DoorDash (DASH) 11 Feb 252024 Q4 Earnings call transcript

Company Profile

Participants

Ross Sandler	analyst
Tony Xu	executive
Shweta Khajuria	analyst
Ravi Inukonda	executive
Deepak Mathivanan	analyst
Michael Morton	analyst
Bernard McTernan	analyst
Nikhil Devani	analyst
Eric Sheridan	analyst
Jason Helfstein	analyst
Kenneth Gawrelski	analyst
Youssef Squali	analyst
Brian Nowak	analyst

Call transcript

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Operator

Thank you for standing by. My name is Christina, and I will be your conference operator today. At this time, I would like to welcome everyone to the DoorDash Q4 2024 Earnings Call. [Operator Instructions] I would now like to turn the call over to [ Wes Twigg ], [ Wes ], the floor is now yours.

Unknown Executive

Good afternoon, everyone, and thanks for joining us for our Q4 2024 earnings call. be and by CFO, to CEO, Chair pleased Xu; Tony Ravi very joined Co-Founder, today and I'm Inukonda.

operating our We'll today's be and financial the for environment. allocation call, during our position business, including without broader strategies, making limitation or approach forward-looking capital performance, profitability, statements guidance, economic expectations

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

You should our forward-looking law. on to disclaim rely of by future forward-looking any predictions not any statements events statements, update We required as except as or performance. obligation

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

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

Operator

question your And first from from comes the Ross Barclays. Instructions] [Operator of line Sandler

Ross Sandler

interesting some with new All stats there. letter. the great for thanks in Tony,

of new So to I kind of with wanted penetration stats. start these just some

order ] [ your active times million, about million has X an per $XXX that million ] the about [ active person ] TAM $XXX funnel saying and are basically shoppers like you're and these day. So shoppers [

which penetration? it your stat? Star what's like what in hand the penetration, these the And kind for look hand? frequency or guess does Like XX% to the ] question Is North on what's I So [ most of the market X% move the frequency penetrated increase or opportunity? bigger is, the

Tony Xu

start you feel I'll Ravi. free add anything, yes, if Ross, and want to

back of at step what I well bullish the it's in And about, which couldn't when working front we've areas about and is explored. all to think be opportunity because in been in is of the think what have come. I as look of on we I part, what you're where I as more excited long both or the us, runway talking

that still the If "most took mean usage area of U.S. U.S. -- of you penetrated" terms exploration, of oldest single-digit industry would percentages restaurants, restaurant sales. the we're And our products. we in of be I our

that or you If then that dust are. we in number you terms smaller. the we if are that added And you the look we globally, also then every a how speck would if retail in it of category, categories the in first-party if it point you you be population across add penetrated made, even and channels support add obviously, of

of think I the in both frequency. really answer penetration terms And and is

currently serve serving of getting more more we job don't the have cohorts product a do the penetration has but a the as lot great well do that this already in On into geographies sure of perfect geographies, that as have. to yet we terms a launching of making with we that side,

keep what do. things over hard the we're but improving paid is the of to that really also years to One that it's we've product, learned the it's

customer end just how we in vectors. each quality on, spend and do don't support. speed I it we do reliability, an world see we my most I is time make the do those terms how one our which more affordable sure products how of the working better is make how more accuracy, across of in the do we of what selection, This improve add making And

in we moving are now commerce building I about that do true I I of earlier you frequency. I proud of that a grocery behavior. more about a of trying even penetration stronger retail, just effect or curve think mean even exploration. our I you're when about really will building days the when in think That think think newer much platform think things of actually of and believe or exploration some what I that's is product ultimately change much a terms the product and both as all we mean, areas about as to these in are of up

Operator

complete And your does that question?

Ross Sandler

Yes. Thank you.

Operator

from next Your Wolfe Khajuria question of Shweta line Research. comes the from

Shweta Khajuria

what little please the think about you a back you then improvement XXXX relates should please. about especially XXXX, And upside room question do Tony, logistics you And trajectory? markets cost Could gains versus in margins, in profit what just it are Let lowering how versus year? for your think try post your versus of it, second international thinking about me some Where bit, stepping frequency goal greatest and investments. efficiency do for this to is talk we about there per how contribution as think we there about X, be delivery. -- when as you think is especially is retention

Ravi Inukonda

Ravi. it's Shweta,

us always towards seeing one And consistent Let is, years, to that We more increase last look a, is the the margin we've the business been scale that operating if me overall business. hard operating business, continue a over are the towards that you couple the density about ultimately has profit dollars. more profitability take dollars, of the you're margin. think at in business I specific to that is percentage. the continued driving the mean, very the consistent, first the contribution EBITDA we for on theme which theme

profit perspective, you profitability give I've a the growing business when I in in growing it than about our portfolio you quite international about early think let more last nicely. it, couple is penetration. in be is the a very think We're the is terms gross continues about journey. of about right? The business what would It's Like early to talked get when faster me specifically, That XXXX the We're of couple stats more And about case. growing. the think to business, are XXXX. peers. But today. in still substantially we seeing it still where about of again, calls to, business I think that compared our we're positive. from international And

We cities all we that that the in. are all not in the countries in operate

continue the we the gross far. performance Our ultimately business goal system. to continue drive are of scale going with is more which to to will profit lead the which in efficiency, so And is the pleased to very to business,

Tony Xu

take the next couple one question, a on I'll of your second and add years. I'll Shweta, little the to first then

cumulative effect one our we've things. of of small businesses think things lot of that is combined building a compounding I it in the learned that many the is sum or of really

to And was so I as a as improvements, areas." simple run product one has wish some whether "Oh, ask to area when it's you than margin question it room way that or there's line about top say, other or more

having see found in having well couple as bottom to comes What And ability just room now around effect how good increase together, you when we've invested to just years. get have when there's the make everywhere. the of that as is reinvestment And grow building improve to line to top margins. significantly reinvest. scale, And those almost investments, run your been line you the as second our is you our things successfully both in as well we've you business. actually what you of which question increasing to next really able really amount positive this think X multiply is about of

do of years we The investment philosophy, couple to when to only really we be next great the continues see hasn't I to invest signs It changed. think about when want so. --

of market market. or the product, audiences, improvement already in fit for an generally sure it's then and what and it's a strong if making we a of cash towards each thereafter. have business having product building exists to the a signs So path monetization early-stage that hypothesis generating a substantial one

with our commerce U.S. area, been starts ads. restaurants platform the X exploring outside business each of for we've that that of so internationally, and business areas our restaurants our And

really that's the where focal be. point to so And continues

we improving earlier of in of think I mentioned, as terms an I product. in just do, a lot work have the to question

of most areas of also search exploration. future we're go. But of dollars where in investment that's So will the

think there's problems I about think same cities. of the a GDP get the that new grow in doesn't and search help when of doubling areas. we to ways local down we into long as have reinvestment at our time, lots the commerce, areas, within everything. mean in I of But I I When in runway think there well existing excited It as lots as of invest see I that

Operator

Cantor line the of next your And comes Deepak Fitzgerald. from question Mathivanan from

Deepak Mathivanan

are of some on for markets? case. an a Ravi. seeing the Where X for the you. with maybe second Obviously, new for the not autonomous Great. XXXX structure And But about does preparing by these Tony, are some kind you [ an autonomous I'll and AVs delivery where current vehicles Wolt? pick increasingly give themselves, Can of how ask become in risks next thinking world and you to stand XX product maybe use respect opportunities how are early can in verticals, What DASH? of personal markets? in key make in you the then world? ] penetration question, up does and vehicle question sort update build-out And fast-growing as a for of AV years an you the food maybe Wolt cost of in to primary potential

Tony Xu

autonomy, Well, starting Yes. [ ] Deepak. on

I autonomy, think I So super mean exciting. it's

happening world big long think other come The I has mega LLM what's X autonomy trends I and one think is right one technology. the in that's happening it's the way. now of a in of obvious

of or existence lot to in expected points think us this exciting I for of the a I come lot think working to hoped but what's probably sooner, come. you're a seeing just either have of certainly proof field

lot vehicle the that the the quite from quite to foremost, XX-feet you robotaxis, first Obviously, in speak. passenger and exit That so solving problem last say different problem vehicle, problem would trying is that the the the have are who still way they of You're the the the for right is, case out total in this about solve is of first figure think articulate people for of enter a problem. helpful can cost delivery can and where And autonomous robotaxis. I that and I operations. for to to actually

with you're at to Obviously, to There's risk. further. going have life passengers, travel

well area to And more some you're That's you're different We moment, on. don't and about as specific that going And as have and cases worked when going [ do we've excited have of statement We now for carry build study we're the to it of makes ]. the the how that going technology quite understand talking addresses about asking hardware, further be operations as distances you're cost think have problem such important capacity. about in need challenges. expensive more very use you're that so question, within in to to that to the travel to to quite the have but the delivery of at years exploration achieve order that it's your you're is profile that all think an technology item to different. and anything deliveries married must the we've It's sense partaken I announce for everybody. both

Ravi Inukonda

that on peers. your on as is very has had an very international the a been point talked I than a faster question strong business Look, mean, Wolt, second mentioned XXXX in growing as, well including we're earlier fact, Wolt. overall, about, Deepak, which year. quarter strong Shweta I on

we're fact, We're every in gaining operate that share growing country faster. In in. virtually substantially we

growing. U.S. And DashPass. category that look to curve as looking launched MAUs trying us ]. are of nicely. of improve it's users are DashPass also portfolio faster continue at entire continued as portfolio expansion several That affordability quite I countries in reached years, new order where growing, portfolio, business I to actually years is is after terms nicely. to grocery compared its to If to than our as well We selection, There mean, all-time frequency it's That's the in a the the in at continues the slope what ago. the international higher and quite of growing trying high we penetration as early has in about an grow. drive the the you're of X grow that quality combination well than [ international verticals seeing Well, to improve Wolt+, scaling

full overall, well mean look as the unit the at strong I the it's We're really So as QX have growth. economics The when business, business, both year XXXX. pleased improved. performance I with of

Operator

of Michael line question from from And comes Morton MoffettNathanson. your next the

Michael Morton

One this for the then wondering Tony, markets NOL. other bit a some markets time. for I the far utilizing the be talk called if you seeing maybe are profitability. more one about in markets behind out for first inflection Ravi. utilizing prior XX-Q, could was international you Ravi, the some NOLs those in that how of could And ones international

So just on curious the there. curve

lot And you a e-commerce, traditional and And changing then more for agents of into as could integrate there's assistants, to opportunity be comes that's shopping secret. to out experience. thought inventory the it's that it a when companies Tony, seamless rolling no search an local consumer the funnel, there's

So infrastructure operators? you're providing for I upcoming model opportunity these and how thinking potential search hear I in the love would say, this to about and, would partnerships

Ravi Inukonda

mean, a thinking I I'll first think as Yes, mean whole. take overall right, international, we the I one. the about portfolio Mike, when I'm about

the we there's margin think perspective. that As there to done very which earlier in right? continue profits is in U.S., looks The there's we Like some of countries positive portfolio that, restaurant the positive. from to using a There's portfolio about. behind countries we've levels talked about contribution They're are -- about markets. gross other similar overall of that very are profit core right? some to I positive good invest we what contribution those about the feel where margin. approaching We're the

of is if don't markets, of to year. that cash volatile And the specifically we rest the to tax, be expect this question the would have international your year, we about expect think just major be in that given a we as level the somewhat around taxpayer I profitability

Tony Xu

for AI the on I to way and our of second agree working going definitely question agents, agents things. mean, tasks behalf The around I Michael, X AI really jobs. of on that this is kind multiple doing premise a the I there's see with lot be DoorDash and

they AI we first play foremost, sure necessarily of LLM to, a I area significant a an make think solve how logistics world, have cost one at but it agents the an quality, is lowest interface some the physical where and as the the world, physical certainly and ways That's we accuracy. infrastructure, physical the highest the such that master understanding in the to right? They're to role. don't don't in world, the do providing with greatest tasks

that So we perfect that's like, make is that. job sure #X

scale that of have over with items the both food sure costs prevalence built the #X technology for there's technologies, year the of we personalization. customers at advantage as open and is models Job down you a that take we've I the as quickly can better quite of graph that make source this million of opportunity all local for great see these to we especially make continue that level, to we use the greatest billions of XXX think data a every orders with much and and

as to opportunity there's of LLMs. of via agents ways think as both well virtually part LLMs, better use improve with the much other operations with our that I every in

the with be that, penetrating exciting addition which about there's great as interface. as in program I and a the think I another different that how as think But technologies X DashPass, value obviously, and add so state will these you personalization to is way -- improved And to in obvious, jobs. think then we

quickly of job customers then experience. make as make have job world. the LLMs assets can bring have to to the technology, continue we the take and master so #X of something as that is to to the we use #X, think And physical I changing we offer that sure bear that especially we we best that is then advantage

Operator

comes & Company. Bernie Needham the question McTernan from from line Your of next

Bernard McTernan

bookings. Just wanted to on touch

just strong, underlying as guide, probably XQ wanted XQ bookings, there's like in then non-restaurant. so just on to of think versus kind any California XQ, FX, it's core restaurant of made I well, in to to is fires, acceleration know noncore the but leap maybe trends what to anything point headwinds XQ wanted the some on? the see or thoughts whether So going year, And on deceleration

Ravi Inukonda

us. growth of quarter a mean, Bernie, I'll look, was QX for I take these. strong both mean, I

performance importantly, continues mean saw back business, consistent digits. and as new growing nice the well as We with just of you're much in more the in if growth year growing double you And and as the what pace, business. stable we restaurant Both quarters. well as at What XXXX, pleased grow at business. than to was throughout pull are verticals very the I international faster restaurants very a right? the seeing look the

continues users. frequency We seeing talked XX as well, an at DashPass rate. driving million year be growing you a that right? about a you're all number what's had in at active this have is we the put Order strong growth the all-time to fact QX. that's that high. over of together, If monthly double-digit That

the QX, happy We're we mean, as well trending have is we've guidance I been As talk as about that with business. the performance look, given. the really we with pleased the business where of

comp, As like also business do continues FX, year, an of right, from roughly X% sort you about basis. there the mean, was QX I a is well. think about on our which of day. some to impact year-over-year There's But growth extra last

the the year, be performance the of to as pleased continue rest more well. at business. the I We very of the look full with And confident importantly, year the outlook very for as overall with

Operator

next Devani Your Nikhil from from comes of Bernstein. question the line

Nikhil Devani

U.S. please. I new have on X verticals,

second, continued probably it if repeat newer helpful verticals. categories? profitability engagement letter towards the cohort U.S. new repeat how do I strong or is So about understand you metrics be first, these aggregate level then in demand to buying that more progress with see more but nature? are would you behavior And in much appreciate see And talks episodic important,

need about term that a varies helpful. in sure long it And looks order I'm profit but to think be your that lot there when there? to think compare So restaurant operating how you what any how per commentary we about category, can the get should that provide eventual you would you does like, scale delivery? minds by

Ravi Inukonda

think if Nikhil, of growing share we the the We've of through take is mean I'll behavior right? What mean had the as one verticals. well as we verticals gained very right, verticals. categories. strong both utilize continue overall ordering that continuing you in you're they about the the early U.S. new pieces to They're in mean, both That's nicely are year. new new very in I fastest order I I actually. now are on engagement seeing up to from restaurants verticals, showing in increase And those, all year from consumers new the the They on was their data. very early platform.

continues think of And is spend a MAUs for more growing, frequency things, I is the the the basis. that. consumers we're month, spending order both to that per It importantly, that is overall something verticals on love that all The go to the we've that continuing that show to quality right? of they're just with you number and MAU new use us goes growing. more And focus selection up. on of The added, monthly product, that

dollars ] the look 'XX. for unit percentage compared When progress be at through we're margin economics improved question system, couple of a There's a continues a flowing [ I your When around not made, the to 'XX about think 'XX year. we've overall on are that profitability, that mean, [ right? new to retract it case And the thinking to ], The we have food about you're was in profitability. basis, I that thinking about second things verticals.

the build higher dollars think are. think a focused as I I for be is the the to dollar right we free well is as of ultimately, years. business Grocery great as opportunity a look, overall in feel we're here. an where mean, flow we profit very we now area new as next I us have growth several very as cash about verticals goal overall system. to large because What going on scale is over about to well drive driver good

Operator

from Sheridan question And line your Sachs. Eric from the of Goldman next comes

Eric Sheridan

go building the state the user side of a little key of of the bit that what on elements over the unlocked in supply. question. want the year last last I growth were deeper the frequency Maybe to or either business, you or potentially how priorities? And when just the grocery your of array investments isn't looking And XXXX against unlock that your in key potential? some to what think supply as see out the of strategic you does that frequency that about ecosystem, inform do learnings over

Tony Xu

Eric, mean, lot one. this it's guess just product this lot Tony. I making can sure I'm of take of I a improvements. I a is

look state mean, where is delivery of play still where the that of penetration compared and the of if quite quite the lagging. of e-commerce in grocery other it I think or levels delivery I at U.S. globally, you nascent. is to still is it's categories it

there think a reasons. short that That's order. but receive the not premium, to pay is asked I items a that And several of the But today version customers are they always great this proposition. are don't they

sure one of SKUs And understanding so improve that doing dashers orders. the that who with right of want our are -- affordability more deliver how we that do each where matching there's sure catalog, are the type to we're grocery work products, grocery everything with the from deliveries And making making accuracy adding sure of make actual to we items we we that factors. can we a through these have of increase perfect and just exactly lot do the

or like all other set partners together something of that perfect There's to with look list, delivery ecosystem lot this mean different retail it this. project at and things. I if Working a the small for make just you would sure list be of like quality. up of a like probably hundreds grocers is

thing. there one any isn't So

it in what product go. prior, We're improvement I way of really years the done that a we've be there that to one is learning and key remains with there's long satisfied think left. still but would 'XX the a lot

buying orders are in of week is baskets Ravi building more each customers point of your customers all that serving the and own business of and small grocers Two, top-up to the who And an [ ] just a is us buying customer. see This what question larger the for are relationship the now their now earlier cases. about a kind how run with to of is spend use by we middle of grocery started made as partners. growing with more toanother bring their three, we we question, part which see the that bring well is dabbles the channels and I very through bit for recurring think that that incremental as other they

And been all think of again, to we things on feel, of working look so still indicators But focus is that path. think mentioned, I keep grocery I these the right in of have the the feel what very still really we're terms about kind one We the strong of progress as terms early I super our we've but should in just we on delivery we're like. good made, main like have product.

Operator

from of comes line question Oppenheimer. the Helfstein Jason next Your from

Jason Helfstein

ask I questions. X can If

accelerate DashPass, I thoughts second, the how 'XX. up X% you from per I you And sharing math in growth? here? catalyst the GOV think Just numbers. growth And potentially on to do rate general MAU guess, think the was then appreciate on I in the growth the any about

I is was our 'XX, if right. in it think X% math

non-U.S. nonrestaurant? talk maybe restaurant, whether would us, about U.S., Just that the impacting factors be

Tony Xu

the with you on first one. start Maybe I'll the second can DashPass, take and Ravi, one

So respect playbook. a to straightforward with think DashPass, I it's pretty

in over within so fraction only us have tens and subscribers. of a large million we're But the at customers our our base we have we of start, DashPass own look millions, annually. you who Wolt+, that XXX with right? when not ecosystem are customer think And order I to

other I and before first think go thing have to to the solve that's So we solve, trying problems.

how making about Well, that is joining not I made for a product that? joining the quality as all and it's selection, the subscriber better better so more sure the we really think more so, And the exclusive that sure are than solve obvious subscriber. making of do there customer -- commentary subscribers as support improving by a is But earlier okay, is them that making making sure perfect, making I've improving. why benefits

help And think, frequent be they All of program. membership actually, service. more when things someone to be to a ecosystem going would want these is of of then our to more willing are greater user our I frequency the consider service, a users

to We so at, think really where don't programs. have that growth feel in unnatural do we about the see that's and really we're going. subscriber have keep good just And focus anything we our to where I is. to

Ravi Inukonda

they they Jason, But to on clip. about still are this order usually, blended mean really business, not with healthy think it's And more to math ordering graduate users point, appreciate the pretty a do. the before see when trying like seeing an sort new second of business a what the lower of cohorted I users number indicative join, We're frequency I you business. at For your have from looking is we onto right? acquiring a underlying you in what the platform. perspective, us, is that new when you're trend

on but strong, continues that And about is which it's improve. the underlying is the you to are at to it's it users frequency the more way dimension think continues look really real is ordering Retention should different They're When look to second look continuing growth the I the at basis, retention, business. right, still with well. at to restaurant I grow. business, look order at [ mean, lines us. various of improve, and it The I a at is whether cohorts, looking doing ] cohorted

to question, frequency talked continues new an two, fact grow. Number that as like earlier to as about verticals their I on the even order right, users well are growing

me the the strong, the business, cohorts I of their at is underlying continue engagement thing just be second as would look both to health older for as as to tells continue the The older cohort they well and as frequency strong, look cohorts. that at time. look new The truly is order existing at to the And increase strength well over cohorts. you very that

Operator

your that complete question? does And

Jason Helfstein

Yes.

Operator

Ken Wells from next the line Your of comes Fargo. Gawrelski from question

Kenneth Gawrelski

Two, if I may, please.

First, advertising. on

aggressively how area please, for fifth Could environment product the one the you scale the XX talk have Do evolve on the overall may bigger great to the ads? next Could can And it then as year? to you of list throughout the where You build you experience the is road just Dasher speak, Dasher it kind and business. to how you you and map XX you product the think advertising feel ready supply second supply. months? you question more picture, see about a

a Instacart segmentation there [ ], of of reading differentiate seeing second, then and in-store and about you Uber kind seeing and pack. beginning delivery, and are between And pick of we're cases to kind use

Tony Xu

there start. think Ken, mean a few think, can in there. I were, questions I I I

And it's consumers. advertisers you the to build degradation, the the ads. question mean, return advertising, equations for set products ideally because what set X terms ads was we the worked of and highest around in solve degradation mean, great advertisers, of achieve how ad right? do balancing trying mean, then no I think spend sets for of products it's of year. of I you're the for a constantly set when on least I X you simultaneous of products, you're X I always first on, where consumers for amount had and

and you there's saying make think that which quite healthy ready it's important would assumption a advertising and aggressively what an advertising pursuit. you're scale. is an an marketplace you're you question your is made I I of short-term between a business business follows to would like to a challenge And so if there's itself that And in sure in distinction saying, scale that that by

sure the more got relevant. way that our we it making is, to more think we And so well, about are ads keep and

are more units there advertisers. to can types that so make that solve and different of have for problems sure more they We

to have partners also like are sure platform reporting that working kinds other things advertisers standard of we of or with. make integrating tools to seeing I But and other think accustomed that

that right I needs we I think product an marketplace business. of the course, making the thing for a the getting kind of healthy that think advertiser all of important par about is Because the these consumer. most is but the with always can balance think trumps is of are I again, advertising needs the way and the like the this precedes sure

strong also looks challenging With unfortunately, there had circumstances anomalies, that of well has with of in really those world some Dasher supply Dasher outside have occurred. continues on parts different weather natural different Obviously, But really, the supply supply as, Dasher respect good. look We've the disasters to healthy. road. supply, as been very really to

And sorry, about last your what was it? question

Kenneth Gawrelski

talking versus in-store pick delivery. and some supply and just the core -- versus differentiating the was so what pack more kind versus seeing about delivery versus differentiation of we're I

Tony Xu

I got it.

yes. Okay. it. I got Yes,

are connected. That's didn't know Okay. X helpful. the I

preferences So around different different world. Dashers we see and couriers do the for

We lot there highest of there. out we the there. frequency benefits other largest a of we stores of as starting restaurants, the the well the One of there's of where offer breadth more delivery coverage everywhere, that have Dashers effectively with as have fleet types restaurant food just are out and

lot is that's of self-selection, what kind journey. just so a a see -- it's And this learning of we

they then and delivery they type X actually delivery of try may add type will preferences. X of but their Some another week, to Dashers prefer

So work learn different it's and of we on continue the preferences. to continue something just to that kind

important is fewer I of most you hours XX% where #X Dashers to week. a thing feature XX than network, remember the think driving flexibility the have the that is the of

Dashers. the trying opportunities to for in some to ways, so what set is we're flexible And do we're trying maximum of construct

And different more help more as into add of we in direction. that should tasks so we categories, network, that types our add as

Operator

question line comes from of Youssef Securities. from And your next Truist Squali the

Youssef Squali

Awesome.

you Tony, ads DSPs question. is the a to then be on other significant -- a may talk little Desk, So deal bit not this maybe flat state platform? how you importance maybe Last the XX.X%. you the signed ]. Can a with And the quarter, at [ just maybe platform. relationship on of Trade about of was and DSPs as the you a talk that about the follow-up rate can to take sequentially

advertising platform first and of I to maybe revenues in time the the Ravi. while, Maybe driven think that's anything into take the in by read a for rate How that? much was quarter?

Tony Xu

Yes. on first ad. I'll start with the part

you within things And the for the we we X these have are restaurants. was when it is, all if course, we right, advertisers, in started of for think X And think with the all will. did first about I right, first you years ads thing of restaurants, if of them build kinds ago what par partnerships. different you terms

businesses. smaller, some medium and are some of small larger of some have have whom you of are and but then whom And which businesses, enterprise You which some of franchisees, have no have franchisees.

to moved our serve portfolio as now ] into globally work And progress, well. And we're anyone. And doing we verticals. we now CPG this product the have especially then really [ in to new we as

advertisers building just important just announced we're solving mentioned, of likely that's I where kind that accustomed different and are ecosystem. the at. really ready, to, for a we course be of There I We're work partner of this And what as so have of think we'll part now a lot We out partnerships more that where advertisers partners are somewhat with. right? road is And of and we'll you will existing kind map. that that merchants understand a think keep

Ravi Inukonda

well. take point, second largely years growth. due terms this mean, is as mean, Dasher the I in right? us was historic I seasonal terms the QX, a on of to Look, for rate in Youssef, in impact seen great We've quarter the pay. QX of

into we [ terms largely So take order you're to the the of rate. in That's what Pay in support lead Dasher QX growth. seeing ]

But business. important how more mean, the importantly, to just we to pull reiterate back. again, I operate

specific We margin percentage. operating a towards are business the not

that growing always we a, back generating has goal dollars. we economic to is b, generate unit And about Our increase when that the for a and constraint of efficiency, in we reinvest try to continue way to us. And efficiency think extremely business the investing retention; and frequency drives flexibly philosophy well. going of the to for drives scale going business. the as forward operated the we've the and And it's P&L, order are be last been the scale that we several the continue and growing profitability case that's years, and to ] the with is profit on the business overall because up important been [

Operator

next from Morgan Nowak comes of Brian Stanley. line question And your from the

Brian Nowak

Maybe X.

sort changed one, I'd year-on-year areas of us think you of your how allocation Tony, a of sort love year-on-year. versus to trying and priorities capital to investing to changes maximize about The where talk prioritization of of sort dig into to or growth investment of just bit budgeting or you of your multiyear frequency? 'XX sort little less first continue dollar sort to of the more start and can free 'XX. I'm through are cash flow the

get skis, housekeeping, so just of all maybe second sort our how regulator of going little And cash on of the the buyback buyback should think but about the you're and then sort what we one, pace forward? we of the then a is over pace the bit the balance of Or the targeting?

Tony Xu

see see improvements what usually do can everywhere. happen I think the -- not Yes. if versus been in continued changed, though And question. wish that that's buyback a hope. I my effectively to take I progress much of far. certainly infinite And would I can Ravi, And market maybe XX mean, I longer question. months, want but fit the I guess, short, on say, start I prioritization an 'XX has 'XX. than so amount would take things lot I you experience product that in I is Brian,

double And I'll down. so see that, whenever just to continue I

in 'XX. leading something proud I'm decisions 'XX of like reason that think taken honestly, a things right? our most even view to of you or results it's were 'XX up booked, were Because if 'XX long And mean product intellectually of prioritization probably or our hard this. I ], I [ how of results, the of see mean a 'XX is baked they work to the I things I So the those that's started some these results year-to-year. ago. time the why it. a And we kind actions or and reflection QX

see And so continue oldest mean room there's of have in which a there. but continue areas. one I growth to invest a exploration, we each our U.S. that in stable to stable the reason saw is great more of area, -- go think we a lot I to to strong our area I and restaurants

for candidates restaurants. well overseas of Obviously, continues both Commerce as as platform very have we investment, strong to do well. outside

our addressing with we're you a platform really powerhouse, digital more now, first-party think Commerce do do But only there. has a well couple that. become delivery a think problems then you're than marketplace. I executed the business, have business But of about to think obviously, to of going right kind really ads a that a if you And think clear line done have I followed first-party healthy expected and I ads which I ordering. how teams and amazing. there's again, healthy follows that, have And

in one areas, year-on-year. areas of of each I those I so kind investment similar think And of very see

creatively can more it's and that me, problems actually what for other customers solve think useful. well, enough that so we're can with I our and taking we about, and making we enough sure be thinking more risk working

Ravi Inukonda

Brian, the I capital look, we how to reiterate about allocation. on think second think mean, important mean point it's buyback. on I I

time that been return. Our a it amount is which very we of on in expect we couple the That's consistent, billion over to and generate I to we over way strategy last been value. we're generated meaningful The not shareholder around of $X buyback think we mean, the case. to has any philosophy changed. about the years. work, we be invest has results every terms I pretty put look the happy generated been opportunistic. with we've continues right, employed the piece, We've of we've dollar

of be Our goal we'll over a drive as returns is period longer to going conservative opportunistic and and to forward continue well. time,

Operator

everyone. you now disconnect. and great call. and for thank everyone conference does be participation this your conclude And and joining, for do our may a Q&A we concluding day, will Have session, today's We

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