DoorDash Inc (DASH) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiray, and I will be your conference operator today. At this time, I would like to welcome everyone to the DoorDash third-quarter 2025 earnings call. (Operator Instructions) I would now like to turn the conference over to Mr. Weston Twigg.

女士們、先生們，感謝你們的耐心等待。我叫德西蕾，今天我將擔任你們的會議接線生。在此，我謹代表 DoorDash 歡迎各位參加 2025 年第三季財報電話會議。（操作員指示）現在我將會議交給韋斯頓·特威格先生。

You may begin.

你可以開始了。

All right. Thanks, Desiray. Good afternoon, everyone, and thanks for joining us for our Q3 2025 earnings call. I'm pleased to be joined today by Co-Founder, Chair and CEO, Tony Xu; and CFO, Ravi Inukonda.

好的。謝謝你，Desiray。各位下午好，感謝各位參加我們2025年第三季財報電話會議。今天我很高興能與聯合創始人、董事長兼首席執行官徐東尼先生和首席財務官拉維·伊努孔達先生一起出席。

We'll be making forward-looking statements during today's call, including without limitation, our expectations for our business, financial position, operating performance and profitability, our guidance, strategies, capital allocation and investment approach, our plans and expectations regarding the integration and benefits from our acquisitions, our expectations regarding new product and service initiatives, including our autonomous delivery platform, as well as expectations regarding platform safety, our global technology platform and the broader economic environment.

在今天的電話會議上，我們將發表一些前瞻性聲明，包括但不限於我們對業務、財務狀況、經營業績和盈利能力的預期，我們的指導方針、戰略、資本配置和投資方法，我們關於收購整合和收益的計劃和預期，我們對新產品和服務計劃（包括我們的自主配送平台）的預期，以及對技術平台安全、我們的全球經濟平台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-Qs. You should not rely on our forward-looking statements as predictions of future events or performance. We disclaim any obligation to update any forward-looking statements, except as required by law.

前瞻性陳述存在風險和不確定性，可能導致實際結果與所述結果有重大差異。這些不確定因素中的許多都已在我們的美國證券交易委員會文件中有所描述，包括我們最新的 10-K 表格和 10-Q 表格。您不應將我們的前瞻性聲明視為對未來事件或業績的預測。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

During this call, we will discuss certain non-GAAP financial measures. Information regarding our non-GAAP financial measures, including a reconciliation 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，我們將討論一些非GAAP財務指標。有關我們非公認會計準則（非GAAP）財務指標的信息，包括這些非GAAP指標與最直接可比較的GAAP財務指標的調節表，請參閱我們的盈利報告，該報告可在我們投資者關係網站ir.doordash.com上查閱。這些非GAAP指標應與我們的GAAP績效一併考慮，並非旨在取代我們的GAAP績效。

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，我們將在網站上提供通話錄音回放。

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

接線員，我把電話轉回給你，我們可以開始回答第一個問題了。

(Operator Instructions)

（操作說明）

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Thanks for taking the question. Two-part question on the several hundred millions of incremental investments for 2026. First, how much of this is towards tech platform initiatives versus perhaps more direct product and expansion efforts that tend to have a very defined near-term payback?

感謝您回答這個問題。關於2026年數億美元的新增投資，有兩個問題。首先，其中有多少是用於技術平台計劃，又有多少是用於更直接的產品和擴張計劃，而這些計劃往往能在短期內獲得非常明確的回報？

And then the second part is, can you expand on the tech platform efforts? Are you sort of essentially rewriting the tech for AI development or is it more about integrating AI tools with additional token expenses into the service? And in addition to sort of opportunity for accelerating the product development, do you also see any potential for cost savings from these efforts over time?

其次，您能否詳細介紹技術平台的工作？你是要從本質上重寫人工智慧開發的技術，還是更傾向於將人工智慧工具與額外的代幣費用整合到服務中？除了有機會加速產品開發之外，您是否也認為這些努力在未來能帶來成本節約的潛力？

Deepak, it's Tony. Yeah, I can maybe start on both questions, and Ravi, feel free to add. Yeah, look, on the first question of where are we spending? We're primarily investing in three areas and kind of the second part of your question kind of feeds into the first part.

迪帕克，我是東尼。是的，我或許可以先回答這兩個問題，Ravi，你也隨意補充。是的，你看，第一個問題是：我們的錢都花在哪裡了？我們主要在三個領域進行投資，而你問題的第二部分其實與第一部分密切相關。

So the first major area is building a new global tech platform. And so this is an effort that's been underway for a couple of years now, but it's coming to ahead where we're actually making the majority of those investments in 2026. And what is its purpose? Well, there are several reasons of what we're trying to accomplish.

因此，首要任務是建立一個新的全球技術平台。因此，這項工作已經進行了幾年，但即將取得進展，我們將在 2026 年進行大部分投資。它的目的是什麼？我們想要達成這個目標的原因有很多。

The first thing what we're trying to accomplish is we're trying to build a single global tech stack, where when we launched one experiment, the experiments that actually make it to our customers can be shipped at the same time across all of our markets and all of our audiences.

我們首先要實現的目標是建立一個單一的全球技術棧，這樣，當我們啟動一項實驗時，最終能夠交付給客戶的實驗就可以同時在所有市場和所有受眾群體中推出。

Today, that doesn't work that way as we have three companies at DoorDash on the restaurant delivery, our marketplace front with Deliveroo, Wolt and DoorDash. In the new world, we'll actually be able to have one feature go live to all audiences. Whereas today, that one feature would get to -- would pretty much have to get shipped 3 times which is very inefficient in how we do that.

如今情況並非如此，因為 DoorDash 旗下有三家公司分別負責餐廳配送、市場平台配送（包括 Deliveroo、Wolt 和 DoorDash）。在新世界裡，我們將能夠讓一項功能面向所有受眾推出。而如今，要實現這個功能，幾乎需要發布 3 次，這在我們目前的做法中效率非常低。

Another goal of the tech platform is to, like you said, in your setup, to make it AI native. And so there will be lots of tooling there where I may have mentioned this in the previous call before where if we were starting a company again today, I think we would write software pretty differently from how we used to do it.

該技術平台的另一個目標是，正如你所說，在你的設置中，使其原生支援人工智慧。因此，那裡會有很多工具，我可能在之前的電話會議中提到過，如果我們今天重新創辦一家公司，我認為我們編寫軟體的方式會與過去大不相同。

And so there's a lot of work in order to architect how we set up the architecture so we can manage both agent workflows as well as how you would deploy software, test software, write software, what the role of the engineer is in that new paradigm, all of that is getting constructed as part of this work.

因此，我們需要做很多工作來建立架構，以便管理代理工作流程，以及如何部署軟體、測試軟體、編寫軟體，工程師在這種新範式中的角色是什麼，所有這些都是這項工作的一部分。

Yes, and I do actually think that at the tail end of this work, you'll see on a go-forward basis, not only will we ship faster and ship improvements across the board globally, we'll actually be more efficient, and we'll have freed up engineering capacity to do a lot more work. And so that will allow us to not only have a better cost structure, but really just be able to do a better job in solving the next problem for customers.

是的，而且我確實認為，在這項工作的最後階段，你會看到，在未來的發展中，我們不僅會更快地交付產品，並在全球範圍內全面改進產品，而且我們的效率實際上會更高，並且我們會釋放出工程能力來做更多的工作。這樣一來，我們不僅可以擁有更好的成本結構，而且能夠更好地為客戶解決下一個問題。

So the first area of spend is in building our tech platform. The second area is investing in new products. And so we announced probably well, several launches in our dashboard product events, which happened at the end of September. And we're really excited about them. A lot of times, when you're building a company, what you're really doing is you're starting with lots of experiments.

因此，第一項支出將用於建造我們的技術平台。第二個方面是投資新產品。因此，我們在 9 月底舉行的儀錶板產品發表會上宣布了多款產品的上市。我們對此感到非常興奮。很多時候，當你創建一家公司時，你實際上是在進行大量的實驗。

Some of those experiments make it into products. Some of those products then can be graduated into commercialization where you're trying to test whether or not you have a good business. And then some of those candidates then ultimately yield big businesses that generate the cash flows to allow you to invest in the next set of products and experiments.

有些實驗成果最終被應用到產品中。然後，其中一些產品可以進入商業化階段，以檢驗你的商業模式是否可行。然後，其中一些候選產品最終會發展成大型企業，產生現金流，使你能夠投資下一批產品和實驗。

And I think we're really fortunate DoorDash in a couple of ways. One, in the area of local commerce. There's just a lot of different problems. And one is the -- and the other way in which we're lucky is that a lot of the experiments, many of these have been running for years are now coming ready for more investments. And so we're very excited to be investing behind them.

我覺得我們很幸運能有 DoorDash 這樣一家公司，原因有二。第一，在當地商業領域。問題實在太多了。其一是——我們幸運的另一點是，許多實驗，其中許多已經進行了多年，現在都準備好接受更多投資。因此，我們非常高興能夠投資他們。

We announced, for example, a lot of work on in-store and building several products there with going out reservations and our CRM platform behind SevenRooms. We talked about DoorDash Dot, which is the customized purpose-built for delivery autonomous vehicle, the first in the world to drive on the road, sidewalk and bike lanes in order to make that happen.

例如，我們宣布將在店內進行大量工作，並在那裡開發幾款產品，包括外出預訂和 SevenRooms 背後的 CRM 平台。我們談到了 DoorDash Dot，這是一款專為送貨而定制的自動駕駛汽車，也是世界上第一輛能夠在公路、人行道和自行車道上行駛的汽車，從而實現了送貨目標。

We talked about DashMart fulfillment services where we're creating an ability for any retailer to offer same hour or same-day delivery with near-perfect accuracy. So these are some examples of the new products that we're talking about.

我們討論了 DashMart 的物流服務，我們正在為任何零售商創造一種能力，使其能夠以近乎完美的準確度提供當小時或當日送達服務。以上就是我們正在討論的一些新產品的例子。

But if you think about it in each case, we're running the business exactly as we always have, where the goal is we want to make sure that we always can solve the most number of problems for our customers in the highest quality ways and we manage our projects carefully to milestones.

但仔細想想，我們經營業務的方式和以往完全一樣，目標是確保我們始終能夠以最高品質的方式為客戶解決最多的問題，並且我們認真管理項目，按里程碑完成。

And as they deliver upon each milestone, we grow them into businesses, and we continue to invest behind them. I think our track record in investing in the areas that we currently have operating, whether it's US restaurants, US new verticals, the international business, our commerce platform, our ads business have suggested that we've had some success in repeating this playbook, and we're doing this now for future growth.

隨著他們達成每個里程碑，我們將他們發展成為企業，並繼續對他們進行投資。我認為，我們在目前營運的領域，無論是美國餐廳、美國新興垂直產業、國際業務、電商平台或廣告業務，都取得了一定的投資成功，這表明我們重複這項策略已經取得了一定的成功，而我們現在這樣做是為了未來的成長。

Yes, Deepak, I mean just to add to what Tony talked about, right, look, our core business is continuing to do really well. I mean you're seeing that come through in terms of the numbers where, if you're thinking about it from a growth perspective, growth accelerated for the fourth straight quarter. overall unit economics are improving across the business as well as the profit dollars continue to increase.

是的，迪帕克，我的意思是，補充一下托尼剛才說的，對吧，你看，我們的核心業務繼續發展得非常好。我的意思是，從數據上看，如果你從成長的角度來看，成長已經連續第四個季度加速。整體而言，整個業務的單位經濟效益都在改善，利潤也持續成長。

This is giving us the ability to reinvest back in the business. If you think about our operating philosophy, when the GOV is coming in ahead of expectations, when the unit economics are improving, our philosophy has always been to reinvest back in the business. If you're looking at the results today, it's a combination of these decisions that we've taken over the course of the last decade, that philosophy and how we are operating is not changing.

這使我們能夠將資金重新投入到業務中。如果你想想我們的經營理念，當政府支出超出預期，單位經濟效益改善時，我們的理念始終是將資金再投資於業務。如果你看看今天的成果，你會發現這是我們在過去十年中所做的一系列決定的綜合結果，這種理念和我們的運作方式並沒有改變。

Look, we're very disciplined in terms of how we operate. We're thinking in terms of IRR. All of the investments that we talked about, we think they're going to extend the duration of growth as well as drive strong IRRs for us. And if you're thinking about '26, what I would say is that the EBITDA margin for the existing business, including the investments, think of that as the overall business excluding Deliveroo, I would expect those margins to be up slightly compared to 2025.

你看，我們在營運方面非常自律。我們考慮的是內部報酬率（IRR）。我們討論的所有投資，我們認為它們都將延長成長期，並為我們帶來強勁的內部報酬率。如果你考慮的是 2026 年，我想說的是，現有業務（包括投資）的 EBITDA 利潤率（考慮到不包括 Deliveroo 的整體業務），我預計這些利潤率將比 2025 年略有上升。

Hopefully, that should give you a sense of how we're thinking about investing. I mean net-net, look, the business is growing, the business is growing exceedingly exceeding our expectations. And our goal is to continue to reinvest and we are very excited about the investments that we're making.

希望這能讓您了解我們是如何考慮投資的。我的意思是，總的來說，業務正在成長，業務成長遠遠超出了我們的預期。我們的目標是繼續進行再投資，我們對正在進行的投資感到非常興奮。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Could I at least try two ? First one is also on investment. Could you please talk about where you're planning to invest as it relates to Deliveroo? What's your goals are for the first year in terms of order of business? And then -- and strategic focus areas.

我至少可以試兩次嗎？？第一篇文章也與投資有關。請問您能否談談您計劃在哪些方面投資Deliveroo？就業務順序而言，您第一年的目標是什麼？然後——以及策略重點領域。

And then the second one is on automation. Could you please talk about where you are in terms of expanding your robots and your third-party partnerships? And how do you think about scaling it and deploying the opportunities over the next year or maybe one to three years?

第二部分是關於自動化的。請您談談貴公司在拓展機器人業務和第三方合作方面所取得的進展？那麼，您打算如何擴大規模，並在未來一年或一到三年內把握這些機會呢？

Yes, Shweta, I'll start and Ravi, feel free to add. First question is about investing in Deliveroo. This is kind of similar to what I said about our general investing philosophy. And kind of what Ravi said about why we feel like now is the right time to continue to invest for the long run, which is whenever we see -- it starts with making sure that we can build the best-in-class product experience measured in terms of the retention, the frequency of use and the engagement from the audiences.

好的，Shweta，我先開始，Ravi，你也隨意補充。第一個問題是關於投資Deliveroo的。這和我之前提到的我們的一般投資理念有點類似。Ravi 也說過類似的話，解釋了為什麼我們覺得現在是繼續進行長期投資的合適時機，那就是——只要我們看到——首先要確保我們能夠打造一流的產品體驗，並以用戶留存率、使用頻率和用戶參與度來衡量。

We think that we found a business actually in better shape than we had expected with Deliveroo, and we think that there's actually a lot of opportunity to add to the foundation that they already have and make continued product improvements so that it will achieve the best-in-class metrics along those dimensions.

我們認為 Deliveroo 的業務狀況比我們預期的要好，而且我們認為在他們已有的基礎上還有很多機會可以繼續改進產品，使其在這些方面達到一流水平。

I think if we can do that and at the same time, improve the unit economics, I think that that's what will allow us to generate the greatest service for our audiences and also the greatest long-term business and returns for all of our shareholders. And so the first order of business really is making sure that we continue to invest in the product, make those improvements.

我認為，如果我們能夠做到這一點，同時提高單位經濟效益，那麼這將使我們能夠為我們的受眾提供最好的服務，並為我們所有的股東帶來最大的長期業務和回報。因此，首要任務是確保我們繼續投資於該產品，並進行改進。

And then, of course, over time, you'll see cost efficiencies come out of the business because we'll be combining two European teams on the same continent. But I think the first order of business continues to be adding to the strong foundation that the product has and making sure that we can make it best-in-class given the learnings that we've had with Wolt and DoorDash and then grow from there.

當然，隨著時間的推移，由於我們將把兩個歐洲團隊合併到同一大陸上，您將會看到業務成本效益的提高。但我認為首要任務仍然是鞏固產品已有的強大基礎，並利用我們在 Wolt 和 DoorDash 上獲得的經驗，確保將其打造成為同類最佳產品，然後在此基礎上發展壯大。

On the second question around autonomy, the way that we're thinking about this is really pragmatic. And I think the most important thing is understanding that the vision for autonomy is really going to be a multimodal world where you're going to see different fulfillment methods.

關於自主性的第二個問題，我們思考這個問題的方式非常務實。我認為最重要的是要理解，自主化的願景實際上是一個多模式的世界，你會看到不同的實現方式。

Some of those fulfillment methods will happen with Dashers, some of them will happen with vehicles on land, some of them will happen with vehicles in the air, some of them will happen with vehicles built by DoorDash, some of them will be filled by vehicles built in partnerships.

有些訂單將由送餐員完成配送，有些訂單將由陸地車輛完成配送，有些訂單將由空中車輛完成配送，有些訂單將由 DoorDash 自行製造的車輛完成配送，有些訂單將由合作夥伴共同製造的車輛完成配送。

And really, what's important is DoorDash has the luxury to create our own autonomous delivery platform where depending on whatever the use case is or whatever the customer need is we can solve it with the highest quality, the lowest cost and the best service, and that's really the goal.

實際上，重要的是 DoorDash 有能力創建我們自己的自主配送平台，根據不同的使用場景或客戶需求，我們可以以最高的品質、最低的成本和最好的服務來解決問題，這才是我們的真正目標。

And so we'll be fairly pragmatic on how we do this. So a lot of it will be testing within one market, getting that right, figuring out the go-to-market motion because there's many parts you kind of have to get right, everything from the manufacturing when it comes to making these products in-house, to partnerships, to integrating the hardware and the software, to making sure you get the repair and the telly operations correct, to making sure that you work well with city governments.

因此，我們將採取相當務實的方式來處理這件事。因此，許多工作都將在一個市場內進行測試，確保測試正確，並製定上市策略，因為有很多環節都需要做好，從產品內部製造，到合作夥伴關係，到硬體和軟體的整合，再到確保維修和電視運營的正確性，以及與市政府的良好合作，方方面面都需要關注。

There's a lot of things you kind of have to get right. And so for us, '26 will be the year where we're ready to commercialize some of these efforts, but I think this is going to take a while. This is not something that's going to happen overnight. It does require making investments upfront because sometimes these decisions are required upfront and you don't really get the product until later.

有很多事情你必須做好。因此，對我們來說，2026 年將是我們將其中一些成果商業化的一年，但我認為這需要一段時間。這並非一朝一夕就能實現的事。這確實需要前期投入，因為有時這些決定需要提前做出，而你實際上要等到以後才能拿到產品。

But for us, we're pretty excited about what we see as the potential. We also are very, very excited about this autonomous delivery platform, where we're going to be able to inject whatever the right fulfillment method is in order to give the best service.

但對我們來說，我們對它的潛力感到非常興奮。我們對這個自主配送平台也感到非常非常興奮，我們將能夠注入任何合適的配送​​方式，以提供最好的服務。

Yeah, your point around Deliveroo. Look, I mean, we're very excited with the partnership with Deliveroo. Look, I'll remind us back to the deal thesis that we have, right? This gives us the ability for us to operate in a really large attractive markets where we could deploy our operational playbook, our product playbook to drive operational rigor.

是的，你說的關於Deliveroo的問題。我的意思是，我們對與 Deliveroo 的合作感到非常興奮。聽著，我來提醒大家回到我們之前討論的交易論點上來，對吧？這使我們能夠在非常大的、有吸引力的市場中運營，在那裡我們可以部署我們的營運策略和產品策略，以推動營運的嚴格性。

If you think about it, the focus for us is what we're learning is there's an opportunity for us to continue to improve product. There's an opportunity for us to improve the consumer experience. To your point around the focus, that's what we are focused on. Why is that important is because it drives scale by improving retention and order frequency, which will drive more gross profit dollars.

仔細想想，我們關注的重點是，我們正在學習的是我們有機會繼續改進產品。我們有機會改善消費者體驗。關於您提到的重點，那正是我們所關注的。之所以說這很重要，是因為它可以透過提高客戶留存率和訂單頻率來擴大規模，從而帶來更多的毛利。

That's honestly how we operate DoorDash, that's honestly how we operate Wolt, Deliveroo is going to be no different for us. What we see in the business is from an EBITDA perspective, look, we are very comfortable with the profit generation of the business. It is in line with what we underwrote when we did the deal, which assumes some level of investment.

說實話，我們就是這樣經營 DoorDash 的，也是這樣運作 Wolt 的，Deliveroo 對我們來說也不會有什麼不同。從 EBITDA 的角度來看，我們對公司的獲利能力非常滿意。這與我們當初進行交易時所做的承銷決定一致，即假設存在一定程度的投資。

Now what you're seeing in the business is the growth is exceeding our expectations. The business is growing double digits, which is giving us confidence to invest back in the business. The focus for us continues to be investing behind the team, investing behind product, which will ultimately drive your long-term free cash flow generation in that business.

現在，您在業務中看到的成長超出了我們的預期。公司業務正以兩位數的速度成長，這讓我們有信心繼續投資公司業務。我們將繼續專注於投資團隊和產品，這將最終推動您在該業務中實現長期自由現金流。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Glad to be back on the call. I guess just following up on just the broader consolidation that we've seen from you guys and from Prosus acquiring Jet, how do you see the overall landscape in Europe evolving next year on the back of all of this? And Ravi, it sounds like you're investing in Deliveroo to grow a little bit faster.

很高興能再次參與通話。我想就我們從你們以及 Prosus 收購 Jet 等案例中看到的更廣泛的整合趨勢進行探討，您認為在這一切的影響下，明年歐洲的整體格局將如何演變？拉維，聽起來你投資 Deliveroo 是為了讓它發展得更快一些。

I assume that the $200 million of EBITDA is reflecting that investment in the platform consolidation investment that Tony just talked about a few questions ago would be kind of a separate thing, not included in reducing Deliveroo's run rate from what it was before to this 200 based on some kind of like allocation of that platform investment? Just any clarity on that, that would be helpful?

我假設這 2 億美元的 EBITDA 反映了 Tony 剛才幾個問題中提到的平台整合投資，這應該是另一回事，而不是基於某種平台投資分配而將 Deliveroo 的營運成本從之前的 2 億美元降低到現在的 2 億美元？能否就此做些澄清，這將很有幫助？

Look, on the first question on the European landscape. I think we have a great opportunity to be the leading local commerce platform there. And I think a lot of the confidence of what inspired us to pursue the Deliveroo acquisition really came a couple of years ago after gaining confidence in working with Wolt. The first test for us is whether or not we can actually take some of the lessons that we've learned at DoorDash and also combine them with the lessons that Wolt has learned in building their markets, to see if we can create the best-in-class product.

首先，關於歐洲格局的第一個問題。我認為我們有很大的機會成為當地領先的電商平台。我認為，促使我們決定收購 Deliveroo 的信心，很大程度上來自於幾年前與 Wolt 合作後所獲得的信心。我們面臨的第一個考驗是，我們能否將我們在 DoorDash 學到的一些經驗教訓與 Wolt 在構建市場過程中學到的經驗教訓結合起來，看看我們能否打造出一流的產品。

And I think when you look at our growth rates, which continue to exceed those of our peers as well as just the retention and frequency levels and how they're progressing nicely as well as the unit economics improving at the same instance to all-time highs, we gained further confidence that we could kind of take on the next project.

我認為，當我們審視我們的成長率時，就會發現它持續超過同行，同時我們的用戶留存率和購買頻率也穩步提升，單位經濟效益也同時達到歷史新高，這讓我們更有信心去承擔下一個項目。

And that really is kind of how Deliveroo came into the puzzle. So when you add up our presence in Europe, you're talking about presence in over 20 countries and with the strongest position in the cities with the biggest profit pools. And so I think there's a lot of strong foundation to build from.

Deliveroo 就是這樣進入這個領域的。因此，當我們把我們在歐洲的業務加起來時，我們遍布 20 多個國家，並在利潤最豐厚的城市中佔據最強大的地位。所以我認為這方面有很多堅實的基礎可以依靠。

And so in general, what I see is, can we solve the most local commerce products in Europe, the way that we're trying to do that in the states and in other countries? And so far, as I mentioned, we've been fortunate where some of the experiments that we've been running for a while now are now coming into fruition into becoming real products, and we're starting to invest behind those products, which is some of the investment commentary that we outlined in the letter and that will trend over to Europe as well.

因此，總的來說，我看到的是，我們能否以我們在美國和其他國家嘗試的方式，解決歐洲最本土化的商業產品問題？正如我之前提到的，到目前為止，我們很幸運，我們一直在進行的一些實驗現在正在取得成果，成為真正的產品，我們開始對這些產品進行投資，這也是我們在信中概述的一些投資評論，這種趨勢也將蔓延到歐洲。

To the second point, yes, I mean, the $200 million think of that is the contribution from Deliveroo to the overall EBITDA. And think of that as the investments that I talked about earlier, right? It's investments that we're making behind product, it is investments in selection, quality as well as people. So you should think of that as the contribution of Deliveroo EBITDA.

關於第二點，是的，我的意思是，這 2 億美元指的是 Deliveroo 對整體 EBITDA 的貢獻。你可以把這想像成我之前提到的投資，對吧？這是我們對產品的投資，是對產品選擇、品質以及人才的投資。所以你應該把這看作是 Deliveroo 的 EBITDA 貢獻。

Josh Beck, Raymond James.

喬許貝克，雷蒙德詹姆斯。

Yeah. I wanted to kind of go back to the tech platform that you've been building in the background. I'm curious kind of what you've learned thus far and kind of why this moment in time was the right moment to inflect upwards? There's a lot of external changes in the AI stack, the international scale of the business is obviously very different robotics is having breakthrough.

是的。我想回到你一直在幕後建立的技術平台。我很好奇你目前為止學到了什麼，以及為什麼此時此刻是向上轉變的合適時機？人工智慧技術堆疊發生了許多外部變化，業務的國際規模顯然非常不同，機器人技術正在取得突破。

So I'm just kind of curious if there was maybe a smaller list of items that drove the step up. And then with respect to the integration, I think in some cases, they can be messy. You have obviously a lot of consumer merchant dasher ecosystem.

所以我很好奇，是不是有一些因素促成了這個轉變。至於整合方面，我認為在某些情況下，它們可能會很混亂。你們顯然擁有龐大的消費者、商家和送餐員生態系統。

How do you minimize the disruption and kind of keep the strength? It sounds like the Rue business maybe is kind of in the double-digit range. So it seems to be a pretty good spot. How do you maintain that throughout the integration?

如何最大限度地減少干擾並保持優勢？聽起來 Rue 的業務規模可能在兩位數左右。所以這裡似乎是個相當不錯的地方。在整個整合過程中，如何維持這一點？

Yeah. I can take that. I guess with respect to the tech platform, I think this was something that always was in our heads when we're thinking about the acquisition of some of the companies that we're talking about, right? I mean, like, by and large, these companies perform the same service in each of the geographies.

是的。我可以接受。我想，就技術平台而言，這始終是我們考慮收​​購我們正在談論的一些公司時腦海中一直縈繞著的事情，對吧？我的意思是，總的來說，這些公司在各個地區提供的服務基本上相同。

Now there are a lot of obviously local differences. But by and large, the service themselves are the same. And I think that's one of the things that screams that we should be building a single-type platform to actually make sure that all of the products are under the same data models, the same architecture, the same UX. But when you're doing that, especially when you have like a change as big as AI happening externally, you obviously have to take that into consideration.

現在顯然存在著許多地域差異。但總的來說，服務本身是相同的。我認為這正是我們應該建立單一類型平台的原因之一，以確保所有產品都採用相同的資料模型、相同的架構和相同的使用者體驗。但是，當你這樣做的時候，尤其是當像人工智慧這樣巨大的外部變革發生時，你顯然必須考慮到這一點。

So I think some of these things kind of came together in the '24 time period where it was exceedingly obvious like what the right thing to do is and then now you just have to go and do it. And that's kind of the work that we've started here in '25. It will really take shape in '26, which is, again, a large part of the investments. Obviously, those investments will come off, but like -- but that's -- the timing of that really makes sense for us.

所以我覺得，在 2024 年那段時間裡，有些事情就迎刃而解了，當時做什麼是正確的事情就非常清楚了，然後你就只需要去做就行了。這就是我們從 2025 年開始在這裡進行的工作。它將在 2026 年真正成形，而這又是投資的很大一部分。顯然，這些投資最終都會收回，但是——但是——現在的時機對我們來說真的很有意義。

On the integration of I mean you're absolutely right. I mean we -- we obviously -- one of the reasons why we're incurring extra cost is because we are making extra tech investments to make sure that can continue to perform well on its own even as we're building the single tech stack.

關於整合方面，我的意思是，你完全正確。我的意思是，我們——很明顯——我們產生額外成本的原因之一是，我們正在進行額外的技術投資，以確保即使在我們構建單一技術棧的同時，它也能繼續獨立且良好地運作。

And so as a result, when you have these added investments, that's what explains it. And -- but that's also how you protect the experience and the service that the customers get to see even as you're building this new foundation.

所以，當你有了這些額外的投資時，這就是原因。而且——但這也是在建立這個新基礎的同時，保護客戶所體驗到的體驗和服務的方式。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Thanks for taking the question. Just one and a follow-up. How should we think about advertising broadly? I mean it obviously comes in at a high incremental margin, there's flow-through versus reinvestment. So just how are you thinking about -- how we should think about how that flows through?

感謝您回答這個問題。只有一個，還有一個後續。我們該如何從廣義上看待廣告？我的意思是，這顯然會帶來很高的增量利潤，存在著收益傳遞與再投資之間的差異。那麼，您是如何考慮——我們應該如何考慮這個過程的呢？

And then second, there's been some questions, a report floating around about kind of documented workers and the government kind of cracking down on documented workers and certain reports liked I talked about what percentage, just any color you can have about how you manage making sure that you don't have undocumented workers on the platform and how you manage through that? And any exposure there?

其次，還有一些問題，一份關於合法工人的報告正在流傳，政府正在嚴厲打擊合法工人，還有一些報告，比如我之前提到的，關於如何確保平台上沒有非法工人，以及如何應對這種情況的各種說法？那裡有任何暴露風險嗎？

Sure. I can take both of those questions, Jason, and feel free to add in here, Ravi. Look, on ads, I mean, we're pretty excited about the ads business, right? I mean it's -- it was the fastest business ads business in history to get to $1 billion of annualized revenues.

當然。傑森，這兩個問題我都可以回答；拉維，你也隨時可以補充。說到廣告，我的意思是，我們對廣告業務感到非常興奮，對吧？我的意思是，它是歷史上最快達到年收入 10 億美元商業廣告業務的公司。

And it's also a business where we have extra budgets wanting to spend more on the Dash platform than we kind of give ads space too. And that's because when I think about the ads business, I think the reminder I always give to our teams, and I would say again here, is that you kind of have to solve for all of your audiences.

而且，在這個產業裡，我們還有額外的預算，希望在 Dash 平台上投入比廣告位更多的資金。那是因為，當我思考廣告業務時，我總是提醒我們的團隊，而且我在這裡還要再說一遍，那就是你必須為所有受眾解決問題。

On the one hand, you obviously have to maximize the return on ad spend for advertisers; on the other hand, you have to make sure that you are not degrading the consumer experience. And that's hard to do. There are real conflicts and real tensions and real trade-offs and negative consequences, I think if you get that incorrect, and that's why I've always believed the right order the sequence things is to first build a very healthy marketplace and then the monetization opportunities, including ads will follow.

一方面，你顯然要最大限度地提高廣告商的廣告支出報酬率；另一方面，你又必須確保不會降低消費者的體驗。這很難做到。確實存在真正的衝突、真正的緊張局勢、真正的權衡取捨和負面後果，我認為如果你搞錯了這一點，就會產生這些後果。這就是為什麼我一直認為正確的順序是先建立一個非常健康的市場，然後包括廣告在內的獲利機會才會隨之而來。

And they have, I mean, look at our business. I mean we've continued to grow faster at bigger scale for many quarters in a row now, and you're seeing the bottom line contribution margins and EBITDA margins grow in the same instance. And so I think all of that is suggesting that I think we have the right trade-off, and we just have to make sure that we have the discipline to maintain it.

他們確實做到了，我的意思是，看看我們的業務就知道了。我的意思是，我們已經連續多個季度保持快速成長，規模也越來越大，同時，你也能看到淨利潤率和 EBITDA 利潤率都在成長。所以我覺得所有這些都表明，我們找到了正確的權衡方案，我們只需要確保我們有足夠的自律來維持這個方案。

On the second question, I mean, Dasher supply has never been healthier. It's always been something that's obviously very top of mind for us, which is making sure that we get correct all of the Dasher authenticity pieces. There's a lot of work that goes into it. Something that we've been investing into for many years now and will continue to.

關於第二個問題，我的意思是，Dasher 的供應從未如此充足。對我們來說，確保所有 Dasher 的真偽鑑定零件都正確無誤，一直是我們非常重視的事情。這其中需要投入大量精力。這是我們多年來一直在投資並將繼續投資的領域。

We've seen no challenges to our Dasher funnel or supply, irrespective of whatever reports there might be out there. And it continues to be something that we've upheld the highest standards and something where it's -- we've always done it the right way, I guess.

無論外界有什麼報道，我們都沒有發現我們的配送管道或供應受到任何挑戰。我們一直堅持最高標準，而且我們一直以來都以正確的方式做事，我想。

And Jason, just on your point on the ad business, right? Just to clarify, I mean, I think the ads business is growing, it's growing quite nicely. We don't differentiate that from, okay, are we thinking about it just purely from a flow-through perspective?

傑森，就說到你剛才提到的廣告業那一點，對吧？澄清一下，我的意思是，我認為廣告業正在成長，而且成長勢頭相當不錯。我們不區分這種情況，好吧，我們是否僅僅從流程的角度來考慮這個問題？

Because for us, every dollar that we generate, our goal is to reinvest back in the business at healthy rates that applies for improvements in unit economics or applies for dollars that we generate from ads. We think of efficiencies that we could generate so that we can put that back in the business. But net-net ads business is growing and it's growing quite nicely.

因為對我們來說，我們賺到的每一美元，我們的目標都是以健康的投資率再投資到業務中，這包括提高單位經濟效益，或將我們從廣告中獲得的收入再投資到業務中。我們會思考如何提高效率，以便將這些節省下來的資金重新投入到業務中。但總體而言，廣告業務正在成長，而且成長勢頭相當不錯。

Michael Martin, MoffettNathanson.

Michael Martin，MoffettNathanson。

I guess maybe one for Ravi to start. If I'm just doing like quick math here, looking at your guide and kind of what it means for the core business, it seems like this incremental step-up cost could maybe be like $100 million a quarter. You feel free to correct me on that.

我想也許可以先給拉維一個機會。如果我只是簡單地計算一下，看看你的指南以及它對核心業務的意義，這種增量升級成本似乎可能每季高達 1 億美元。如果您有任何錯誤，請隨時糾正我。

And then if -- Tony highlighted the buckets where the spending is going and sorry, a stupid question from the outside looking in, just understanding maybe like where the platform development spend, like how that hockey sticks? So much if it's something that's been going on for several years.

然後，如果——托尼重點介紹了支出流向的各個類別，抱歉，從旁觀者的角度來看，這是一個愚蠢的問題，只是想了解一下平台開發支出的情況，例如它是如何增長的？如果這件事已經持續好幾年了，那就另當別論了。

And then what I found interesting was the DashMart fulfillment services comment he made. And I was just looking for any more details, if you're really stepping on the gas there and if this is like maybe part of a partnership with some of like the, I'd just say, large AI platforms where maybe you work local commerce more into these e-commerce searches? And is there more cost involved as you build out Dash Link. Anything there would be really helpful.

然後，我發現他關於 DashMart 物流服務的評論很有趣。我只是想了解更多細節，例如你們是否真的在加速推進這項計劃，以及這是否可能是與一些大型人工智慧平台合作的一部分，例如將本地商業更多地融入這些電子商務搜尋中？建置 Dash Link 時是否會產生更多成本？任何相關資訊都將非常有幫助。

Yeah, Mike, I'll take the first one. I think to your point around -- I mean, look, we are still early in terms of how we're thinking about planning. We'll give more precision as we give quarterly guidance. What I would say is if you're thinking about 2026 to the earlier point, what I made to Deepak is, I would think of margin for the existing business, including the investment areas.

好的，麥克，我要第一個。我認為你剛才說的這一點——我的意思是，你看，就我們思考規劃的方式而言，我們還處於早期階段。我們將在發布季度業績指引時提供更精確的資訊。我想說的是，如果你考慮的是 2026 年甚至更早的時間點，我跟 Deepak 說的是，你應該考慮現有業務的利潤率，包括投資領域。

So think of that as the existing business plus investment, excluding deliver, I would expect the margins to be up slightly compared to 2025. Hopefully, that should give you a sense of how we're thinking about margins as well as investment into '26.

所以，你可以把這看作是現有業務加上投資，不包括交付成本，我預計利潤率會比 2025 年略有上升。希望這能讓您了解我們是如何考慮利潤率以及對 2026 年的投資的。

Yeah, Mike, I guess what I'd add to some of your other questions is, first, the reason why the tech investments go up in '26 is because that's when they're actually happening, right? Like the way if you think about how would you build new software, the first thing you would do is you first have to architect it, right?

是的，麥克，我想補充你提出的其他一些問題是，首先，科技投資在 2026 年增加的原因是，那一年科技投資才真正開始發生，對吧？就像你在思考如何建立新軟體一樣，你首先要做的是先設計架構，對吧？

And so you're not actually really doing much actual coding. But like, for instance, but once you're ready to code, what do you have to do? Well, okay, well, one thing you have to do is you have to spin up some cloud instances. And if you're going to maintain multiple stacks as you're building a new one, you're going to incur extra kind of temporary cloud instances, right?

所以你實際上並沒有做多少真正的程式設計工作。比如說，一旦你準備好開始寫程式碼，你需要做什麼？好吧，首先，你需要做的一件事就是啟動一些雲端實例。如果你在建立新堆疊的同時還要維護多個堆疊，那麼你肯定會產生額外的臨時雲實例，對吧？

And so that's one of the reasons why the costs go up. And that -- so it's just basically like when you're actually ready to deploy the software and actually get everything onto the same tech stack that's what's adding to the kind of temporal costs.

所以，這就是成本上升的原因之一。所以，基本上就是當你真正準備部署軟體並將所有內容都放到同一個技術堆疊上時，這就會增加時間成本。

With respect to Dasher Fulfillment Services, it's less about working with AI companies, although -- and more on how we work with our existing retail partnerships, right? So what is Dasher Fulfillment Services? Well, the goal is we want to -- one of the challenges in delivering from from just third-party stores is that not every store and most stores actually, I would argue, do not know their inventory and this is for a whole host of reasons.

至於 Dasher Fulfillment Services，重點不在於與人工智慧公司合作，而是我們如何與現有的零售合作夥伴合作，對嗎？那麼，Dasher Fulfillment Services 是什麼？我們的目標是——僅從第三方商店發貨面臨的挑戰之一是，並非每家商店，而且實際上我認為大多數商店都不知道自己的庫存，這是由於各種各樣的原因造成的。

And even though we believe we have leading accuracy and the quality of delivery when it comes to any category, including those outside of the restaurant category, it's still not good enough. -- because it's not perfect, right? And therefore, why would a customer pay a premium to get not what they ordered or to get a substitute of what they ordered.

即使我們相信，在所有類別（包括餐飲類別以外的類別）中，我們的準確率和配送品質都處於領先地位，但這仍然不夠好。 ——因為它並不完美，對吧？因此，顧客為什麼要支付溢價，卻沒收到自己訂購的商品，或是收到了自己訂購商品的替代品呢？

But if we could manage the inventory systems ourselves and actually run the fulfillment setup end-to-end from the warehousing to the inventory to the fulfillment, we get almost near perfect accuracy. Okay, so how do you translate that and do it for every retailer, especially retailers who may not have the density of stores or the coverage in the country so that they can offer something like same-hour or same-day delivery?

但是，如果我們能夠自己管理庫存系統，並真正從倉儲到庫存再到履行，端到端地運行履行設置，我們就能獲得幾乎完美的準確度。好的，那麼如何將這種模式應用在每家零售商身上呢？特別是那些門市密度或覆蓋範圍不夠廣的零售商，他們可能無法提供當日送達或當小時送達等服務。

Well, I think what I would argue is you can literally turn every physical retailer into an omnichannel player. Now that's going to take time, and this is one where it takes time to set up supply chains with retailers, to test the right markets, so on and so forth. But what we're very excited about is that the quality is best-in-class.

我認為，我的觀點是，你完全可以將每個實體零售商轉變為全通路零售商。這需要時間，建立與零售商的供應鏈、測試合適的市場等等都需要時間。但我們最興奮的是，它的品質是同類產品中最好的。

Now what we're doing is we're adding selection that's never been made available to customers before and bringing it close to where they are so that these retailers can offer same-day delivery and that combination is now happening.

現在我們正在做的，是增加以前從未向顧客提供的選擇，並將它們送到顧客附近，以便這些零售商能夠提供當日送達服務，這種組合現在正在發生。

Andrew Boone, Citizens.

安德魯‧布恩，市民。

Thanks for taking the question I wanted to ask about new verticals. You guys talked about the fact that unit economics are still negative. Can you talk to us about the path and maybe the visibility that you have to breakeven? What are the key kind of operational things do you guys need to do to get there?

感謝您回答我關於新垂直領域的問題。你們之前討論過單位經濟效益仍為負的情況。您能否和我們談談您實現損益平衡的路徑以及可能的預期結果？你們要實現這個目標，需要做哪些關鍵的營運工作？

And then in terms of just US kind of growth overall, now gross adds were higher year-to-date versus 2024. Can you guys just talk about the opportunity of where you guys are finding new users? I know we've talked about this on past calls, but can you just revisit what pockets you guys unlock in there?

就美國整體成長而言，今年迄今的新增毛利潤高於 2024 年同期水準。你們能不能談談你們是如何找到新用戶的？我知道我們之前在電話會議中討論過這個問題，但你們能不能再回顧一下你們在那裡解鎖了哪些口袋？

Yeah, Andrew, let me start. Look, I mean, talk about the overall performance of the new vertical business, right? Like look, new verticals had a really strong quarter. The business is growing really fast. We're the fastest growing. We believe we are leaders in terms of order volume share ahead of our expectations.

好的，安德魯，我先開始。我的意思是，談談這個新垂直業務的整體表現，對吧？你看，新業務板塊本季表現非常強勁。公司業務發展非常迅速。我們成長速度最快。我們相信，我們在訂單量份額方面處於領先地位，並且超出了預期。

Remember, if you recall, Q4 of last year, we talked about the fact that one-fourth of our users order from new vertical. That number has continued to grow quite nicely. Miles have increased, order frequency is increasing, the overall basket size continues to increase, which just tells us that consumers like the product, the usage of the product has continued to go up.

如果你還記得的話，去年第四季度，我們討論過四分之一的用戶從新的垂直領域訂購商品。這個數字持續穩定成長。里程數增加了，訂單頻率增加了，整體購物籃大小也持續增加，這說明消費者喜歡該產品，該產品的使用量持續上升。

On the unit economics front, just to be clear, right, I mean uneconomic continue to improve. They've improved sequentially QoQ as well as year-on-year. We're very comfortable where the unit economics are. We are comfortable on what it needs to get to to be breakeven. Look, a lot of that is going to come from scale as well as continued improvements, whether it's quality of the product that we continue to improve.

就單位經濟效益而言，需要明確的是，我的意思是，不經濟效益的情況會繼續改善。他們的業績環比和年比均有所提升。我們對目前的單位經濟效益非常滿意。我們對達到損益平衡點所需的金額感到滿意。你看，很多時候，這將來自規模的擴大以及持續的改進，無論是我們不斷改進的產品品質。

What we're focused on right now is scaling the business. We think there is an opportunity for us to continue to improve the product. As long as we continue to improve the product, this is going to be a large business for us, which will drive more free cash flow generation in the future.

我們目前的重點是擴大業務規模。我們認為我們有機會繼續改進產品。只要我們不斷改進產品，這將會成為我們的一項大業務，並在未來帶來更多的自由現金流。

Yes. And then your second question with respect to the US strength. I mean you're absolutely right, I mean we're thrilled with the performance of the US marketplace. I mean, four quarters in a row of increasing strength on a bigger base, especially at the scale that we're talking about certainly is something that we're very proud of.

是的。然後是你關於美國實力的第二個問題。我的意思是，你說得完全正確，我們對美國市場的表現非常滿意。我的意思是，在更大的基礎上連續四個季度實力不斷增強，尤其是在我們所談論的這種規模下，這當然是我們非常自豪的事情。

There's no one thing. I mean a lot of the -- a lot of the performance that you're seeing today really were the result of actions probably initiated 3 years ago, where it's this continued maniacal focus on improving the inputs of the experience. How do we improve the selection, the quality, the affordability, the service levels?

沒有單一的原因。我的意思是，你今天看到的許多表現，實際上都是大約 3 年前開始採取的行動的結果，那就是持續不斷地、近乎瘋狂地專注於改善用戶體驗的輸入。我們如何提高產品選擇、品質、價格和服務水準？

And when you do that, and that's because the most difficult thing that we always compete against are increasing consumer expectation. You talked in your question about why are we seeing increasing monthly active user penetrations or perhaps why are we ahead of schedule on some of these forecasts? It's because we're delighting each cohort of customers, right? And each new cohort of customers obviously have a higher expectation bar than the previous cohorts.

當你這樣做的時候，那是因為我們始終面臨的最大挑戰是不斷提高的消費者期望。您在問題中談到，為什麼我們看到每月活躍用戶滲透率不斷提高，或者為什麼我們在某些​​預測方面提前完成了任務？這是因為我們讓每一批客戶都感到滿意，對嗎？而且，每一批新客戶的期望值顯然都比之前的客戶群更高。

And if you can keep delighting the new customer cohorts where we are still the leader in acquiring new customers, whether it's in the restaurant category, in the grocery category, in any retail category, well, then you're also delighting all of your existing customers. And so you kind of have this bow that lifts all of your cohorts and that's because of product improvements.

如果你能夠持續讓新客戶群感到滿意（我們在獲取新客戶方面仍然處於領先地位），無論是在餐飲業、食品雜貨業還是任何零售業，那麼你也同樣能夠讓所有現有客戶感到滿意。所以，你就像擁有了一把弓，它能提升你所有的同伴，而這都是因為產品的改良。

And -- but a lot of the stuff started probably three years ago. And now we're making investments into things that we hopefully will have an impact three years from today.

而且──但很多事情大概是從三年前開始的。現在我們正在投資一些項目，希望這些項目在三年後能夠產生影響力。

And Andrew, when you look at the underlying cohorts, right, the demand on the underlying cohorts continues to be very strong. Both MAUs are growing, order sequences growing, even subscription, both in the US as well as international had a record quarter in terms of DashPass subscribers as well as Wolt+ subscribers.

安德魯，當你觀察基礎群體時，你會發現，對基礎群體的需求依然非常強勁。MAU（每月活躍用戶數）和訂單量都在成長，訂閱量也在成長，無論是在美國還是國際市場，DashPass 訂閱用戶和 Wolt+ 訂閱用戶都創下了季度紀錄。

What we see in the business is even existing cohorts, boards that are quite old, they're also continuing to engage with us even more. All of this goes back to an improvement in product improvement and selection as well as quality that we'll continue to work on not just in the last quarter, right, over the last several years.

我們在業務中看到，即使是現有的、相當老的董事會成員，他們也仍在繼續與我們進行更深入的互動。這一切都歸功於產品改進、選擇和品質的提升，而我們將繼續努力，不僅在上個季度，而是在過去幾年。

Nikhil Devnani, Bernstein.

Nikhil Devnani，Bernstein。

I had a clarification on the investment commentary. Is the bulk of the spend fixed cost investment that you get leverage on as you compound the top line or is it a step-up in variable costs as well? . And then on new verticals beyond grocery and convenience, which categories of the retail or local commerce opportunity, do you feel are showing the most promise from a demand perspective that becomes the next big category for DoorDash going forward?

我對投資評論有疑問。大部分支出是固定成本投資，可以透過複利成長來提高收入，還是也包括變動成本的增加？。那麼，除了雜貨和便利商店之外，在新的垂直領域，您認為從需求角度來看，零售或本地商業機會的哪些類別最有前景，並有望成為 DoorDash 未來發展的下一個重要類別？

Yes, Nikhil, I'll take the first one. On the spend in the investment area, look -- I mean, our goal is we are spending up and down the P&L. Some of that is going to come through in terms of cost of sales, some of that is going to sit within sales and marketing as well as some of that is going to fit within R&D and OpEx.

是的，尼基爾，我想要第一個。關於投資領域的支出，你看——我的意思是，我們的目標是讓支出在損益表上上下波動。其中一些會體現在銷售成本上，有些會體現在銷售和行銷上，還有一些會體現在研發和營運支出上。

Look, the areas that we're investing behind our -- we're trying to increase and scale our autonomous program, obviously, doing it in a very disciplined manner. We're growing our software business, both our digital ordering as well as our SevenRooms business falls under that.

你看，我們正在投資的領域——我們顯然是在努力擴大和發展我們的自主項目，而且是以非常嚴謹的方式進行的。我們正在發展軟體業務，包括我們的數位訂購系統和 SevenRooms 業務。

They're starting to generate revenue, that's going to continue to increase. And finally, some of the tech stack that we are doing, which you talked about that's going to hit across the P&L. So you should think of that as, a, some of that is going to drive leverage as we go through as we scale the business.

他們已經開始產生收入，而且收入還會繼續成長。最後，我們正在進行的一些技術堆疊，如你所提到的，將會對損益表產生全面影響。所以你應該這樣想：一方面，隨著我們擴大業務規模，其中一些因素將起到槓桿作用。

Nikhil, on your second question with respect to which categories are we seeing growth? We're actually seeing growth quite a lot across a lot of categories outside of -- multiple categories outside of grocery, convenience and alcohol. And it tends to be somewhat probably what you may expect that comes with time of the year.

Nikhil，關於你的第二個問題，也就是我們看到哪些類別正在成長？實際上，我們看到除食品雜貨、便利商店和酒類以外的許多類別都出現了相當大的成長。而且，這往往與一年中特定時期的情況有些類似，也算是意料之中的事。

For example, pets is a category that's kind of an all-season category. As we head towards the holidays here in the US, you see categories like electronics really spike in terms of the gifting use case. We've seen growth in health and beauty. Home improvement has been a very big surprise to us, seeing growth where we're delivering, believe it or not, thousands of pounds of mulch per day, I guess, that more happened maybe in the summer time period, again, so some of this has to do with when customers need different things.

例如，寵物就是一個幾乎不受季節限制的類別。隨著美國假期的臨近，你會發現像電子產品這樣的品類在送禮方面需求激增。我們看到健康和美容領域出現了成長。家居裝修業務的成長讓我們非常驚喜，難以置信的是，我們每天要交付數千磅的覆蓋物。我想，這種情況可能更多地發生在夏季，所以這在一定程度上與客戶在不同時期需要不同的東西有關。

But I think what's really interesting, even without just looking at the performance of these categories, is just actually looking at where things are going, like the trend and the trajectory and the input metrics such as the searches for different types of products. And we're effectively becoming the everything inside your city store and as a result, we're seeing growth across the board.

但我認為真正有趣的是，即使不只關注這些類別的表現，也要看看事物的發展方向，例如趨勢、軌跡以及輸入指標，例如不同類型產品的搜尋量。我們正逐漸成為您城市中應有盡有的商店，因此，我們看到了全方位的成長。

And so sometimes, some of these new customers are coming in. We talked a little bit earlier about MAU growth or monthly active user growth, they're coming in for the first time outside of the restaurant category. And then what you see happening in the mill shop in the restaurants and then back and forth. And this is what we've always believed could be the case where if you start with the highest frequency category of restaurant food, which is where we are the leader, you just get the most shots on goal.

所以有時候，會有一些新顧客進來。我們之前稍微談到了 MAU 成長或每月活躍用戶成長，這是它們首次出現在餐飲類別之外。然後你會看到工廠車間、餐廳裡發生的事情，以及來回的種種情況。我們一直認為情況就是這樣：如果你從餐廳食品中出現頻率最高的類別入手（而我們正是這個類別的領導者），你就能獲得最多的成功機會。

And then now we're also the leader in terms of transactions outside of restaurants, both in grocery convenience as well as the categories outside of that, then you really get this multi shopping behavior across the board. And if you can do that the most number of times, which I believe is what we're on track to do, you'll create the most valuable membership program, which is DashPass.

現在，我們在餐飲以外的交易方面也處於領先地位，無論是在便利食品領域還是其他品類，這樣一來，你就真的能看到這種全方位的多通路購物行為了。如果你能做到這一點的次數最多（我相信我們正在朝著這個方向努力），你就能創建最有價值的會員計劃，那就是 DashPass。

Lloyd Walmsley, Mizuho.

勞埃德‧沃姆斯利，瑞穗銀行。

Thanks for taking the question. I wanted to go back to the DashMart fulfillment services and just better understand the plan there in terms of integrating all the 3P inventory, especially on the grocery side, is this going to require like a lot of build-out of new facilities? Or do you just sort of take control pick-and-pack inside some of the partner facilities?

感謝您回答這個問題。我想重新了解 DashMart 的物流服務，更好地了解他們在整合所有第三方庫存方面的計劃，特別是食品雜貨方面的計劃，這是否需要建造大量的新設施？還是你們只是在一些合作工廠內進行揀貨和包裝？

And then as we think about the time line of that, and it seems like this could be a really big and attractive area of investment, is that something -- is this something where '26 is sort of continuing to experiment on this and maybe you scale it more in '27? Just like anything more you can help us understand like how that will work and the time line around that would be great.

然後，當我們考慮時間軸時，這似乎是一個非常大且有吸引力的投資領域，那麼——這是不是意味著 2026 年會繼續進行這方面的試驗，也許會在 2027 年擴大規模？如果還有其他需要了解的地方，例如具體如何操作以及時間安排，那就太好了。

Yeah. Lloyd, yes, on DashMart Fulfillment Services, we're obviously super excited and we share your optimism that this could be a very attractive area of investment. I think the short version of this, it really depends on the retailer we work with, right? Some retailers have different goals.

是的。Lloyd，是的，對於 DashMart 物流服務，我們當然非常興奮，我們也和你一樣樂觀地認為這可能是一個極具吸引力的投資領域。我覺得簡而言之，這真的取決於我們合作的零售商，對吧？有些零售商的目標各不相同。

For example, some retailers may want to launch new geographies, some other retailers may want to densify existing geographies, other retailers may want to find attractive uses for less productive existing square footage inside their existing stores. I mean there's a whole host of different goals.

例如，一些零售商可能想要開拓新的地域市場，一些零售商可能想要提高現有地域市場的密度，還有一些零售商可能想要找到有效利用現有商店內效率較低的現有空間的方法。我的意思是，目標有很多種。

And this is why the question is a little bit hard to answer. There is no one-size-fits-all solution, I guess, is what I'm trying to say. And so as a result, I think what's most important is you have to build different capabilities and be flexible. What we're stubborn on is we're stubborn on building the best possible experience where you bring in selection that's never been made available to customers before, right?

這就是為什麼這個問題有點難回答。我想說的是，沒有萬能的解決方案。因此，我認為最重要的是要培養不同的能力並保持靈活。我們堅持的是打造最佳體驗，為顧客提供前所未有的選擇，對吧？

If you think about it, there's roughly speaking, in cities, there's like tens of millions of items out there. And today, only a single-digit percentage of them are being delivered through DoorDash. And if you compare that to -- but DoorDash almost already carries the most amount of inventory for same-hour delivery.

仔細想想，粗略估計，在城市裡，大約有數千萬件物品。而如今，只有個位數百分比的訂單是透過 DoorDash 配送的。如果你把這和 DoorDash 相比——但 DoorDash 幾乎已經擁有最多的當日送達庫存。

I just think there's a massive headway and runway in front of us in terms of how much more of that inventory we can bring and fulfill on behalf of customers and bring everything inside the city? Now this though is not our inventory, right? This is the key challenge. It's a retailer's inventory and the challenges will, one, like does the inventory exist?

我認為，就我們可以為客戶引進和交付更多庫存，並將所有商品運進市區而言，我們面前還有巨大的進步空間和發展潛力？但這並非我們的庫存，對吧？這是關鍵挑戰。這是零售商的庫存，面臨的挑戰之一是，庫存是否存在？

And that's one of the reasons why we're building DashMart Fulfillment centers -- Services because sometimes the inventory can exist and it happens to be inside stores. But other times, it doesn't exist or it's missing or it's in delay somewhere in the first mile or the middle mile. And so it's complicated. But the simple thing that we want to give customers is we want to give them a selection that's never been made available before to them, done same day or same hour. We're bringing a new e-commerce capability to a lot of physical retailers as a result on the retail side.

這就是我們建造 DashMart 物流中心的原因之一——因為有時庫存可能存在，而且恰好在商店裡。但有時，它要么不存在，要么丟失，要么在第一英里或中間的一英里處出現延誤。所以情況很複雜。但我們想為顧客提供的很簡單，就是讓他們在當天或當天就能獲得以前從未有過的選擇。因此，我們將為許多實體零售商帶來全新的電子商務能力。

But the answer to your question is a little tricky because each retailer may have their own goals. And so there may not be 1 answer that, that is the setup. And that's why we have a handful of these retailers that we're working with, and we're customizing the solution that makes the most sense for them -- and of course, we're making sure that's the best-in-class experience for consumers.

但你的問題的答案有點棘手，因為每個零售商都有自己的目標。因此，可能沒有一個唯一的答案，那就是最終的解決方案。這就是為什麼我們與少數幾家零售商合作，並為他們量身定制最合適的解決方案——當然，我們也要確保為消費者提供一流的體驗。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

So Tony, one subcategory talk about perishables, I wanted to just curating on how you think the entry of Amazon in that space is likely to kind of impact you guys? Not even sure how big perishable is to you. I'm assuming it's small again, but maybe you can help us clarify that and just how are you guys kind of position to kind of defend your turf?

所以東尼，我們來談談易腐品這個子類別，我想了解你認為亞馬遜進入這個領域可能會對你們產生怎樣的影響？我什至不確定你對「易腐品」的定義有多大。我猜規模又很小，但也許你能幫我們澄清一下，你們是如何構想並捍衛自己地盤的？

And then maybe just comment on the change in the guards at least in some cities like New York after the win of the Democrats last night and how that potentially could impact Dashers pay eventually Dashers reorganizing and just really not just in New York City but in other big cities as well?

然後，或許可以評論民主黨在昨晚獲勝後，至少在紐約等一些城市，管理層發生了哪些變化，以及這可能會如何影響送餐員的收入，最終導致送餐員重組，而且這種情況不僅發生在紐約市，也發生在其他大城市？

Yeah. I'll take those. Look, on the first question, look, I guess two sentences have always been true for the history of DoorDash, which is one, it's always been a competitive space, no matter which space we're talking about. And number two, DoorDash has continued to grow, and I guess now even grow faster at bigger scale. And so I guess, like you may wonder how is that possible?

是的。我收下那些。關於第一個問題，我想有兩句話對於 DoorDash 的歷史來說始終是正確的，那就是：無論我們談論的是哪個領域，它始終是一個充滿競爭的領域。第二，DoorDash 一直持續成長，我猜現在成長速度更快，規模也更大。所以我想，你可能會想，這怎麼可能？

How can you square away some of these things. Well, I would say a few things. I would say the first thing is the market is still very not penetrated, right? If you look at something like grocery penetration, it is so low relative to something like restaurant delivery.

你如何才能解決這些問題？嗯，我想說幾點。首先，我認為市場滲透率仍然很低，對吧？以食品雜貨滲透率為例，它相對於餐廳外賣而言非常低。

And the reason, again, has to do with this inventory fulfillment challenge that I've talked about probably for several years now. Actually, when we launched DashMart in 2021, this was the original vision for DashMart Fulfillment Services, which I'm glad that we're now making come alive.

原因還是在於我可能已經談論了好幾年的庫存履行難題。事實上，當我們在 2021 年推出 DashMart 時，這就是 DashMart 物流服務的最初願景，我很高興我們現在正在將其變為現實。

But it's can we get you exactly what you ordered? And if you can't get customers exactly what they ordered, guess what, they're not going to order. And that's really the challenge, I think, when it comes to the grocery delivery space or the perishable delivery space.

但問題是，我們能否準確地為您提供您訂購的商品？如果你無法準確地滿足顧客的訂單需求，猜猜會發生什麼事？他們就不會再下單了。我認為，這才是食品雜貨配送領域或生鮮食品配送領域真正面臨的挑戰。

With respect to retailers and folks coming in, well, I think at the end of the day, it's really about consumer choice, right? I mean consumers -- DoorDash was created so that we want to give and create a world where consumers can choose from any retailer of their desire. And we believe their maximal choice versus just choosing from one or two retailers is something that is not only both good for all audiences, but it's great for cities.

至於零售商和進店人員，我認為歸根結底，這真的取決於消費者的選擇，對吧？我的意思是消費者——DoorDash 的創立宗旨就是為了創造一個消費者可以從任何他們想要的零售商中進行選擇的世界。我們認為，與只能從一兩家零售商處選擇相比，讓消費者擁有盡可能多的選擇不僅對所有消費者都有好處，而且對城市來說也是一件好事。

I mean, that's the whole point of why DoorDash exists to connect every local business to every local consumer. And if we can do that, we're going to grow the GDP of those cities and create more jobs for everybody and make better neighborhoods and all the good stuff that you'd want to see inside the city that you live in.

我的意思是，DoorDash存在的意義就在於此，它能將每個本地商家與每個本地消費者連結起來。如果我們能做到這一點，我們將提高這些城市的GDP，為所有人創造更多就業機會，打造更好的社區，以及所有你希望在你居住的城市裡看到的美好事物。

I guess that leads me to the second question, which is around what's happening with some of the different cities and kind of recent elections and stuff. My position on this has always been that governments and businesses should always work together.

我想這就引出了我的第二個問題，那就是關於一些不同城市正在發生的事情，以及最近的選舉等等。我一直以來的立場是，政府和企業應該始終攜手合作。

And that's what produces the best possible outcomes for all constituents. And I think this again is where several sentences can be true at the same time, even though they sometimes come into tension, I believe that all audiences deserve to be treated fairly.

這樣才能為所有利害關係人帶來最佳結果。我認為這再次說明了為什麼幾句話可以同時成立，即使它們有時會產生矛盾，但我相信所有觀眾都應該得到公平對待。

For example, one of the hot topics in a lot of these coastal cities today, including the city where I live, San Francisco, is affordability. DoorDash has -- is probably the most aggressive on making sure that we are the most affordable platform. This is something that we've been doing since our history, and most recently, we took the lead, for example, on making sure that the SNAP benefits could continue for those who needed them the most.

例如，如今包括我居住的舊金山在內的許多沿海城市，一個熱門話題就是房價可負擔性。DoorDash 可能是最積極確保我們成為最經濟實惠的平台的公司。這是我們一直以來都在做的事情，最近，例如，我們率先確保 SNAP 福利能夠繼續惠及最需要的人。

When it comes to Dasher pay and Dasher protection, that's something we were the first platform in 2019 in this country in the US to offer occupational accident insurance to Dashers, without they asking us to. And it's something that we've always believed in. And I think that what I found to be most productive is finding common sensical solutions and helping politicians create common sensical policies so that they actually get what they want.

說到送餐員的薪資和保障，我們是 2019 年美國第一個在送餐員沒有要求的情況下為其提供職業意外保險的平台。這也是我們一直以來所堅信的。我認為最有成效的做法是找到符合常理的解決方案，並幫助政治人物製定符合常理的政策，以便他們能夠真正實現自己的目標。

I think what -- sometimes unfortunately gets in the way is when ideologies or biases come without even evaluating the facts or what audiences want. And I think that so long as we put what audiences want up there, I think that businesses and governments can coexist. I believe that businesses should be allowed to be for-profit companies and I believe that audience is deserved to be served.

我認為，有時不幸的是，阻礙事情發展的是，意識形態或偏見在沒有評估事實或受眾需求的情況下就貿然介入。我認為，只要我們把觀眾想要的東西放在檯面上，企業和政府就可以共存。我認為應該允許企業成為營利性公司，我認為受眾理應得到服務。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

I don't think you've really had a chance to outline synergies with Deliveroo on the -- maybe on the order and the top line side revenues, but I would love for you to talk about that, if you can. And then maybe talk a little bit about the take rate differences in the accounting that would be helpful.

我認為你還沒有真正有機會概述與 Deliveroo 在訂單和營收方面的協同效應，但如果你方便的話，我很希望你能談談這方面。然後或許可以稍微談談會計處理中存在的費率差異，這會很有幫助。

Sure. Justin, I'll take both of those. Look, I mean, the focus for us, like I said on the earlier question about Deliveroo, right? The focus is always on day one is to continue to improve the product. It's to continue to improve the consumer experience.

當然。賈斯汀，這兩個我都要。聽著，我的意思是，就像我之前回答關於 Deliveroo 的問題時說的那樣，我們的重點是，對吧？從一開始，我們的重點始終是不斷改進產品。這是為了持續改善消費者體驗。

Why is that important is because that drives scale and the combination of scale and improvement in unit economics, drives more gross profit dollars, right?

這之所以重要，是因為這能擴大規模，而規模的擴大和單位經濟效益的提高相結合，就能帶來更多的毛利，對吧？

For us, the philosophy is to improve the product, to improve the overall gross profit dollars. That's what we are focused on from a day one perspective. Look, I mean, obviously, part of the deal thesis were to have cost synergies. We operate a global platform. We think there's going to be synergies largely from scale as well as cost redundancy.

我們的理念是改進產品，提高整體毛利。從一開始，我們就把重點放在這上面。我的意思是，很顯然，這筆交易的部分目的就是為了實現成本綜效。我們經營一個全球平台。我們認為，規模經濟和成本冗餘將會帶來顯著的綜效。

Some of that is going to take some time. We are excited about, a, the partnership as well as what we're seeing in the business. To your second point around some of the accounting differences, the way I would think about it is from an EBITDA perspective, you should assume roughly a USD8 million to USD10 million impact or an expense to EBITDA as you're thinking about modeling going from definition of EBITDA to the DoorDash definition EBITDA.

有些事情需要時間。我們對此次合作以及我們在業務中看到的發展前景感到非常興奮。關於你提到的第二點，即一些會計差異，我的理解是，從 EBITDA 的角度來看，你應該假設從 EBITDA 的定義到 DoorDash 定義的 EBITDA，會對 EBITDA 產生大約 800 萬至 1000 萬美元的影響或費用。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

Thanks, for taking the question. I guess going back to investments, I guess, how should we be thinking about the payback period? I mean a lot of talk about taking time in past dependency spinning up an environment.

謝謝您回答這個問題。我想回到投資的話題，我們該如何考慮投資回收期？我的意思是，過去有很多關於花時間搭建依賴環境的討論。

So it sounds like payback periods are perhaps getting extended relative to your typical investment plans. Is there anything in this new bucket of investments that is perhaps more of the traditional quicker payback periods that as part of your typical playbook?

所以聽起來，相對於一般的投資計劃，投資回收期可能會延長。在這批新的投資項目中，有沒有一些投資項目，其回報週期可能更接近傳統的快速回報週期，而不是你通常的投資策略？

And then maybe relatedly, retail obviously sounds like a big and compelling greenfield opportunity for you guys. Any way you contextualize how much of this new investment plan may be specifically targeted at this vertical and driving faster growth outcomes there?

而且，零售業顯然對你們來說是一個巨大且極具吸引力的全新發展機會。您能否說明一下，這項新的投資計畫中有多少是專門針對這個垂直領域並旨在推動該領域更快成長的？

Yeah. I can take both, Lee, and feel free, Ravi to add in here. On the payback period, nothing has changed. Our bar for payback period is still the same and that's true whether we're taking on something in a completely new domain like Dasher Fulfillment Services or autonomy or our tech stack, for example.

是的。李，我可以兩個都接受；拉維，你也隨意補充。投資回收期方面，沒有任何變化。我們對投資回報期的標準仍然相同，無論我們是在像 Dasher Fulfillment Services 或自主性或我們的技術棧這樣的全新領域開展業務，情況都是如此。

It's just that we're taking on more projects now, right? And like I said, it's very hard to kind of forecast the progression of which experiments you ran many years ago to now which experiments have actually now earned their privilege of getting more investment. And so it's just more projects have found product market fit in our portfolio that I believe will achieve our investment philosophy, which is to maximize long-term free cash flow per share.

只是我們現在承接的項目更多了，對吧？正如我所說，很難預測多年前進行的哪些實驗會發展到今天，哪些實驗才真正值得更多投資。因此，我相信，我們投資組合中更多的項目已經找到了產品市場契合點，這將實現我們的投資理念，即最大化每股長期自由現金流。

So the payback period and kind of the methodology in which how we think about capital allocation has not changed. On retail, I think it's probably similar to maybe a previous question about it. We are seeing a lot of growth in retail right now. And I think it's kind of similar to where -- but from a product perspective, I think we DoorDash are kind of in retail today where we, DoorDash were in grocery maybe in 2021 or something like that or the tail end of 2020.

因此，投資回收期以及我們思考資本配置的方法論並沒有改變。關於零售方面，我認為這可能與先前某個相關問題類似。目前零售業發展迅速。我認為這有點像——但從產品角度來看，我認為我們 DoorDash 現在有點像是在零售業，而 DoorDash 可能在 2021 年或 2020 年末還在雜貨店行業。

So we're just very early on the actual product experience itself. And that's why it's super encouraging. It actually means that the real reason why we think there's a massive opportunity in retail is because consumers are actually pulling us in, you see this not just in the buying behavior, which is which is great. But you also see this in the search behavior. You see this in what we talk about with retailers as well.

所以，我們目前還處於產品體驗的早期階段。所以這非常令人鼓舞。實際上，我們認為零售業存在巨大機會的真正原因是消費者正在吸引我們，這不僅體現在購買行為上，這當然是件好事。但你也能從搜尋行為中看到這一點。這一點在我們與零售商的對話中也能反映出來。

A lot of what DoorDash does is kind of two-sided, right? We have a consumer business, which maybe most people know us for -- but we also have a commerce platform, which -- and already, we've created two of the most successful B2B products out there with DoorDash Drive and DoorDash Storefront.

DoorDash 的許多做法都帶有兩面性，對吧？我們擁有消費者業務，這或許是大多數人了解我們的原因——但我們也擁有一個電商平台，而且——我們已經透過 DoorDash Drive 和 DoorDash Storefront 打造了市場上兩款最成功的 B2B 產品。

Obviously, we're adding SevenRooms to the mix, which is really in the restaurant category. But in the retail category, we get a lot of requests to help there because I think these retailers recognize that we have a large audience, a large consumer base that we can certainly bring, but we also have capabilities that we can bring, right?

顯然，我們還要把 SevenRooms 也加入進來，它實際上屬於餐飲類別。但在零售領域，我們收到了很多幫助請求，因為我認為這些零售商意識到我們擁有龐大的受眾群體和龐大的消費群體，這當然可以為我們帶來幫助，而且我們還有相應的能力，對吧？

And DashMart Fulfillment Services is now part of the capability offering online ordering and fulfillment with drive always have been there. But so as you kind of think about this, DoorDash is a two-sided player in the retail realm where obviously, there's the consumer front, but there's also the B2B front with retailers.

DashMart 物流服務現在是提供線上訂購和物流服務的能力的一部分，而 Drive 一直都在那裡。但仔細想想，DoorDash 在零售領域是一個雙邊參與者，顯然，它既有面向消費者的一面，也有面向零售商的 B2B 一面。

Yeah, Lee, on the payback period, right? Like look, nothing is really changing about how we operate the business, right? Look, when we think about investments and payback, I think of it in terms of two dimensions. One is, is it ultimately improving retention order frequency. The other one is, is it driving free cash flow and IRR? So that framework and how we operate that discipline is not changing.

是的，李，關於回報期，對吧？你看，我們的業務運作方式其實沒有什麼改變，對吧？你看，當我們思考投資和回報時，我會從兩個維度來考慮。其一是，它最終是否能提高訂單保留頻率。另一個問題是，它是否能提高自由現金流和內部報酬率？所以，這個框架以及我們運作這門學科的方式並沒有改變。

Let me give you an example, right? We start with small levels of investment. As we find product market fit, we continue to increase the level of investment. Look at our new vertical business where we've increased our unit economics year-over-year, look at our overall international business that's close to being contribution profit breakeven, that just goes to show you the discipline of us being operators in how we operate the business.

我舉個例子，好嗎？我們從小額投資開始。隨著產品與市場的契合度不斷提高，我們將持續增加投資水準。看看我們新的垂直業務，我們的單位經濟效益逐年提高；再看看我們整體的國際業務，它已經接近實現利潤盈虧平衡，這足以說明我們作為運營商在業務運營方面的嚴謹性。

As you think about the investment areas look come in the software side, the payback period is going to be shorter, but our goal is to continue to invest because that's going to drive revenue. Whether if you think about our tech stack, all of that is going to increase our tech feature development velocity, which ultimately is going to help us release features faster, which is going to drive retention and unit economics, right?

當你考慮投資領域時，你會發現軟體方面的投資回報期會比較短，但我們的目標是繼續投資，因為這將推動營收成長。無論從我們的技術堆疊來看，所有這些都將提高我們的技術功能開發速度，最終幫助我們更快地發布功能，從而提高用戶留存率和單位經濟效益，對吧？

That's the distinction we have as we think about our investment areas. But the core philosophy and discipline in how we are operating the business, that is not changing.

這就是我們在考慮投資領域時所區分的差異。但是，我們經營業務的核心理念和紀律並不會改變。

Justin Patterson, KeyBanc.

Justin Patterson，KeyBanc。

This is [Miles] Jakubiak on for Justin. I'd like to start with one on grocery. Just curious if you're seeing -- you had some nice grocer adds during the quarter. Curious if you're seeing any increase from grocers to move a bit faster on the delivery side and coming to the platform?

這是邁爾斯·雅庫比亞克替賈斯汀發言。我想先從食品雜貨方面開始。只是好奇你有沒有看到——你們這季有一些不錯的雜貨店廣告。想知道您是否注意到，雜貨商在配送方面是否有所加快步伐，並開始入駐該平台？

And then one just on going out or dine-in, in-person dine-in. So you had the going out launch and some SevenRooms stuff launched during the quarter. So curious if you could just expand on how you view that dining out experience fitting within the DoorDash ecosystem and the opportunity there?

然後還有一項是關於外出用餐或堂食，也就是親自到店用餐。所以，本季你們推出了外出用品，還有一些 SevenRooms 的產品也發表了。我很想知道您能否詳細談談您如何看待外食體驗融入 DoorDash 生態系統以及其中的機會？

Sure. Miles, it's Tony. I'll start and feel free to add in here, Ravi. Look, on the first question with grocery, you're right, I mean, we're super excited about all the selection that we're adding, including Kroger, who we announced in the recent quarter. I think the short version of this is we've never been in a better position in grocery.

當然。邁爾斯，我是東尼。我先開始，Ravi，你隨時可以補充。關於第一個關於雜貨店的問題，你說得對，我的意思是，我們對新增的所有商品種類都感到非常興奮，包括我們在最近一個季度宣布的 Kroger。簡而言之，我認為我們在食品雜貨領域從未處於如此有利的地位。

And we're also adding across the board, not just the top grocers in terms of kind of the national scale players, but also the local grocers and really across the board. I think every grocer is recognizing that DoorDash is now the leader in order volume in this category and the leader in acquiring new customers.

而且我們還在全面擴充合作對象，不僅是全國規模最大的大型雜貨商，還有當地雜貨商，真的是全面擴充。我認為每個雜貨商都意識到，DoorDash 現在是該類別訂單量和獲取新客戶的領導者。

And so this is something that I think people understand. And as a result, it's become more habitual that way. I also think it's interesting that some of these grocers kind of similar to the comment I made earlier about retail are certain ask us to help with other things.

所以我覺得這一點大家都能理解。因此，這種做法已經變得越來越普遍。我覺得很有趣的是，有些雜貨店老闆（有點像我之前評論的零售業老闆）會請我們幫忙做其他事情。

And so I think there's an interesting -- there's always this kind of two-sided opportunity for us, really on the -- certainly on the consumer front, but also B2B. With respect to going out. You're right, going out has been an experiment that we've been running for a while, and we kind of shipped more recently in some select markets.

所以我認為這裡有一個有趣的——對我們來說，總是存在這種雙向的機會，尤其是在消費者方面，以及 B2B 方面。關於外出方面。你說得對，外出活動一直是我們進行一段時間的實驗，最近我們在一些特定市場正式推出了這項服務。

And it's going really well. I mean I think this kind of goes to maybe some commentary, I forget whether there's four earnings calls ago or five where we talked about there's more than one way to connect every local business and every local consumer.

一切進展順利。我的意思是，我認為這有點像是在之前的一次財報電話會議上，我忘了是四次還是五次了，我們當時討論過，連接每個本地企業和每個本地消費者的方式不止一種。

Today, I know we're known predominantly is bring everything to you, whether you're at home, you're in the office or wherever you are, but there's no reason why we can't bring you to everything. And again, the goal of the company is to connect every local business with every local consumer.

我知道，如今我們最廣為人知的理念是把一切都帶到您身邊，無論您是在家、在辦公室還是在任何其他地方，但我們完全可以把一切都帶到您身邊。再次強調，該公司的目標是將每個本地企業與每個本地消費者聯繫起來。

On the consumer front, we obviously have the largest audience with the most number of kind of frequency, not just in terms of buying but also just in opening the app and the searches and and everything else that they take action on in the product. But we also have quite a lot of information with merchants because of our B2B commerce platform.

在消費者方面，我們顯然擁有最大的受眾群體，而且用戶使用頻率最高，不僅體現在購買行為上，還體現在打開應用程式、搜尋以及他們在產品中採取的其他所有操作上。但由於我們的 B2B 電商平台，我們也掌握了大量與商家相關的資訊。

A lot of these merchants are increasingly asking us to help them from not just online ordering, we have hundreds of thousands of those businesses, but analytics and marketing solutions. And I think with the addition of a product like SevenRooms, we can really democratize this ability that I think a lot of tech companies have and give it to every small, medium and large restaurant to be able to understand all of their guests and really allow the restaurants to maximize whatever might be the best thing to maximize for them at that moment in time.

越來越多的商家要求我們幫助他們，不僅在線上訂購方面（我們有成千上萬家這樣的企業），還包括分析和行銷解決方案。我認為，有了像 SevenRooms 這樣的產品，我們就能真正普及許多科技公司擁有的這種能力，讓每家小型、中型和大型餐廳都能了解所有顧客的需求，真正讓餐廳能夠在那個時刻最大限度地發揮自身優勢。

Sometimes it's going to be driving new customers. Other times, it's going to be driving adoption of a new product. And that's really what the point of going out is it's really to introduce customers to restaurants that they maybe never tried before or add an occasion to build increasing loyalty to an existing restaurant that they do have a relationship with.

有時候，它的作用是吸引新客戶。有時，它會推動新產品的普及。外出用餐的真正意義就在於此，它能讓顧客體驗到他們可能從未嘗試過的餐廳，或為他們與現有餐廳建立聯繫、增加忠誠度創造機會。

Today, DoorDash effectively has a lot order frequency on bringing things to you, and we have almost no order frequency on having you go to a store, but we believe that can change.

如今，DoorDash 的訂單頻率很高，主要體現在送貨上門方面，而讓顧客去實體店購物的訂單頻率則非常低，但我們相信這種情況可以改變。

Ron Josey, Citi.

Ron Josey，花旗銀行。

That's great. Going back to Rue really quick, I understood the investments needed here and the acquisition literally closed, what, around four weeks ago. But would love to hear what you all think or learned thus far on ways to improve the product and the consumer experience as we think about these investments?

那太棒了。簡單來說，回到 Rue，我了解了這裡需要的投資，而收購實際上大約在四周前就完成了。但我很想聽聽大家對於如何改進產品和消費者體驗有什麼想法或目前為止學到了什麼，因為我們在考慮這些投資時會用到這些方法？

And then I believe it was mentioned in the letter of the press release that unit economics were flat quarter-to-quarter for US restaurants. I'm just wondering if that's a change in trajectory or anything to call out there?

然後，我相信新聞稿的信函中提到，美國餐廳的單位經濟效益與上一季相比持平。我只是想知道這是否意味著發展軌跡發生了變化，或者有什麼值得注意的地方？

Yeah, I can start, Ron, on Rue; maybe Ravi, if you want to take the unit economics question. On Rue, I think there's a lot that we can do. And I think that's mostly because DoorDash has ran just a lot of experiments at this point, tens of thousands of experiments.

是的，Ron，我可以先從Rue開始；如果你想回答單位經濟學問題，也許可以先從Ravi開始。我認為，在Rue街，我們可以做很多事情。我認為這主要是因為 DoorDash 到目前為止已經進行了大量的實驗，數萬次實驗。

And as you can probably guess, the vast majority of those experiments fail and never make it to you as a customer, but we have taken a lot of these lessons that have done well and brought them over to Wolt, for example. And we think that there's a lot of experiments that Volt has ran two that can be portable to Rue in addition to those that would come from from DoorDash.

您可能已經猜到了，絕大多數此類實驗都失敗了，最終也沒能讓您這些客戶體驗到，但我們已經吸取了很多成功的教訓，並將它們應用到了 Wolt 等產品中。我們認為 Volt 已經進行了許多實驗，其中兩項可以移植到 Rue，此外還有 DoorDash 的實驗。

And so there's no like one thing. I think that like I probably bore you with the list of features that would be talking about, but this really is the same answer to the question of how is it possible that the DoorDash marketplace the US marketplace that can continue to grow faster at higher volumes and increase our penetration with users.

所以並不存在所謂的「唯一」事物。我覺得我列舉的功能清單可能會讓你們感到厭煩，但這其實都指向同一個問題：為什麼 DoorDash 市場（美國市場）能夠以更高的交易量持續快速成長，並提高用戶滲透率？

And it's because there is no one thing. There's thousands of small things that add up in terms of how we deliver on the selection, the quality, the affordability and the service. And so -- it will be a collection of things that we've already identified and we're excited to ship them.

因為並不存在單一的原因。在產品選擇、品質、價格和服務方面，有成千上萬個小細節累積起來，最後決定了我們的成敗。因此，這將是一系列我們已經確定並迫不及待想要推出的產品。

Ron, on the second point around US. I mean, look, the business is doing well. We talked about the fact that the business is growing, unit economics are still progressing quite nicely. Look quarter-to-quarter, there's moving parts. But overall, I mean, really excited about what you're seeing from a unit economic perspective.

羅恩，在環繞美國的第二個點。我的意思是，你看，公司經營狀況很好。我們討論了公司業務正在成長，單位經濟效益也持續穩定提升這一事實。從季度到季度來看，情況都在變化。但總的來說，從單位經濟效益的角度來看，我真的非常興奮。

I think a few years ago, we talked about the fact that the incremental margins over the last eight quarter average was above 7%, that still continues to be the case. I mean, this business is growing at larger scale, accelerating as well as the unit economics continue to progress quite nicely. So we're really pleased with how the restaurant business is doing in the US.

我認為幾年前，我們討論過過去八個季度平均增量利潤率超過 7% 的情況，這種情況至今仍然如此。我的意思是，這項業務正在以更大的規模發展，速度也在加快，而且單位經濟效益也持續穩定提升。我們對美國餐飲業的發展狀況感到非常滿意。

Ladies and gentlemen, that concludes the question-and-answer session. Thank you all for joining and you may now disconnect.

女士們、先生們，問答環節到此結束。感謝各位參與，現在可以斷開連結了。