Maplebear Inc.

Good day and thank you for standing by. Welcome to the Instacart's fourth quarter and fiscal year 2023 financial results conference call. At this time, all participants are on a listen-only mode. After the speaker's presentations, there'll be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. Please limit yourself to one question and one follow-up so that we will have enough time to address everyone's questions. Please be advised that today's conference call is being recorded. I will now hand the conference over to Rebecca Yoshiyama, Vice President of Investor Relations. Please go ahead.

Thank you, Valerie, and welcome everyone to Instacart's fourth quarter 2023 earnings call. On the call with me today are Fiji Simo, our Chief Executive Officer, and Nick Giovanni, our Chief Financial Officer. Shortly, we will open up the call for live questions. During today's call, we will make forward-looking statements related to our business plans and strategy, future performance and prospects, including our expectations regarding Q1, and full-year 2024 financial results and potential share repurchases. These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated by these statements. You can find more information about these risks and uncertainties in our last Form 10-Q filed with the SEC. We assume no obligation to update these statements as after today's call, except as required by law. In addition, we'll also discuss certain non-GAAP financial measures. These non-GAAP financial measures have limitations and should not be considered in isolation from, or as a substitute for, our GAAP results. Our reconciliation between these GAAP and non-GAAP financial measures is included in our shareholder letter, which can be found on our investor relations website. Now, I'll turn the call over to Fiji for her opening remarks.

Thanks, Rebecca, and hi, everyone. I hope you had a chance to read our shareholder letter, which highlights why we're the category leader and top innovator in online groceries. I also provided color on our solid Q4 results and why we're set up for an even stronger 2024. Our product experience is the best it has ever been with leading selection, quality, and speed. For example, we recently rolled out EBT Snap with Kroger and Costco, and we also launched Whole Foods on our marketplace in Canada. These new and expanded partnerships deepen our selection advantage with some of the largest grocers in North America. We also continue to improve on speed and order quality. In Q4, our fulfillment speed got faster, even as we batched more orders. And at the same time, our found and fill rates increased for the sixth quarter in a row. Over the past year, we've also overhauled our incentive systems and established an even stronger formula for consumer habituation. This allows us to invest more in marketing and incentives in deliberate ways that we believe are more highly correlated with resurrection, activations, and deeper engagement. As the industry leader, this will allow us to generate more value for our partners and accelerate online grocery adoption over the long term. These critical advantages, product enhancements, and marketing investments all contribute to our strong Q1 outlook, where we expect to deliver accelerating year-over-year GTV growth for a fourth consecutive quarter. And this growth continues to be higher quality, with the majority coming from orders rather than AOV. In short, with every order we complete, we're getting better and smarter, which allows us to reinvest and generate even more orders. This virtuous cycle, enabled by our scale, and combined with our leadership position, makes it incredibly hard for any other player in the industry to replicate the experience we deliver. That's why we continue to deepen our lead over competitors. Based on third-party data, we increased our share of sales amongst digital platforms in Q4 and in 2023, with more than 50% of share of small baskets under $75, and more than 70% share of large baskets over $75. While other players work on problems we solved five years ago, we're busy inventing the technologies that can transform the grocery industry over the next five years. For example, we know that the future of grocery is omnichannel, which is why we're investing in new technologies like our Keeper Cops. We're also exploring more ways to further leverage our incredibly unique and vast data sets to help retailers and brands modernize their operations over the coming years. We're doing all of this while maintaining our relentless focus on profitable growth and our long-term financial targets. In order for Instacart to take on our most ambitious bets, we also need to streamline how we operate. Today, we made the tough decision to lay off approximately 250 of our talented team members. This will allow us to reshape the company so we can focus on our most promising initiatives and execute more efficiently to a flatter organization. Separately, with the departure of three of our execs, Asha, Vorouj, and JJ, we are also taking the opportunity to streamline my management team and create more autonomous teams with all the levels they need to execute on our critical initiatives. We will be looking for a new CTO, but do not expect to backfill the COO and chief architect roles. Over the past few years, these leaders have developed a strong range of talents that I look forward to working with more directly. I am confident that this will enable us to execute with even more focus and efficiency moving forward, and want to thank all of our teams, especially those whose roles were impacted today, for getting us to this point. Overall, I'm proud of the performance we delivered in 2023, and I'm excited for how we're set up for an even better 2024. I believe we have an incredibly strong leadership position that, when combined with accelerating growth, will generate more shareholder value over time. Thank you for your support and being on this journey with us. Now, I'll turn the call over to Nick to provide more of an update on our financials.