Maplebear Inc at Goldman Sachs Communacopia & Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Eric Sheridan - Goldman Sachs - Analyst : Okay. I want to talk a little bit about exclusivity and grocer selection. So you built up the best selection of grocers if you look over the last 12 years. As more retailers become non-exclusive, how do you think retailers moving to non-exclusive from exclusivity might impact the competitive positioning of the company?

Question: Eric Sheridan - Goldman Sachs - Analyst : So I want to build on that topic, Fidji. We've talked about this on public earnings calls. I've asked you about this, this concept between large baskets and small baskets. Talk a little bit about what you've built in terms of advantages around sustained growth with large baskets. And why haven't folks been able to crack that code yet when you think about it competitively?

Question: Eric Sheridan - Goldman Sachs - Analyst : No, very clear. As we continue to sort of tick through key investor debates, I think another two-part one we hear a fair bit would be, number one, how do you see the role of Amazon and Walmart in terms of impacting the industry with large -- from a competitive standpoint? And how would you address the issue of a broader array of retailers trying to disintermediate what you do by doing it themselves?

Question: Eric Sheridan - Goldman Sachs - Analyst : Okay. One of the other debates that's been happening over the first two days of the conference is the current state of the economy. So maybe you can talk a little bit about what you're seeing in the macro environment, what impacts that might be having on growth. And away from the macro environment, how do you think about aligning investments against the long-term opportunity as opposed to whatever the shorter-term opportunity is?

Question: Eric Sheridan - Goldman Sachs - Analyst : Okay. Maybe we can pivot to a more recent announcement, which is Uber Eats. You announced a partnership that brings restaurant delivery from Uber Eats into your ecosystem. Can you talk a little bit about how that effort came about and how it's been scaling? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2024 / 9:25PM, CART.OQ - Maplebear Inc at Goldman Sachs Communacopia & Technology Conference

Question: Eric Sheridan - Goldman Sachs - Analyst : Okay. So with a nod to what is up on stage with us, I want to ask next about Caper Carts. How is the rollout going, especially relative to your expectation? What has been the feedback so far from retail partners? And can you talk about the business model of what you're trying to build about the marriage of the relationships and the retailers and putting technology hardware like this in the store?

Question: Eric Sheridan - Goldman Sachs - Analyst : Okay. Thanks for that. Maybe pivoting next. Can you give us an update on Instacart for business? We saw you mentioned that over 1 million business customers placed an Instacart order in the last year. How do we think about against that benchmark where the long-term opportunity sits?

Question: Eric Sheridan - Goldman Sachs - Analyst : Okay. Maybe we could turn to the advertising landscape. So if you think about it, you built one of the larger advertising businesses that reach customers both on Instacart and off Instacart. What stage are we at in terms of the broader advertising opportunity? And maybe thinking through the lens of CPG advertisers, how they spend their money and what some of the opportunity set is there for a company like yourself? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2024 / 9:25PM, CART.OQ - Maplebear Inc at Goldman Sachs Communacopia & Technology Conference

Question: Eric Sheridan - Goldman Sachs - Analyst : Maybe building on that answer, Fidji, when you think about where you want to bring your advertising business longer term, you've talked about the advertising investment rate, and we talked about that on earnings calls. In terms of some of the levers and product development and what will take you from where you are now to where you want to be medium to long term, maybe talk a little bit about the things you're working on, the things that are most interesting to you in terms of improving that advertising investment rate.

Question: Eric Sheridan - Goldman Sachs - Analyst : Okay. So we have a few minutes left. I think we always like to end with a forward-looking question. We're at a technology conference. What do you think will be the biggest surprise in the delivery industry over the next year? And what are you most excited about for Instacart over the next three to five years?

Question: Eric Sheridan - Goldman Sachs - Analyst : Fidji, really appreciate the opportunity to have the conversation. Please join me in thanking Instacart for being part of the conference this year.