

We see this a lot in coding certainly, we're obviously probably not a surprise when you're talking about large language models, when you're talking about domains where there are correct answers and easy ways to produce evaluation that can tell you whether you're on the right track or wrong track, coding has been a natural use of productivity for DoorDash now for a few years in a row, and I think that's only going to increase.

我們在編碼中經常看到這種情況，當然，當你談論大型語言模型時，當你談論有正確答案和簡單的評估方法的領域時，我們顯然不會感到驚訝，這些方法可以告訴你你是在正確的軌道上還是錯誤的軌道上，編碼已經連續幾年成為 DoorDash 提高生產力的自然方式，而且我認為這種情況只會增加。

And so that should also be true though, in other functions. If you're starting -- if I were building DoorDash from scratch today, we would have a very different approach given all of the tools available. But this is kind of like when DoorDash started 12 years ago where you had the real acceleration of cloud computing services where DoorDash no longer needed to manage data centers, we can kind of get easy access to AWS instances and kind of get up and running.

但在其他功能中，這也應該是正確的。如果您剛開始 - 如果我今天從頭開始建立 DoorDash，那麼考慮到所有可用的工具，我們將採用非常不同的方法。但這有點像 12 年前 DoorDash 剛開始時的情況，當時雲端運算服務真正加速發展，DoorDash 不再需要管理資料中心，我們可以輕鬆存取 AWS 實例並啟動和運行。

This is kind of true today, but just at the functional level instead of just the compute level where across every discipline inside the company, I think you can from first principles re-derive how you would build the company from scratch, and that's what we're thinking about.

今天確實如此，但僅在功能層面，而不僅僅是公司內部各個學科的計算層面，我認為你可以從第一原則重新推導出如何從頭開始建立公司，這就是我們正在考慮的。

Hey, Deepak, it's Ravi. I'll talk about new verticals, right? I know your question was around (inaudible) But let me take a step back and give you how we're thinking about overall new verticals and the performance of the business.

嘿，迪帕克，我是拉維。我會談論新的垂直領域，對嗎？我知道您的問題是關於（聽不清楚）但讓我退一步，告訴您我們如何看待整體新垂直行業和業務表現。

I mean, look, new verticals had a really strong quarter. We're growing really fast, growing much faster than our core restaurant business. In fact, we grew share. And I think, like we said last time, our expectation is that we'll be volume share leaders within the next year.

我的意思是，看，新垂直行業本季表現非常強勁。我們的發展速度非常快，比我們的核心餐飲業務發展速度快得多。事實上，我們的份額增加了。我認為，就像我們上次所說的那樣，我們期望在明年成為銷售份額領先者。

If you actually break that apart, we are seeing strength both from new as well as existing cohorts. On the new cohorts, today, the size of new cohorts ordering from new verticals is higher than same time last year. The engagement levels of mature cohorts, think of them as existing cohorts, the size of those cohorts is also larger than what we saw last year.

如果你真正將其分開，我們會看到新舊群體都表現出了實力。在新客戶群方面，今天，從新垂直行業訂購的新客戶群規模高於去年同期。成熟群體的參與度水平，可以將其視為現有群體，這些群體的規模也比我們去年看到的要大。

At the same time, these cohorts are engaging with us more, which means order frequency has continued to increase. So when you look at the underlying cohort performance, it's very strong. Both users are growing, order frequency is growing, we went at all-time highs across both of those metrics.

同時，這些群體與我們互動更加頻繁，這意味著訂單頻率持續增加。因此，當您查看底層群組表現時，它非常強勁。用戶數量正在成長，訂單頻率也在成長，這兩個指標都達到了歷史最高水準。

The other question is what's actually driving that growth, right? If you look at the performance of the business, we've increased the selection on the platform quite considerably. The quality of the product is continuing to get better.

另一個問題是，究竟是什麼推動了這種成長？對嗎？如果你看一下業務表現，你會發現我們已經大大增加了平台上的選擇。產品品質不斷提高。

We've made the product more affordable, more DashPass users are ordering from more categories. Look, in Q4, we talked about the fact that roughly about a quarter of our users order from new verticals. That number has continued to increase.

我們讓產品變得更實惠，更多 DashPass 用戶可以從更多類別進行訂購。你看，在第四季度，我們談到了大約四分之一的用戶從新的垂直行業訂購的事實。這一數字還在持續增加。

All of these are signs pointing to cohort getting value, consumers getting value from the product. And for us, the focus continues to be to improve the underlying value proposition. And as long as we continue to do that, we are confident that it's going to be a large business for us over time.

所有這些都表明群體獲得了價值，消費者從產品中獲得了價值。對我們來說，重點仍然是改善潛在的價值主張。只要我們繼續這樣做，我們就有信心，隨著時間的推移，這將成為我們的一門大生意。

Awesome. Thank you so much.

驚人的。太感謝了。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Great, thanks for taking the question. I wanted to ask a little bit more of the letter or the press release talks quite a bit about cohort trends, particularly within DashPass members as you still continue to have records. So talk to us a little bit more about how DashPass cohorts have been trending here maybe on the newer cohorts in the last year or two as being similar results.

太好了，謝謝你回答這個問題。我想多問一些有關這封信或新聞稿的問題，其中談到了很多關於群體趨勢的問題，特別是在 DashPass 會員中，因為你們仍然有記錄。那麼，請與我們進一步談談 DashPass 群組的趨勢，也許在過去一兩年中，較新的群組也取得了類似的結果。

And then as we think about sort of just the maybe bigger picture, and I know we're still yet to close the Deliveroo. Any updated thoughts on the integration there? Thank you.

然後，當我們考慮更大的前景時，我知道我們還沒有關閉 Deliveroo。對於那裡的整合有什麼最新的想法嗎？謝謝。

Yeah, Ron, I think the first one on DashPass and Tony, feel free to chime in. Look, I mean, DashPass did a very, very solid quarter. Look, I mean, we've been investing in DashPass for years, right? Ultimately, the thing that is driving growth for DashPass for us is the underlying product continuing to get better.

是的，羅恩，我認為第一個是關於 DashPass 和托尼的，請隨意加入。看，我的意思是，DashPass 本季表現非常非常穩健。你看，我的意思是，我們已經投資 DashPass 很多年了，對吧？最終，對我們來說，推動 DashPass 成長的因素是基礎產品的不斷改進。

We're focused on adding more selection. We are focused on driving higher quality. We're making the product continue to be more affordable, there's more features and services available as a part of DashPass. Ultimately, all of this is driving the user journey.

我們專注於增加更多選擇。我們專注於提高品質。我們正在使產品更加實惠，DashPass 中將提供更多功能和服務。最終，所有這些都在推動用戶旅程。

What we see is we're acquiring more new consumers than ever before, those consumers are joining the platform. They are contributing more. They continue to graduate to DashPass and DashPass when they continue to graduate, the order frequency is higher.

我們看到的是，我們正在獲得比以往更多的新消費者，這些消費者正在加入該平台。他們貢獻更多。他們不斷向 DashPass 升級，而當他們繼續向 DashPass 升級時，訂單頻率就會更高。

One of the things that you're seeing from a cohorts perspective around in DashPass, even the older cohorts, cohorts even as old as five, six years ago, those cohorts continue to engage with us at higher levels. All of this is pointing to the underlying strength that we are seeing in the business.

從 DashPass 的使用者群體角度來看，你會發現，即使是舊用戶群體，甚至是五、六年前的使用者群體，他們仍然在更高層次上與我們互動。所有這些都表明了我們在業務中看到的潛在實力。

I mean, look, it's not anything that we've done over the last couple of quarters, right? We've been investing in the product for several years now. The underlying product is getting better. That's what's driving the strength, both in DashPass as well as the underlying cohorts.

我的意思是，你看，這不是我們過去幾季所做的事情，對吧？我們已經對該產品投資好幾年了。底層產品正在變得越來越好。這就是推動 DashPass 及其底層群組實力的因素。

And Ron, it's Tony. I think your second question is about Deliveroo. Probably, obviously, there's not much I can say about it besides the fact that we anticipate closing on the timeline we had communicated, which is at some point in Q4, it's obviously still subject to regulatory review.

羅恩，我是東尼。我認為您的第二個問題是關於 Deliveroo 的。顯然，除了我們預計將按照我們溝通的時間表完成（即在第四季度的某個時候）之外，我可能沒有太多可以說的，但顯然它仍需接受監管部門的審查。

But look, with any acquisition, I mean, we're going to run the company, should it close in the way that we run anything at DoorDash, which is, first and foremost, we have to build and invest in the best product experience.

但是，對於任何收購，我的意思是，我們都會以經營 DoorDash 的方式來經營公司，首先，我們必須打造和投資最好的產品體驗。

And if we can do that and improve the order rates as well as improve the unit (inaudible) where we see efficiency gaps, those are the tools in which we can use to reinvest back into each one of the audiences. Again, our investment philosophy has always been one of maximizing long-term margin dollars, not short-term unit margins. And that will continue to be the focus that we take to the Deliveroo project, should it close, and any other project at DoorDash.

如果我們能夠做到這一點，並提高訂單率以及改善我們發現效率差距的單位（聽不清楚），那麼這些就是我們可以用來重新投資每個受眾的工具。再次強調，我們的投資理念一直是最大化長期利潤，而不是短期單位利潤。無論 Deliveroo 項目是否關閉，以及 DoorDash 的任何其他項目，這都將繼續成為我們的關注重點。

Nikhil Devnani, Bernstein.

尼基爾‧德夫納尼、伯恩斯坦。

Hey, thank you for taking the question. Tony, are you surprised by the ongoing strength in the size of new customer cohorts in the US? I mean it would seem like your audience in the US is pretty large already in the high tens of millions of people which is a big number relative to US households, but that doesn't seem to be affecting the funnel for new customer acquisition at all.

嘿，謝謝你回答這個問題。托尼，您對美國新客戶群規模持續成長感到驚訝嗎？我的意思是，看起來你們在美國的受眾已經相當大了，有數千萬人，相對於美國家庭來說這是一個很大的數字，但這似乎並沒有影響到新客戶的獲取管道。

So when you step back and take a multiyear view, I mean, how durable do you think this trend is? And are you able to also break down how much growth this business gets from new customers versus pre-existing cohorts in a given year? Thank you.

因此，當您退一步並從多年的角度來看待時，您認為這種趨勢能持續多久？您是否可以細分一下該企業在某一年中從新客戶和現有客戶中獲得了多少成長？謝謝。

Yeah, hey, Nikhil. No, I'm not surprised is the short answer. And I think I may have said this in a few different calls before, whether when we're discussing this during COVID, peak inflation in '21, the normalization of COVID or COVID reopenings in '22, where food is the most resilient category and most sought-after category for convenient consumptions.

是的，嘿，尼基爾。不，我並不感到驚訝，這是簡短的回答。我想我之前可能在幾次不同的電話會議上都說過這一點，無論是在新冠疫情期間討論這個問題，還是在 2021 年通脹高峰、新冠疫情正常化或 2022 年新冠疫情重新開放期間，食品都是最具彈性的類別，也是最受追捧的便捷消費類別。

If you just think about the fact that it is the activity in which we engage with 3 times a day, 20 to 25 times a week and more than 100 times a month. And then now you include all of the shopping categories and use cases outside of food that DoorDash has been pursuing for the last five years, I think you get the setup for some of the markets and the market expansion that you've seen.

如果您想一想，我們每天從事這項活動 3 次，每週從事 20 到 25 次，每月從事 100 多次。現在，您將包括 DoorDash 過去五年來一直追求的食品以外的所有購物類別和用例，我想您已經了解了一些市場設置以及您所看到的市場擴張。

But look, I mean a lot of the credit also goes to the fact that we're always trying to make our products better, right? So our product today in '25 is better than our product yesterday in '24, and our product next year will be better than our product this year.

但你看，我的意思是，很多功勞也歸功於我們一直在努力使我們的產品變得更好，對吧？因此，我們 25 年的今天產品比 24 年的昨天產品更好，而我們明年的產品將比今年的產品更好。

So you have this big market out there where we're a single-digit percentage of that when you look at the number of occasions that we actually capture today, we still lose the vast majority of those occasions to the pantry or a different form of consumption. And so it tells me that we actually have a very large runway ahead as long as we can keep improving the product.

因此，您擁有這麼大的市場，而我們只佔其中的個位數百分比，當您查看我們今天實際捕獲的場合數量時，我們仍然將絕大多數場合輸給了食品儲藏室或其他形式的消費。所以這告訴我，只要我們能夠不斷改進產品，我們實際上就擁有非常廣闊的發展空間。

And I think one of the things that tends to get underestimated is how much you can actually keep improving the product. And my take on this is that there's a lot of room. I said this before about our products into other categories, but even our product in the restaurant category, I believe, while it's best-in-class, I think in the eyes of the consumer, it still has a lot of gaps in terms of where we can improve.

我認為人們往往低估的一件事是你實際上可以不斷改進產品的程度。我的看法是，還有很大的空間。我之前談到過我們的產品進入其他類別，但即使是我們的餐廳類別的產品，我相信，雖然它是同類產品中最好的，但我認為在消費者眼中，它在可以改進的地方仍然存在很多差距。

And that's what we're working on every single day. And that's why perhaps they don't necessarily yield material benefits in the current quarter or even the next quarter. But I do know that if we keep working on this, the compounding does have that effect in the years to come.

這就是我們每天所努力的。這就是為什麼它們可能不一定能在本季甚至下個季度產生實質的利益。但我確實知道，如果我們繼續努力，在未來幾年裡，複合效應確實會產生。

And so -- sure, perhaps, we've been fortunate to serve lots of customers today, but when I look at the actual occasions that we capture today, whether it's food consumption, retail consumption, and then when I look at this on a global basis and then when I also include shopping inside stores, not just ordering to the home or to the office, I think we still are very, very, very small and early, and we can't underestimate just how much work we still have left to do to satisfy increasing customer expectations.

所以——當然，也許我們今天很幸運能夠服務於如此多的顧客，但是當我看到我們今天所捕捉到的實際場合，無論是食品消費還是零售消費，當我從全球範圍來看，當我把店內購物也包括在內，而不僅僅是訂購送貨上門或送到辦公室時，我認為我們仍然非常非常小而且起步還很早，我們不能低估我們還有多少工作，我們不能低估我們還有多少工作。

Hey, Nikhil, this is Ravi. Look, I mean I think the second part of your question was around like, hey, what's driving the growth? Look, everything is important, right? Size of new cohorts is important, size of existing cohorts is important. Obviously, mathematically, the size of the existing cohorts is larger than new cohorts.

嘿，尼基爾，我是拉維。聽著，我的意思是，我認為你問題的第二部分是關於什麼推動了成長？瞧，一切都很重要，對吧？新群體的規模很重要，現有群體的規模也很重要。顯然，從數學上講，現有群體的規模大於新群體的規模。

What we're seeing is the size of new cohorts is larger today than last year. Size of existing cohorts today is larger than last year, which points to do things, right? One is people are coming back more often, which means retention is increasing. All of that is being driven by the underlying improvements that we're making in the product.

我們看到的是，今天新群體的規模比去年更大。今天現有群體的規模比去年更大，這表明要採取行動，對嗎？一是人們回來的次數越來越多，這意味著保留率正在提高。所有這些都是由我們對產品所做的根本性改進所推動的。

The second dimension you should think about is order frequency. Again, order frequency hit an all-time high. But again, we're a small fraction of the total number of usable movements just across restaurants. If you add other categories, there's still a lot of opportunity for us to grow.

您應該考慮的第二個維度是訂單頻率。訂單頻率再次創下歷史新高。但同樣，我們只是餐廳內可用活動總數的一小部分。如果增加其他類別，我們仍然有很多成長機會。

So just thinking about it from a model perspective, Nikhil, I would say growth is being driven by both users as well as order frequency. On the user side, both new as well as existing are higher than before.

因此，尼基爾，僅從模型角度考慮，我認為成長是由用戶和訂單頻率共同推動的。在用戶方面，無論是新增用戶或現有用戶，都比以前更高。

Thanks for that. And Ravi, if I could just follow up with a separate question. The net revenue margin expanded as promised. How are you thinking about that for the back half of the year?

謝謝。拉維，我可以接著問一個單獨的問題嗎？淨收入利潤率如承諾的那樣擴大。您對於今年下半年的計畫有何看法？

Thanks for staying as promised, Nikhil. I mean, look, I mean, we talked about the fact that take rate was going to be higher in Q2. It was in line with our expectations. I mean, look, our business, there's factors that drive the take rates, specifically in Q2, Dasher cost is seasonal for us, right?

感謝您遵守承諾，尼基爾。我的意思是，你看，我的意思是，我們談論的是第二季的接受率將會更高的事實。這符合我們的預期。我的意思是，看看我們的業務，有一些因素會影響收費率，特別是在第二季度，Dasher 成本對我們來說是季節性的，對嗎？

Again, I'll reiterate, we've talked about this before. Dasher costs are higher for us in Q1, Dasher costs are higher Q4. So you're thinking about the model like in Q4, Dasher costs are going to be higher. They are more reasonable in Q2 and Q3. So as we came into Q2, we saw benefit from Dasher costs.

我再次重申，我們之前已經討論過這個問題。對我們來說，Dasher 在第一季的成本較高，在第四季的成本也較高。所以你考慮像第四季這樣的模型，Dasher 的成本將會更高。在第二季和第三季它們更加合理。因此，當我們進入第二季時，我們看到了 Dasher 成本帶來的好處。

Two, we are driving improvements in the underlying product especially quality, which gave us benefit in terms of credits and refunds. The third factor was ads, that is becoming a larger portion. So if you put all that together, that's what drove the increase in take rate Q2.

二，我們正在推動基礎產品的改進，特別是質量，這給我們帶來了信用和退款方面的好處。第三個因素是廣告，其所佔比例正在變得越來越大。所以，如果把所有這些因素綜合起來，這就是推動第二季接受率上升的原因。

Now if you're thinking about the rest of the year, right, Nikhil, I would think that H2, the second half take rate is going to be higher than the first half take rate. But just taking a step back. I mean, look, we are not optimizing the business towards a specific take rate, let alone a specific take rate within a specific quarter.

現在，如果你正在考慮今年剩餘的時間，對吧，尼基爾，我認為下半年的接受率將高於上半年的接受率。但只是退一步。我的意思是，你看，我們並沒有針對特定的接受率來優化業務，更不用說特定季度內的特定接受率了。

Our goal has been to focus on overall profit dollars. Our goal is to invest flexibly up and down the P&L, that's actually what's driving the strength that you're seeing in the business, right? We have the ability, we have the opportunity. When we see opportunities to invest, we double down. That's what's driving strength both in the top line as well as the bottom line.

我們的目標是專注於整體利潤。我們的目標是靈活地在損益表上上下下地進行投資，這實際上就是您在業務中看到的推動力，對嗎？我們有能力，我們有機會。當我們看到投資機會時，我們會加倍投資。這就是推動營收和獲利成長的動力。

Thank you both.

謝謝你們兩位。

Michael Martin, MoffettNathanson.

麥可馬丁，莫菲特納桑森。

Hi, thank you for the question. I think this is probably for Ravi. I wanted to ask some of the operating expenses, you typically refer to them as fixed operating expenses that are running maybe a little bit hotter than some of us might have expected, not that you should manage the business to our expectations.

你好，謝謝你的提問。我認為這可能是給拉維的。我想問一些營運費用，您通常將它們稱為固定營運費用，這些費用可能比我們一些人預期的要高一點，並不是說您應該按照我們的預期來管理業務。

But we're living in a very interesting time where you hear a lot of the tech leaders talk about no head count growth, utilizing AI within their corporate structure. So I was curious to how you think we should think about your needs for head count growth going forward? And then maybe it just could be helpful with kind of the fixed cost line item in the model. Thanks Ravi.

但我們生活在一個非常有趣的時代，你會聽到很多技術領導者談論不增加員工數量，在公司結構內利用人工智慧。所以我很好奇，您認為我們應該如何看待未來員工數量成長的需求？然後也許它可能對模型中的固定成本項目有幫助。謝謝拉維。

Yeah, hey Mike, I'll give you the model partners and then talk about the philosophy. Look, just trying to model, I would say OpEx, roughly, you should think about it as 2% of GOV, in that range, which we've talked about for the past couple of quarters. Over long term, like look, I mean, we think of that as any other part of the P&L goal is to drive leverage, goal is to drive efficiency.

是的，嘿，麥克，我會給你模範夥伴，然後談談哲學。你看，只是嘗試建模，我會說，OpEx，粗略地說，你應該把它想像成 GOV 的 2%，在這個範圍內，我們在過去幾個季度已經討論過了。從長遠來看，我的意思是，我們認為這和損益表的任何其他部分一樣，目標都是為了提高槓桿率，目標都是為了提高效率。

The topic here how I think about it, like Mike, look, we are investing in the business. We're still finding great pockets to continue to drive investment in the business. We're being very disciplined, we've added people, both on the product and the engineering side in specific areas where the return on investment continues to be great.

這裡的主題是我如何看待它，就像麥克一樣，看，我們正在投資這項業務。我們仍在尋找龐大的資金來源來繼續推動該業務的投資。我們非常嚴謹，在產品和工程方面都增加了人員，在特定領域投資報酬率仍然很高。

When you look at the output, I mean, the output is showing up in terms of retention, output is showing up in terms of order frequency, the output is showing up in terms of improvement in unit economics side. For us, all of that is being driven by the underlying improvements we are making in the product, we still think there's a lot of opportunity for us to continue to invest.

當您查看輸出時，我的意思是，輸出以保留率的形式顯示，輸出以訂單頻率的形式顯示，輸出以單位經濟方面的改進的形式顯示。對我們來說，所有這些都是由我們對產品所做的根本性改進所驅動的，我們仍然認為有很多機會可以繼續投資。

But look, I mean, longer term goal is to drive leverage on this. We are driving a lot of automation inside the business across the board. In general, the way I think about this is the real cost of operating the business and goal is to generate leverage just like any other part of the P&L.

但是，我的意思是，長期目標是利用這一點。我們正在全面推動業務內部的自動化。總的來說，我對此的看法是，經營業務的實際成本和目標是產生槓桿，就像損益表的任何其他部分一樣。

Really appreciate it.

真的很感激。

The only thing I'd add to what Ravi said is you got to think of DoorDash as a growing set of businesses, right? So DoorDash five years ago was largely one product and operating in one country, restaurant delivery inside the United States in terms of what contributed to our financial results.

對於拉維所說的話，我唯一要補充的是，你必須將 DoorDash 視為一群正在成長的企業，對嗎？因此，就對我們財務表現的貢獻而言，五年前的 DoorDash 基本上只提供單一產品，並且只在一個國家運營，即在美國境內提供餐廳外帶服務。

Today, we have five businesses. We have a business outside of the US. We have a business outside of US restaurant delivery in all of our category expansion. We have a business with our Commerce Platform. We have an ads business, and we're working on new businesses.

如今，我們有五家企業。我們在美國以外有業務。在我們所有的品類擴展中，除了美國餐廳外賣之外，我們還開展其他業務。我們與我們的商務平台有業務往來。我們有廣告業務，並且正在進行新業務。

And so I think one of the ways in which we've thought about this is where do we actually deploy our best people? And are they actually working on the right problems? And do we have the right number of people doing that.

所以我認為我們思考這個問題的方式之一是，我們實際上應該把最好的人才部署在哪裡？他們實際上在解決正確的問題嗎？我們是否有足夠數量的人來做這件事？

And a lot of our (inaudible) growth is really geared towards working on new problems that we see that we can solve for local commerce versus some of the existing ones. So it's maybe a bit hard to see in the averages, but that's a bit more what's happening under the hood.

我們許多（聽不清楚）的成長實際上都是為了解決我們認為可以為本地商業解決的新問題，而不是現有的一些問題。因此，從平均值來看可能有點困難，但這更多的是幕後發生的事情。

Andrew Boone, Citizens.

安德魯·布恩，公民。

Thanks so much for taking the questions. It sounded like Wolt had a proud quarter in terms of frequency as well as unit economics. Can you guys just help unpack what are the improvements you guys are making in that business? And then I wanted to go back to frequency. Frequency continues to improve in terms of the US and was at all-time highs. Can you guys unpack that? Is that new verticals?

非常感謝您回答這些問題。聽起來，沃爾特在頻率和單位經濟方面度過了一個值得驕傲的季度。你們能否幫我們解釋一下你們在該業務上做出了哪些改進？然後我想回到頻率。就美國而言，頻率持續改善，並達到歷史最高水準。你們能解開這個嗎？這是新的垂直產業嗎？

Is that wider cohorts that you guys talked about maybe a year ago of people that order once a quarter now ordering once a month. Is there anything else you guys can shed in terms of light on why frequency continues to just hit new highs. Thanks so much.

你們一年前談到的更廣泛的群體是不是指每季訂購一次的人，現在則是每月訂購一次。你們還能解釋為什麼頻率不斷創下新高嗎？非常感謝。

Yeah, hey, Andrew, it's Ravi. I'll take the first one on international. Look, I mean, international business, really a strong quarter. When I think about it from a growth perspective, growth continues to be quite strong, coming from both growth in users as well as order frequency.

是的，嘿，安德魯，我是拉維。我將選擇國際上的第一個。你看，我的意思是，國際業務確實是一個強勁的季度。當我從成長角度考慮時，成長仍然相當強勁，這既來自用戶的成長，也來自訂單頻率的成長。

When I look at the MAUs just for the international business, they have hit an all-time high. A lot of that is being driven by -- look, I mean, the underlying improvements we're making in the product, right? We've added more selection. We've added more categories. We have a new vertical business in international, that's also growing quite nicely.

當我查看國際業務的 MAU 時，它們已經達到了歷史最高水準。其中很多是由——你看，我的意思是，我們在產品上所做的根本性改進所驅動的，對吧？我們添加了更多選擇。我們新增了更多類別。我們在國際上有一個新垂直業務，而且發展得相當好。

Wolt+ has been a good addition to our overall portfolio. That's subscription program internationally. We've launched that about two years ago. That continues to do quite well. And when I look at the slope of the Wolt+ curve, actually, it's growing faster than DashPass at the same time.

Wolt+ 對我們的整體產品組合來說是一個很好的補充。這是國際訂閱計劃。我們大約兩年前就推出了這個功能。這一表現仍然相當不錯。當我觀察 Wolt+ 曲線的斜率時，實際上，它的成長速度同時比 DashPass 更快。

At the same time, the improvements in both quality as well as affordability that's driving people to come back to us and order more. So order frequency has also hit an all-time high. So when I put all of that together, right, the international business, not only is it growing but we're gaining share across most of the countries that we operate in. Really proud of the progress that the team has made.

同時，品質和價格的提高也促使人們回來訂購更多產品。因此訂單頻率也創下了歷史新高。所以，當我把所有這些放在一起時，正確的，國際業務不僅在成長，而且我們在經營的大多數國家的市場份額都在增加。真的為團隊所取得的進步感到自豪。

And on the second point I would make is when I look at the unit economics, I mean, I mentioned that gross profit positive for overall international. That continues to be the case. And even on a unit economic basis year-over-year, we've seen a good amount of improvement. So net-net, I mean business is from both on the top as well as the bottom line for our overall international portfolio.

關於第二點，我想說的是，當我看單位經濟學時，我的意思是，我提到毛利對整體國際業務有利。這種情況至今仍是如此。即使以單位經濟基礎計算，我們也看到了顯著的改善。所以，淨額，我的意思是，業務既來自我們整體國際投資組合的頂線，也來自底線。

Yeah, Andrew, I'll take the -- Tony, I'll take the second question on frequency. The way I've always thought about this is how do we solve more and more customer problems and so that there's more than one way to win, so to speak, where we can actually engage customers that makes the most sense for them in terms of actually increasing their frequency.

是的，安德魯，我來回答──東尼，我來回答關於頻率的第二個問題。我一直在思考這個問題：我們如何解決越來越多的客戶問題，這樣就有多種獲勝方式，可以這麼說，我們可以真正以對他們最有意義的方式吸引客戶，從而真正增加他們的頻率。

Like no customer, to put a different way, thinks about DoorDash's order frequency as a metric that they care about. And the short answer is, it is different for different customer groups. There is obviously the introduction of new categories and new use cases.

換句話說，沒有任何顧客會將 DoorDash 的訂單頻率視為他們關心的指標。簡而言之，對於不同的客戶群來說，情況是不同的。顯然引入了新的類別和新的用例。

There is the introduction of DashPass and the growing benefits from DashPass. There is also improvements within each one of the use cases, whether it's restaurants, within restaurants, there's different occasions within meal times, for example, there's different categories, obviously, outside of restaurants.

DashPass 的推出以及 DashPass 帶來的日益增長的益處。每個用例都有所改進，無論是在餐廳，還是在餐廳內，還是在用餐時間的不同場合，例如，顯然在餐廳外有不同的類別。

Within each one of those categories, there's various different things beneath that, too, so that you can actually improve each one of these things. So there's no one thing or two or three things that drives the growth frequency.

在每個類別中，還包含各種不同的東西，以便您實際上可以改進其中的每一個。因此，沒有任何一件事或兩件事或三件事能夠推動成長頻率。

And this is, in general, how we set up a lot of our product teams so that a, it's actually solving for that specific unique customer what it is that actually solves a problem for them so that we can grow a metric we care about and then finding more than one way, ideally several dozen ways to win so that the growth is not only enduring, but also geometric.

總的來說，這就是我們組建許多產品團隊的方式，這樣，我們實際上就是為特定的獨特客戶解決他們實際遇到的問題，以便我們能夠提高我們關心的指標，然後找到不止一種方式，理想情況下有幾十種獲勝方式，這樣增長不僅是持久的，而且是幾何級數的。

Thank you.

謝謝。

Youssef Squali, Truist.

Youssef Squali，Truist。

Great, thank you so much. So two quick questions. One, on SevenRooms, I think that acquisition closed in early or maybe mid-June, I'm assuming, Ravi, the contribution was de minimis. But maybe just talk about, Tony, how does it unlock new opportunity for you if you had to dream the dream with kind of building a SaaS model around SevenRooms. Can you maybe just share how you kind of see that evolving for you?

太好了，非常感謝。所以有兩個簡單的問題。首先，關於 SevenRooms，我認為收購是在六月初或六月中旬完成的，我猜，Ravi，貢獻是微不足道的。但東尼，也許你只是在談論，如果你夢想著圍繞 SevenRooms 建立一個 SaaS 模型，它會如何為你帶來新的機會。您能否分享一下您如何看待這項發展？

And then in terms of profitability for new verticals, can you maybe, i.e., non-restaurant, can you just provide an update on how has it progressed as your growth has accelerated? Does it continue to improve on the margin? Or are you holding the profitability relatively flat to maximize top line growth? Thank you.

然後，就新垂直行業的盈利能力而言，例如非餐飲行業，您能否提供一下最新情況，說明隨著您的成長加速，它的進展情況如何？利潤率會繼續提高嗎？或者您保持獲利能力相對平穩，以最大程度地提高營業收入成長？謝謝。

Yeah. Hey Youssef, on the first question on SevenRooms, I'll take that one. I mean, look, we started our Commerce Platform business in the fall of '16, 2016, and in earnest in the first quarter of 2017, where we shipped DoorDash Drive.

是的。嘿，優素福，關於 SevenRooms 的第一個問題，我來回答。我的意思是，我們在 2016 年秋季啟動了我們的商務平台業務，並於 2017 年第一季正式推出 DoorDash Drive。

And the dual mission of the company has always been on the one side, we want to help you grow and bring you incremental sales, that's the job of our marketplace. And on the other side, we want to empower you to do it on your own.

公司的雙重使命始終是，一方面，我們希望幫助您成長並為您帶來增量銷售，這就是我們的市場工作。另一方面，我們希望賦予您自主完成這項任務的能力。

So every physical business, small, medium and large inside cities can win in the digital economy. And we now have built or shipped two of the most successful B2B products in our category with DoorDash Drive and Storefront serving -- each serving hundreds of thousands of businesses.

因此，城市內的每個實體企業，無論是小型、中型或大型企業，都可以在數位經濟中獲勝。現在，我們已經建造或交付了我們類別中最成功的兩款 B2B 產品：DoorDash Drive 和 Storefront 服務——每款產品都為數十萬家企業提供服務。

And -- but it still is a very small -- or solves a very small fraction of all the problems that a business needs to solve or even compared to the DoorDash Marketplace, it's still a very small fraction of the product portfolio of what we built for ourselves.

但它仍然非常小——或者說只解決了企業需要解決的所有問題的一小部分，甚至與 DoorDash Marketplace 相比，它仍然只是我們為自己建立的產品組合的一小部分。

And with products like SevenRooms bring is really it brings a marketing component and a data analytics component to understand all of the different customers that engage with each one of these merchants in an omnichannel 360 way.

SevenRooms 等產品實際上帶來了行銷元件和數據分析元件，以便以全通路 360 度的方式了解與每個商家互動的所有不同客戶。

And obviously, if you can marry the best-in-class product, which we believe SevenRooms has built with the know-how as well as the data sets that DoorDash has access to, I think we can build something very remarkable as a third B2B product that will be very, very successful to many, many merchants, both in restaurants and beyond.

顯然，如果能將一流的產品（我們相信 SevenRooms 已經將專業知識和 DoorDash 可以訪問的數據集結合起來）結合起來，我認為我們可以打造出非常出色的第三款 B2B 產品，它將對餐廳和其他行業的眾多商家帶來非常大的成功。

And so I -- this is less thinking about the business model, although you're right, this is a very different type of business or B2B commerce platform, which contributes to metrics like revenue, but not GOV. But really the way I think about it is what are all the different problems we can solve.

所以我——這不太考慮商業模式，雖然你是對的，但這是一種非常不同的業務類型或 B2B 商務平台，它有助於衡量收入等指標，但不是 GOV。但我真正思考的是我們可以解決哪些不同的問題。

Because if you can solve all the different problems for these physical businesses, I think you're going to grow the GDP of the cities in which these businesses reside. And if you can grow the GDP of the cities, then I think that's a win for everybody. And so that continues to be how we've always thought about this, and it's why we're really, really excited about closing the acquisition of SevenRooms.

因為如果你能解決這些實體企業的所有不同問題，我認為你將會提高這些企業所在城市的 GDP。如果能夠提高城市的 GDP，那麼我認為這對每個人來說都是有益的。所以我們一直以來都是這樣想的，這也是為什麼我們對完成對 SevenRooms 的收購感到非常興奮。

Youssef, on SevenRooms, you're right. I mean, we are investing in the product. But from a bottom line perspective, you're not going to notice the impact in the second half compared to the rest of the portfolio.

Youssef，關於 SevenRooms，你說得對。我的意思是，我們正在投資該產品。但從底線角度來看，與投資組合的其他部分相比，你不會注意到下半年的影響。

To your second point around new verticals, I mean, look, tactically speaking, right, when you purely think about it from a unit economics perspective, yes, unit economics improved in your new vertical business year-over-year.

關於新垂直產業的第二點，我的意思是，從戰術上講，當你純粹從單位經濟學的角度考慮時，是的，新垂直業務的單位經濟學逐年提高。

The thing that you have to remember is like, look, we have a structural advantage. We have consumers existing on the platform. We have Dashers existing on the platform. So when you're thinking about it from a modeling perspective, right, like the flow-through from gross profit to contribution is going to be very high whenever we stand up a newer category.

你必須記住的是，看，我們有結構優勢。我們的平台上有現有的消費者。我們的平台上已有 Dashers。因此，當您從建模角度考慮時，對的，每當我們建立一個較新的類別時，從毛利到貢獻的流通量就會非常高。

I feel very good about where we are on unit economics. What we are focused on is driving scale in the business. Look, ultimately, what we're trying to do is the same playbook, right? We're trying to improve the unit economics, take that, reinvest that back in the business to drive retention as well as order frequency because that ultimately drive scale rise, efficiency in the business. And you're seeing that come through in the business, right?

我對我們的單位經濟狀況感到非常滿意。我們關注的是推動業務規模化。瞧，最終，我們嘗試做的是相同的劇本，對嗎？我們正在努力提高單位經濟效益，將其重新投資於業務，以推動保留率和訂單頻率，因為這最終將推動規模的成長和業務效率的提高。您在業務中看到了這一點，對嗎？

When I talk about Q2, to Deepak's question earlier. Look, I mean, cohort sizes are increasing, both new as well as existing or new verticals, order frequency is growing. And at the same time, the unit economics are improving. We feel really good about the performance. We feel business is scaling, and we're going to continue to scale that business.

當我談到 Q2 時，回答了 Deepak 之前提出的問題。你看，我的意思是，無論是新的還是現有的或新的垂直行業，群體規模都在增加，訂單頻率也在增長。同時，單位經濟效益也在提高。我們對這次演出感到非常滿意。我們感覺到業務正在擴大，我們將繼續擴大業務。

Awesome. Thank you both.

驚人的。謝謝你們兩位。

Jason Helfstein, Oppenheimer.

奧本海默的傑森·赫爾夫斯坦。

Thanks. I wanted to ask a bit more about DashPass, approve the -- I appreciate disclosure on the quarter. So what has been basically the kind of most effective method for growing DashPass users? Does it differ by country? And then talk about how some of the co-marketing partners have played into the DashPass expansion?

謝謝。我想多問一些有關 DashPass 的問題，批准——我很感謝本季度的披露。那麼，增加 DashPass 用戶最有效的方法是什麼？不同國家有差異嗎？然後談談一些聯合行銷夥伴如何參與 DashPass 擴展？

Yeah, hey Jason, it's Tony. I'll take this one. I don't know which earnings call, I may have said this before, but look, when it comes to DashPass, the 80% in the 80%, 20% of DashPass has always been, first and foremost, make the product more useful, make DoorDash, make Wolt more useful. And the more useful we can make it, the more likely that a product like Wolt+ or DashPass will actually get used. We don't want any leakage in the system.

是的，嘿傑森，我是東尼。我要這個。我不知道在哪次財報電話會議上，我可能以前說過這個，但你看，當談到 DashPass 時，80% 中的 80%，DashPass 的 20% 始終是，首先，讓產品更有用，讓 DoorDash，讓 Wolt 更有用。而且我們越能使其變得有用，像 Wolt+ 或 DashPass 這樣的產品就越有可能真正被使用。我們不希望系統出現任何洩漏。

We want a product that people see a large multiple in terms of the benefits they receive versus the amount they have to pay for the subscription. That's the 80%, that continues to be the 80%. There's no one thing that contributes to the 80%. And so it's mostly an obsession over focusing on every product detail and in increasing the number of benefits.

我們希望產品能讓人們從中獲得比他們為訂閱所支付的金額更多的利益。這就是 80%，而且仍然是 80%。沒有任何一件事能夠對這 80% 做出貢獻。因此，我們主要關注的是產品的每個細節，並致力於增加其優點。

The 20% though, to your point, in my opinion, gets earned after you achieve the 80%, which is if you can achieve the 80% and build the best-in-class products are the most useful ones, and I can't think of any other program that can connect or get used as often, if you can maximize the number of connections between consumers and businesses, then you can achieve the 20%, which is to build a successful partner ecosystem.

不過，就你的觀點而言，我認為那 20% 是在你實現 80% 之後獲得的，也就是說，如果你能實現 80% 並打造出最有用的同類產品，我想不出任何其他程序可以像它一樣頻繁地連接或使用，如果你能最大限度地增加消費者和企業之間的連接數量，那麼你就能實現那 20%，也就是成功的生態系統合作夥伴。

We've been very lucky in that where starting in in 2018, 2019, we partnered with Chase. And we haven't done that many of these, but we tend to go deep and partner with a few like-minded partners. More recently, we partnered with T-Mobile where we get to go super deep in ways that benefit both audiences from both companies. But that really is the 20%, and it can only happen if we've actually built the most useful products to start with. And so that continues to be with the focus for both DashPass and Wolt+ are.

我們非常幸運，從 2018 年、2019 年開始，我們就與大通銀行合作。我們還沒有做過很多這樣的事，但我們傾向於深入研究並與一些志同道合的合作夥伴合作。最近，我們與 T-Mobile 展開合作，以更深入的方式使兩家公司的受眾受益。但這其實只是 20%，而且只有我們一開始就真正製造出最有用的產品，這才有可能實現。因此，這仍然是 DashPass 和 Wolt+ 關注的重點。

Michael McGovern, Bank of America.

美國銀行的麥可‧麥戈文。

Hey guys, thanks for taking my question. I have two, maybe one for Tony and one for Ravi. Curious on the Cocoa Robotics partnership for sidewalk robots that I think, occurred in April. Any insight into how that launch has gone in LA and Chicago or any other new thoughts on robotic delivery methods?

嘿夥計們，謝謝你們回答我的問題。我有兩個，也許一個給東尼，一個給拉維。我對 Cocoa Robotics 在人行道機器人領域的合作感到好奇，我認為合作發生在四月。您對在洛杉磯和芝加哥的發表會進度有何了解？或者您對機器人送貨方法有什麼新想法嗎？

And then second, it looks like the AOV or basket size has continued to see this uptick in growth for a couple of quarters in a row now. Anything to call out there in terms of -- or just normal kind of growth in food costs? Thank you.

其次，看起來 AOV 或購物籃規模已經連續幾季呈現成長趨勢。有什麼需要注意的嗎——或者只是食品成本的正常成長？謝謝。

Yeah, hey, Michael, I'll take the first question on robotics. Our work in robotics started in 2017 when we were really trying to understand how autonomous delivery can actually be shaped and built and ultimately commercialized.

是的，嘿，邁克爾，我將回答有關機器人技術的第一個問題。我們在機器人領域的工作始於 2017 年，當時我們真正想了解如何塑造和建造自動送貨，並最終實現商業化。

And I think the biggest thing that we've learned there is that doing autonomous delivery is actually very different from doing autonomous passenger driving or robot taxis. And that's because, obviously, in a passenger context, the passenger can walk in and walk out of the car, even if the drop off or pickup locations aren't perfect. But in the case of delivery, that's obviously not true.

我認為我們學到的最重要的一點是，自動送貨實際上與自動載客駕駛或機器人計程車有很大不同。這是因為，顯然，在乘客的環境中，即使下車或上車地點並不完美，乘客也可以走進或走出汽車。但就交付而言，顯然情況並非如此。

And in order to make sure that you can make autonomous delivery happen and achieve its full potential, you kind of have to solve for the end-to-end system. And that's kind of probably the single biggest learning we've had.

為了確保能夠實現自主交付並充分發揮其潛力，您必須解決端到端系統的問題。這或許是我們得到的最大的教訓。

And so we made a few partnerships as noted in your question. Those have gone great. We definitely see great potential in building that out. But we've also done our own work as well. And so we don't have any announcements to make at the time, but it's something that we've been studying and working on for several years now, and it's something we're very excited about.

正如您在問題中提到的那樣，我們建立了一些合作夥伴關係。一切進展順利。我們確實看到了實現這一目標的巨大潛力。但我們也做了自己的工作。因此，我們目前還沒有任何消息要宣布，但這是我們多年來一直在研究和努力的事情，也是我們感到非常興奮的事情。

Hey Michael, on the second point, I think you're probably looking at the AOV for the overall business. I mean, look, largely as a result of mix shift. We are seeing new verticals become a larger portion of the business.

嘿，邁克爾，關於第二點，我認為你可能正在考慮整體業務的 AOV。我的意思是，這很大程度上是混合轉變的結果。我們看到新的垂直行業正在成為業務中更大的一部分。

Even within new verticals, what you are seeing is an increase in basket sizes as users try to use us for more use cases. A lot of that is being driven by the underlying improvements we've made in the product. We have more selection than ever before, the underlying product continues to get better and more easier to use. That's what's driving the higher baskets in new verticals. But the overall AOV at the total company level is largely a mix shift to new verticals.

即使在新的垂直領域，隨著用戶嘗試將我們用於更多用例，您也會看到購物籃規模的增加。這在很大程度上是由我們對產品所做的根本性改進所推動的。我們擁有比以往更多的選擇，基礎產品也變得越來越好，越來越容易使用。這就是推動新垂直領域籃子價格上漲的動力。但從整個公司層面來看，整體 AOV 很大程度上是轉向新垂直領域的混合。

Got it. Thanks so much.

知道了。非常感謝。

No problem.

沒問題。

Lee Horowitz, Deutsche Bank.

德意志銀行的李·霍洛維茲。

Great, thanks so much for the time. Well, we appreciate grocery seems to be a big priority today. Can you maybe update us on the sales of your retail business and the indications on the pace of growth here? How unit economics are trending? And how you may be thinking about investing a bit more aggressively in this vertical?

太好了，非常感謝您抽出時間。好吧，我們知道食品雜貨今天似乎是重中之重。您能否向我們介紹一下貴公司零售業務的銷售情況以及成長速度的跡象？單位經濟趨勢如何？您是否考慮過在這個垂直領域進行更積極的投資？

And then maybe an update on drone delivery, if you could, some regulatory news in the US making it easier. You guys have been running some tests in Europe as it relates to drone delivery. I guess how do you see that product perhaps changing the unit economics of your business over time? And how do you think about maybe leveraging partners versus building yourself?

然後，如果可以的話，也許可以更新無人機送貨的情況，美國的一些監管新聞可以使其變得更加容易。你們已經在歐洲進行了一些與無人機送貨相關的測試。我想您如何看待該產品隨著時間的推移可能會改變您企業的單位經濟效益？您認為利用合作夥伴還是自行建設會更好？

Yeah, hey Lee, it's Tony. Maybe I'll take both and feel free to add, Ravi. The first question on retail. I mean, retail is a really exciting business for us. I mean, it's kind of -- it reminds me a bit of where it is today kind of where grocery was for us maybe in 2021, something like that.

是的，嘿，李，我是東尼。也許我會接受兩者並隨意添加，拉維。第一個問題關於零售。我的意思是，零售對我們來說是一個非常令人興奮的業務。我的意思是，這有點——它讓我想起了今天的情形，就像 2021 年我們的雜貨店的情況一樣，諸如此類。

Put it a different way, we're just at the beginning, and we're just scratching the surface. I think the biggest learning that we've had on retail is that it is just very, very different buying something that is non-perishable and also very different based on each category in terms of the SKU depth or the item coverage that you need to build a product that actually addresses real customer problems as well as everything from redoing the entire shopping experience to the post checkout experience and all of that.

換句話說，我們才剛開始，還只是觸及了表面。我認為我們在零售方面最大的收穫是，購買不易腐爛的商品和購買其他商品有很大不同，而且根據每個類別，在 SKU 深度或商品覆蓋範圍方面也有很大的不同，你需要打造一款能夠真正解決客戶實際問題的產品，以及從重新設計整個購物體驗到結帳後體驗等所有方面。

And so all of this to say that it's a sizable business growing for us today, growing super-fast, but it is so early in terms of where it is as a product. And so back to one of the comments I made earlier on this call, I think it tends to get underestimated the number of things you can do to improve a product or the amount of time it takes to actually do it. And then once you do it, the customer says, thank you, and then they say, what's next?

所以，所有這些都表明，對我們來說，這已經是一個規模可觀、成長速度超快的業務，但就其產品而言，還處於早期階段。回到我之前在這次電話會議上提出的評論之一，我認為人們往往會低估改進產品所能做的事情的數量，或者實際完成這件事所需的時間。一旦你這樣做了，顧客就會說，謝謝，然後他們會說，下一步是什麼？

And so those expectations always go up. And so we had a long, long, long ways to go in retail. We may be a leader or perhaps even the leader in third party today in that category. But I would say, as a product, it is a baby in terms of where we are.

因此這些期望總是會上升。因此，我們在零售業還有很長的路要走。在這一領域，我們可能是領導者，甚至是第三方的領導者。但我想說，作為一種產品，就我們目前的情況而言，它還只是個嬰兒。

The second question, I think was about drones. You're right. We're first, excited -- very excited about some of the recent work that we and others have done with the administration and, hopefully, greenlighting drone delivery in the US.

第二個問題，我認為是關於無人機的。你說得對。首先，我們感到非常興奮——對我們和其他人最近與政府合作的一些工作感到非常興奮，並希望能夠在美國批准無人機送貨。

As you kind of noted in your question, other parts of the world actually have kind of come to this development even before the US. And we've done a lot of that with partners like Google Wing, for example, we've announced other partnerships as well in other parts of the world. And we're very excited about those partnerships.

正如您在問題中提到的那樣，世界其他地區實際上在美國之前就已經實現了這一發展。例如，我們與 Google Wing 等合作夥伴已經進行了許多此類合作，我們也宣布了與世界其他地區的其他合作夥伴關係。我們對這些合作關係感到非常興奮。

The way I think about how this plays out, and we'll have more to share later, but it's that you kind of have to think about all the different use cases and you got to solve for the end-to-end system because it's not just the vehicle itself, in this case, whether you're talking about a drone or in the case earlier of the previous question about a land vehicle, those products in themselves, as complicated as they are, actually only addresses maybe 20% of the complexity to actually deliver something that I think could be scalable, economically viable and most importantly, actually solve customer problems in a way that human drivers could not.

我認為這是可行的，稍後我們會分享更多，但你必須考慮所有不同的用例，你必須解決端到端系統的問題，因為這不僅僅是車輛本身，在這種情況下，無論你談論的是無人機還是前面提到的陸地車輛，這些產品本身雖然很複雜，但實際上只解決了複雜性的 20%，實際上提供了我認為可擴展、可行的產品，最重要的方式是可駕駛的

And so a lot of work needs to be done. We certainly have very strong points of view given that we've been working on this for about eight years at this point, and we look forward to sharing at some point in the future.

因此還有很多工作要做。鑑於我們已經為此努力了大約八年，我們當然有非常強烈的觀點，我們期待在未來的某個時候分享。

Okay, thank you.

好的，謝謝。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

Thanks for my question. Tony, you've made so many impressive improvements to the platform, and we can see it in the results. Let me ask you a little bit of a tricky one. Can you talk to us about the areas where you've had more challenges than you expected in sort of improving the product, improving the customer experience, improving the merchant service. What are those areas that are proving to be harder that we should sort of look for the next unlocks to come from long term on the platform? Thanks.

謝謝你的提問。東尼，你對平台做出了很多令人印象深刻的改進，我們可以從結果中看到這一點。讓我問你一個有點棘手的問題。您能否與我們談談在改善產品、改善客戶體驗、改善商家服務方面遇到的比您預期更多的挑戰？哪些領域被證明是比較困難的，我們應該從平台的長期發展中尋找下一個解鎖方向？謝謝。

Yeah, hey, Brian. I wish you get to have a peek into my inbox because I guess several hundred e-mails a week from all of our audiences, whether it's consumers, Dashers or merchants. And I don't know if they think that our improvements are very impressive.

是的，嘿，布萊恩。我希望您能看一下我的收件匣，因為我猜我們所有的受眾每週都會發送數百封電子郵件，無論是消費者、Dashers 還是商家。我不知道他們是否認為我們的進步非常令人印象深刻。

Those e-mails tend to perhaps suggest the opposite, which is a daily reminder given that I've done customer support now daily for each day for the last 12 years that we seem to be falling short actually. So I'm not so sure that I agree with the premise of the question.

這些電子郵件可能表明了相反的情況，這每天都在提醒我，因為在過去的 12 年裡，我每天都在做客戶支持，而實際上我們似乎做得不夠好。所以我不太確定我是否同意這個問題的前提。

It's not tricky at all the question because I actually think we're pretty far behind in each one of the areas that -- from the perspective of the customer, not the perspective of what our business metrics suggest for our competitive position.

這個問題一點也不棘手，因為我確實認為我們在每個領域都遠遠落後——從客戶的角度來看，而不是從我們的業務指標對我們的競爭地位所顯示的角度來看。

And so look, I mean, this is true. Maybe we can take an example of this morning. I received an e-mail about how we showed up at the wrong parking lot inside an apartment complex. And that caused both a delay in delivery as well as a fear that perhaps the driver wasn't even going to show up.

所以看，我的意思是，這是真的。也許我們可以以今天早上為例。我收到一封電子郵件，講述我們如何出現在公寓大樓內錯誤的停車場。這不僅導致送貨延遲，還讓人擔心司機可能不會出現。

And so whether it's very small things like that, that sounds very small, but when you compound them to the billions of orders that we do to understanding how do we play now in new geographies or new categories or how might the product often change given where the world is going with AI or how business models might be adding complexity to our own business. We talked a bit about SaaS earlier.

因此，無論這些事情多麼小，聽起來都很小，但當你把它們與我們做的數十億訂單結合起來，你就會明白我們現在如何在新的地域或新的類別中發揮作用，或者考慮到世界在人工智慧方面的發展，產品可能會如何變化，或者商業模式可能會如何增加我們自己業務的複雜性。我們之前討論過一些有關 SaaS 的事情。

I would say there are many areas, Brian, in which we're struggling. And every day, I think, is a daily struggle where the job is to try to make an improvement for that day. And one of the things I've learned over the last 12 years of doing this is if you can actually do that.

布萊恩，我想說我們在很多方面都遇到了困難。我認為，每一天都是一場鬥爭，我們的任務就是努力讓這一天變得更好。在過去 12 年的從業經驗中，我學到的一件事就是你是否真的可以做到這一點。

You'd be surprised at both how much progress you can make over a year, but also how systemically you can actually create an environment, a team that actually knows how to repeat this in any new domain, which I think is the most important skill in a world where things are changing ever so fast and frankly, increasingly faster every hour of the day.

你會驚訝於自己在一年內能取得多大的進步，也會驚訝於自己能多麼系統地創造一個環境，一個真正知道如何在任何新領域重複這一點的團隊，我認為這是在這個事物瞬息萬變、坦率地說每小時都在加快的世界裡最重要的技能。

And that's kind of what I keep stressing to the teams. If we -- how to make the next improvement. So is there one area that I feel like, oh, there's been, it's been harder to crack than another? The answer is no, because I literally talk to our customers every single day, and it seems like we got opportunities everywhere.

這也是我一直向團隊強調的一點。如果我們——如何進行下一步改進。那麼，我是否感覺某個領域比其他領域更難攻克？答案是否定的，因為我實際上每天都與我們的客戶交談，而且似乎我們到處都有機會。

That's really helpful. Thanks Tony.

這真的很有幫助。謝謝托尼。

There's no further questions at this time. That concludes today's call. Thank you all for joining. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。