DoorDash (DASH) 10 Nov 212021 Q3 Earnings call transcript

Company Profile

Participants

Andy Hargreaves	Investor Relations
Tony Xu	CEO
Prabir Adarkar	CFO
Miki Kuusi	CEO of Wolfe
Ross Sandler	Barclays
Deepak Mathivanan	Wolfe Research
Eric Sheridan	Goldman Sachs
Douglas Anmuth	JPMorgan
Michael Mcgovern	Bank of America
Youssef Squali	Truist Securities
Bernie McTernan	Needham & Company
Jason Helfstein	Oppenheimer Company
Bradley Erickson	RBC Capital Markets
Steven Fox	Fox Advisors LLC
James Lee	Mizuho
Jason Helfstein	Oppenheimer and Co
Brian Fitzgerald	Wells Fargo
Mark Mahaney	ISI
Ralph Schackart	William Blair
Alexander Potter	Piper Sandler
Robert Mollins	Gordon Haskett Research

Call transcript

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Operator

Good day and thank you for standing by. Welcome to the DoorDash Q3 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instruction] Please be advised that today's conference is being recorded. now today, hand Mr. would to conference I speaker your Instructions] like the to over [Operator Andy please Hargreaves, go ahead.

Andy Hargreaves

of statements expected to earnings during Thank everyone the time for you. remind like Tony operate. the buying guest, pleased forward-looking benefits customers I'm Xu with XXXX I'm statements of be would Prabir Company, and transaction, a strategies special call, we'll to joining thanks regarding today CEO pleased we to this call. also making us in for and recently co-founder co-founder, all, Hello to including our both Third including benefits accretion, acquisition CEO markets announced the everyone, close, Chair I be which and market joined and be [Indiscernible]. to Adarkar. by by opportunity, CFO Quarter of and in joined

as results are such that update and actual described described of disclaim as factors including not our statements expectations guidance, XX-K. materially from It's some forward-looking strategies, aware future in uncertainties SEC and and risks those our statements financial future statements. forward-looking could to are to required any differ to and not forward-looking lie Our business, law. risks results not statements any our by forward-looking including obligation our and on filings, list Form of predictions cause subject except

addition not our should Investor be GAAP in information Relations non-GAAP substitute financial intended be reconciliation measures, for GAAP GAAP the on certain results our During Investor be considered directly of These website. to discussing results our regarding non-GAAP are letter, may this non-GAAP most financial measures call, non-GAAP will we which including to found results. such our a financial our and available results, measures a to be in comparable is

announcement, after is replay be the of brief on our webcast website the being shortly Finally, Miki its on questions, website available go and typically give straight but have We'll we this audio session. the go our will the Tony call call some into into entirety Q&A we'll transaction call before in ends. and a comments given

For Q&A, to and or for his about don't outlook, about ask industry answer the questions the please Miki the note Wolt approach financials, 's the combination. to plans. rationale his future happy Please that questions integration or

until businesses the deal will independent remain closes. Our

we Tony. those answering to ones I this now be So at point. will pass it won't on

Tony Xu

food us DoorDash We be Thanks, a on mission primarily it Great. economies. we commerce, Andy. for organically, joining must build our everyone, and of all empower our and a because vision an have always is was framework global we local for started do done thanks delivery not in believe our today. to At that executed grow local To logistics, that and organic Hey, high because on but to date, supports platform sets M&A against a That's basis. basis. to this bar.

For standards. our comprised haven't it those M&A is heard framework core of who before, X

share execution. our be for as as must superbly to vision look approach it accretive. people that First, of talent well teams We our talented

new And so we share last potential product and Second, well extraordinary world-class for the global and global they've what that today. truly expertise gotten to in make action. to exceptional. brings invest the believe XX and our is value. faster profit and and that are categories that Wolt own handling over ourselves. and which much talent, we should strategic markets We could and, in way By to expand all in all expand few a grow either in do allow our TAM, meets accelerate that a operational we to new the These Wolt This established of efficient believe rigor, our geographies. the them unlock an platform bias increase to From markets They it international us we add long-term Wolfe opportunity commerce. timeline. so characteristics know build and and team efficiently innovation, efforts. and couldn't our they third, have our for fact, criteria. that own a team ambition of to look will product, themselves, culture of must And done we a This We've match on a DoorDash. opportunities believe means we international for a a a must operates in on world are our we could perspective, that intense cultural shareholder months, Wolt provide lead our our our based years X it operational XX do is markets progress. these Mickey more believe or business our to more alignment best than on market or way than for own multiples on

Finally, scales categories. established to certain ranging strong in has as the Company presence electronics. a Wolt as already In 's categories far product multiple markets, cosmetics and

local potential categories opportunity markets the multiples As From of value grow expect vision commerce our their non-restaurant improve grow expertise combined and current order to substantial globally, is to believe financial to the create in enormous. we execution. perspective, product our that we gross opportunity a its will We look our a in level.

it And for is what be hand me aggressively our Doing will shared allowing we United commerce to problems that, invest States. up to like markets to over efficiency is the teaming Volt large But the is to is simultaneously DoorDash. couldn't us team know any so be capabilities problem our and attacking harder. Micky. believe to building at do in the improve do A across focus we market. behind internationally, extraordinary to many happier hard profitable -- a exponentially their expect We With with team local while our platform We -- the Wolt difficult execute true Mickey that same at in increase building to and vision. let and Volt. against

Miki Kuusi

Thanks, and Micky, Tony. I'm Wolfe. of Hi, everyone. co-founder CEO

to few of founded wanted business but XXXX. back infrastructure XXXX a better in we new build with I modern that were our knew Helsinki, and made ambition with would logistics of did Finland started, a envisioned. my delivery we with to When shopping scale build we co-founders to back retailers, way can going the convenience and be in a restaurants enable. We in true a people happier. engine layer if consumers have a in the first things we build Wolfe We that to and and mall, that connects version cities So years core a digital of

than we going to million Finland, to expand to of beyond have First all, going were In have -- fewer Finland. we people. X to have

the So years to from exportable, going the with to countries customer have service we from launch product international be is of us to we new were being large business, service to from XXXX easily XXXX. to logistics, day in allowed build the everything about X built idea X, XX to

of the a a going in the cities, to order business efficiency density, for Secondly, population were means levels we to to at we build generate profitability. combination costs have to have labor that In higher low room have different logistical to operate challenging culture, incredible whole and be Nordics, small of efficient. we

structure poor make that in our products locked. Thirdly, It was customer huge our consumers acquisition no spend. with for build off or room product we margin account have to bank to a quality the

incredible on make spend at an we what to competitors. by have but consumers we our been saw retain using our We higher We've to started. far, are believe at journey getting marketing work product levels only than so

build to our we to efforts to local to team combined value leading merchants, of and chance one a joining forces our on a Company couriers platform for with bring expect greater accelerate commerce world. the and consumers, by have We around of global the path DoorDash, levels put

Andy Hargreaves

the Mickey you and Tony. Thank Operating now. questions

Operator

We'll standby. Please compiling, be Instructions]. [Operator Instructions] roster. again, a [Operator

of from Sandler comes from Barclays. First question Ross line the

You're live. now

Ross Sandler

and guys, Hey Tony, same knew Vault the I looks it's Cold drops table, the kicking bringing guess I you markets, off. that they're the there, the change to combination going is over their competitors come most question, are so this of a Thanks for the is might I what league them guys doing in But with table. top of of guess first like understanding some War the the how day about European eventually if hours, advanced to number was we our and their and to it X guess, lot.

Tony Xu

start about Wolt Ross, Yeah. that there just let I'll really are and would incredible. that Hey, are saw I here big follow. three say we I'll things others

by the what First this building focusing is understate its we're finding business, by every and which penny way when similar of and every in has in. to business the we product, very compounded important DoorDash. in is a efficient ourselves very way. that that talking execution-oriented that is winning savings team competed cannot of a I really a building removing find They about so in an point doing how customer executes points and basis delighting capital inefficiency, on a foremost, efforts

billion value say that so you Relations business and order I its thing the $X.X deck while gross is the second I is at has a built saw done to line time. growing bottom annualized would same in they The triple It's business. as remarkable digits. grown growing mean, the we Investor also uploaded,

when localization how be have their XX and very in its geographies includes it started speaking, markets by drops really the combined they achieve but And of with to very, country the this consumer an Bolt business, I into which they so where just They capital only early Finland, become because which so XX just everything of large in in to order a their time, way, an thing smaller business markets they X not built thought scale would you expand of DoorDash in timeline and scale to how forth. it's needed customer relatively to of about now incredible it's conversion new of a ambition, in final also their say The the DoorDash. to lot for efficiency support, into. from to very they grow grown will from just knew accelerated experience efficient they've per are, idle standalone speed a as is home at hour, day to and look represents country

grow to team a our only allows ability global So but it not million the to single TAM, our it able will in bigger here DoorDash accelerating so to XXX threaded compete have does combined stage. focus over serve people, on be

Prabir Adarkar

were hours efficiency. to but amazed to Ross, learning from actually per we saw our deliveries obviously trying I'm increase and add own also Tony's metric capital retention important Here, other P&L, aspects an terms by actually in just across point, the of is we what there's efficiency investments. voice supportive, that to it voltage The so is, of with what of help is international say the

The Vault second point has thing X,XXX is make the people. second I'd --

go if about is so And bandwidth in restaurant after internationally, allows in in And among new our to think international raises large to focus the that the sharpen existing outside of but the level you does focus U.S., to our which the organic U.S. what management in in it also terms U.S. us also that and inconvenience. of categories our exists opportunity to preserves third, like the expand ability that category

Ross Sandler

guys. thanks, Great,

Operator

Next question Research. line from of Deepak the comes Wolfe from Mathivanan

line's open. Your

Deepak Mathivananr

with I categories various thoughts different model Thanks trends deploy on and about different. Western on Where Great. are It with in Miki. the here broader drivers for kind markets it seems ask next, on-demand with some Ross's And the workforce? explore potentially formally still the that sense but about key. are One that full-time model? do on on-demand very markets. would like the to scaling Tony, on near then, expand What make of you maybe needs a to driver opportunities the European ask to you whether Curious of question follow-up is the utilization the Congrats European the U.S. for thoughts your for acquisition. your and together with taking one questions. model for competitive on dual this the a pretty given watching, to supply the as to are things acquisition and to part-time, on to the wanted platform now. Tony medium-term see intensity healthy wanted

Tony Xu

start in Deepak, question the I Hey questions think on a of actually and Dasher I'll there. couple there's

offer show that flexible you the at other dashers, the levels offering of platform, they part we've it opportunities in consumers first as convenience And choice is, we has that they're things when more no the look Dasher $X.X the dashers, over dash earning the I if even see marketplace really million different deliveries, all actually as opportunities, at to choice. to healthy in into who to that supply is gotten drawn with meet labor from sense X value one this billion, go that traditional think whether of is think in categories, that's grocery quarter be I the complementary really deliveries, would the can seen think and you'd And the over more And it's market. we've demand. Dashers flexible even doing etc. why I

that flexibility with wants to else that workers our modern then actually realities I That's second we that really question that think really starting they basis and wanted. what is just Miki. create hear frameworks always at of the stand the value in then that of meets officials, basis, of Dasher from U.S., preference different day, regulators, really what markets who much we're local time from a and and the and what in offering elected we your but starting of the Dasher is And for. ahead, to part anyone end earn. around has want. backwards And platform is Go all not working it really and how built day the again, the of what

Miki Kuusi

people Yeah. customer an I intense for will and it when industry ultimately is a focus in pressure in comes sustainable industry, customer. Like is to the it say in world but has I'm the experience. very experience, for like on always our an in which vary like in you it's doesn't that efficiency more intense On allows business. how to into years, get competition, to most expect you're guess sitting Competition because where bringing that's investing is that used spend for very on be. of Europe, the an always money to it's competition and been This it's the like amazing pressure. lot the our able a incense look the X not sitting, to that it amazing about and with customer the you're feel easiest the I the efficient, from it thing Europe, platform. is in -- not long-term an in have kettle markets If well. not in customer still for when doing unless early keep at Europe, focus service value And the building profitable manner, a of customers customer, long in I of our is our competition, But on markets time us as to all providing very

yes is there value always how of you will competition, So, consumer. the be will ultimately but it's execution of the there competition, game

Deepak Mathivananr

so Great. much. Thank you

Operator

Next is Sheridan on from queue Goldman Sachs. our Eric

open. now is line Your

Eric Sheridan

taking so for Thanks much the question.

bit think you upper to out what some you months. of or Just XX walls for how out next one little profitability you you you as what looking about the framed the that look to really, outcomes priorities, as fits when over would a framework. about and XXXX Can to us band into XX to push the biggest potential lower about those including acquisition broader EBITDA, your Thanks. executing ANSYS act the would with talk

Prabir Adarkar

that's deal the completes, for we do and X combined me even has the basis which adjusted and assuming guidance. Hi, providing thanks to way, fall new Company standalone We're will it's complete, to Really EBITDA by not signal purpose range regulatory on through DoorDash XXX XXXX. to of acquisition that for many loosely the review was question. the a with the to X have post go the EBITDA. X to XXXX expect

priorities. the despite doesn't change combination, so our it And

Our priorities remain. still

X the food number the U.S. app build to in First,

the adding beyond packed convenience categories and on. retail food food so and grocery, expanding to Second, multiple continue

building platform continue that today side Company to then conversation our of DoorDash of and with part global store driving a to building fronts. And business the Third, we're fourth, a huge is continue Wolt that. having the

Operator

right. All

open. one is Douglas Next now Anmuth is on queue from line JPMorgan, your the

Douglas Anmuth

wanted the to I taking plus million members. about talked the you for DashPass, Thanks questions. X ask about

early of DashPass relative bit adoption you vertical their on could order just then offering the internationally you characteristics and expand mentioned expect Australia Thanks. around you Canada in but non of forward. way more if markets, a new obviously to to that size, and as share you perhaps little gains frequency, just in international So the the And more members. and work some going share same curious terms

Prabir Adarkar

as in DashPass members. retention Hey, Doug, DashPass of to We're excited well a fees thanks members actually significantly that DashPass Hughes those as to our engagement primary the fees reduced for retention -bound the with Yes. service higher The interesting that DashPass, DashPass higher. it, Mark because it question. delivery and about we overall for play pre it's about compare think affordability helps levels zero is

exactly to just much disclosed we instead of haven't multiple a how greater members tendency hired we have adopt see across types DashPass not We products.

also So delivery and but across pickup, multiple categories.

base to indicator that we've be to numbers. as other millions view membership DashPass them of And the increases size I And to do usually to us aren't the MAUs of X DashPass we for about work day, million. use so, membership members. in order a in think There's of future currently to DoorDash DashPass and -- opportunity got that growth, terms leading convert

Beyond all. at don't use people there's DoorDash millions of that, that other

side making for of so continue work continue affordability. to in and both experience the selection, the categories, as we delivery quality us, of And on as other advances restaurant improve terms as well on the

We Our growth. should guide hoping base grows. that future membership

secret dimensions, a gains in which we the improving category to progress, selection, comes sauce continue all and and in and look was and savings. same retention vectors key It X slump On at is to the other it's And Canada the quality, of down leading Australia, strong, there's -- it U.S. question make into it on no affordability. we'll like

Douglas Anmuth

Prabir. Thank Great. you,

Operator

is the America. McGovern queue Bank from Michael on one of Next

Your now line is open.

Michael Mcgovern

for thanks my question. taking Hey,

in Just there when post-pandemic some was be a such surprising and high couple growth deceleration Wolt, we're on to pretty having year should mobility see this more presumably I wondering, on XXXX growth. higher

can what's is expansion, so Wolt? consume that growth? Wolt expansion that's doesn't higher outsized contributing there And to expansion category talk geographic So growth about the non driving it look like for you restaurant maybe or

Prabir Adarkar

Mickey new variety of want because the detail question. would category I the you observed customer saw into here X We that go continued of because into after essentially years a good of just it's lot experience, of and to we countries, because pooling so. team It's despite towards of the there to that we're things not that strength until is points the going the a point are but and for strength, don't it's to began. All built. to fact we now acquisition because XXXX, by closes, of adding excited end which it's expansion it's great the exactly deal Thanks pandemic the things strong beyond thank you, retention, of the like have and testament are data of his were those part and that sitting product

Miki Kuusi

people customers the an you're like you is us. if Yeah, small -XXX never at like our market average talking a even and month, the most reality X lives. X that And a about like still mean, service of have people population, if a frequency and so look broader like find XX we're part I rate times very in of the

platform, market like the expanding being food cities, expanding categories. started getting in, than much and now on merchants retail we only restaurant and other at service, we're you new look new to the delivery increasingly more the a So when operate bringing

execution an it's ultimately, So game.

customer, focused frequently, your you often your platform. the And to provider the on. more you're what the will that's best we're possible on coming If using more customers customers have for

Michael Mcgovern

it. so Got much. Thanks

Operator

from Securities. on the Squali Youssef Next queue Truist one is

Your now line open. is

Youssef Squali

questions very Great. from me, much. Thank you please. Two

can guys talked you longer grocery year-end? level acquisition, the may just on maybe comment low learnings you from what and that do And to that any considering Company. that First, execute Just vision? a partnership couple on can think last maybe to for you. delivery? stores, Any speak about the of understand second, you fruits acquired I deliver anticipate announced low-hanging integration needed take the the thousand trying on you footprints large of on? versus to quarter? you've more to the you initially had the things by are for Just partnerships Albertsons Thank

Tony Xu

I'll Sure. of both take those.

partnership global for bigger On a the really price even question, expansion about larger play on is first this and an stage. acceleration to

when and deal job do. both people have building I has serving product the work remarkable about of from next million the half a possible over now once XXX in think is markets. the I first respective Wolt the a their we really, closed DoorDash in year, done to best of combination think lot And

in true combination keep restaurants a service. delighting quality, lot our the price, the best And offering customers category. have of and beyond We to that's work selection, restaurants. of and That's true also

long a lot I to in This about is the this about cost the mean, teammates possible. very really we're for runway talented work synergies. acceleration could So there's vein, And do. all that use of partnership excited not and we ahead. expansion, the is and partnership

Your continue it's question Albertson, partnership a And respect right their now over partners you're actually other think was stores. with this added X,XXX we've category. I to fantastic to footprint across launched we second entire see into Albertson, been with

non-restaurant that's including Bed Markets Wine of grocery Bath what Total also stores, and Quarter, Beyond. the on, in you're and recent In Markets if category, we over Cardenas & and additions fact, focused a XX,XXX in announced Third the Weis More,

So even beyond food and liquor.

at X number areas we DoorDash, now app. of discussed, building we're big are As food work right X there a

today platform are convenience grocery. We -- merchants leading to big in the know a services new our but we're like announcement Storefront. obviously, on there. the And digital DoorDash in go own business. build where long, deliveries, convenience categories U.S. to with business I such help categories We're products relatively in in the long and continuing Drive international getting new into are with as ways their we're to invest Those making

to we in of of and of across order quality both is, have both areas. these execution in do we single-threaded your even theme all priority have make the again, sure so questions speed And leadership how

Youssef Squali

All Tony. Thanks, right.

Operator

McTernan Needham Bernie on the is one queue Next & Company. from

Your line open. is now

Bernie Mcternan

Great. questions. Thanks for taking

what as DashPass and and Just you members? of the are increasing XX Or near-term to two continue to is total for the usage from more the isolating greater next you me. about frequency a expand think you result, opportunity do of the U.S., just for customers on Tony, the as the XX then see number certainly talk months it base, that follow-up you the cadence we from X it's of X than been year, while million? expecting the more provide, Can the the customers, just million million. getting a I was platform? you The And you million were since and last think DashPass. on provide X X to the about driving

Tony Xu

the Yeah, I'll to and first let second Prabir one. one on the I'll maybe follow take

I So on early. pretty that obviously And was a big respect still the with business. U.S. to to opportunity I though seen in dining that QX. highs the Census in tell latest accelerator has lot returned know you've just effectively the behavior into staff a to even that the first according one fact, resilience that we're all-time of it of consumer stay in-store saw the Bureau in the

restaurants still of lot we're higher do than in a just there's the So consumer seeing pre-COVID levels. alone. Yes, to engagement work category

a that that of that there use opportunity. That's lot a customers of are them of certainly used have a not are never there's certainly and DashPass. lot DoorDash an mentioned, Prabir customers our As part DoorDash,

I opportunity cite big categories. work Another into would our is other

monthly to in quarter. that users categories. quarter, category, But the third shopped single-digit alcohol, work announced these these the massive ahead other these again, in first and to or in XX% our non-restaurant a In having to a quickly of online. number of we categories marching is are active into is young. categories now grocery percentages up lot order bring very, they're to certainly runway very, invent, We a or convenience think of We very there do

Prabir Adarkar

area your On whether in sure added that's pandemic. we've KXs, results your of as the brought the service speed exactly for morning. which I'm the not question jewelry which at into from you're looking question Good

the quarter-on-quarter national every since program We've the put quarter this way. membership in had launched single me it program. Let we growth

Bernie Mcternan

Understood. Thank you.

Operator

Next the Helfstein in from queue Company. one Oppenheimer is Jason

is line Your now open.

Andy Hargreaves

that there? with go you on air will you the question back come next Let's and are Brad, Jason onto one.

Operator

All right.

have Capital So next Brad from for Erickson we RBC question, the do Markets.

Your line is open. now

Bradley Erickson

Thanks.

in look it forward at or couple, guess. takeover how just the really once countries look should So about you both expand just Thanks. are second, a go across just the think operating our then we brands here? multiple markets certain with focus with that DoorDash, countries? going And the Do is into maybe the deal in priorities I close, kind One, countries brands of where, of on maybe when either here, you new does to existing brands? the or also to we're the we'll eventually

Tony Xu

to say of 'XX. first I'll we to Brian, one. Hey and the internally, the guess like I for half crawl that take have walk lot we in run first wait a happened deal close, which expect to

of for, to an And brands around And in next -- the times we're as way high and people, customers in that the have local time. single these eat serving and at have frequency optimize XXX we time. we increase the was times have tend you million XXX benefit a question around, in nothing going hydro the we fact, in these to and every live, business while recognize of that to a couriers, convenience. global share our month, more footprint, post your point earn expect quality going they only to same second X, people to so of your part do time, And change area? Well I adding to continuously are of versus service, earn hyper-local, privilege and going living regardless the There's serve lot more delight. every a privilege a of seeking the question and the be of have in work over day, where how businesses, shop brands. Second a terms their X merchants, to are all customers, of category, that always think category execution-oriented and adding to that next certainly are we best hyper-local on around is that the this respect before possible and commonality we and also with order our day footprint over we we where order the deal plate. can close existing In

right say today shares about more team ahead way with us. of lot much a as the announcement we operate. great to not the work vision our that besides well of And So that excited we now super a have as than

Bradley Erickson

That's great. Thanks.

Operator

LLC. queue Steven on Advisors Fox Fox from one is the Next

line is Your now open.

Steven Fox

could. Good Hi. afternoon. Two if questions, I

there's best of bit it where growth? little it's a ads, Just you understand been in X the secondly, in envision can both how efficiency platforms? I then of from successful versus some but practices out you sounds of the different us last have sort improvements ads can like you growing you just other. how letter reinvesting the quarter? wondering areas you And profits give the getting on you. acquisition, the said Thank and I was talk sense you're for it's the how kinds about

Tony Xu

everywhere and team as business where here. no close, right, possible inputs translate into will has for from well of but the sometimes that, down which job have execution-oriented to bullets operations, experience literally learned. And part, think Sure. component business. -- on merchant I I'll consumer systemic ads outcomes. first mean, done team every inputs respect to you I is practices, on attention. in understand silver the are lot a our the there efficiency, gets really the amazing the to certainly follow-up best post at customers. what it And best That's customer a to work selection, efficiency, look DoorDash single It's with no drive in equation question to principles, and its to bullets there beer? which deal support, I've quite share itself let?for there quality, the we every variable. you're break shopping price, but to I'll first an are in And of With has is absolutely an and how you have have take literally efficiency into combination this from question. service you Wolt the it there first silver build the

Prabir Adarkar

advertisers And disclosing I It's we're what revenue a time -- we that we're on question play. And Steven. say growth the it's What it. that an at I careful And this really experience we Hi ad to profit I mean we're customer our the dollars experience. progress, we customer play not not perspective. ad related is into service. out, going to utilized. the will as as how the And point Ideally, EBITDA about would being while invested for those make remain pointed more so on from you ensure get have by back taking about merchant our point. then is made it's strong ensuring on, as EBITDA to build that initiatives it's remains

Steven Fox

Thank all very that's helpful. Great, you.

Operator

Next one is on the line Mizuho. Lee from James

open. is now line Your

James Lee

should main expand, this business update a a into are I questions. to taking you the Great. product? hoping Thanks far. this see to And guys know so it or need do for complementary business to on you was my point a Thanks. you think get, can DashMart are what seeing business key scale we to as that for and what about learnings

Prabir Adarkar

question, quality XP customer's prices. James. affordable it is offerings. the they knew defend consists the that from And and get And that about -- care for all that way right perspective, XP the I a selection of the they convenience to business Thanks they our view and

the it's us, the order to hybrid best both that involves strategy a are in and so available partnerships XP selections price. quality to ensure XP And that in

day, investing wants to the question, of a make customer the us to core or updates you can your in the conversation. progress, of allows strategy, component at include as grocery, our of we're things it's of it, potentially first-party like part not It's demands. AirPods else. the And it's other anything but it's food, just latter just just the not is part form a in -- second more in earlier because include prepared priority expect the not end I one selection but On to disclose mentioned that we're we which of And today.

James Lee

Thank you.

Operator

Right.

the one Oppenheimer and is Co. Next Helfstein on queue Jason from

now open. is Your line

Jason Helfstein

did Eric. don't there's you months filed XX guys the something revenue about scenario, but multicasting. valuation you how I again, I'll want ask saw know trailing maybe I to this Thanks, making, like as as if I'll perspectives, gross there? or you be maybe think share just far but profits.

the you about So just of any valuation. quarter, then orders, X% there? thoughts And from business just first Thanks. how mentioned you in non-restaurant the any is thought update

Operator

Okay.

the Brian Wells Fitzgerald on from queue is Next Fargo.

Your line is now open.

Andy Hargreaves

[Indiscernible]

Operator

Yeah. Go ahead.

Prabir Adarkar

of on GMV run of We December That's aren't restaurants [Indiscernible] is asked looked in XXX profit These X.X retention of operates anything we other single-digit getting given well current that I for we're than million and MAUs dynamics the business XX% grew on September currently a well, question order economics, disclosing in markets of are execute do rate we in the non-term the involved in in outside about have verticals, team QX. which the generate unit in runway valuation believe disclose you countries potential countries the the question at new it as second and the we there's that in the plus in attractive -- the we'll the as very categories thought didn't million believe the the if runway but from where Wolt lot is use a you with we package we and the think people, so back any has valuation, in. what orders say, I did from ancillary return. customers growth, seeing

Operator

open. your Brian now Fitzgerald, right. All line is

Brian Fitzgerald

about of if And has you on on historically guys. just adoption it into talk the levels XX, out reception levels, of if on wanted track how the that a that, there people of the both. Can gave progressing done seeing progressed? more know XX the you've you how Thanks, we move update to follow-up recent level bucket commission Thanks. batching Maybe one then another? XX, if DoorDash, and you're that's an

Prabir Adarkar

Maybe time. said, today, provide going at look, on levels on we're operating an independently matching the as question not Company update batching, this is board's to I the

other On plus either was or choosing investments majority to premium said the of [Indiscernible]?mass??transit? rate. really in last our And our this the the movements. data question. outperformed say than Other And mix those premier of smaller the factor that tiers, quarter our metrics. unit the given a Maybe the that revenue all with versus a pricing hit adoption we is of new expectations. real on question update

Brian Fitzgerald

Thanks.

Operator

Your ISI. from comes next from question Mark Mahaney

now is Your open. line

Mark Mahaney

where markets, Thanks. market? the What's most is, workers, terms attractiveness markets, less in explain presentation having regulation, question that of you markets -- describes take if difficult The requirements, European one markets the I Finland of will and for income workers attractive the it's those classification face something that of why? this that's what when logistics. there And Northern the difficult successful for follow-up acquisition particularly of some because you. asked Is or Could about think etc. is last there you are for than more you about Eastern, mile European local currently in about

So makes markets it's They those more than attractive, attractive you. just markets or can something intrinsically less still be that about Thank current in. you're them less but attractive. the that

Miki Kuusi

start. I can maybe

blended to it's disparity countries our efficiency customer the to Why It been the is marriage have If value. of like that you close the in this top average experience. surprisingly at cost lowest world. our of going our be and income it's like difficult, hourly order ultimately Nordic look the means business,

make not to tipping really culture. by model the of need we There's work efficiency. So way the

low you cultures. pre delivery commissions. on delivery So to have survive and There's not fees -existing strong relatively a very

like high to use and are are they delivery. then basically educate to have cities density very consumers You not not very big. And

forth. off to where year the harsh of be most be ever. It's very able to high for have density going to winters. environments it hit is a need very succeed going we a not I'm top stock you long time, very order like to So if for and so

I is what the louder a efficiently like of way get just And lot to saw, to do we that we thing just used ounce do. it's came we a difficult us a guess, Finland bit to out to little to to country every for every out other easier work that operate. as able Nordics, mobile do. we funny of the was be we here, like than So more single realized

Tony Xu

the seeking their early I Wolt always And markets options. in or category what would I is, is Yeah, larger I'd times well what as has or that of the regardless attractive convenience food eat really X think that been just both about and day people is a proven team frankly what Mark, is, the even beyond. markets they're runway really how what's and add as say, to market,

Mark Mahaney

lot. a thanks Okay,

Operator

line William from Schackart Next question Ralph the comes of from Blair.

now Your line open. is

Ralph Schackart

the for Thanks Good taking afternoon. question.

supply. driver that on Just

are curious so. a starting talked you're what that that about some in the government the you now subsidies weigh what active, or by Just trends average of seeing to number the X% about increasing our

curious Just and sort environment? current if you drivers more supply, of the retain this attract in on

Tony Xu

quarter. been than see I week. healthy then very Yeah. hours think over -- work average can X study And in second And fewer dashers under is what hours a the I I dasher XX dasher of a supplier again, these week. again XX% is you the has and think third very the just,

about frankly to just job. and a it's different think you very nature if so And the complementary work, truly traditional very of that it

per why XX% we in over over of Dashers has and result that Dasher X quarter actually increased earned the As pay hour. over which active saw that's a by have million billion, $X.X

this very, healthy, but been is, a dynamic. it's very business And very so it's where again,

we general and of head and changes with healthy. stimulus we're driving with in of in and the and the going seasonality nature but money As that relatively is, coming QX have work the demand flexible we up QX also supplies though, Dasher it to so, because how Exogynist been of and make in influences saw have into some to with certain preparations vol,

Ralph Schackart

Okay, great. Thanks, Joe.

Operator

Sandler. Potter the from Next Alex question comes Piper from line of

Your line open. now is

Alexander Potter

to you going? a on follow-up then specifics hoping there, was drive. I to you analogous sort to curious give of Is related drive been have qualitative. with Thanks. franchises, Vault? you'd much. but update markets European well. very drive. I'm white-label is Thanks And historically offering an sort haven't wanted extent the maybe mom-and-pop an there just of the been in that maybe more less large also could service Europe, historically white-label know, which consider a as disclose How I question Great. just I know

Tony Xu

last-mile largest for is And restaurants right, business into absolutely it's now started it's the I since, help launched XXXX. started but as really is seen the diversified We've it'd which for board, you're we've so long work marketplace, way X we build the all it really grocery to mean, or grown which want really every it -- drive We a want logistics Drive on-demand we're digital also around business -- is platform. services I not the years, create as building that On or start. in to be whether only over business I'll largest merchandise. across to across health really Sure. for has system the the Drive commerce beauty I retailers. service the -- build local [Indiscernible], well. guess delivery, we it's commerce businesses business platform really a a general to mean, local the category, go in in and believe and

do going to with to We business a service component, to that have order additional to customer are business. help that's logistics businesses, acquisition everything one build these you're certainly owner customer from but to as have things in

a the part it. we're to it way road go most services huge And of And bring to so a drive on excited map, platform long places. have is to quite we

Alexander Potter

Okay, great. Thanks.

Operator

would Instruction Research. Haskett to a queue if [ one Mallings Operator question, ask Robert ] Next like Again, Gordon on you the is from

open. now is line Your

Robert Mollins

you signed reasons those look DashPass the aren't that? up, can call levers heavy consumers some members, when change Tony, what you. what it are of you and to that Thank at users haven't

Tony Xu

a it's Yeah, great question.

selection So measured the which DashPass stores. speed evaluating dimensions. and of or four The you're experience accuracy. as are again, Certainly by the referencing customers the it's The and support. timing and value program affordability across quality us of customer delivery

the the membership. are areas. we getting one these to where work we of of pickup, valuable single-digit user have QX can service more isn't for on necessarily in those as to the letter, our long you shareholder I shave U.S. the other privilege restaurants to right ways the more is way DashPass of members. to delivery that adding accuracy. we a thing can And of only in so we're in platform over, can XX% There be active the our drive a the leading But we're mean, all And percentages see the And the have non-restaurants mean, different progression to earn that in in Company example, improve categories. those of restaurants. that's Not there. is or base minutes do and of selection a in I of all Third that, seconds showing and obsessing some progression. inefficiency The enough really leading up we trying working our low-single-digits trying of quality get things go of addition categories also inputs. of doing part to that and interacting, both mentioned that big constantly but for for something from Quarter, It's now a trying and the in constantly to U.S. platform all out system.

also, to easier value affordability, trying it always deliveries making platform. deliver to be service we're more and to to respect to just consumers, as merchants, well more value more with Dasher. completed and And our for As value on

combination the no best privilege having be so more work the about it's So remains earn a to into silver we really can offer of lot but done, that of members working bullet, inputs to single DashPass. the

Robert Mollins

Great. much. very Thank you

Operator

to I Andy back Right. That was call now over last the our question. Hargreaves. turn will

Andy Hargreaves

you joining Thank Prabir. for you Tony, Miki everybody us and and thank

a Have soon. We will talk all you to great evening.

Operator

for conference call. Thank today's This participating. concludes you

You may now disconnect.

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