Maplebear Inc.

Good day and thank you for standing by. Welcome to Instacart's first quarter 2024 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1-1 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 is being recorded. I would now like to hand the conference over to Rebecca Yoshiyama, VP of Investor Relations, Capital Markets, and Treasury. Please go ahead.

Thank you, Josh, and welcome everyone to Instacart's first quarter 2024 earnings call. On the call with me today are Fiji Simo, our Chief Executive Officer, Nick Giovanni, our current Chief Financial Officer, and Emily Reuter, our current Vice President of Finance and incoming Chief Financial Officer. After brief prepared remarks, we will open up the call for live questions with Fiji and Emily. 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 financial results, partnerships, equity, issuances, and share repurchases. These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. You can find more information about these risks and uncertainties, including those related to the classification of shoppers on our platform, in our last Form 10-K filed with the SEC. We assume no obligation to update these statements after today's call, except as required by law. In addition, we will also discuss certain non-GAAP financial measures, which have limitations and should not be considered in isolation from or substitute for our GAAP results. A 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. Hi, everyone. I hope you had a chance to read our shareholder letter, which highlights our strong thoughts to 2024 and how we're continuing to raise the bar across all the most important dimensions of groceries. As the largest online grocery marketplace in North America, We provide 98% of families with access to delivery and pickup from over 1,500 retail banners. We represent more than 85% of U.S. grocery sales. On top of the best selection, 45% of our orders are accepted by shoppers who are already at or within a mile of the store, which means your first item is often being picked out faster than it might take you to get out the front door. Our shoppers also have the advantages of experience and our technology. With shopper tenure on the platform at an all-time high, constant improvements to our models, and in-store tools like planograms, shoppers can complete orders faster and with more accuracy. Simply put, no other marketplace offers the leading customer experience we provide at the scale and competitive cost we deliver it at. And now, by partnering with Uber, we're giving people more of what they're looking for. By bringing on hundreds of thousands of restaurants to Instacart overnight, we're creating an unmatched combination of grocery and restaurant options for Instacart customers. The Instacart app can now serve more of our customers' food needs, and our Instacart Plus membership becomes twice as valuable, with no delivery fee on grocery and restaurant orders over $35. By giving our customers more reasons to turn to Instacart, we believe we'll also be able to drive more sales and growth opportunities for retail and brand partners, which remains our top priority. Overall, I'm excited for what's ahead for Instacart in 2024 and beyond. We have a strong operating foundation, a relentless focus on profitable growth, and we're executing well on our vision to build the technologies that are transforming the grocery industry. So it is with great confidence that we announce Emily Reuter as our next Chief Financial Officer. Nick will retire at the end of Q2, and Emily's role is effective immediately after we file our Form 10-Q, which is expected later this week. As Nick and I discussed the best CFO profile for our future business, I wanted someone with a depth of operating experience in a complex marketplace business similar to our own. We found out and more in Emily, and she's been contributing enormously since she joined in January. Emily is undoubtedly the best CFO to help drive Instacart's future. I want to thank Nick for his exceptional contributions over the past few years. By instituting a new level of financial rigor across the company, Nick helped transform our business into one that delivers strong, profitable growth and was one of very few tech companies that could make a successful public market debut last year. Now I'll turn the call over to Nick to provide a few remarks.