Doordash, Inc. (DASH) 2026 Q3 法說會逐字稿

Hello, everyone, and thank you for joining us. Welcome to the DoorDash third quarter 2026 earnings call. (Operator Instructions)

各位好，感謝大家加入我們。歡迎參加 DoorDash 2026 年第三季財報電話會議。(接線員指示)

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

我現在把電話交給 Weston Twigg。請開始。

All right. Thank you, Dustin. Good afternoon, everyone, and thanks for joining us for our Q3 2026 earnings call. I'm pleased to be joined today by Co-founder, Chair, and CEO, Tony Xu, and CFO, Ravi Inukonda. We'll be making forward-looking statements during today's call, including, without limitation, our expectations for our business, financial position, operating performance, profitability, our guidance, strategies, capital allocation approach, and the broader economic environment.

好的。謝謝你，Dustin。各位下午好，感謝大家參加我們 2026 年第三季（Q3）財報電話會議。今天很高興與各位一起的是共同創辦人、董事長兼執行長 Tony Xu，以及財務長 Ravi Inukonda。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。

We will also be making forward-looking statements about our pending acquisition of Instacart, including, without limitation, the expected timing and likelihood of completion of the acquisition and our plans, objectives, intentions, and expectations with respect to the acquisition and the combined company.

我們也將就我們尚待完成的 Instacart 收購案作出前瞻性陳述，包括但不限於該收購預期完成的時間與完成的可能性，以及我們對該收購與合併後公司之計畫、目標、意圖與預期。

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

前瞻性陳述受到風險與不確定性影響，可能導致實際結果與所述內容有重大差異。其中許多不確定性已在我們向 SEC 提交的文件中說明，包括我們最近一期的 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之義務。

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 and 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，我們將討論若干非 GAAP 財務衡量指標。關於我們的非 GAAP 財務衡量指標之資訊（包括該等非 GAAP 指標與最直接可比之 GAAP 財務衡量指標的調節表），可見於我們的財報新聞稿；該新聞稿可於我們投資人關係網站 ir.doordash.com 取得。這些非 GAAP 指標應與我們的 GAAP 結果一併考量，且不旨在取代我們的 GAAP 結果。

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

最後，本次電話會議將在我們投資人關係網站進行音訊網路直播。電話會議結束後不久，網站上將提供音訊重播。接線員，我把電話交回給你，我們可以開始第一個問題。

(Operator Instructions)

(接線員指示)

Andrew Boone, Citizens JMP.

Andrew Boone，Citizens JMP。

Thanks so much for taking the question. Tony, you laid out a pretty compelling case in terms of adding additional demand to DashMarts. Can you just flesh that out, help us understand what your vision is for DashMarts and how Instacart plays into that? Thank you.

非常感謝讓我提問。Tony，你在為 DashMarts 增加額外需求方面提出了相當有說服力的論點。你能否再具體說明一下，幫助我們理解你對 DashMarts 的願景，以及 Instacart 在其中扮演的角色？謝謝。

Yeah. If you think about where grocery delivery is, it really is just a fraction of what its potential could be. I think the reason, I have said this quite a lot in the past, that the product really is not there yet. Customers today are still being asked to pay a premium for imperfect delivery.

是的。如果你看看雜貨外送目前的狀況，它其實只達到其潛力的一小部分。我想原因是——我過去也常這麼說——產品本身其實還沒到位。今天的顧客仍被要求為不完美的配送支付溢價。

The question is, how can we actually ensure that we offer perfect deliveries at the most affordable prices? The way I think about this is it really is a sequencing roadmap. Our journey really started five years ago when we began our own work in new verticals. It has been a very successful dendeavor. As part of that journey, we recognized that in order to offer the best possible service at the most affordable prices, we really needed to manage the inventory because stock-outs were a key issue.

問題是，我們要如何確保以最可負擔的價格提供完美的配送？我的看法是，這其實是一個有先後順序的路線圖。我們的旅程真正開始於五年前，當時我們開始在新垂直領域投入自有工作。這一直是非常成功的努力。在這段旅程中，我們認知到，若要以最可負擔的價格提供最佳服務，我們確實需要管理庫存，因為缺貨是關鍵問題。

When you look at, for example, the deliveries that we fulfill from DashMarts versus the deliveries that we do third party, even though we have best-in-class logistics operations quality in the third-party stores, we are near perfect in our deliveries with DashMarts, but we are only in the low 90s in terms of our accuracy through the third-party stores.

例如，當你比較我們由 DashMarts 履約的配送，與我們透過第三方完成的配送時，即使我們在第三方門市也具備業界領先的物流營運品質，DashMarts 的配送幾乎是完美的；但透過第三方門市的準確率大約只有 90% 出頭。

There is a meaningful gap. But we have been able to prove demonstrably that we can close it both first by holding our own inventory and now actually managing thousands of items for fantastic retail partners like Giant Eagle or Albertsons, and many others. But when you think about this business, it is a fixed cost business when you are managing inventory. So scale is really helpful.

這之間存在顯著差距。但我們已經以可驗證的方式證明，我們可以縮小這個差距：先是透過持有自有庫存，而現在則是實際為像 Giant Eagle、Albertsons 等許多優秀零售合作夥伴管理數千項商品。但當你思考這門生意時，只要你在管理庫存，它就是一門固定成本型的生意。因此，規模就非常有幫助。

When I think about today's news in partnering with Instacart and the fact that they have unique demand, or orders that are unique to our network, that not only helps, certainly on a day one scenario post-close, where the added density in the last mile network brings fulfillment efficiencies to offer faster delivery as well as lower cost throughout the system.

當我想到今天與 Instacart 合作的消息，以及他們擁有我們網路中獨特的需求或訂單，這不僅在交易完成後的第一天情境下就能帶來幫助——因為最後一哩網路的密度提升會帶來履約效率，讓我們能提供更快的配送，以及降低整個系統的成本。

But it allows us to continue to invest on our end-state journey of building what we believe will be the best-in-class product for all retailers to be able to compete against the world's biggest companies. That will enable faster delivery. It will enable more affordable prices, which in turn will generate more sales for every grocer and retailer, and more earnings opportunity for every shopper.

同時，這也讓我們能持續投資於我們的終局旅程：打造我們相信將成為同級最佳（best-in-class）的產品，讓所有零售商都能與全球最大的公司競爭。這將帶來更快的配送。也將帶來更可負擔的價格，進而為每一家雜貨商與零售商帶來更多銷售，並為每一位採購員（shoppers）帶來更多的獲利機會。

Thank you.

謝謝。

Shweta Khajuria, Wolfe.

Shweta Khajuria，Wolfe。

Okay, thank you for taking my question. Let me try two, please. One is you talked in your release and letter that you expect multi-year path to $500 million or more in annual synergies, net of investments. Could you please talk about where those synergies will be coming from, and where do you expect to invest in year one, over 100% of total synergies will be invested. Could you please talk about how do you see that play out?

好的，謝謝讓我提問。我想問兩個問題。第一，你們在新聞稿與股東信中提到，預期在扣除投資後，將有一條為期多年的路徑，達到每年 5 億美元或以上的協同效益。可否談談這些協同效益將來自哪些方面？以及你們預期在第一年會投資在哪裡——你們提到將把總協同效益的 100% 以上投入再投資。可否談談你們如何看待其發展節奏？

Then second, on DoorDash's just core business, US marketplace GOV accelerated on tougher comps, which is impressive. I guess you talked to rise in frequency as well as new consumers ordering. Could you please talk to that a little bit more? How do you see demand trend and what, going forward, will drive organic US restaurant marketplace growth? Thanks a lot.

第二，關於 DoorDash 的核心業務，美國市場的 GOV 在更具挑戰的比較基期下仍然加速，這很令人印象深刻。我想你們也談到下單頻率上升，以及有新消費者開始下單。可否再多談一點？你們如何看待需求趨勢？以及未來推動美國餐廳市集自然（organic）成長的動力會是什麼？非常感謝。

Hey, Shweta, it's Ravi. Look, I'll take both of them, and Tony, feel free to chime in. Look, I think there's an opportunity, Shweta, for us to build a really large, and attractive business, right? If you think about synergies, which is the part of your question, there's a number of big blocks that you could think about. Let's start with the growth ones first. Look, there's an opportunity for us to cross-list merchants. For example, there's categories that are not available on both platforms. There's a clear opportunity for us to be able to cross-list them, which drives growth. One of the clearest examples is we are going to be able to list our restaurants platform on Instacart, which is going to drive top-line growth.

嗨，Shweta，我是 Ravi。你看，我來回答這兩個問題，Tony 也歡迎隨時補充。我認為我們有機會打造一個非常龐大且具吸引力的業務，對吧？如果談到協同效益——也就是你問題的一部分——你可以把它想成幾個大的區塊。我們先從成長面的協同效益開始。你看，我們有機會在兩個平台之間交叉上架商家。例如，有些品類並非兩個平台都能提供。我們很明確有機會把它們交叉上架，從而帶動成長。其中最明確的例子之一是，我們將能把我們的餐廳平台上架到 Instacart，這將推動營收端成長。

Second, I would talk about is just purely ads. CPG advertisers will now have more consumers to reach, which will not only drive quality, but also a higher ad spend, which will in turn drive more ROAS. The third one that I would think about is there is an opportunity for us to cross-sell products. Instacart has built a really strong first-party software infrastructure, which we can now cross-sell to grocers on our platform, as well as Tony touched on DashMart Fulfillment Services. It's going to be an opportunity for us to make that available to more customers across both platforms.

第二點，我想談的是純粹的廣告。CPG（消費性包裝商品）廣告主現在將能觸及更多消費者，這不僅會提升品質，也會帶來更高的廣告支出，進而推動更高的 ROAS（廣告投資報酬率）。第三點我會想到的是，我們有機會進行產品交叉銷售。Instacart 已建立非常強大的第一方軟體基礎設施，我們現在可以把它交叉銷售給我們平台上的雜貨商；另外 Tony 也提到 DashMart 履約服務。這將是我們把它提供給兩個平台上更多客戶的機會。

Look, on the efficiency side, Dasher density, shopper density is going to be pretty critical. As you increase the volume, that's going to drive efficiency in the fulfillment network. Finally, if you look up and down the P&L, there's a number of opportunities, whether it's opportunities on sales and marketing, opportunities on support.

你看，在效率面上，Dasher 密度、採購員（shopper）密度會非常關鍵。當你提高量體時，將會提升履約網路的效率。最後，如果你從損益表（P&L）上下游來看，還有許多機會，不論是銷售與行銷方面的機會，或是支援方面的機會。

There's many opportunities that we could jointly work on together. As we thought about the opportunities that can jointly arise from combining both platforms. One thing that's pretty clear is putting both platforms together will actually rise to leading in growth as well as increasing in overall profit dollar production.

我們有很多可以共同合作推進的機會。當我們思考把兩個平台結合後可能共同產生的機會時，有一點相當明確：把兩個平台放在一起，實際上將在成長上躍升至領先地位，同時也會提升整體利潤美元（profit dollar）的產出。

The key for us, however, is how do you take some of the profit dollars and reinvest that back in the business to ultimately build a better product for consumers as well as grocers. Look, that's historically what we've done. To the second point in your question, which is what's driving the growth in the core marketplace. Largely because of the reinvestment back in the product, our playbook is going to be very similar here.

不過，對我們而言的關鍵是：如何把部分利潤美元拿出來再投資回業務，最終為消費者以及雜貨商打造更好的產品。你看，這在歷史上就是我們一直在做的事。回到你問題的第二點，也就是核心市集（core marketplace）的成長是由什麼驅動。很大程度上是因為把資金再投資回產品，我們在這裡的作戰手冊會非常相似。

You can see examples from that in our acquisition of Wolt as well, where we reinvested back in the product to ultimately drive the growth that you're seeing in the business. In fact, when I look at the new verticals platform, our core business is doing really well. That's growing quite nicely. We've become volume share leaders.

你也可以從我們收購 Wolt 的案例看到這一點：我們把資金再投資回產品，最終帶動你現在在業務中看到的成長。事實上，當我看新垂直（new verticals）平台時，我們的核心業務表現非常好。成長相當不錯。我們已成為量體市占（volume share）的領導者。

We've continued to improve the customer outcomes, whether it's increase in order rate, increase in order frequency, the basket sizes are growing. The way we think about this is this is actually an accelerant to our core business, which continues to do well. The other side, which is the core business continues to do well, which gives us, A, the conviction and the capacity to be able to do more.

我們也持續改善客戶成果，不論是訂單率提升、下單頻率提升，購物籃（basket）規模也在成長。我們的看法是，這其實是我們核心業務的加速器，而核心業務本身也持續表現良好。另一方面，核心業務持續做得好，也讓我們 A）更有信心，並且有能力去做更多事情。

Now, if you're thinking about it from a modeling perspective, the way I would think about the model is year one is going to be the investment that we'll make to build a better product. Year two, we'll make progress. Finally, in year three, my expectation is we'll drive $500 million of incremental synergies to the bottom line that is net of the investments that we plan to make.

現在，如果你從建模的角度來思考，我會這樣看：第一年將是我們為打造更好產品所做的投資。第二年，我們會取得進展。最後，在第三年，我的預期是，我們將在扣除計畫投資後，為損益底線帶來 5 億美元的新增協同效益（incremental synergies）。

Thanks, Ravi. That is helpful.

謝謝你，Ravi。這很有幫助。

On the second one, look, you are right. The core business is doing really well. It is firing on all cylinders, right? If you look at the growth that we are seeing in the business, Q3, our restaurant business actually accelerated from Q2 to Q3. In fact, when you look at the sequential growth rate in Q3, it is the fastest we have seen in the last 5-plus years.

關於第二點，你看，你說得沒錯。核心業務表現非常好。它是全速運轉，對吧？如果你看我們在業務中看到的成長，第三季（Q3）我們的餐廳業務實際上從第二季（Q2）到第三季加速了。事實上，若看第三季的季比（sequential）成長率，這是我們在過去 5 年以上看到最快的一次。

New verticals continues to grow, both Wolt as well as Deliveroo, they also accelerated from Q2 to Q3. More broadly, when you look at our overall US restaurant growth, it has been stable actually for the last four years. A lot of that has got to do with the underlying improvements in the product. We have invested back in selection. We have made subscription better. Overall paid subscribers continue to set all-time records.

新垂直業務持續成長，Wolt 以及 Deliveroo 也都從第二季到第三季加速。更廣泛地說，當你看我們在美國整體餐廳業務的成長，其實在過去四年一直相當穩定。這很大一部分要歸功於產品的底層改善。我們在選擇性（selection）上再投資。我們讓訂閱（subscription）變得更好。整體付費訂閱用戶數持續創下歷史新高。

The combination of the work that we have done in improving the product while continuing to drive subscription is what you are seeing in terms of the growth that you are seeing in the business. And again, the growth is coming from sustainable levers, which is user growth, subscription growth.

我們在改善產品的同時持續推動訂閱，兩者結合起來，就是你在業務成長上所看到的結果。而且再說一次，成長來自可持續的槓桿，也就是用戶成長、訂閱成長。

The way, at least I think about it from a mental model perspective is these are compounding growths that will come in the future, which gives us a lot more confidence as we look ahead into what we can drive in terms of both growth as well as profit dollar production for the next several years.

至少從我的心智模型來看，這些是未來會持續複利（compounding）的成長，這也讓我們在展望未來時更有信心，去看接下來幾年我們在成長以及利潤美元產出方面能推動到什麼程度。

Thanks, Ravi. That was helpful.

謝謝你，Ravi。這很有幫助。

Deepak Mathivanan, Cantor Fitzgerald.

Deepak Mathivanan，Cantor Fitzgerald。

Thanks for taking the question. Great. Thank you. Tony, on the acquisition of Instacart, can you talk about why now is the right time? Your grocery business is strong, and you have most of the retail partners, too. DashMart is offering a very differentiated value prop to retailers. Can you talk about why now is the right time?

謝謝讓我提問。很好。謝謝你。Tony，關於收購 Instacart，你能談談為什麼現在是合適的時機嗎？你們的雜貨業務很強，而且也擁有大多數零售合作夥伴。DashMart 為零售商提供非常差異化的價值主張。你能談談為什麼現在是合適的時機嗎？

Also a second one, a high-level strategy question on AI agents. How much of the agentic experience, specifically for food use case, be it grocery delivery or food delivery, or maybe meal planning and others, do you want Dash to kind of directly power for consumers with ceding some of that to more generic agents like Muse? Or maybe asked another way, should we expect Dash to have its own set of personal agents specifically catered for food use cases for consumers? How should we think about that?

另外第二個問題，是關於 AI 代理（AI agents）的高層策略問題。在代理式（agentic）體驗方面，特別是食物使用情境（food use case），不論是雜貨配送或外送，或可能是餐點規劃等其他情境，你希望 Dash 直接為消費者提供並驅動多少？以及你願意把其中一部分讓渡給像 Muse 這類更通用的代理多少？或者換個方式問，我們是否應該預期 Dash 會有自己的一套個人代理，專門為消費者的食物使用情境量身打造？我們應該如何看待這件事？

Thank you so much.

非常感謝。

Yeah. Hey, Deepak. I will take both of those. On the first question about why now, it is a great question because M&A is very hard to do successfully. We always take these decisions extremely seriously. I would say the first thing is our core business is doing really well.

好的。嗨，Deepak。我會兩個都回答。關於第一個問題：為什麼是現在，這是個很好的問題，因為併購（M&A）要成功非常困難。我們一向非常嚴肅地看待這些決策。我會說第一點是，我們的核心業務表現非常好。

Ravi touched upon a bit of this, and as you can see in the results that we just published this morning on the quarter, record highs in top-line, bottom line, accelerating growth in the US restaurants business, continued fast growth on new verticals, accelerating growth in our international properties. You continue to see product innovation from us. For example, our most recent Dash Forward event with the announcements of DoorDash Air, DashOS, and merchant software, as well as, speaking of AI agents, updates to our own AI agents. The core business is truly firing on all cylinders.

Ravi 已經稍微提到一些，而你也可以從我們今天早上剛公布的本季結果看到：營收（top-line）與獲利（bottom line）都創下新高、美國餐廳業務成長加速、新垂直業務持續快速成長、我們國際資產的成長也在加速。你也持續看到我們的產品創新。例如，我們最近的 Dash Forward 活動，宣布了 DoorDash Air、DashOS 與商家軟體；另外，說到 AI 代理，我們也更新了自家的 AI 代理。核心業務確實是全速運轉。

I would say the second thing is our big projects for the year are on track. The year is not over. But if you look at the projects around building a single tech stack, if you look at the projects around integrating Deliveroo, some of the results speak for themselves.

我會說第二點是，我們今年的大型專案都在按計畫推進。今年還沒結束。但如果你看看圍繞打造單一技術堆疊的專案、以及整合 Deliveroo 的專案，其中一些成果已經不言自明。

We are seeing customer benefits already from the single tech stack work, whether it is faster onboarding of merchants, better conversion from improved search, better SLAs for support across all audiences. These are just some of the ones that come top of mind. If you look at the Roo side, we grew in Q3 at twice the rate that we did a year ago, before we acquired the business. All of the big projects we had for the year were projects that are doing really well.

我們已經從單一技術堆疊的工作中看到客戶端的效益，不論是商家更快上線、因搜尋改善而帶來更好的轉換率、或是針對所有受眾提供更好的支援 SLA。這些只是我腦中立刻想到的幾個例子。如果看 Roo 這邊，我們在第三季的成長速度是去年同期、也就是我們收購該業務之前的兩倍。我們今年所有的大型專案都進展得非常好。

From a management bandwidth perspective and a sequencing perspective, we felt like we had the space to do something offensive. This is a space we understand really well, the grocery marketplace space, both because we have built our own grocery marketplace very successfully to the premise of your question, as well as the fact that we have integrated other marketplaces very successfully into the DoorDash family, whether it is Wolt, whether it is Deliveroo, whether it is actually even thinking about how we have reinvested over the years back into product innovation in driving durable growth for our own US restaurants marketplace.

從管理資源帶寬以及推進節奏的角度來看，我們覺得有空間去做一些更具進攻性的動作。這是我們非常熟悉的領域——雜貨市集（grocery marketplace）領域——一方面是因為，回到你問題的前提，我們已非常成功地打造了自有的雜貨市集；另一方面也因為我們已非常成功地把其他市集整合進 DoorDash 這個大家庭，不論是 Wolt、Deliveroo，甚至也包括我們多年來如何把資源再投入到產品創新上，以推動我們美國餐廳市集業務的長期、可持續成長。

I think those would be all three demonstrable examples of our understanding of how to run a marketplace at scale, both driving top-line growth durably, but also generating long-term total profit dollars. That is what we intend to do here and play offense.

我認為這三點都是我們理解如何在規模化情況下經營市集的可驗證例子：既能持續推動營收端成長，也能創造長期的總利潤金額。這正是我們打算在這裡做的事——採取進攻。

When I think about Instacart, I talked a little bit about how it feeds us on the journey towards building this end state, which is being able to manage inventory on behalf of every retailer of every size. But when I think about this really is about giving every retailer of every size the ability to compete in a world where technology is only accelerating faster, disruption is happening more quickly, and the world's biggest companies are becoming larger.

談到 Instacart，我先前提到一些它如何在我們邁向最終目標的旅程中提供助力——也就是能夠代表各種規模的零售商管理庫存。但我認為這件事的核心，是讓各種規模的零售商都具備競爭能力，因為科技只會加速得更快、顛覆發生得更迅速，而全球最大的公司也正在變得更大。

When I think about the capabilities that the combined companies will have, we will have best-in-class software to help each one of these grocers. That is something that Instacart has done a fantastic job building over a decade in helping grocers build their first-party online channels.

當我想到合併後公司將具備的能力時，我們將擁有同級最佳（best-in-class）的軟體來協助每一家雜貨商。這正是 Instacart 在過去十年做得非常出色的事：協助雜貨商建立其第一方（first-party）的線上通路。

You combine that with our first-party logistics capabilities, which we pioneered with DoorDash Drive also over a decade ago, and you can offer merchants the ability to build the best-in-class first-party experience for fast delivery, their own loyalty programs, their own data, their own customers.

再結合我們的第一方物流能力——我們同樣在十多年前透過 DoorDash Drive 開創——就能讓商家打造同級最佳的第一方快速配送體驗、他們自己的會員忠誠計畫、他們自己的數據、他們自己的客戶。

Then you look at the third-party side of the house, the combined marketplace, and the combined reach gives every grocer higher quality orders, faster delivery, which is going to generate more sales. I think it was just the time to play offense. You are right, everything is going great with the core business. This only adds to it.

接著再看第三方（third-party）這一側——合併後的市集——合併後的觸及範圍能為每一家雜貨商帶來更高品質的訂單、更快的配送，進而帶動更多銷售。我認為現在就是採取進攻的時機。你說得對，核心業務一切都進展得很順利。這只會讓它更好。

Your second question was around AI agents. I would say that this is something that is still a very dynamic area. My take on all things technology is you never want to fight gravity. But at the same time, you do not want to be delusional. What I mean by that is if you look at where AI agents are today, we are seeing maybe several hundred orders in total from some of these third-party agents, some of which you have cited in terms of whether or not customers are placing orders.

你的第二個問題是關於 AI 代理（AI agents）。我會說這仍然是一個非常動態的領域。我對所有科技的看法是：你永遠不想對抗重力。但同時，你也不應該自我欺騙。我的意思是，如果你看 AI 代理目前的狀況，我們從一些第三方代理那裡看到的總訂單量可能只有幾百筆——其中一些你也提到，關於客戶是否真的透過它們下單。

I think it is because they still largely view these third-party assistants, not necessarily for what I call these easier tasks, whether it is ordering food, like you said. The predominant use case of that is actually through our app. What we have been doing is actually in learning with some of these third parties, what are the features that actually drive incremental orders, in which case we can build a very healthy partnership with some of these third-party assistants.

我認為原因在於，大家目前仍主要把這些第三方助理視為不一定適用於我所說的「比較容易的任務」，例如像你說的點餐。而這類需求的主要使用情境其實是透過我們的 App。我們一直在做的是：與其中一些第三方一起學習，哪些功能真的能帶來增量訂單；若是如此，我們就能與某些第三方助理建立非常健康的合作夥伴關係。

What are the features that actually just make the DoorDash app and our own AI agents, whether it is Ask DoorDash, the Text DoorDash, which is something that we released recently, our MCP that we have been giving to third parties to use for things like corporate lunch orders, things like this, to just make our app easier to use.

同時也在思考：哪些功能其實只是讓 DoorDash App 以及我們自己的 AI 代理——不論是 Ask DoorDash、Text DoorDash（我們最近剛推出的功能）、或是我們提供給第三方使用的 MCP（例如用於企業午餐訂單等情境）——讓我們的 App 更容易使用。

I think that is the win-win of what we have been able to see, where the volumes are very low, as I kind of cited, but I do believe there is a path in which you can get incremental orders, and allow customers to order the way that they want to order, especially for long consideration purchases or purchases they are not even thinking about that might be proactively made on their behalf. For the everyday ordering, what we see is people come to DoorDash and they come back to DoorDash. It is easy to use. We are making it easier to use, and we expect to continue to do so.

我認為這就是我們目前看到的雙贏之處：如我剛才提到，量還很低，但我確實相信存在一條路徑，可以帶來增量訂單，並讓客戶用他們想要的方式下單——特別是對於需要長時間考慮的購買，或是他們甚至沒想到、但可能會由系統主動替他們完成的購買。至於日常下單，我們看到的是人們會來 DoorDash，並且會回到 DoorDash。它很容易使用。我們也正在讓它更容易使用，而且我們預期會持續這麼做。

Deepak, going back to your first question, I will just reiterate one point. Look, I mean, you are absolutely right. Our core business on new verticals is doing really well, right? Look, we have been operating this business for the last five years. A lot of performance that we have demonstrated over the last five years. If you look at the performance of that business, that business is growing really fast.

Deepak，回到你的第一個問題，我再重申一點。你看，我的意思是，你完全說得對。我們核心業務在新垂直（new verticals）方面表現非常好，對吧？我們過去五年一直在經營這項業務。過去五年我們展現了很多績效。如果你看那項業務的表現，它成長得非常快。

When I look at the cohorts, MAUs are increasing, basket size is increasing. People are using us for different use cases. We actually think the combination is truly going to be an accelerant for us. We talked about efficiency. A couple of calls ago, I mentioned that the overall new verticals portfolio is going to be gross profit positive by the end of the year. We are pretty close to doing that. We are pretty close to being breakeven on a gross profit level.

當我看用戶分群（cohorts）時，MAU（每月活躍用戶）在增加、客單價（basket size）在增加。人們在不同的使用情境中使用我們。我們其實認為，這次結合真的會成為我們的加速器。我們談過效率。在前幾次電話會議中，我提到整體新垂直產品組合（portfolio）到今年年底會在毛利層面轉正。我們已經非常接近達成。我們在毛利層面已經非常接近損益兩平。

The combination of both Instacart and us actually adds to that vision. We are doing it from a position of strength, the way we think about it.

Instacart 與我們的結合，實際上也強化了那個願景。以我們的看法，我們是站在優勢位置上來做這件事。

Awesome. Thank you.

太好了。謝謝。

No problem.

不客氣。

Nikhil Devnani, Bernstein.

Nikhil Devnani，Bernstein。

Hey, thanks for taking the question. Maybe just a follow-up to what you were just talking about, Ravi. I guess, have you found the organic effort in the category to be harder than you initially expected, when it comes to building wallet share or recurring habitual behavior around grocery? I appreciate that the growth has been quite strong, but I am just wondering the extent to which you feel Instacart might help with some of the more challenging aspects of the build-out.

嗨，謝謝讓我提問。也許針對你剛才談到的內容再追問一下，Ravi。我想問的是：在雜貨這個品類上，為了提升錢包份額（wallet share）或建立重複、習慣性的行為，你是否發現有機（organic）的推進比你一開始預期更困難？我理解成長相當強勁，但我想了解的是，你覺得 Instacart 在多大程度上能幫助解決建置過程中較具挑戰的部分。

Then maybe a related question on the deal is just, given the re-platforming and integration exercise you are going through this year for the other assets, how does that help your overall integration ability and sort of the speed at which you can move with this deal once it eventually closes? Thank you.

那麼也許一個與這筆交易相關的問題是，鑑於你們今年正在對其他資產進行重新平台化與整合的工作，這如何幫助你們整體的整合能力，以及一旦這筆交易最終完成後，你們推進整合的速度會如何提升？謝謝。

Yeah. Hey, Nikhil. I will take the first one. Look, I mean, I think quite the contrary. Actually, in my answer to Deepak's question, I talked about what we are seeing from an underlying cohort perspective. The way at least we run the business is ultimately, it is a cohort business.

是的。嗨，Nikhil。我先回答第一個。你看，我的意思是，我認為情況恰恰相反。其實，在我回答 Deepak 的問題時，我談到了我們從底層同批（cohort）角度所看到的情況。至少我們經營業務的方式，最終是一門同批（cohort）生意。

I look at the historic cohorts to see what the behavior of the future cohorts is going to be. When I look at mature cohorts, the behavior that we are seeing is people are using us more. More of those cohorts are coming back, which tells me that the product has gotten better. People are getting habituated to the product. Their basket sizes are increasing. Their engagement on the platform is increasing. That is now starting to translate into newer cohorts as well, where we are seeing similar signs of strength in the newer cohorts.

我會看歷史同批（cohort），來判斷未來同批的行為會是什麼。當我看成熟同批時，我們看到的行為是人們更常使用我們。更多這些同批會回來，這告訴我產品變得更好了。人們正在養成使用產品的習慣。他們的每次購物籃（basket）規模在增加。他們在平台上的參與度在提升。這也開始反映到較新的同批上，我們在新同批中也看到類似的強勁訊號。

That to me, truly is what we think is actually going to happen in the overall business as well, as you continue to add more and more newer cohorts. Our goal has been, how do you continue to improve the product? Well, it is adding more selection. Look, we just added Costco on the platform, which is off to a great start. We have increased the quality of the platform.

對我而言，這確實就是我們認為整體業務也會發生的事情：當你持續加入越來越多的新同批。我們的目標一直是：如何持續改善產品？答案之一是增加更多選擇。你看，我們剛把 Costco 加入平台，開局非常好。我們也提升了平台的品質。

Overall, more number of DashPass subscribers are continuing to use categories outside of the core restaurants, and that number continues to grow. All of this gives us confidence that people are using the product more. They are engaging with us even more, which is also driving into some of the efficiencies that I talked about, right?

整體而言，越來越多 DashPass 訂閱者持續使用核心餐廳以外的品類，而且這個數字還在成長。所有這些都讓我們有信心，人們正在更頻繁地使用產品。他們與我們的互動更深，這也帶來我剛才提到的一些效率提升，對吧？

As we continue to scale that platform, we are seeing efficiency gains also come back and benefit the overall platform, which we are reinvesting back in the business. To us, the combination of both Instacart and us is actually going to accelerate this vision. The simple mental model that we have is, look, when you put both companies together, there is an obvious opportunity in driving both higher top-line growth as well as higher profit dollar production. On top of that, we are going to have synergies.

隨著我們持續擴大平台規模，我們也看到效率提升回饋並惠及整體平台，而我們會把這些再投資回業務中。對我們而言，Instacart 與我們的結合，實際上會加速這個願景。我們的簡單心智模型是：你看，當你把兩家公司放在一起，很明顯有機會同時推動更高的營收成長，以及更高的利潤美元（profit dollar）產出。除此之外，我們還會有協同效應。

Our goal is, how do you take a portion of that, reinvest that back in the business historically, like we have done with Deliveroo, like we have done with our core restaurants business, which is what is driving the stable growth, use that to ultimately drive a better product, which in fact, will drive more growth over the longer term, as well as get the customers to adopt a better product.

我們的目標是：如何把其中一部分，像我們過去對 Deliveroo、以及對核心餐廳業務所做的一樣，歷來再投資回業務中——而這正是推動穩定成長的原因——並用它最終打造更好的產品；而更好的產品事實上會在更長期帶來更多成長，也會讓客戶採用更好的產品。

Nikhil, I will just add a little bit to that before I talk about your question on the integration of the tech stacks. To get, I guess, one level deeper, a lot of what I think about here is actually how can we actually help improve the Instacart business as well as how can they help improve ours? I actually think that because of the success we have seen in running our marketplace, as well as the marketplaces, as I have mentioned, of the ones we have integrated, as well as how we have reinvested back into the US restaurants marketplace and some of the things we have learned on how to do that, I think we will actually be able to re-accelerate the Instacart marketplace.

Nikhil，在我談你關於技術堆疊整合的問題之前，我再補充一點。如果再深入一層，我在這裡思考的很多其實是：我們如何幫助改善 Instacart 的業務，以及他們如何幫助改善我們的業務？我其實認為，因為我們在營運自家市集（marketplace）以及我提到過的那些已整合市集方面所看到的成功，再加上我們如何把資源再投資回美國餐廳市集，以及我們在如何做到這件事上所學到的一些經驗，我認為我們實際上將能讓 Instacart 的市集重新加速成長。

I actually think that they will help us grow a lot of the first-party software products for grocers and retailers, something that they started ahead of us, whereas we kind of focused on first party on the restaurant front. I actually think that it is quite a nice mutual combination here, where you are bringing the best of both, where on the DoorDash side, the best-in-class understanding of logistics operations, how to manage the marketplace to total profit dollars, how to generate product innovation in a continuous way. Then on the Instacart side, the best-in-class software tools for grocers and their own online channels.

我也認為，他們會幫助我們大幅成長許多面向雜貨商與零售商的第一方（first-party）軟體產品——這是他們比我們更早開始的領域，而我們則較專注在餐廳端的第一方。我認為這是一個相當不錯的互補組合，把雙方最強的部分結合起來：在 DoorDash 這邊，是同級最佳的物流營運理解、如何以總利潤美元（total profit dollars）來管理市集、以及如何持續不斷地推動產品創新。而在 Instacart 這邊，則是同級最佳的雜貨商軟體工具，以及他們自有的線上通路。

Your second question was around tech stack. I am glad you asked it. This is a huge endeavor for us, and I actually do not even think most people appreciate how big of a deal it is, because we are not only trying to get all of our features into one tech stack, which means that we ship once, we ship everywhere, but we are actually building new infrastructure.

你的第二個問題是關於技術堆疊（tech stack）。我很高興你問到這個。這對我們來說是一項龐大的工程，而且我甚至不認為大多數人能體會這有多重要，因為我們不只是要把我們所有功能整合到同一個技術堆疊裡——這代表我們只要發佈一次，就能在所有地方上線——我們其實也在打造新的基礎設施。

Like actually new infrastructure to run core DoorDash, which will make any future integration much easier to run because it will just kind of work out of the box. So it will actually speed things up quite a bit. That is why we decided to undertake such a large investment, both in terms of dollars as well as people. Literally rebuilding this airplane, as we are flying it, part by part, engine by engine. So it will actually speed things up in the future.

像是真正用來運行 DoorDash 核心業務的新基礎設施；這會讓未來任何整合都更容易推進，因為它基本上可以開箱即用地運作。所以它確實會讓速度快上不少。這也是為什麼我們決定投入這麼大規模的投資，無論是資金還是人力。真的是在飛行中一邊重建這架飛機，一塊一塊、引擎一具一具地重建。所以未來確實會加快很多。

Thank you both.

謝謝你們兩位。

Michael Morton, MoffettNathanson.

Michael Morton，MoffettNathanson。

Good morning, guys. Thank you. One for Tony, and then one for Ravi. Tony, I was curious as to how you expect this deal to be perceived by your grocery customers. Will it land with them that DoorDash is becoming at similar scale to Amazon and Walmart and going to help them in that competition, or will it raise concerns that they have now one concentrated service provider? Because those grocers are obviously powerful, with local regulatory bodies.

早安，各位。謝謝。一個問題給 Tony，然後一個給 Ravi。Tony，我很好奇你預期雜貨客戶會如何看待這筆交易。他們會覺得 DoorDash 正在成長到與 Amazon 和 Walmart 類似的規模，並且會在競爭中幫助他們嗎？還是會引發擔憂，覺得他們現在面對的是一個更集中的服務供應商？因為這些雜貨商顯然很有影響力，且與地方監管機構關係密切。

My next question for Ravi is just, I was curious as to why you are using your shares. Historically, you have been very disciplined with repurchasing shares, and it is trading at a level where you have been active repurchasing. Just trying to get a better understanding as to why you see it is an opportunity to use your currency at these prices and not just more cash. Thank you.

我接下來給 Ravi 的問題是，我很好奇你們為什麼要使用你們的股票。過去你們在回購股票方面一直非常自律，而目前股價也在你們曾經積極回購的水準。我只是想更了解，為什麼你們認為在這個價格用你們的「貨幣」（股票）是個機會，而不是用更多現金。謝謝。

Yeah. Hey, Michael. I will take the first one. We expect a very positive response from grocers. A lot of what we talk about with grocers, is just how can we together help them compete against the largest companies in the world, online, offline? How do we actually help them build the capabilities of great technology, a modern tech stack, as well as fast delivery?

是的。嗨，Michael。我先回答第一個。我們預期雜貨商會有非常正面的回應。我們和雜貨商討論的很多內容，就是我們如何一起幫助他們在全球最大型公司的競爭下——無論線上或線下——保持競爭力？我們如何真正幫助他們建立優秀科技能力、現代化的技術堆疊，以及快速配送？

You really need all of these component parts to have a fighting chance. If you have seen what has happened in the grocery industry in particular, the largest companies are only getting larger and eating more of the pie. The question is: how do you give everybody else a fair fighting shot? I think, the grocers view things very similarly. These are conversations about what is happening in the industry in terms of the biggest companies eating more of the pie.

你確實需要所有這些組成要素，才有一搏的機會。如果你看過特別是雜貨產業發生了什麼事，最大的公司只會越來越大，吃下越來越多的市場大餅。問題是：你要如何讓其他所有人也有一個公平競爭的機會？我認為，雜貨商看待事情的方式非常相似。這些對話是在談產業正在發生什麼事，也就是最大的公司正在吃下更多的市場大餅。

That conversation has been happening for the past decade, and it's only kind of gone in that direction of travel. The question is: how do we give everybody else the capabilities to have a level playing field? That's what we see in this potential partnership, which is we're going to give you the tools, we're going to give you the business with added density, which will help with faster delivery times, more affordable prices for everyone, greater earning opportunities for shoppers.

這樣的對話在過去十年一直都在發生，而且大致上只是不斷朝那個方向發展。問題是：我們要如何讓其他所有人也具備能力，能在同一個公平的競爭環境中競爭？這就是我們在這個潛在合作夥伴關係中看到的：我們會給你工具、我們會帶來更高密度的業務量，這將有助於更快的配送時間、讓所有人享有更可負擔的價格，並為外送員／採購員帶來更多的賺取機會。

We think it really puts together the best possible chance where you have a modern tech stack that we are only going to continue investing in innovating it. More and new fulfillment models, which we are inventing as we speak. Certainly, reinvestment, which has been the philosophy all along the way at DoorDash and how we've built our own marketplace.

我們認為，這確實把最有可能成功的條件都整合在一起：你擁有一套現代化的技術堆疊，而我們只會持續投入資源去創新它。更多且更新的履約模式，我們此刻也正在發明。當然還有再投資，這一直是 DoorDash 一路以來的理念，也是我們打造自有平台市場的方式。

Hey, Mike. Look, on the second point, I think you're absolutely right. We value our stock very highly. We are focused on dilution. It was important for Instacart to have some stock in the deal, as overall, they wanted to participate in the upside in the business. Look, we believe there's upside in the business. We are happy with the consideration between cash and stock. What I will tell you is, our philosophy on buyback has not changed. Right?

嗨，Mike。你看，關於第二點，我認為你完全說得對。我們非常重視我們的股票價值。我們專注於稀釋問題。對 Instacart 來說，交易中包含部分股票很重要，因為整體而言，他們希望能參與這項業務的上行空間。你看，我們相信這項業務有上行空間。我們對現金與股票之間的對價組合感到滿意。我可以告訴你的是，我們對股票回購的理念沒有改變。對吧？

To the second part of your question. We've been conservative. We were going to be opportunistic. We're happy with the buybacks that we've done so far, which has generated a strong IRR. In the future, if we see there's a good opportunity to buy back, we are happy to do that as long as it's a good return on the overall investment.

至於你問題的第二部分。我們一直很保守。我們會把握機會、伺機而動。我們對目前為止所做的回購感到滿意，這些回購帶來了強勁的 IRR（內部報酬率）。未來如果我們看到有很好的回購機會，只要整體投資報酬是好的，我們也很樂意去做。

Thank you.

謝謝。

Josh Beck, Raymond James.

Josh Beck，Raymond James。

Yeah. Thank you for taking the question. I wanted to ask just a little bit about the ambitions on DashMart. I think in the shareholder letter, you mentioned thousands of items from some of the big, well-known grocers. If you look at someone like Instacart, they have spoken to selection of millions or tens of millions of items.

是的，謝謝讓我提問。我想稍微問一下 DashMart 的企圖心。我記得在股東信中，你們提到來自一些大型、知名雜貨商的數千種商品。如果你看像 Instacart 這樣的公司，他們談到的選品規模是數百萬或數千萬種商品。

Is there an ambition to have, probably not a similar selection, but maybe some fraction of that, available via DashMart? How should we think about the investment angle behind DashMart? Is this something where we need a much bigger fulfillment footprint, and we should be thinking more warehouses, more employees? I would like to hear a little bit about how we should trend that up. Thank you.

DashMart 是否也有企圖心提供——可能不是同等規模，但至少是其中一部分——的選品？我們應該如何看待 DashMart 背後的投資面向？這是否意味著我們需要大得多的履約版圖，並且應該更多地思考倉庫、更多員工？我想聽聽你們對這個擴張趨勢的看法。謝謝。

Sure. Yeah. Hey, Josh. I will take that one. If you look at the next decade of work, it really is about making sure that we can build the local infrastructure for all things last mile delivery for everything inside your city. That is what DoorDash is working on. That is about merchant software. That is about building new fulfillment models, so some of the warehousing that you are discussing.

當然。是的。嗨，Josh。我來回答這題。如果你看未來十年的工作重點，核心其實是確保我們能為你所在城市內的一切，建立所有「最後一哩」配送所需的在地基礎設施。這就是 DoorDash 正在做的事。這包括商家軟體。也包括建立新的履約模式，也就是你提到的部分倉儲。

Of course, it is always about making sure that we have the highest quality, and most affordable logistics network. It is why we are investing deeply into autonomy, both land vehicles and drones. You are right, there is going to be investment. The way I think about this is a lot of the real estate, though, that we are talking about, in many ways, has already been designed for us.

當然，這也永遠關乎確保我們擁有最高品質、且最可負擔的物流網路。這也是為什麼我們正大力投資自動化，包括地面載具與無人機。你說得對，這會需要投資。我的看法是：我們談到的許多不動產，在很多方面其實已經替我們設計好了。

There are hundreds of thousands of grocery stores available that carry these millions of items that you are already talking about. The real question is whether or not all of that square footage and all of that shelf space is being utilized in the most productive way. None of these stores, as you probably know, are built for delivery. They were effectively built for browsing.

市面上有數十萬家雜貨店，能提供你剛才提到的那數百萬種商品。真正的問題是：這些面積與這些貨架空間，是否以最有效率的方式被使用。如你所知，這些店都不是為了外送而建的。它們基本上是為了讓人逛店而建。

In a world where delivery and convenience are a much bigger part of consumer expectations and a growing trend, something has to change in order to offer a cost structure as well as a price point that consumers expect to see, so that they will continue growing their relationships with each one of these grocers. That is really what we believe we can build with Instacart.

在一個外送與便利性成為消費者期待中更重要的一部分、且趨勢持續成長的世界裡，若要提供消費者期待的成本結構與價格水準，就必須有所改變，這樣他們才會持續加深與每一家雜貨商的關係。這正是我們相信能與 Instacart 一起打造的東西。

But this is a sequencing process. This is not something, when you are talking about all things physical and not just pure digital, you cannot just hit a button and then magically everything changes. You have to understand that it is a marriage of technology operations and people. A lot of these fantastic businesses, these grocers, have been built over many decades. Their processes have been built over many decades.

但這是一個有先後順序的推進過程。當你談的是所有實體面的事情，而不只是純數位，你不可能按個按鈕就神奇地讓一切改變。你必須理解，這是技術、營運與人的結合。許多這些很棒的企業——這些雜貨商——是經過數十年建立起來的。他們的流程也是經過數十年建立起來的。

The question is: How do we allow those stores to shine as the showrooms, and how do we actually build the correct square footage as the warehouse or the back-of-house infrastructure, such that we can offer fast delivery at attractive prices to compete against the world's biggest companies? That is the vision of DashMart, but it is a sequencing process.

問題是：我們如何讓那些門市作為展示間而發光發熱？以及我們如何打造正確的面積作為倉庫或後場基礎設施，從而以具吸引力的價格提供快速配送，去與全球最大的公司競爭？這就是 DashMart 的願景，但它是一個有先後順序的推進過程。

Step one, day one after close, it's how do we actually take the combined network where you have added density, and DoorDash understands well how to reinvest that added density and give back value to everybody, every audience, consumers, grocers, shoppers.

第一步，在交易完成後的第一天，是我們如何把合併後、密度更高的網路真正運作起來；而 DoorDash 很清楚如何把這些新增密度再投資，並把價值回饋給每一個對象：消費者、雜貨商、採購員。

How do we then take that added scale to then drive down further costs as we think about managing warehouses, which is a fixed cost business. How do we then do that with more types of SKUs and items, so that we can bring more of the store. Then how do we bring every single store and ultimately everything inside your city to you in minutes?

接著我們如何利用新增的規模，進一步降低成本，尤其在我們思考經營倉庫時——那是一門固定成本的生意。再來我們如何用更多類型的 SKU 與商品來做到這點，讓我們能把更多的門市內容帶進來。然後我們如何把你城市裡的每一家店，最終把你城市裡的一切，在幾分鐘內送到你手上？

Very helpful. Thank you.

非常有幫助。謝謝。

Bernie McTernan, Needham & Company.

Bernie McTernan，Needham & Company。

Great. Thanks for taking the question. Maybe just a follow-up on some of the, maybe more eloquently said, regulatory questions. Tony, is there anything else to add in terms of what got you comfortable in order to get this deal past regulatory.

很好。謝謝你提問。或許就一些——也許更精準地說——監管方面的問題再追問一下。Tony，就讓你們對於能讓這筆交易通過監管審查感到放心的因素而言，還有沒有什麼可以補充的？

And then second, any additional plans on the go to market. It seems like the plan is to keep the Instacart brand, but just wanted to see from a consumer perspective, what we should expect. Thank you.

第二，是否還有任何額外的上市推廣（go-to-market）計畫正在進行。看起來計畫是保留 Instacart 品牌，但我想從消費者角度了解一下，我們應該期待看到什麼。謝謝。

Yeah. The first thing I will say is that -- the first question I always ask is what is something fair, and what is it that we actually want to see in the world? What I believe is fair and something that we want to see in the world is a world in which every business locally of every size has a fair chance at competing. That is the mission of DoorDash. That is really why I created DoorDash.

是的。我先說第一點——我總是先問的第一個問題是：什麼是公平的？以及我們真正希望在這個世界上看到的是什麼？我認為公平、也就是我們希望在世界上看到的，是一個每一家在地企業、無論規模大小，都有公平競爭機會的世界。那就是 DoorDash 的使命。那也正是我創立 DoorDash 的原因。

If that were to happen, then GDP grows locally, which is the best possible way of GDP growth, not just for jobs, but also for the safety and health of communities, and really the lifestyle of why we pick the different neighborhoods and cities in which we live. When I think about it from that perspective, and you just look at what is happening in the grocery industry, for example, over the past decade or even two decades, what you see is the largest companies are only eating more and more of the pie.

如果這能發生，那麼在地 GDP 就會成長，而這是最好的 GDP 成長方式——不只是對就業，也對社區的安全與健康，以及我們之所以選擇居住在不同街區與城市的生活方式，都有實質幫助。從這個角度來看，再看看例如雜貨（生鮮零售）產業在過去十年、甚至二十年的變化，你會看到最大的公司只是在不斷吃下越來越多的市場份額。

Why is that? It is because they have invested aggressively into capabilities like, a modern technology stack, like fast delivery, like new fulfillment models. That has been very difficult, when you are a smaller player, to invest in on your own. That is what this combination is really about, where DoorDash and Instacart can give every retailer a fighting chance at competing in the modern-day era.

為什麼會這樣？因為他們積極投入各種能力，例如現代化的技術堆疊、快速配送、以及新的履約模式。當你是較小的業者時，要靠自己投入這些一直都非常困難。而這次結合的核心，就是 DoorDash 與 Instacart 能讓每一家零售商在現代時代都有一個可以競爭的機會。

I believe that if we can do that, that is great for every community. So when I think about it from that perspective, that is how I get comfortable, A, knowing it is the right thing to do. Whenever you are doing the right thing, that usually is the right narrative for anyone.

我相信如果我們能做到這一點，對每個社區都非常好。所以從這個角度思考，這就是我感到放心的原因：A，因為我知道這是正確的事。當你在做正確的事時，通常那也會是對任何人都站得住腳的敘事。

The second comment around go to market. We will not say too much about this for now, but you are right. I think Instacart has built a great brand, and it is a very unique brand where their audience is very loyal to that brand. So we certainly will support it.

第二點關於 go-to-market。我們現在不會談太多細節，但你說得沒錯。我認為 Instacart 建立了一個很棒的品牌，而且是非常獨特的品牌，他們的受眾對這個品牌非常忠誠。所以我們當然會支持它。

We certainly will bring value to consumers. For instance, for the same price that you pay for a DashPass today, you will get access to two subscription programs, the Instacart membership program, as well as the DoorDash membership program. We have some other ideas, too. But a lot of the value in this partnership is really going to come in all things, what I see almost like not visible to the consumer.

我們也一定會為消費者帶來價值。例如，以你今天支付 DashPass 的同樣價格，你將可以同時使用兩個訂閱方案：Instacart 的會員方案，以及 DoorDash 的會員方案。我們也還有一些其他想法。但這次合作的很多價值，實際上會來自於各種——在我看來幾乎是消費者看不見的——層面。

They will see the benefits in the form of faster delivery, lower prices, greater selection, higher quality, and accuracy of orders. Grocers will see the value in terms of extra sales. Shoppers will see the value in terms of greater earning opportunities, and communities will see the value in greater GDP.

消費者會以更快的配送、更低的價格、更大的選擇、更高的品質，以及更高的訂單準確度等形式看到好處。雜貨零售商會以額外銷售的形式看到價值。採購員／配送員（shoppers）會以更多的賺取機會看到價值，而社區則會以更高的 GDP 看到價值。

Youssef Squali, Truist.

Youssef Squali，Truist。

Great. Thank you so much. I just have one question. Ravi, can you maybe just talk a little bit about where you guys are with regards to re-platforming? How much of it has been completed so far? Are you on track? Are you ahead on budget?

很好。非常感謝。我只有一個問題。Ravi，你能不能談一下你們在重新平台化（re-platforming）方面目前進展到哪裡？到目前為止完成了多少？是否按計畫進行？是否低於預算（ahead on budget）？

Then, I guess, as part of that question, as Instacart comes into the fold, I guess starting in 2028, is it fair to assume that effectively the re-platforming becomes a work in progress that extends way beyond next year as well, as you try to integrate Instacart and hopefully generate the type of synergies you are talking about?

然後，我想作為這個問題的一部分，隨著 Instacart 納入體系——我想是從 2028 年開始——是否可以合理假設，實際上重新平台化會變成一項持續進行的工作，並且會延伸到明年之後很久，因為你們要整合 Instacart，並希望產生你們所談到的那種協同效益？

Yeah. Hey, Youssef, let me take that one. Look, I think on the overall tech platform, it is on track, both from a cost as well as a timeline perspective compared to what I talked about a few quarters ago. In fact, we have been working on it in a very modular fashion. We have several modules that are already live on the new tech stack. We are already starting to see traffic flow through it.

是的。嗨，Youssef，我來回答這題。你看，整體技術平台方面，無論是成本或時程，相較於我幾季前談到的內容，目前都在軌道上。事實上，我們一直以非常模組化的方式在推進。我們有好幾個模組已經在新的技術堆疊上線。我們也已經開始看到流量在其中運行。

We are truly seeing customer benefits, too. In places where we have already deployed our new tech stack, merchants are getting onboarded faster, customer support is starting to get better. We are already starting to see early signs of benefit.

我們也確實看到客戶端的效益。在我們已經部署新技術堆疊的地方，商家上線（onboarding）速度更快，客服也開始變得更好。我們已經開始看到一些早期的效益跡象。

In terms of the overall timeline, look, I expect that to be done by the first half of 2027, which is what we had originally expected. Overall, we feel very good about both timeline as well as cost.

就整體時程而言，你看，我預期在 2027 年上半年完成，這也符合我們原先的預期。整體來說，我們對時程與成本都感到非常有信心。

To your second point around integration of Instacart onto the overall new tech stack. Look, one of the core features, as we thought about the new tech stack, was the ability to add more future acquisitions and future platforms onto the tech stack. We have done some work around this. We think there is some investment needed, but overall, we do not think it is a massive investment to be able to operate both tech stacks on the re-platform tech stack on a go-forward basis.

至於你第二點提到把 Instacart 整合到整體新技術堆疊上。你看，我們在思考新技術堆疊時，其中一個核心特性就是能夠把更多未來的併購與未來的平台加入這個技術堆疊。我們已經在這方面做了一些工作。我們認為需要一些投資，但整體而言，我們不認為要在未來以重新平台化後的技術堆疊來同時運行兩套技術堆疊，會是一筆非常龐大的投資。

Yeah, Youssef, the one thing I will add is something I said, I think on an earlier question, which is, one of the biggest parts in why this current work on building a single tech stack is so expensive is we are actually literally building new infrastructure.

是的，Youssef，我想補充一點，我在前面某個問題也提過：目前這項建立單一技術堆疊的工作之所以這麼昂貴，其中一個最大的原因是我們其實是在真正地建置新的基礎設施。

Which is why you have a lot of different copies of compute instances, and you are over-provisioning things, and you are doing all of these things, so that you literally have a much faster capability to build any new thing in the future. That includes, obviously, building organically, but also what Ravi said, integrating new products or new technologies or new services. It makes us ready for any modern work we want to do with AI agents. It makes us ready for any new acquisitions.

這也是為什麼你會有很多不同的運算實例副本、你會做超額配置（over-provisioning），以及你會做所有這些事情——目的就是讓你在未來能以更快的能力去打造任何新的東西。這當然包括內生成長（organic）地開發，也包括 Ravi 所說的，整合新產品、新技術或新服務。這讓我們為任何想用 AI 代理（AI agents）進行的現代化工作做好準備。也讓我們為任何新的併購做好準備。

Great. Thank you both.

很好。謝謝你們兩位。

Dominic Ball, Rothschild & Co Redburn.

Dominic Ball，Rothschild & Co Redburn。

Hey, guys.

嗨，各位。

Please go ahead.

請繼續。

Thanks for the question. Hi, guys. Thanks for the question and congrats on the news. I just want to go back to another question around consumer AI agents. Acquiring Instacart strengthens your position in the physical world, but advertising is a meaningful contributor to DoorDash's EBITDA. How do you see that business evolving as consumers, over time, shop through AI agents? Could there be a revenue share agreement with these consumer agents going forward? Thank you.

謝謝這個問題。嗨，各位。謝謝提問，也恭喜這則消息。我想回到另一個關於消費者 AI 代理的問題。收購 Instacart 強化了你們在實體世界的布局，但廣告是 DoorDash EBITDA 的重要貢獻來源。隨著消費者隨時間推移透過 AI 代理購物，你們如何看待這項業務的演進？未來是否可能與這些消費者代理達成營收分成協議？謝謝。

Yeah. Hey, Dominic. I do not know if you were able to catch the top of the call. We discussed some of this, which is, right now, AI agents are generating several hundred orders across the time that they have been up and running. So it has been a fairly low use case. And I believe that there will be opportunities in which we can generate win-win opportunities with third-party agents.

是的。嗨，Dominic。我不確定你是否有聽到電話會議一開始的部分。我們討論過其中一些，也就是目前 AI 代理在其上線運作期間只產生了數百筆訂單。所以這仍然是相當低的使用情境。我相信我們會有機會與第三方代理創造雙贏的合作。

My general philosophy when it comes to technology is you never want to fight gravity. And that includes how consumers want to use technology. If consumers want to use technology to shop in certain ways, we are going to find a way to make that a win-win partnership. And I do believe there are a lot of incremental possible use cases whether it be helping with long consideration purchases, whether it be doing work on your behalf proactively in the background.

我對科技的一般理念是：你永遠不想對抗重力。這也包括消費者想要如何使用科技。如果消費者想用科技以某些方式購物，我們就會找到方法把它做成雙贏的合作夥伴關係。我也相信有很多可能的增量使用情境，例如協助需要長時間考量的購買決策，或是在背景中主動替你處理一些工作。

But when it comes to a task that is as simple as ordering food, we tend to see that come directly to DoorDash. Not to mention, we are building our own AI agents to make the shopping process a lot easier. But you also have to remember one thing, which is it is not just about ordering food. That is actually not the hard part of the entire process, or ordering groceries. The hard part is making sure that they actually show up and show up in the way that you expected, in the condition that you want. That end-to-end journey and making sure all of that is going to happen appropriately, especially when things go awry, we found that to be true living in our product.

但對於像點餐這麼簡單的任務，我們通常看到它會直接來到 DoorDash。更不用說，我們也在打造自己的 AI 代理，讓購物流程更容易。但你也要記得一件事：這不只是點餐而已。事實上，點餐或下單買雜貨並不是整個流程中最難的部分。最難的是確保它們真的送達，而且送達的方式符合你的預期、狀態符合你想要的條件。這段端到端的旅程，以及確保一切都能妥善發生，尤其在出狀況時，我們在產品實務中發現這點確實如此。

That said, I actually think that there will be advertising opportunities even within some of these AI agents. But first and foremost, we have to find ways to bring value to consumers. Right now, with the low volumes that I'm telling you about, there isn't yet that value. But, as hopefully that grows, we'll find a way to make that work.

話雖如此，我其實認為即使在某些 AI 代理之中也會有廣告機會。但首要之務，我們必須找到為消費者帶來價值的方法。以我剛才提到的低量來看，目前還沒有那樣的價值。但隨著（希望）規模成長，我們會找到方法讓它運作起來。

Thank you.

謝謝。

Justin Post, Bank of America.

Justin Post，美國銀行。

Great. Thank you. Can you give us any idea of the scale of their grocery business relative to yours? And then, acquisitions in the grocery space have been somewhat difficult in the past. As you think about talking to the regulators, what are some of the points you would think about as far as a share and how this really benefits grocers? Thank you.

很好。謝謝。你們能否提供一些概念，說明他們的雜貨業務規模相對於你們的規模大概如何？另外，過去在雜貨領域的併購有時相當困難。當你們與監管機關溝通時，就市占等議題，以及這如何真正讓雜貨商受益，你們會著重哪些論點？謝謝。

Hey, Justin. Let me take this one. I think on your first question on share of grocery, it is public information. We are not going to disclose anything about Instacart. To your second point around the value to grocers, ultimately we talked about some of this, right? The goal is how do you take the combination of both capabilities that both companies have, and how do you build a better platform, right?

嗨，Justin。這題我來回答。關於你第一個問題、雜貨市占的部分，這是公開資訊。我們不會披露任何關於 Instacart 的資訊。至於你第二點、關於對雜貨商的價值，我們最終也談到了一些，對吧？目標是如何把兩家公司各自具備的能力結合起來，並打造一個更好的平台，對吧？

We have a highly sophisticated logistics engine. We have a demand generation engine. We've built DashMart Fulfillment Services for some merchants that we talked about. Instacart has done a really good job of being able to build a very large enterprise storefront platform in addition to their own demand generation engine. I think the combination of both of these will actually help increase the number of products that we can co-sell to both sets of merchants.

我們有高度成熟的物流引擎。我們有需求生成引擎。我們也為部分商家建立了我們提到過的 DashMart 履約服務。Instacart 在打造非常大型的企業級店面平台方面做得非常好，同時也有他們自己的需求生成引擎。我認為兩者結合，實際上將有助於增加我們能向兩邊商家共同銷售的產品數量。

In addition to that, I think there is an opportunity where we can actually invest back in the product to build a better product, not just for grocers, for consumers as well. We actually think the combination of both is a win-win for consumers, grocers, as well as overall shoppers in the ecosystem.

除此之外，我認為我們也有機會把投資回饋到產品上，打造更好的產品，不只是給雜貨商，也給消費者。我們確實認為兩者結合對消費者、雜貨商，以及生態系中的整體購物者而言，都是雙贏。

Thank you.

謝謝。

Thank you. That concludes our question and answer session. This concludes today's call as well. Thank you all for attending, and you may now disconnect.

謝謝。問答環節到此結束。今天的電話會議也到此結束。感謝各位參與，現在可以掛線。

Goodbye.

再見。