DoorDash, Inc. (DASH) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the DoorDash Q1 2026 earnings call. (Operator Instructions)

各位女士、先生，感謝各位加入，歡迎參加 DoorDash 2026 年第一季財報電話會議。(接線員指示)

I will now hand the call over to Weston Twigg. Weston, please go ahead.

我現在把電話交給 Weston Twigg。Weston，請開始。

All right. Thank you, Elizabeth. Good afternoon, everyone, and thanks for joining us for our Q1 '26 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，Elizabeth。各位下午好，感謝參加我們 2026 年第一季財報電話會議。我很高興今天與共同創辦人、董事長兼執行長 Tony Xu，以及財務長 Ravi Inukonda 一同出席。

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

在今天的電話會議中，我們將作出前瞻性陳述，包括但不限於我們對業務、財務狀況、營運表現、獲利能力、指引、策略、資本配置方式以及更廣泛經濟環境的預期。前瞻性陳述存在風險與不確定性，可能導致實際結果與所述內容出現重大差異。

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

其中許多不確定性已在我們向 SEC 提交的文件中說明，包括我們最新的 Form 10-K 與 10-Q。您不應將我們的前瞻性陳述視為對未來事件或表現的預測。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

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 that are not intended to be a substitute for our GAAP results.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。有關我們非 GAAP 財務衡量指標的資訊（包括該等非 GAAP 指標與最可直接比較之 GAAP 財務指標的調節表）可見於我們的財報新聞稿，該新聞稿已發布於我們的投資人關係網站 ir.doordash.com。這些非 GAAP 指標應與我們的 GAAP 結果一併考量，且不應被視為 GAAP 結果的替代。

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人關係網站進行音訊網路直播。電話會議結束後不久，我們的網站將提供音訊重播。

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

接線員，我把電話交回給你，我們可以開始第一個問題。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

(接線員指示)

Shweta Khajuria, Wolfe Research.

Wolfe Research 的 Shweta Khajuria。

Thanks a lot for taking my questions. Let me try two, please. One is on product and the other is on partnership. So first on product, could you please talk about how you envision your product develop over the next 12 to 24 months as you integrate more of agentic and AI capability. So will we have an opportunity to sort of communicate via voice and put a car together and execute a transaction even saving us more time or better search and discovery or whatever it may be, if you could please talk to that?

非常感謝讓我提問。我想問兩個問題，麻煩了。一個關於產品，另一個關於合作夥伴關係。首先談產品：當你們整合更多代理式（agentic）與 AI 能力時，能否談談你們如何構想未來 12 到 24 個月產品的發展？例如，我們是否有機會透過語音溝通、把一個購物車組起來並完成交易，進一步節省時間，或帶來更好的搜尋與探索等，不論是哪一種形式；能否請你談談？

And then the second one is on partnership. You announced extension and expansion of your partnership with Lyft. As you think about the greater value proposition around local commerce and becoming the operating system for local commerce, how do you think about travel as an adjacency with Uber partnering with Expedia? I partnering with Airbnb and booking.com type partnership a value add or something else. Your thoughts on that would be great. Thanks a lot.

第二個問題是關於合作夥伴關係。你們宣布延長並擴大與 Lyft 的合作。當你們思考在地商務（local commerce）的更大價值主張，以及成為在地商務的作業系統時，你們如何看待「旅遊」作為相鄰領域（adjacency），例如 Uber 與 Expedia 合作？與 Airbnb、booking.com 這類型的合作夥伴關係，是一種加值，還是其他不同的意義？很想聽聽你們的看法。非常感謝。

Hey, Shweta, it's Tony. Maybe I'll take both of those and feel free to add in anything you want, Ravi. Look, on the first question with respect to product. The DoorDash philosophy and story has always been the same here, which is we have to create the best end-to-end shopping experience. If we do that, we will continue to be the ones that innovate, lead. We'll continue to deliver great results like the ones that you saw in the quarter and in the many years leading up to the results that we've just shared.

嗨，Shweta，我是 Tony。我先回答這兩個問題，Ravi 也可以隨時補充。先談第一個關於產品的問題。DoorDash 的理念與故事一直都一樣：我們必須打造最佳的端到端購物體驗。如果我們做到這一點，我們就會持續成為創新與領先者。我們也會持續交出像你在本季以及過去多年所看到的那樣的優異成果，而這些成果正是我們剛剛分享的。

And so there's not one way to do that. You talked a bit in your premise, Shweta, this idea that you should be able to, with the assistance of a genic like tools to have better discovery, search experiences, and we agree with you. I think that we absolutely will have a genetic ordering experiences in which it will be a lot easier for customers to do many things that they do today with much lower friction to discover things that they perhaps didn't know existed on DoorDash to formulate complicated queries and solve those in the best possible way.

因此，達成這件事並不只有一種方式。Shweta，你在問題前提中提到：在生成式工具的協助下，應該能有更好的探索與搜尋體驗；我們同意你的看法。我認為我們絕對會有生成式的下單體驗，讓顧客能更容易完成他們今天在做的許多事情，以更低的摩擦去發現一些他們可能不知道在 DoorDash 上存在的商品，提出更複雜的查詢，並以最佳方式解決這些需求。

And the most important thing in delivering this is making sure that we actually can do it so that we don't just win on discovery and the upper funnel, but the end-to-end experience. Because what's the point of having the best discovery experience we can't bring you that exact item or if that exact item were out of stock or it doesn't meet your personalized preferences that we can actually solve for that need.

而要交付這些能力，最重要的是確保我們真的能把它做好，讓我們不只是贏在探索與漏斗上端（upper funnel），而是贏在端到端體驗。因為如果我們有最好的探索體驗，卻無法把你要的那個確切商品送到；或那個商品缺貨；或不符合你的個人化偏好，而我們又無法解決你的需求，那麼擁有最好的探索體驗又有什麼意義？

And so for us, the way I think about it is there's no one thing. There's no one trick. It's making constant and continuous improvements to the selection quality, the accuracy of the cattle logs, making sure that we offer the widest choice in terms of affordability and different price points offering certainly the best quality of experience in speed, in timeliness and accuracy and then obviously in customer support, which I think also is having an agentic revolution in of itself. And so, you will see all of these things play out in the DoorDash product experience.

所以對我們而言，我的看法是：沒有單一的一件事。也沒有單一的「祕訣」。而是持續、連續地改善選品品質、目錄（catalog）準確性，確保我們在可負擔性與不同價位帶上提供最廣泛的選擇；同時在速度、準時性與準確性方面提供最佳體驗；當然也包括客戶支援，我認為客戶支援本身也正在經歷一場代理式（agentic）的革命。因此，你會看到這些都會在 DoorDash 的產品體驗中逐步呈現。

The most important thing though is that we have to build the best end-to-end experience. And we are the only company that has the most robust catalog, much of which is actually about the physical role that does not exist in any digital repository that cannot be scraped and that we, ourselves, uniquely own access to because of all the work that we do to actually build up a repository of the physical world. And so that's something that we will continue to build, I think, greater and greater damaging and especially in the world of agentic commerce.

不過最重要的是，我們必須打造最佳的端到端體驗。而我們是唯一一家擁有最強大目錄的公司，其中很大一部分其實來自「實體世界」的資料：它不存在於任何數位資料庫中、無法被爬取（scraped），而我們因為投入大量工作建立實體世界的資料庫，因而能以獨特方式掌握其存取權。因此，我們會持續建構這件事；我認為這將帶來越來越大的差異化，特別是在代理式商務（agentic commerce）的世界裡。

Your second question on membership and kind of this idea of how will partnerships evolve. The way to think about it is that membership experiences and the benefits that kind of live underneath the umbrella of membership programs. They kind of only matter if they are best-of-breed experiences to customers, right? This is why you see different customers, for example, choose a variety of different memberships even for the same product, like if you take streaming, for example.

你第二個問題是關於會員，以及合作夥伴關係將如何演進的概念。思考方式是：會員體驗，以及會員方案傘下所提供的各項福利，只有在它們對顧客而言是同類最佳（best-of-breed）的體驗時才真正重要，對吧？這也是為什麼你會看到不同顧客即使針對同一類產品，也會選擇多種不同的會員方案；以串流為例。

Some people prefer shows of a certain format on one network, whereas some others prefer shows of a different format on a different network, and that's why they end up having multiple membership programs and things like this.

有些人偏好某個平台上特定形式的節目，而另一些人則偏好另一個平台上不同形式的節目；因此他們最後會同時擁有多個會員方案之類的情況。

And what it really stands. And there's so many examples in which I can give you of this, where being best of breed is really ultimately what customers care about and why they will choose to either adopt your program or not adopt your program.

而這其實反映的是什麼。我可以舉出非常多例子：成為同類最佳，最終才是顧客真正重視的，也是他們為何會選擇採用或不採用你的方案的原因。

And as you saw in some of the results that we kind of discussed, record engagement in DashPass as well as our other membership programs around the world, what we're doing is we're building the best-of-breed product experience when it comes to eating and in shopping increasingly as we go outside of the restaurant category.

正如你在我們剛才討論的一些結果中所看到的，DashPass 以及我們在全球的其他會員方案都創下了參與度新高；我們正在做的是：在「用餐」以及「購物」（尤其是當我們逐步走出餐廳品類之後）方面，打造同類最佳的產品體驗。

Now there's a long ways to go, right? I mean, there are 20 to 25 occasions for eating a loan every single week, so over 100 every single month. And then if you add in shopping, it's even higher than that. And on that combined sum, we are a tiny fraction of what's actually available in addressable, which in some sense means that there's a large runway and opportunity for us to become even better in breed in terms of what it is that we can offer.

當然，這還有很長的路要走，對吧？我的意思是，每週光是用餐就有 20 到 25 次的情境，因此每個月超過 100 次。如果再加上購物，次數還會更高。而在這個合計總量中，我們目前只占可觸及市場（addressable）的一小部分；從某種意義上說，這代表我們仍有很大的跑道與機會，讓我們在能提供的內容上成為更同類最佳（best-of-breed）。

And if we can keep doing that, I think we're going to be just fine. I think that's why you see that, you see it in our numbers. You see it in our growth rates, both in the US and outside of the US We were gaining share virtually in every single market, and we're growing at near historical highs pretty much in all of our geographies.

而且如果我們能持續做到這一點，我認為我們會表現得很好。我想這也是為什麼你會看到這些，你會在我們的數據中看到。你會在我們的成長率中看到，無論是在美國還是在美國以外。我們幾乎在每一個市場都在提升市佔率，而且在幾乎所有地區的成長都接近歷史高點。

And so I think that's happening even at the scale that we've developed over the last few years because we're continuing to build the best-in-breed experiences in our categories that have a very large runway for growth.

因此，我認為即使在我們過去幾年所建立的規模之下，這件事仍在發生，因為我們持續在各個品類打造同級最佳的體驗，而這些品類仍有非常長的成長跑道。

That was great. Thank you, Tony.

太棒了。謝謝你，Tony。

Michael Morton, Moffettnathanson.

Michael Morton，Moffettnathanson。

Good evening. Thank you for the question. One for Tony and then a quick one for Ravi. Kind of following up on what you were just speaking about, Tony, AI and partnerships. As the AI platforms become more capable, there is a concern from investors that like personal agents could layer themselves in between the on-demand marketplaces, and the consumer. I would love to know Dash's long-term strategic view on this.And if there's a risk to your business to becoming an API or a logistics offering to these? And why or why not you want to work with one of these third-party AI platforms?

晚安。謝謝讓我提問。一題給 Tony，然後一題簡短的給 Ravi。延續你剛才談到的內容，Tony，關於 AI 與合作夥伴關係。隨著 AI 平台變得更強大，投資人擔心像個人代理（personal agents）可能會在即時按需（on-demand）市場與消費者之間再疊一層。我很想了解 DoorDash 對此的長期策略觀點。以及是否存在風險，使你們的業務變成這些平台的 API 或物流供應商？以及你們為什麼（或為什麼不）想與這些第三方 AI 平台合作？

And then a quick one for Ravi, as you've been operating dot for a bit now in some cities. Are you going to share any learnings about what percentage of the US delivery market you think is addressable for AVs? And then maybe thoughts on how to incentivize consumers to come out and meet the dot or where the opportunity costs are around cost to serve with AV? Thank you so much.

然後給 Ravi 一個簡短問題，既然你們在一些城市已經營運 dot 一段時間了。你們會不會分享一些學習，關於你們認為美國外送市場中有多少比例是自動駕駛車（AV）可觸及的？另外也想聽聽你們對於如何激勵消費者出來與 dot 會合，或是在 AV 的履約成本（cost to serve）方面，機會成本在哪裡的看法。非常感謝。

Hey, Michael, I'll start on your question related to agentic commerce and just kind of agents and whether or not there's any intermediation or disremediation risk. I mean, I really think like what's instructive here is what we've seen historically with all top of funnel programs, right, for at least a decade, you can argue companies like Google or Apple and many other large platforms were top-of-funnel drivers to a lot of different commerce platforms are included.

嗨，Michael，我先回答你關於代理式商務（agentic commerce）以及代理（agents）的問題，也就是是否存在任何中介化或去中介化（disintermediation）風險。我的看法是，這裡很有參考價值的是，我們在歷史上對所有漏斗頂端（top of funnel）計畫所看到的情況；至少十年來，你可以說像 Google 或 Apple 以及許多其他大型平台，都是許多不同商務平台的漏斗頂端流量驅動者，其中也包括我們。

Say, for example, Google food ordering, which allows you to order through various Google channels, whether it's Google Maps, Google Search, I believe there are a few others, too, in which you can order restaurant delivery that started in the mid-2010s, and it went for about eight years before they shut it down where you can order delivery from any one of these Google services.

例如 Google 的餐飲訂購（Google food ordering），讓你可以透過 Google 的各種渠道下單，不論是 Google 地圖、Google 搜尋，我相信還有其他幾個渠道；你可以在其中訂購餐廳外送。這項服務在 2010 年代中期開始，運行了大約八年後被關閉，你可以透過任何一個 Google 服務來下單外送。

And from a traffic perspective, they absolutely could drive a lot more traffic than virtually anyone else could to any one of these restaurants. Yet the retention of that traffic was a fraction of what platforms like DoorDash saw. And as a result, customers effectively moved all of their shopping experiences to DoorDash.

從流量角度來看，他們確實能為任何一家餐廳帶來比幾乎任何其他人都更多的流量。然而，那些流量的留存率只有像 DoorDash 這類平台的一小部分。因此，客戶實際上把他們所有的購物體驗都轉移到了 DoorDash。

And I would argue something similar happened with Amazon, where perhaps at the beginning of the 2010s, Amazon was not a leading player in the product search kind of category. But by the end of 2010, Amazon ended up owning a significant percentage of all product search terms related to commerce.

我也會說 Amazon 也發生過類似的情況：在 2010 年代初期，Amazon 可能還不是產品搜尋這個類別的領先者。但到了 2010 年代末，Amazon 最終掌握了與商務相關的產品搜尋詞中相當大比例的份額。

And, you may ask me, why did that happen and what lessons can we learn or borrow from history, it's kind of instruct what's happening in this moment and in the years to come? What I would say is customers ultimately don't care about any top of funnel. DoorDash included or any of these agents. What they care about is, did they get the order that they wanted? Did they get the item that they actually were looking for?

你可能會問我：為什麼會這樣？我們能從歷史中學到或借鑑什麼，來理解此刻以及未來幾年會發生什麼？我想說的是，客戶最終並不在乎任何漏斗頂端。不論是 DoorDash，或是任何這些代理。他們在乎的是：他們是否拿到了想要的訂單？他們是否拿到了自己真正要找的商品？

Did they get it in the best possible experience, that means in terms of price the speed, the timeliness of the accuracy. Obviously, if something were to go a right or wrong that it was fixed appropriately and quickly. And when I look at it from the customer's perspective, they're going to ultimately judge us on the best end-to-end experience.

他們是否以最佳可能的體驗拿到它——也就是在價格、速度、準時性與準確性方面。當然，如果過程中有任何做對或做錯的地方，是否能被適當且迅速地修正。從客戶的角度來看，他們最終會以端到端的最佳體驗來評價我們。

And so, and that's where we're focused on maniacal at DoorDash in which, we're not just trying to build genic ordering experiences on DoorDash to make the discovery or the search experience easier kind of echoing what I said on the previous question, but we're also building a catalog, a digital catalog of structured information for the physical world, collecting where every banana or every ripe or unripe avocado to every size shoe in whatever color and style that a customer is looking for, all of that information about the physical world, of which there are billions of items, tens of million per city and getting that annotated and having that unique and proprietary to DoorDash in which we don't have to share with anybody.

因此，這也是我們在 DoorDash 極度專注的地方：我們不只是想在 DoorDash 上打造代理式的下單體驗（genic ordering experiences），讓探索或搜尋體驗更容易——呼應我在上一題所說的——我們也在建立一個目錄，一個針對實體世界的結構化資訊數位目錄；蒐集從每一根香蕉、每一顆成熟或未成熟的酪梨，到任何尺寸、任何顏色與款式的鞋子等，客戶在找的所有資訊。這些關於實體世界的資訊有數十億個品項、每個城市就有數千萬個品項；我們要把它們標註（annotated）起來，並讓這些資料成為 DoorDash 獨有的專有資產，我們不必與任何人分享。

And I think if we can do that and improve our discovery experience as time progresses, given the power of some of these objective tools I think we're going to be the best end-to-end shopping experience for customers. And ultimately, that's how we're going to get judged.

我認為如果我們能做到這一點，並隨著時間推進持續改善我們的探索體驗，考量到一些客觀工具的力量，我想我們會成為客戶最佳的端到端購物體驗。而最終，大家就是會用這個標準來評價我們。

I think that's the reason for why, for instance, even our restaurant delivery business, which is the oldest of the areas in which we operate continues to grow at above historical highs because we're constantly trying to build the best end-to-end experience and be best-of-breed in doing so.

我想這也是為什麼，例如我們的餐廳外送業務——這是我們經營最久的領域——仍能以高於歷史水準的速度成長，因為我們不斷嘗試打造最佳的端到端體驗，並在這方面做到同級最佳。

So it doesn't mean we're perfect. We have a long ways to go, and it doesn't mean that it's a guarantee that we're going to be able to get there. But if we can keep executing like we have, I think the numbers will continue to speak for themselves. And these top of funnel players will be partners of ours in which they'll drive a small percentage of our traffic and a lot of that will be a choice that we'll have.

所以這不代表我們已經完美。我們還有很長的路要走，也不代表我們一定能做到。但如果我們能像現在這樣持續執行，我認為數字會繼續自己說話。而這些漏斗頂端的玩家會成為我們的合作夥伴，他們會帶來我們一小部分的流量，其中很大一部分會是我們可以選擇的結果。

Hey, Michael, it's Ravi. On your second point around to, right, look, I mean I think we are very happy with the progress that we are making. Maybe I'll talk a little bit about the vision. Look, the vision for us is we are building an autonomous delivery platform. because ultimately, we think different formats are needed for different types of deliveries.

嗨，Michael，我是 Ravi。關於你第二點，對，看看，我的意思是，我們對目前取得的進展非常滿意。也許我先談一下願景。我們的願景是打造一個自動化配送平台，因為最終我們認為，不同類型的配送需要不同的形式。

That's how we build the most efficient network. We're obviously happy to partner with others. We're happy to build ourselves. I think there's going to be different formats, both on land as well as air that we are working on. We're early on this journey. We are scaling. And what we're trying to do is, obviously operate at scale manufacture at scale, that's going to be important for us.

這樣我們才能建立最高效率的網路。我們當然也很樂意與他人合作。我們也樂意自己打造。我認為會有不同的形式，無論是地面或空中，我們都在推進。我們在這段旅程上還很早期。我們正在擴張規模。而我們要做的事情是，顯然要能在規模下營運、在規模下製造，這對我們會很重要。

We're seeing good results. We've launched it in a couple of markets. I think in terms of the end customer benefit because I think that was one part of your question, it's going to be a combination of the key things that we focus on, right? It's going to help us with speed, it's going to help us with quality, it's going to potentially help us with overall range of deliveries.

我們看到不錯的成果。我們已在幾個市場推出。我想就終端客戶的效益而言——因為我想那是你問題的一部分——會是我們所聚焦的幾個關鍵要素的組合，對吧？它會幫助我們提升速度，也會幫助我們提升品質，並且可能幫助我們擴大整體配送範圍。

But the key I would say is, the work that we are doing is starting to look good. We are early in our journey as well as the overall progress that we're making is going really well according to the plans that we made at the beginning of the year.

但我想說的關鍵是，我們正在做的工作開始看起來很不錯。我們也仍處於旅程的早期階段，而我們所取得的整體進展，依照年初制定的計畫來看，進展得非常順利。

Yeah. One thing, Michael, I'll add to the autonomy story that I think sometimes perhaps it's harder to see from the outside is that there's a pretty big difference between just shipping a vehicle or having a vehicle ready for a demonstration in a vehicle that can really operate at scale under any condition and is really battle tested, right? It's kind of like saying I can shoot a 3-point shot and so can (inaudible), but one of us is the greatest shooter of all time, and one of us maybe hit them once in a while.

是的。Michael，我想在自動化這個故事上補充一點：有件事從外部看有時可能比較不容易看出來，那就是——僅僅把一輛車交付出去，或讓一輛車準備好做示範，和一輛能在任何條件下真正以規模化方式運作、並且經過實戰驗證的車之間，其實有相當大的差異，對吧？這有點像是說我會投三分球，（聽不清）也會投三分球，但我們其中一位是史上最偉大的射手，而另一位可能只是偶爾投進一次。

And this year for us, it's really climbing that curve for the autonomy program and making sure that we can harden our, I mean, it's not just the autonomy, it's the autonomy, the hardware, the remote operations, all the work around regulatory with the different cities so that we can do this at scale and truly be the, again, best of breed. And I believe the only way you can really do that is if you actually get in there and do all of the things yourself. And so that's what's happening this year with DoorDash and also our broader autonomy program.

而對我們來說，今年的重點就是在自動化計畫上真正爬升那條曲線，並確保我們能把系統「硬化」到可規模化運作——我的意思是，這不只是自動化本身，還包括自動化、硬體、遠端營運，以及與不同城市在法規層面相關的所有工作，讓我們能以規模化方式推進，並真正成為——再次強調——同類最佳。而我相信，真正能做到這一點的唯一方式，就是你必須親自下場，把所有事情都自己做一遍。所以，今年在 DoorDash 以及我們更廣泛的自動化計畫上，正在發生的就是這些。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Great. Thank you so much for taking the questions. As we get deeper into 2026, any updated views around either the depth or the duration of some of the strategic investments, especially in the platform that we've talked about over the last couple of earnings calls. And more importantly, any updated views on how the tech re-platforming might position you for different forms of innovation than you envisioned six-plus months ago. Thanks so much.

很好。非常感謝讓我提問。隨著我們更深入進入 2026 年，對於一些策略性投資（特別是我們在過去幾次財報電話會議中談到的平台）在投入深度或持續時間方面，是否有任何更新的看法？更重要的是，對於技術重新平台化（tech re-platforming）如何讓你們在創新形式上，相較於六個多月前的想像有不同的定位，是否有任何更新的觀點？非常感謝。

Sure. Eric, I'll start to add anything. Look, I think we talked about two calls ago that we are investing several hundred million dollars back into the platform. Obviously, the largest component of that is our global tech infrastructure stack. It's going well.

當然。Eric，我先回答，之後再補充其他內容。你看，我們在兩次電話會議之前就提到，我們正把數億美元再投入到平台上。很明顯，其中最大的一部分是我們的全球技術基礎設施堆疊（stack）。目前進展順利。

The biggest component of that is just being able to design and map all the domains, which is what the team has done over the last several quarters. That part is done. Now we're focused on execution. We're starting to see production traffic go through. We are already starting to see some early benefits come through.

其中最大的工作項目，就是能夠設計並映射所有的領域（domains），而團隊在過去幾個季度已經完成了這件事。那部分已經完成。現在我們專注在執行。我們開始看到正式環境（production）的流量在其中運行。我們也已經開始看到一些早期效益逐步顯現。

And I think on the cost side, Eric, which I think was the second part of your question, look, I talked about the fact that this was the biggest component of the investment that we're making. My view on the overall quantum of dollars that we are investing behind this has stayed the same. It's largely in line with what I had expected two quarters ago. And both the program from an execution perspective as well as a cost perspective is going well.

至於成本面，Eric，我想這是你問題的第二部分——你看，我提過這是我們投資中最大的一個組成部分。我對於投入在這件事上的整體金額規模（quantum of dollars）的看法沒有改變。基本上與我兩個季度前的預期大致一致。而且無論是從執行角度或成本角度來看，這個計畫都進展良好。

And finally, to your point around benefits of this, look, ultimately, the benefit is going to accrue in terms of us being able to do more, us being able to release features earlier. The future development velocity is going to improve, which will ultimately result in retention, order frequency and economics increasing. That was the goal for this. We're starting to see benefits, and I feel good about where the trajectory of the overall program is.

最後，回到你提到的效益：你看，最終的效益會體現在我們能做得更多、能更早釋出功能。未來的開發速度會提升，最終將帶動留存、下單頻率與經濟性（unit economics）提升。這就是這項計畫的目標。我們已開始看到效益，我對整體計畫的走勢感到很有信心。

Yeah. The two things around your second part of your question, Eric, that I'd add to what Ravi said about innovation is, one is really around the velocity and the second is around the quality. So the velocity increases for the simple fact that instead of shipping one feature, which if we were to do it today, we'd have to ship three separate times across DoorDash, Wolt and Deliveroo, we'd only have to do that once. That's the velocity comment.

是的。針對你問題第二部分、關於創新的部分，我想在 Ravi 的說法上補充兩點：第一是速度（velocity），第二是品質（quality）。速度提升的原因很簡單：如果我們今天要推出一個功能，可能得在 DoorDash、Wolt 和 Deliveroo 各自發布三次；但未來我們只需要做一次就好。這就是速度的部分。

But the second point is really around the quality in which we can see benefits. What we're doing by choosing to build a new tech stack versus, say, just replatforming a couple of different brands into the same tech stack that we currently have. is that you get to kind of take the best of breed experiences from different brands and different products and put them into a new product that all three get the benefit from.

但第二點其實是關於品質，我們也能看到效益。我們選擇打造一個新的技術堆疊，而不是例如只把幾個不同品牌重新平台化到我們目前既有的技術堆疊上；這樣做的好處是，你可以把不同品牌、不同產品中同類最佳的體驗整合到一個新產品裡，讓三個品牌都能受益。

For example, one of the things that we've learned is that there are different logistics challenges in places like London as an example, or cities in Europe that are a lot smaller, a lot tighter, not always perfectly gridded like some of the cities in the United States or in other parts of the world. Perhaps they were older cities historically, and therefore, they weren't really meant for driving under any circumstance or a condition in which you need different logistics approaches, and we can borrow and take the best of what we're seeing from our European operations and bring those over here to the US, whereas in the US, because we have larger physical geographies that travel longer distances, that have perhaps a greater retail network, that has a larger catalog of items. Those are advances that we get to see, that we get to port over to Europe.

舉例來說，我們學到的一件事是：以倫敦為例，或歐洲一些更小、更緊密的城市，物流挑戰是不同的；它們不像美國或世界其他地區的一些城市那樣，街道不一定是完美的棋盤式網格。也許它們在歷史上是更古老的城市，因此在任何情況下其實都不是為了開車而設計的；或者在你需要不同物流方法的情境下，就必須採取不同的做法。我們可以把在歐洲營運中看到的最佳做法借鑑過來，帶到美國；而在美國，因為我們的地理範圍更大、行駛距離更長，可能也有更廣的零售網路與更大的商品目錄。這些進展我們也能看到，並把它們移植到歐洲。

And so, that's what I mean by quality. And so I'm pretty excited about, we're on track, which is great news when you're taking on a project as large and ambitious is the one that we're thinking about. But I'm very, very excited that not only are we already seeing some velocity and quality wins across all of the brands. But I think there will be a lot more to comment we actually roll this thing out.

所以，這就是我所說的品質。我對此相當興奮——我們目前按計畫推進，這是個好消息，因為我們正在承擔的是一個規模很大、也很有企圖心的專案。但我非常、非常興奮的是，我們不僅已經在所有品牌上看到一些速度與品質的勝利。而且我認為，等我們真正把這套東西全面推出時，還會有更多可以分享的內容。

Great. Thank you.

很好。謝謝。

Youssef Squali, Truist.

Youssef Squali，Truist。

Excellent. Thank you so much. Hi, guys. Maybe just following up on the prior question and maybe looking at it more from a competitive lens, can you maybe talk a little bit about what you're seeing in Europe, in particular, maybe order in Europe with Uber becoming a little more aggressive. There is a line of thinking out there that maybe as you guys are going through your re-platforming, it may make you potentially a little more vulnerable to competition. So maybe if you can comment on that.

太好了。非常感謝。嗨，各位。我想延續上一題，並從競爭的角度來看：你們能否談談在歐洲看到的情況，特別是 Uber 變得更積極之後，歐洲的訂單表現如何？外界有一種看法是，當你們正在進行重新平台化時，可能會讓你們在競爭上變得稍微更脆弱。所以想請你們對此做些評論。

And then, Ravi, thank you for quantifying the support to drivers for Q2. I think you said $50 million. Obviously, we don't know how long this thing is going to last. But is $50 million a good run rate to assume going out for the rest of the year, just assuming we have status quo on the macro environment? Thank you.

另外，Ravi，謝謝你量化了第二季對外送員的支援。我想你說是 5,000 萬美元。顯然我們不知道這件事會持續多久。但如果假設宏觀環境維持現狀，5,000 萬美元是否可以視為今年剩餘期間可用來推估的合理「run rate」（常態化水準）？謝謝。

Yeah, I can take the first question, which is around kind of our competitive position in Europe. I mean, we've never been stronger as the short answer in Europe. I mean, if anything, Deliveroo is seeing the highest growth rate it has in the past four years. and it's actually been reaccelerating in growth each of the months in which we've been now operating at. Wolt is seeing the highest share performance in each one of the countries in which we operate.

是的，我可以先回答第一個問題，也就是我們在歐洲的競爭地位。簡短的答案是：我們在歐洲從未像現在這麼強。如果要說的話，Deliveroo 正在看到過去四年來最高的成長率，而且在我們開始營運以來的每個月，成長都在重新加速。Wolt 在我們營運的每一個國家，都看到最高的市占表現。

But I think those are just outcome metrics. And candidly, they're not things that I stare at all the time. I mean what I'm looking at and said is kind of what I was saying in some of the earlier questions around what are the improvements that we're actually shipping for our different audiences?

但我認為那些只是結果指標。坦白說，我不會一直盯著那些看。我的意思是，我在看的、我所說的，其實有點像我在前面幾個問題裡提到的：我們實際上正在為不同受眾交付哪些改進？

If we're seeing logistics improvements, like how is that translating into lower wait times at different stores, higher accuracy of picking or faster delivery yield. And if we can continue executing the way that we have, I think the share performance, the reaccelerated growth, I think is only going to continue.

如果我們看到物流方面的改善，例如這如何轉化為不同門店更低的等待時間、更高的揀貨準確率或更快的配送達成率。而如果我們能持續以目前的方式執行，我認為市占表現、重新加速的成長，只會繼續延續下去。

And again, it goes to the DoorDash story, which is how do you build what's best in breed. And if you can continue building what's best in breed, I think customers will continue voting with their wallets and they're voting DoorDash.

而且再次回到 DoorDash 的故事：你要如何打造業界最佳（best in breed）。如果你能持續打造業界最佳，我認為客戶會繼續用錢包投票，而他們投的是 DoorDash。

Hey, Youssef, on the first one, I'll just question your premise because if you look at the underlying consumer input metrics, whether it's users order frequency, we talk a lot about subscription in the press release. Look, I mean, we are seeing accelerated growth in subscription. Users are growing, we're gaining share in the majority of the markets that they're operating in.

嘿，Youssef，關於第一點，我先質疑一下你的前提，因為如果你看底層的消費者投入指標，不論是用戶下單頻率，我們在新聞稿裡也談了很多訂閱。你看，我們確實看到訂閱加速成長。用戶在成長，我們在其營運的大多數市場都在提升市占。

The other thing I would offer is if you actually look at the overall MAU growth in the industry, the majority of that is being driven by DoorDash. And that should tell you the business is doing really well, both from a demand as well as an underlying improvement in the customer metrics perspective, right?

另外我想補充的是，如果你看整個產業的 MAU 成長，其中大部分是由 DoorDash 驅動的。而這應該能告訴你，這門生意做得非常好，無論從需求端，還是從客戶指標底層改善的角度來看，對吧？

To your second point around the impact from a gas rewards perspective, look roughly the impact of that is about $50 million in Q2. I'll say a couple of other things. We did have to find offsets in the business. We will push out some investments into the first half into the second half. Our goal is to make those investments in the second half of the year.

至於你第二點提到的加油獎勵（Gas Rewards）影響，整體來看，Q2 的影響大約是 5,000 萬美元。我再補充幾點。我們確實需要在業務中找到一些抵消項。我們會把原本在上半年要做的一些投資延後到下半年。我們的目標是在今年下半年進行這些投資。

To your second point around, are we going to extend it? Look, we've not made any decisions. Obviously, we'll monitor the situation very closely, and we'll do what's right for the business. But that said, my broader view on EBITDA for the full year has not changed.

至於你第二點的另一部分：我們會不會延長？我們還沒有做任何決定。顯然，我們會非常密切地監控情況，並做出對業務最正確的決策。但即便如此，我對全年 EBITDA 的更宏觀看法並沒有改變。

Look last couple of quarters, I talked about the fact that I expect overall EBITDA margins were 26% to be slightly higher compared to 25%, excluding Rue and Rue to produce roughly about $200 million of EBITDA. That view has remained very consistent. That view has not changed. If we do decide to extend the Gas Rewards program, we'll find offsets in other parts of the business. in order to make sure we still feel good from a top line as well as the bottom line perspective.

你看，過去幾個季度我提到過，我預期整體 EBITDA 利潤率約為 26%，會比 25% 略高；排除 Rue，而 Rue 預計貢獻約 2 億美元的 EBITDA。這個看法一直非常一致。這個看法沒有改變。如果我們決定延長 Gas Rewards 計畫，我們會在業務的其他部分找到抵消項，以確保我們從營收端以及獲利端的角度都仍然感到放心。

That's very clear. Thank you, though.

非常清楚。不過還是謝謝你。

Nikhil Devnani, Bernstein.

Bernstein 的 Nikhil Devnani。

Hey there. Thanks for taking the question. Tony, in a world with, I guess, AI workloads and a more productive workforce, is your mental model for headcount growth and even organizational structure for DoorDash changing at all?

你好。謝謝讓我提問。Tony，在一個我想像有 AI 工作負載、且勞動力更具生產力的世界裡，你對 DoorDash 的人力（headcount）成長，甚至組織架構的心智模型，有沒有任何改變？

Yes, it's a really good question. I mean, like in short, I mean, the answer is yes. And the longer answer is we're trying to figure out what that really looks like. Because we're seeing, for instance, a lot of productivity gains right now from AI about well north of half of our code, as an example, probably closer to two-third of our code is written by AI today. But that doesn't alone kind of articulate how workflows and team setups ought to change, right?

是的，這是個非常好的問題。簡單說，答案是有。更長的答案是，我們正在試著弄清楚那實際上會長什麼樣子。因為我們現在確實看到 AI 帶來大量的生產力提升，例如以程式碼為例，我們超過一半的程式碼——可能更接近三分之二——今天是由 AI 寫出來的。但這本身並不能完整說明工作流程與團隊配置應該如何改變，對吧？

It means that we're being more productive, we're shipping more code. But the ultimate question I have is, are we actually delivering better outcomes for customers. Because at the end of the day, that's the only thing that really matters.

這代表我們更有效率、交付更多程式碼。但我最終的問題是：我們是否真的為客戶帶來更好的結果。因為說到底，那才是唯一真正重要的事。

And so we're in that period where we're seeing productivity gains. We're trying to figure out how do productivity gains now translate to what team setup should look like. That's the phase where we're at. And I think if we, the top priority for us right now is definitely making sure that we can get all teams on to single tax stack. The second priority is to make sure that I think everyone in the company, not just the engineers, but everyone in the company I think, is as AI capable as anyone else. I think then we can start thinking about what are the actual workflows that have to change to actually truly deliver things faster.

所以我們正處在這樣的階段：我們看到了生產力提升。我們正在思考，生產力提升要如何轉化為團隊配置應該長什麼樣子。這就是我們目前所處的階段。而我認為，我們現在的首要優先事項，絕對是確保所有團隊都能統一到單一的技術堆疊（tech stack）。第二個優先事項是確保公司裡每個人——不只是工程師，而是公司裡每個人——我認為都能具備 AI 能力。接著我們才可以開始思考，哪些實際工作流程必須改變，才能真正更快地交付成果。

Like right now, we're delivering features faster. We're delivering like projects faster, components faster. But I think the customer holds us to a higher bar than that, which is, can you actually deliver outcomes much faster. And I think that's a tricky question that all companies, ourselves included, are wrestling with right now, and we'll figure it out.

像現在，我們交付功能更快。我們交付專案更快、元件更快。但我認為客戶對我們的要求標準更高：你能不能更快地交付「結果」。我認為這是一個棘手的問題，所有公司——包括我們自己——現在都在努力摸索，我們會把它弄清楚的。

Hey, Nikhil, it's Ravi. Just very similar to what Tony talked about. We are using it across the board. We are seeing productivity improvements. So the goal for us from a productivity improvement perspective, is just has always been, right?

嘿，Nikhil，我是 Ravi。跟 Tony 講的非常類似。我們正在全面使用它。我們確實看到生產力提升。所以從生產力改善的角度來看，我們的目標其實一直都是這樣，對吧？

We want to do more with more. We want to try to drive more features. We want to do more for our audiences. We want to do more internally as well. Ultimately, the way we think about it is how do we channel the productivity improvements into ultimately developing more features, but if it's purely from a modeling perspective, Nikhil, that you're trying to think about it.

我們想用更多來做更多。我們想推動更多功能。我們想為我們的受眾做更多事情。我們也想在內部做更多。最終我們的思考方式是：如何把生產力提升導向到最終能開發更多功能；但如果你純粹是從建模的角度在思考這件事，Nikhil。

Look, I would expect from a near-term model perspective for OpEx to roughly be in the 2% range that I've talked about before. We are being very judicious. We're being disciplined. Goal is to generate leverage on it just like any other part of the P&L over time.

你看，我預期從短期模型的角度，OpEx 大致會落在我之前談過的約 2% 左右。我們非常審慎。我們很有紀律。目標是隨時間推移在這上面產生槓桿效益，就像損益表（P&L）的其他部分一樣。

That's helpful, thanks. And Ravi, if I could just follow up on, I guess, the order growth dynamics in Q1 as well. Could you just elaborate a bit on the deceleration there? Is that just weather? Or are there other things you want to call out? And how are you thinking about that as you think about the Q2 guidance you've given for GOV. Thank you.

這很有幫助，謝謝。Ravi，如果可以的話我想再追問一下，我想是關於 Q1 訂單成長動能。你能否多談一點那裡的放緩？那只是天氣因素嗎？還是有其他你想特別指出的因素？以及當你思考你們對 GOV 所給出的 Q2 指引時，你如何看待這件事？謝謝。

Yes. Look, I mean, Nikhil, the question broadly is around consumer demand on the platform. I mean, look, demand continues to be quite strong. The impact purely from a winner strong perspective is roughly about 1% on a year over year growth perspective from a GOV basis. Look, when I look at the underlying demand, Nikhil, it continues to be very good, right?

是的。你看，Nikhil，這個問題大方向是在問平台上的消費者需求。你看，需求仍然相當強勁。單就冬季風暴的影響而言，若以 GOV 的年增率來看，大約影響 1%。你看，當我觀察底層需求時，Nikhil，它仍然非常好，對吧？

We've talked about MAUs reaching an all-time high. Order frequency is growing, subscription had a record quarter, in fact, across the board, across DoorDash delivery as well as gold. What we're seeing in the business is member growth has accelerated on a year over year basis. That follows last few quarters where the member growth has been quite healthy.

我們已經談到 MAU 創下歷史新高。下單頻率正在成長，訂閱業務也創下單季新高；事實上，無論是 DoorDash 外送本業還是 Gold，都呈現全面性的成長。我們在業務上看到的是，會員成長在年對年基礎上加速。這延續了過去幾季會員成長相當健康的趨勢。

We're seeing that both from sign up as well as an overall retention perspective. When I look at the other parts of the business, look, we're gaining share. New verticals has continued to do well. We were volume share leaders in Q4. We've continued to extend that.

我們從註冊以及整體留存的角度都看到了這一點。再看業務的其他部分，我們正在提升市占。新垂直品類持續表現良好。我們在第四季按交易量計是市占領先者。而且我們持續擴大這個領先優勢。

Even across the board international, we touched on delivery acceleration as well as the rest of the international portfolio also growing. Q2 is off to a good start. I feel good about the demand patterns that we're seeing on the business.

即便放到國際市場整體來看，我們提到外送加速成長，同時國際業務組合的其他部分也在成長。第二季開局不錯。我對我們在業務上看到的需求型態感到樂觀。

Deepak Mathivanan, Cantor Fitzgerald.

Deepak Mathivanan，Cantor Fitzgerald。

Great. Thanks for taking the question. Tony, so on groceries in the last few months, you've got a lot of new partners. Can you talk about the trends in the business broadly, maybe in terms of penetration, how use cases have evolved potentially some color on growth and maybe also where the unit economics have seen the biggest gains in?

很好。謝謝讓我提問。Tony，關於雜貨業務，過去幾個月你們新增了很多合作夥伴。你能否談談整體業務趨勢，例如滲透率、使用情境如何演進，並分享一些成長動能，以及單位經濟在哪些方面的改善最明顯？

And then similarly, Dash (inaudible) fulfillment service is also another big area of focus this year. Where does it currently stand in terms of where you want the service to get to ultimately before it starts becoming another incremental key growth driver? Thank you so much.

另外，Dash（聽不清）履約服務也是今年另一個重點領域。就你們希望這項服務最終達到的狀態而言，目前進展到哪裡？在它開始成為另一個新增的關鍵成長驅動因素之前，還需要達到什麼程度？非常感謝。

Yeah. I mean those are related questions. So I mean, I'll start with just like where grocery is at today, which is, I mean you kind of said it, which is, it's pretty much at record highs for us, right? We were, we became the share leaders by volume last fall and, or last winter, and it's kind of continued to go in one direction, miss a lot of activity, I would say, in the field.

是的。我的意思是，這兩個問題彼此相關。我先從雜貨目前的狀況談起：就像你說的，對我們而言幾乎是創下歷史新高，對吧？我們在去年秋天或去年冬天按交易量計成為市占領先者，而且之後基本上持續朝同一個方向發展；我會說，前線有很多活動在進行。

And you're right. In part, it's because we have added a lot of grocers and we like the trajectory of the (inaudible) we're at it. But we're also improving the service experience. So it's not just adding more and more selection. But I always ask myself, why is grocery not a lot bigger? Why shouldn't it be even bigger than, say, restaurant?

你說得沒錯。部分原因是我們新增了很多雜貨商，而且我們也喜歡目前（聽不清）所處的發展軌跡。但我們同時也在改善服務體驗。所以不只是增加越來越多的選擇。但我常問自己：為什麼雜貨規模沒有更大？為什麼它不應該比例如餐廳外送還要更大？

Well, it's because the online delivery experience is just not yet good enough compared to the off-line experience, right, of buying it for yourself. And, but we're really closing that gap and the team deserves a ton of credit for making us a lot more accurate, making us a lot more affordable, making basket building a lot easier, making customer support better, making the experience easier for shoppers and a lot, literally tens of thousands of little things over the last six or seven years, I think, are accumulating.

原因在於，線上配送體驗相較於線下體驗——也就是你自己去買——目前還不夠好，對吧？但我們正在大幅縮小這個差距，團隊值得高度肯定：讓我們的準確度更高、價格更可負擔、購物車組建更容易、客服更好、讓採購員/揀貨員的體驗更順暢；而且在過去六、七年裡，真的有成千上萬個小改進正在累積發酵。

But it's still, I think, reasons for me that over time, if you truly want to marry the best possible selection, which is every store inside your neighborhood with the best possible quality, which means every, you get exactly the item you order without any substitutions or any changes and obviously, certainly no out-of-stocks for canceled items or canceled orders. I think you do have to work the fulfillment problem, which is where our Dash mark fulfillment services comes in.

但我仍然認為，長期來看，如果你真的想把「最佳的選擇」——也就是你社區裡的每一家店——與「最佳的品質」結合起來，品質的意思是：你拿到的就是你下單的商品，沒有任何替代品或變更，當然也不會因缺貨而取消品項或取消訂單。我認為你確實必須解決履約問題，這也正是我們 Dash mark 履約服務要切入的地方。

And so there, we are trying to build an inventory management and fulfillment setup with all of the grocers and retail partners that we work with. And I think if we can do that, I think then finally, you can actually unlock what is truly a magical experience where it's more similar to restaurant delivery, where, yes, there might be a small premium you pay, but at least you get exactly what you ordered, which is not the experience today.

因此，我們正嘗試與所有合作的雜貨商與零售夥伴一起，建立一套庫存管理與履約的架構。我認為如果我們能做到這點，最終就能真正解鎖一種「很神奇」的體驗，更接近餐廳外送：是的，你可能會付出一點溢價，但至少你會拿到你所下單的商品——而這並不是今天的體驗。

In terms of where Dash mark fulfillment services is, we, I mean we're doing it with a handful of grocery and retail partners today. That's kind of where it is. And if you think about that journey, I mean, we're trying to work with grocers and retailers who, for decades now are used to running their supply chains and their stores in one particular way. Now we're introducing a second way. And so there's a lot of things that you have to figure out in terms of technology, people, processes, the interaction of business models and kind of everything in between.

至於 Dash mark 履約服務目前的進度，我們今天已經在少數幾家雜貨與零售合作夥伴上落地執行。大致就是這個階段。如果你想想這段旅程，我們正嘗試與那些幾十年來習慣以某一種方式運作其供應鏈與門市的雜貨商與零售商合作。現在我們引入了第二種方式。因此在技術、人員、流程、商業模式的互動，以及介於其間的各種細節上，都有很多事情需要釐清。

We like what we see with a handful of partners we have, but kind of in the spirit of all things at DoorDash really where we really want to make sure we nail the experience before we scale it because I think this is both quite disruptive in a positive way to the customer experience.

我們喜歡目前與少數合作夥伴所看到的成果；但也秉持 DoorDash 一貫的精神，我們希望在擴大規模之前先把體驗打磨到位，因為我認為這對客戶體驗而言是一種非常正向的顛覆。

It's also quite disruptive to how retailers are used to working and buying and running their own businesses for so many decades. that we have to make sure that we get it fully right end to end, and then we can replicate the playbook.

同時，這也會大幅顛覆零售商數十年來習慣的運作、採購與經營方式。因此我們必須確保端到端都做對，然後才能複製這套打法。

Deepak, on the unit economic side, I think that was part of your question, look, we made a lot of good progress. Last call, I made the point that we expect the overall new vertical portfolio to be gross profit positive in the second half. We are trending well towards that. Look, we're not worried about what the profitability profile of this business looks like. It's something we understand quite well and what we need to do.

Deepak，關於單位經濟，我想那也是你問題的一部分：我們確實取得了很多不錯的進展。上一次電話會議我提到，我們預期整體新垂直品類組合在下半年會達到毛利轉正。我們正朝這個方向良好推進。我們並不擔心這個業務的獲利輪廓會是什麼樣子。這是我們相當了解、也知道該怎麼做的事情。

It's like there's any structural change that we need to make happen. It's just continued execution on a number of lines and on the P&L. What we're truly focused on is how do we scale the business. In Q4, we talked about the fact that about 30% of our monthly active users order from categories outside of the restaurant, we truly think that could be 100% over time, and that's going to come with a lot of improvements in selection, quality, improving the underlying product.

並不是說我們需要做出任何結構性的改變。而是持續在多條戰線與損益表上把執行做好。我們真正關注的是：如何把業務規模做大。第四季我們談到，大約 30% 的月活躍用戶會從餐廳以外的品類下單；我們真的認為長期來看這個比例可以到 100%，而這需要在選擇、品質以及底層產品的改善上做大量提升。

And when I look at the underlying consumer metrics, I mean, look, order frequency is improved, masked sizes for mature or are continuing to improve, which means that people are using us for more use cases. And over time, what we're seeing is the underlying order rate also continues to improve. These are all good signs, which is driving both the growth as well as the improvement in scale, which will ultimately drive the unit economics in the business as well.

當我看底層的消費者指標時，我的意思是，下單頻率在提升，成熟市場的客單價/籃子大小也在持續改善，這代表人們用我們來滿足更多使用情境。而且隨著時間推進，我們看到底層的下單率也持續改善。這些都是很好的訊號，正在同時推動成長與規模提升，而規模提升最終也會帶動業務的單位經濟改善。

Thanks so much.

非常感謝。

Josh Beck, Raymond James.

Josh Beck，Raymond James。

Yeah, thank you so much for taking the question. Yes. Maybe more on the cost side. Rob, you kind of mentioned the $50 million gross cost as you kind of look to find relief for those investments, maybe what are some of the big topics that you're kind of looking to uncover there? And then going to your, some of your points on new verticals, certainly a very nice watermark to achieve gross profit breakeven. To get to the next milestone, what are going to be some of the really important elements?

是的，非常感謝讓我提問。是。我想多問一些成本端的問題。Rob，你提到約 5,000 萬美元的毛成本，當你們尋求為這些投資找到一些緩解/對沖時，你們主要想從哪些大方向著手挖掘？另外回到你提到的新垂直品類，達到毛利損益兩平當然是一個很好的里程碑。要達到下一個里程碑，哪些要素會是最重要的？

I mean, generically, it seems like within new verticals, advertising is a bit more of a weighting factor there. So just kind of curious how we think about maybe some of the real important drivers beyond where we're scale moved to the second half.

我的意思是，從一般角度來看，在新的垂直領域中，廣告似乎在那裡是一個權重更高的因素。所以我有點好奇，我們如何看待除了規模在下半年移動之外，還有哪些真正重要的驅動因素。

Josh, I'll take the first one. Tony, why don't you take the second one. Look, I think, Josh, your broader question is around costs. gas rewards and impact on the model for the rest of the year, if I understood it correctly.

Josh，我先回答第一個。Tony，你來回答第二個吧。你看，Josh，我想你更廣泛的問題是在成本、加油獎勵（Gas Rewards）以及它對今年剩餘時間模型的影響，如果我理解得沒錯的話。

Look, the impact, I'll talk more broadly, right? Q1, we obviously had the impact from both veterans as well as the introduction of Gas Rewards we did extend the Gas Rewards program. The rough impact of that in Q1 was about $50 million. The projection for the impact in Q2 is also going to be about $50 million. Like I said earlier, we did find offsets in the business.

你看，這個影響，我會更廣泛地談，對吧？第一季，我們顯然同時受到退伍軍人（方案）以及我們推出加油獎勵、並延長加油獎勵計畫的影響。第一季這部分的粗略影響大約是5,000萬美元。第二季的影響預估也會大約是5,000萬美元。就像我先前說的，我們確實在業務中找到了抵消項。

Look, for us, it's a very dynamically managed business, right? We take our plans very seriously. We look at input metrics to make sure we're doing the right investments. We did have to push out some investments in each one in order to make room for this, and my expectation and were fully convicted that we are going to make these investments in the second half of the year.

你看，對我們來說，這是一個非常動態管理的業務，對吧？我們非常重視我們的計畫。我們會看投入指標，確保我們做的是正確的投資。為了替這件事騰出空間，我們確實不得不把各項投資中的一些往後推，而我的預期是——我們也完全堅信——我們會在下半年把這些投資做出來。

If we do decide to extend the program, our goal is to find assets just like we did in H1, but my view on the full year EBITDA has not changed. Look, what we've said about a couple of quarters ago is, overall, 2026 EBITDA margin is going to be higher slightly compared to '25 excluding rule. That view still stands.

如果我們決定延長這個計畫，我們的目標是像上半年一樣找到抵消項，但我對全年EBITDA的看法沒有改變。你看，我們在幾個季度前說過，整體而言，2026年的EBITDA利潤率在排除規則（rule）影響後，會比2025年略高。這個看法仍然成立。

When I look at the trajectory of the business, I would expect second half EBITDA almost to be higher than first half. Second half EBITDA margins to be higher than the first half, largely similar to what I had expected at the beginning of the year. Overall, right here, when we sit, like we look pretty good from a bottom line perspective for the rest of the year as well as the demand on the platform continues to be strong as well.

當我看業務的走勢時，我會預期下半年的EBITDA幾乎會高於上半年。下半年的EBITDA利潤率也會高於上半年，這基本上與我在年初的預期相近。整體來看，就我們目前所處的位置而言，從全年剩餘時間的底線表現來看我們看起來相當不錯，而且平台需求也持續強勁。

Yes. And with respect to your second question about what else do we need to do to make, to achieve higher levels of profitability within grocery. I mean, the short answer is more of the same, which is there are, we're not trying to rely on any one source of revenue like ads, for example, to make grocery profitable. We don't need to. We fundamentally have created, we believe, a lower cost structure that allows us to make grocery delivery profitable.

是的。至於你第二個問題：我們還需要做什麼，才能在雜貨（grocery）業務中達到更高的獲利水準。我的簡短回答是：做更多同樣的事。也就是說，我們不打算依賴任何單一收入來源（例如廣告）來讓雜貨業務獲利。我們不需要這麼做。我們從根本上打造了——我們相信——一個更低的成本結構，使我們能讓雜貨配送實現獲利。

But it's just not good enough yet, right? I mean, if you think about it from the perspective of the customer, not the perspective of our P&L, we still need to be more accurate. We still need to have more items available even from existing stores, and we need to do it at better and better price points.

但目前還不夠好，對吧？我的意思是，如果你從客戶的角度來看，而不是從我們損益表（P&L）的角度來看，我們仍需要更準確。即使是在既有門店，我們仍需要提供更多可購買的品項，而且我們需要以越來越好的價格帶來做到這件事。

And I think if we keep doing that, I mean, you already see in our cohort behavior, it's not true for all across the business because we're still gaining a lot of new customers. In fact, we gained about one in every two new customers that comes into the industry for grocery delivery for the first time.

我認為如果我們持續這麼做，你其實已經能在我們的同批次（cohort）行為中看到——這不一定適用於整個業務，因為我們仍在獲得大量新客。事實上，首次進入雜貨配送產業的新客中，大約每兩位就有一位是我們獲得的。

But you see with cohorts over time that they actually buy bigger and bigger baskets and achieve the profitability milestones without any unnatural shall we say, or overreliance on any one cost or revenue driver. And so that tells me that at current course and speed, will get there. And the question is like, how do you get there faster?

但你會看到，隨著時間推移，同批次客戶實際上會買越來越大的購物籃，並在不需要任何「不自然」的做法——可以這麼說——或對任何單一成本或收入驅動因素過度依賴的情況下，達成獲利里程碑。所以這告訴我，以目前的路線與速度，我們會到達那個目標。問題在於：要如何更快到達？

But perhaps most importantly, how do you actually unlock a much bigger industry. I mean grocery delivery fundamentally should be as large, if not larger, than restaurant delivery. It's just that the product isn't good enough yet. And so if we can, we already are leading from what we've been told by some of the top grocers in the country in terms of quality, but we still think there's miles to go.

但也許更重要的是：你要如何真正解鎖一個大得多的產業。我的意思是，雜貨配送從根本上應該跟餐廳配送一樣大，甚至更大。只是產品目前還不夠好。因此，如果我們能做到——就我們從美國一些頂尖雜貨商那裡得到的回饋，我們在品質上已經是領先者——但我們仍認為還有很長的路要走。

Perhaps we brought some innovations to the market. But we think that we have to keep innovating on all things, accuracy, price points, and we have some interesting ideas on how to do that. But we don't have to do anything on natural or over rely or perhaps even rely at all on any source of, any one line item to make the math work.

也許我們已經為市場帶來了一些創新。但我們認為，我們必須在所有事情上持續創新：準確度、價格帶，而且我們對如何做到這些有一些有趣的想法。但我們不必做任何不自然的事，也不必過度依賴——甚至可能完全不必依賴——任何單一來源、任何單一科目（line item）來讓數學算得通。

Super helpful. Thanks, guys.

非常有幫助。謝謝各位。

Brian Nowak, Morgan Stanley.

Brian Nowak，摩根士丹利。

Thanks for taking my questions, guys. I have two. The first one, Tony, in the letter, you talked about making some new tools that helped design that were to streamline the merchant onboarding process. Can you just sort of talk to us about areas you've made the most progress in bringing on new merchants and sort of more inventory per merchant, and what are some of the technological advancements you're still looking to make to really make that easier to get more of those bananas and avocados that you talked about earlier and even carving knife.

謝謝你們回答我的問題，各位。我有兩個問題。第一個，Tony，你在信中提到你們打造了一些新工具，協助設計並用來簡化商家上線（onboarding）流程。你能否談談你們在引入新商家、以及讓每個商家提供更多庫存（inventory）方面，哪些領域進展最大？另外，還有哪些技術上的進步是你們仍希望做到的，好讓這件事更容易，能上架更多你先前提到的香蕉和酪梨，甚至是雕刻刀？

And then, Ravi, one for you just on the re-platforming, that you say that you have live production traffic ramping up across all three of the global marketplace brands. Does that mean that you're sort of running all three tech stacks now. So we're burdening the P&L with the max costs and then we should start to turn some of those off in the back half? Or how does this sort of triple platforming down to one platform and time line work?

然後，Ravi，問你一個關於重新平台化（re-platforming）的問題：你說你們在三個全球市集品牌上，線上正式環境（production）的流量正在提升。這是否表示你們現在其實同時在跑三套技術堆疊（tech stacks）？所以我們的損益表（P&L）正承擔最高的成本，然後在下半年我們應該會開始把其中一些關掉？或者，這種從三個平台收斂到一個平台的過程與時間表是怎麼運作的？

Yeah. I'll take the first one, Brian. Yes. So, you're right. We continue to ship a lot of different tools to make it a lot easier to work with us or a lot easier for customers to find what they're looking for or dashers to perform deliveries.

好的。Brian，我先回答第一個。是的。所以，你說得沒錯。我們持續推出許多不同的工具，讓商家與我們合作更容易、讓客戶更容易找到他們要的東西，或讓外送員（dashers）更容易完成配送。

On the specific question with respect to the merchant tools, A lot of what I found AI to be helpful, especially now with more powerful models that can reason in a multiterm kind of fashion is that you can start looking at repetitive processes that kind of are stitched together and actually get them done with perfect quality every single time, and you can actually do that with just an agent.

針對你問到的商家工具，我發現AI很有幫助，尤其是現在有更強大的模型，能以多步驟（multiterm）方式進行推理；你就可以開始檢視那些由多個環節串接起來的重複性流程，並且每一次都以完美品質把它完成，而且你其實只需要用一個代理（agent）就能做到。

Whereas, I would say, even perhaps six to eight months ago, this was even less true because you would kind of need to build a lot of backup or redundant systems to kind of make sure that agents don't just kind of go off the rails and actually can finish the task.

而我會說，即使在六到八個月前，這件事都還沒那麼成立，因為你通常需要建立很多備援或冗餘系統，來確保代理不會失控，並且真的能把任務完成。

And so that has happened with something like what you said around with onboarding as an example, where whether it's helping you with your menu or your catalog as a restaurant or a retailer or with your photos and your metadata and kind of the annotation of that data. All of these things are effectively repetitive tasks, if you will, in which you can create agents and stitch them together and to do that in a really, really productive way.

所以這也發生在你提到的上線流程（onboarding）這類事情上：不論是協助你作為餐廳或零售商建立菜單或商品目錄（catalog），或是處理你的照片與中繼資料（metadata），以及對這些資料做標註（annotation）。所有這些事情本質上都是重複性任務；你可以建立代理並把它們串接起來，以非常、非常高的生產力方式把它完成。

And I think like with all things, the removal of friction increases activity and activity increased activity increases the business that we get to do together, and that's kind of what we're seeing with. So we are already seeing benefits to the P&L from some of the AI work that we're doing.

而且我認為就像所有事情一樣，摩擦的移除會提升活動量，而活動量的提升又會增加我們能一起做的業務，這大概就是我們目前看到的情況。因此，我們已經從正在進行的一些 AI 工作中，看到了對損益表（P&L）的好處。

Some of it is on our own products like the ordering agent stuff I mentioned on a separate question and some of it is on tools that you're talking about, whether it's related to merchants or customer support or dashers. So we're already seeing that.

其中一部分是在我們自己的產品上，例如我在另一個問題中提到的下單代理（ordering agent）相關內容；另一部分則是在你提到的工具上，不論是與商家、客服或外送員（Dashers）相關。所以我們已經看到這些成效了。

And with respect to like things we still have to do, you're mentioning about like all the inventory inside of a city. Well, we still are just a tiny fraction of all items sold or even represented, I would argue today, DoorDash is the collective. And that's becoming more interesting now as some of those items are also different when it's an in-store shopping experience, for example, right?

至於我們還需要做的事情，你提到像是一座城市裡所有的庫存。嗯，我們目前仍只涵蓋所有售出商品、甚至所有被呈現商品中的極小一部分；我會說今天 DoorDash 作為一個集合體也只是其中很小的一部分。而且當其中一些商品在「到店購物」體驗下也會不同時，這件事現在變得更有意思了，對吧？

Some item restaurants, as an example, offer different in-store products and experiences and services that they don't offer in the kind of takeaway or in the offline world. And so there's a lot of things we have to document. That's one thing we have to go and do. The second we have to go and do is build structure and cleanliness out of what is inherently very messy and constantly changing, which is a challenge, I would argue.

舉例來說，有些餐廳會提供不同的店內商品、體驗與服務，而這些在外帶或線下世界中並不提供。因此有很多事情我們需要記錄。這是我們必須去做的一件事。第二件我們必須去做的，是在本質上非常混亂且不斷變動的情況下，建立結構化與資料潔淨度；我認為這是一項挑戰。

But if we can do both of those things across every one of the categories, as we kind of march from restaurants to grocery to different categories within retail and to do that through the merchant channel, online, the DoorDash channel online and the merchants channel off-line or in-store.

但如果我們能在每一個品類都把這兩件事做好，當我們從餐廳一路推進到雜貨、再到零售中的不同品類，並且透過商家通路、線上 DoorDash 通路，以及商家線下或店內通路來完成。

I think that just builds a really rich data set that's kind of A, nonexistent anywhere, B, extremely valuable for the merchant to have a full view of all the different types of customers that they may want for different occasions and c, I think, really interesting opportunities also for DoorDash to build both products as well as businesses.

我認為這會建立一個非常豐富的資料集：A，在任何地方都不存在；B，對商家而言極具價值，因為能完整掌握他們在不同情境下可能想要觸達的各類客群；C，我也認為這同時為 DoorDash 帶來非常有趣的機會，去打造產品以及業務。

Brian, on your second question around the global tech stake, right? I'll make two broad points and I'll get into the P&L dynamic question. Look, I mean, I think the team has done an incredible job. And this is a massive project. I have to give kudos to the team is going according to plan.

Brian，關於你第二個問題，談到全球技術堆疊（global tech stack），對吧？我先講兩個較宏觀的重點，然後再談損益表（P&L）的動態問題。你看，我認為團隊做得非常出色。而這是一個龐大的專案。我必須稱讚團隊，一切都按計畫進行。

Really happy with the progress that we're making. Even on the cost side, my view on the overall cost has been very similar to what I talked about last two quarters ago. So both on progress as well as costs, I feel very good about where it is.

對我們正在取得的進展感到非常滿意。即使在成本端，我對整體成本的看法也和我在兩個季度前談到的非常一致。所以不論是進度還是成本，我都對目前的狀況感到很有信心。

I think you have point around the mechanics of the P&L, look, I think I talked about the fact that there is a portion of the spend, which is redundant in the sense that we are going to run all three tech stacks in parallel while we're working on the global new tech stack. That is going to phase in, it's going to phase out.

我想你提到的是損益表（P&L）運作機制的部分。你看，我想我之前談過，有一部分支出在某種意義上是重複的，因為在我們打造全球新的技術堆疊期間，會同時並行運行三套技術堆疊。這會逐步導入，也會逐步退出。

My expectation is majority of that will run through '26, maybe some portion will bleed into early 2027, but that will bleed out. And hopefully, that should give you a mechanic of how the rest of the P&L is going to work for the rest of the year.

我的預期是，其中大部分會延續到 2026 年，可能有一部分會延伸到 2027 年初，但最終都會退出。希望這能讓你理解今年剩餘期間損益表（P&L）其餘部分將如何運作的機制。

Thank you both.

謝謝你們兩位。

Justin Patterson, KeyBanc.

Justin Patterson，KeyBanc。

Great. Thank you very much. Good afternoon. I thought you recently launched a workplace catering for DoorDash for business. Can you talk more about how you're thinking about that opportunity? And what do you see as some of the key challenges towards scaling this? Thank you.

很好。非常感謝。下午好。我想你們最近為 DoorDash for Business 推出了職場餐飲（workplace catering）。你能多談談你們如何看待這個機會嗎？以及你認為在擴大規模方面有哪些關鍵挑戰？謝謝。

Sure. DoorDash for business, I think, is off to a very, very great start. And it's actually only something that we've really recently focused on in the last few years. But DoorDash for business really is a set of, or a suite of a few products, and there's really three. You talked about one of them, which is catering.

當然。我認為 DoorDash for Business 的起步非常、非常好。而且這其實是我們在過去幾年才真正開始聚焦的事情。但 DoorDash for Business 本質上是一組、或說是一套由幾個產品組成的方案，主要有三個。你提到其中之一，也就是餐飲（catering）。

There's also meal manager and then there's also corporate solutions related to DashPass, as well as group ordering. And the idea is, when you're a company or an organization doesn't have to be a company, it could be a nonprofit or a government institution or a school.

另外還有餐食管理（meal manager），以及與 DashPass 相關的企業解決方案，還有團體訂購（group ordering）。概念是：當你是一家公司或一個組織——不一定非得是公司，也可能是非營利組織、政府機構或學校。

As long as you're serving multiple different use cases, sometimes it's a group meeting with just a few of us, perhaps sometimes you're hosting an event in which you need catering. Sometimes you need individual meals as kind of your sales teams perhaps travel to do different things or client demos, things like this, you're going to want to work with one place ideally, which you can see everything in one view and offer your organization the best-in-breed selection, price and quality.

只要你需要服務多種不同的使用情境：有時是只有幾個人的小型會議；有時是你要舉辦活動、需要餐飲外燴；有時你需要個人餐點，例如業務團隊出差去做不同事情或客戶展示（demo）等。理想情況下，你會希望只跟一個平台合作，在同一個介面中看到所有內容，並為你的組織提供業界最佳（best-in-breed）的選擇、價格與品質。

And because we offer what we believe is the best of in-breed in price selection, quality and service, DoorDash as for business is kind of naturally growing really very, very quickly. So that's something that we're doing. But I think the biggest challenge to your question around something like catering is it's really how do you solve the kind of perennial hard problem of cooking for a large group of people. It sounds really simple.

而因為我們提供我們所相信在價格、選擇、品質與服務上都屬於業界最佳的方案，DoorDash for Business 自然就成長得非常、非常快。這就是我們正在做的事情。但我認為你問到像餐飲（catering）這類業務最大的挑戰，是如何解決那個長期存在的難題：為一大群人做飯。聽起來很簡單。

But if you think about it, as you cook for yourself and then you start adding the number of guests around the table. I would argue that logistics problem is a bit of an exponentially difficult problem as you kind of increase the count of guests.

但如果你想想看，你先是為自己做飯，然後開始增加餐桌旁的賓客人數。我會說，隨著賓客數量增加，物流問題會變成一個近乎指數級變難的問題。

And so the challenges are numerous. It starts with understanding, well, things around kitchen capacity, then understanding things around menu design, then understanding things around staffing, then understanding things around the logistics operations.

因此挑戰很多。首先是理解廚房產能；接著是理解菜單設計；再來是理解人力配置；然後是理解物流營運。

And we kind of have to do all of that. And I think to actually truly create the industry, because I think the industry by itself is perhaps somewhat limited because not every restaurant is built as a manufacturing facility that can actually cook up to the needs of a larger organization or even a team of people, it's really working hand-in-hand with merchants and dashers together to co-create that solution and hopefully create a very large industry.

而我們基本上必須把這些都做到。而且我認為要真正創造一個產業——因為我覺得這個產業本身可能有些受限，因為不是每家餐廳都像製造工廠一樣建置，能夠滿足較大型組織、甚至一個團隊的烹飪需求——關鍵在於與商家和外送員（Dashers）攜手合作，共同打造解決方案，並希望能創造一個非常大的產業。

Lloyd Walmsley, Mizuho.

Lloyd Walmsley，Mizuho。

Thank you. Wondering if you can give us an update on what you're seeing in the ads business on about the 1P basis and syndicating ads outside of Dash. And then second one, Tony, earlier, you talked about miles to go in terms of improving the user experience in grocery. Just wondering if you can elaborate on some of the things you're doing if you found any big unlocks or anticipate any big unlocks to kind of drive a step function improvement in the grocery experience that can help you guys penetrate deeper with your customers? Thanks.

謝謝。想請你更新一下你們在廣告業務方面的觀察，包含以 1P（第一方）基礎來看，以及將廣告在 Dash 之外進行聯播（syndicating ads）的情況。第二個問題，Tony，你先前提到在提升雜貨（grocery）使用者體驗方面還有很長的路要走。想請你更具體說明你們正在做哪些事情、是否已找到任何重大突破點（big unlocks），或預期會有任何重大突破點，能帶來雜貨體驗的躍升式改善，進而幫助你們更深入滲透到客戶之中？謝謝。

Sure. maybe I can take both and feel free to add in, Ravi. I mean on the ads question, it's never gone better for us in the world of ads. As is at a record high, continue to grow extremely fast compared to any previous year.

當然。也許我可以兩個都回答，Ravi 也歡迎補充。就廣告的問題而言，我們在廣告領域的表現從未如此好。各項指標都創下新高，且相較於以往任何一年都持續以極快速度成長。

And I think the kind of the recent trajectory or kind of continued strong trajectory really comes from the fact that our team deserves a (inaudible) and cracking the code not just in solving problems for SMBs, whether they be restaurants or retailers but also larger advertisers, both in the restaurant world as well as in the retail world.

我認為，近期的發展軌跡或持續強勁的走勢，確實源自於我們團隊值得（聽不清）以及成功破解了關鍵，不僅在於為中小企業（SMB）解決問題——不論是餐廳或零售商——也同樣能服務更大型的廣告主，涵蓋餐飲與零售領域。

And then the other unlock has been cracking the code on CPG advertisers, where I think just there's no one thing. It's like a relentless checklist of just making the product a lot better for advertisers and delivering upon two, I mean, really competing objectives.

接著，另一個突破是我們也破解了 CPG（民生消費品）廣告主的關鍵，我認為這並不是單一因素造成的。而是一份不斷推進的清單：持續把產品做得對廣告主更好，並同時兌現兩個——我是說，確實彼此競爭的目標。

One is you have to deliver the best return on ad spend for advertisers, which we do. And the second is you have to deliver the best consumer experience where you don't span people. And I think we have a much lower ad load than some other platforms. And I think the teams have been just working really, really hard to balance those two competing objectives.

第一，你必須為廣告主帶來最佳的廣告投放報酬率（ROAS），而我們做到了。第二，你必須提供最佳的消費者體驗，避免用廣告去轟炸使用者。我認為我們的廣告負載（ad load）比其他一些平台低得多。我也認為團隊一直非常、非常努力地在這兩個相互競爭的目標之間取得平衡。

And then, so I think the opportunity besides kind of scaling some of the unblocks and ads as well as discovering some of the kind of off-site stuff that you're talking about, which also includes things around all of our in-store activities in addition to our work just buying on half of advertisers off of DoorDash. I think there's a very large runway for the ads business.

因此，我認為除了擴大一些解鎖的能力與廣告規模之外，也包括你提到的一些站外（off-site）相關探索；這也涵蓋我們所有的店內活動（in-store activities），以及我們代表廣告主在 DoorDash 之外進行採買的工作。我認為廣告業務仍有非常長的成長跑道。

I think your second question was about just the early innings of grocery. I mean, we've been at grocery for about five years now. And yes, I'm, on the one hand, super proud of the team and becoming the volume leader in which consumers both shop on as well as new consumers find out about grocery delivery for the first time.

我想你的第二個問題是關於雜貨（grocery）仍在非常早期的階段。我們做雜貨大約已經五年了。一方面，我對團隊非常自豪，我們成為消費者購買量的領導者——消費者不僅在我們平台上購物，也有許多新消費者第一次透過我們認識到雜貨外送。

But on the other hand, yes, I actually do stand by the statement that we are miles to go on building an experience that I think can outcompete you going into a grocery store and buying the items yourself because that is still the winning product. If you just look at all of the data out there.

但另一方面，是的，我仍然支持我先前的說法：我們距離打造一個能夠勝過你走進雜貨店親自挑選購買的體驗，還有很長的路要走，因為那仍然是目前的勝出產品。如果你看看市面上所有的數據就知道。

It doesn't mean that we're not growing extremely fast. It does not mean that we're making a lot of improvements. It does not mean that we're not gaining share and doing so and improving the profitability while we do it, but I think there's a lot of work to do. So a lot of the work has to do with just continuing to build a cost structure that allows you to offer items at around the same price as in store and delivering with perfect quality.

這不代表我們沒有非常快速地成長。也不代表我們沒有做出大量改進。也不代表我們沒有提升市占，並且在此同時改善獲利能力；但我認為仍有很多工作要做。因此，很多工作在於持續建立一個成本結構，使你能以接近店內的價格提供商品，並以完美的品質完成配送。

I think the hardest problem to solve in grocery is that because consumers, all of us when we go into grocery stores and move items around and because of how supply chains and inventory systems and payment systems don't necessarily always talk to each other and kind of how grocery stores are run and how they were built both historically and then as well as they made the move into e-commerce it's really hard for them to know where things are. And that's still the fundamental problem to solve.

我認為雜貨最難解的問題在於：消費者——我們所有人——走進雜貨店時會移動商品；再加上供應鏈、庫存系統與支付系統不一定總是彼此互通，以及雜貨店的營運方式、其歷史建置方式，還有後來轉向電商時的改造方式，讓他們很難知道商品實際在哪裡。而這仍然是需要解決的根本問題。

And so we've done lots of things already in that space that were, that we've pioneered and are really proud about. There's a long ways to go on just scaling that work to all of the stores in which we work with, not just the ones in which we've tested. But we also have to kind of do the next cell climb, if you will to make sure that we can again achieve perfect quality at the prices that you would expect and be happy to pay and do it for every single item every single time.

因此，我們在這個領域已經做了很多事情——其中一些是我們率先開創的，並且我們非常自豪。但要把這些工作擴展到我們合作的所有門市，而不只是測試過的那些，仍然還有很長的路要走。同時，我們也必須再往上爬一個層級（如果你願意這麼說），以確保我們能再次以你期望且願意支付的價格，做到完美品質，並且對每一個品項、每一次都能做到。

And Lloyd, on your first question on ads, right? Like the question is around, if you're thinking about it from a flow-through perspective, look, it's growing, it's obviously having an impact from a margin as well as a profitability perspective.

Lloyd，回到你第一個關於廣告的問題，對吧？問題是：如果你從流量轉換（flow-through）的角度來看，廣告在成長，顯然也正在對毛利與獲利能力帶來影響。

But the way we think about that is very similar to how we think about the rest of the business, right? And that dollar is very similar to how we think about improvements which generates from unit economics. Ultimately, the goal for us as operators is to find opportunities to reinvest that back in the business ultimately to drive long-term free cash flow production. And that's largely what we're doing with advertising or any other efficiency that we generate in the business.

但我們看待這件事的方式，與我們看待其他業務非常相似，對吧？而這一美元（的增量）也很像我們看待由單位經濟（unit economics）帶來的改善。最終，作為經營者，我們的目標是找到機會把這些回饋再投資到業務中，最終推動長期自由現金流（free cash flow）的產出。而這基本上就是我們對廣告或任何其他在業務中產生的效率提升所採取的做法。

All right, thank you.

好的，謝謝。

Justin Post, Bank of America.

Justin Post，美國銀行。

Great. Thank you. I just want to follow up on advertising. How do you think about integrating that with agentic capabilities on your own platform? And is there any way you could generate ad revenues on agentic platforms on other platforms? Thank you.

很好。謝謝。我想追問一下廣告。你們如何看待把它與你們平台上的代理式（agentic）能力整合？另外，有沒有任何方式能在其他平台的代理式平台上產生廣告收入？謝謝。

I'll take that. Well, ads are just some means to connect consumers with merchants who are hoping to be discovered and making sure that you do that in the perfect possible way. So with respect to agentic commerce, I mean that's just one way of shopping. And so I don't think it will change in terms of our ability to advertise.

我來回答。嗯，廣告只是把消費者與希望被發現的商家連結起來的一種手段，並確保你以最理想的方式做到這件事。所以就代理式商務（agentic commerce）而言，我的意思是，那只是其中一種購物方式。因此我不認為它會改變我們投放廣告的能力。

It may increase some of the opportunities in surface areas, but I think a lot of that remains to be seen just as, I don't think the ideal agentic shopping experience is just going to be a chat system. I think it's going to take on various forms, and we're iterating on that. I think with respect to what happens with ads on third-party agentic sites, I think you'll have to ask them.

它可能會在一些展示版位（surface areas）上增加機會，但我認為很多仍有待觀察；同樣地，我不認為理想的代理式購物體驗只會是一個聊天系統。我認為它會以各種形式呈現，而我們也正在迭代。至於第三方代理式網站上的廣告會如何發展，我想你得去問他們。

Thank you.

謝謝。

And this concludes today's Q&A session. This also concludes today's call. Thank you for attending. You may now disconnect. Goodbye.

今天的問答環節到此結束。今天的電話會議也到此結束。感謝各位出席。您現在可以斷線。再見。