The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Brian Nowak - Morgan Stanley - Analyst
: So you've been in the role seven months now. I know you've been doing a lot of meetings and marketing in the US, and in Europe. I want to sort
of start with in the seven months, what have sort of been one or two of the biggest learnings you've had about the business and sort of what is
underappreciated when you do all these investor meetings about the Instacart opportunity?
Question: Brian Nowak - Morgan Stanley - Analyst
: Great. There's a lot there I want to sort of dig into. Maybe let's -- before we do that, let's talk a little bit about sort of the competitive landscape. I
think one of the most common questions that I get from investors is how does Instacart continue to compete, drive growth profitably when you
have Amazon going after grocery, Walmart going after grocery, DoorDash, Uber, there's so many online grocery players going after this big TAM
because it is so important. So maybe in the competitive situation, how do you think about sort of points of differentiation that will enable you to
keep driving more users and frequency in this highly competitive space.
Question: Brian Nowak - Morgan Stanley - Analyst
: Got it. And the management team certainly has experience from digital ad platforms and how to build diversified advertiser bases. So maybe talk
to us about sort of the blocking and tackling involved with how do you bring on more of these smaller advertisers and sort of expand the advertiser
base by 1 times, 3 times, 5 times, 10 times for the next 10 years.
Question: Brian Nowak - Morgan Stanley - Analyst
: Got it. Okay. Let's talk about the Uber partnership. Another company area I know that the management team has expertise in. So maybe for everyone
in the room, just sort of first, remind us how the Uber Eats partnership works?
And then sort of the early traction sort of early signal that you're seeing from an incremental user, incremental volume perspective?
Question: Brian Nowak - Morgan Stanley - Analyst
: Are there any sort of geographic or demographic cohorts that the Uber Eats partnership helps you penetrate further? Is there anything there from
a younger, older demographic, suburbs versus cities? Anything from that perspective? Or is the user base sort of similar?
Question: Brian Nowak - Morgan Stanley - Analyst
: Earlier in the discussion, you talked about sort of investing to grow, but still growing profitably. I think your -- if we look at sort of your take rate ex
advertising, I know there's a lot of moving pieces going on in there. And so it's a -- it's been impressive some of the operational efficiency that's
come through in that line. So maybe talk to us about in that take rate. Where have you made the most progress?
And as you look into '25, where are the areas where you can still drive more operational efficiency and the take rate ex-advertising.
Question: Brian Nowak - Morgan Stanley - Analyst
: Got it. All right. Well, Emily, thank you very much for your time. I can't wait to see how business goes over the course of the year.
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