Maplebear Inc.

Good day and thank you for standing by. Welcome to Instacart's second 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 will need to press star 11 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, Gigi, and welcome everyone to Instacart's second quarter 2024 earnings call. On the call with me today are Fiji Simo, our Chief Executive Officer, and Emily Reuter, our Chief Financial Officer. During today's call, we will make forward-looking statements related to our business plans and strategy, developments in the grocery industry, and our future performance and prospects, including our expectations regarding financial results and partnerships. 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 in our last Form 10-Q 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 as a 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 over the call to Fiji for her opening remarks.

Thanks, Rebecca, and hi, everyone. I hope you had the chance to read our latest shareholder letter. We've posted strong Q2 results, including 10% year-over-year growth in GTV, our third consecutive quarter of positive gap net income, and impressive gains in adjusted EBITDA and operating cash flow. Our performance reinforces our leading position as the largest online grocery marketplace in North America and highlights our best-in-class customer experience underpinned by industry-leading delivery speed and order quality. Across all dimensions, our deep integrations with retailers built over the last 12 years are an enduring strategic advantage that continues to pay off. We continue to deepen our selection advantage by offering multiple services like pickup, virtual convenience, EBT snap, catering, and more that all require deep integrations within retailer systems. Our quality is unmatched because we understand retailers' inventory dynamics better than anyone through billions of data points that help us figure out what's on the shelf or what the perfect replacement is. And by linking with retailers' loyalty programs, digitizing their circulars, integrating their complex offers, and powering their price optimization algorithms, we can also make our service more affordable to consumers in ways that are incredibly hard to replicate. These advantages don't just apply to our marketplace, but also extend to our enterprise platform, which is one of the most underappreciated parts of our growth strategy. So I thought I'd spend some time today explaining this in more depth to show how the scale of our retailer integration, the foundations of our marketplace, and white label storefront work together in a virtuous cycle and position us well for the future. In 2023, we completely rebuilt our white-label e-commerce storefront solution from the ground up. By creating a shared architecture with our marketplace, our enterprise storefront partners can now immediately benefit from the latest features and technologies that we add to Instacart on their own and operated apps and websites. Most retailers can't match our pace of innovation on their own, so by integrating with us, they get continuous improvements that drive growth, with minimal cost and effort. These investments are showing up in our results as we rapidly onboard more storefront retailers who are eager to turn in-store customers into omnichannel customers. About one in five Instacart orders are placed on our enterprise platform, and as we continue to expand our white label volume, this also benefits our whole ecosystem. By increasing the density of orders that we serve in every store, we can best position shoppers to offer faster on-demand delivery windows. We can also batch more orders together, which is a key to unlocking our best-in-class unit economics in grocery. We are constantly looking for more ways to pass on this cost savings to customers and retailers while reinvesting in new initiatives to make our technology and service better so the virtuous cycle can go on. There is a lot more runway to grow our marketplace and enterprise platform online for sure, but even if we double or triple online grocery penetration, more than two-thirds of grocery shopping will still be in-store. And that's why our enterprise technologies now go beyond e-commerce with a suite of in-store technologies. Just today, we announced our first-ever international launch of our AI-powered Keeper Card in partnership with Aldi in Austria, as well as Aldi US launching KaraTags and an in-store mode inside our app. We're also expanding our FoodStorm ordering kiosk pilot with Sprouts, and Schnacks will be our third retail partner to roll out KaraTags in electronic shelf-labeled software chain-wide. The beauty of all of our in-store technologies is that they connect directly with storefronts and with each other. So it's really a seamless experience for customers to buy from retailers online and in stores. For example, customers can reorder online what they bought with their Kepa cart in one tap or bring their online shopping list to the screen of Kepa cart to avoid forgetting ingredients in the store. This is increasingly important to retailers who are moving away from complex and fragmented point solutions and towards technology partners that can offer a simple, and seamless customer experience across all of their channels. Scaling our marketplace and enterprise offerings both online and in-store is also critical to our strategy because it's laying the foundation for a massive one-stop shop omni-channel retail media network. While it may seem like new retail media networks are popping up left and right right now, We know that brands have limited time and resources, and they will ultimately want to work with platforms that have scale across all channels. And this is exactly where Instacart ads will shine because of our leading scale, performance, measurement, data, and product capabilities. With us, CPGs can reach audiences across our marketplace, retailers owned and operated sites through carrot ads, as well as other destinations like Google Shopping Ads, Meta, the Trade Desk, and YouTube, where they can place ads pointing to Instacart and leveraging Instacart data. And in the future, this will also include in-store ads on K-per-card screens, which can take the very best of online advertising and bring it to the store to people who are already in the aisles. Overall, as you can tell, I'm incredibly excited by the momentum we're building across our marketplace, enterprise, and advertising platforms. We're placing really ambitious bets that will enable us to extend our lead as the leading online grocery marketplace and cement our position as one of the largest omni-channel retail media networks. As we execute on these growth strategies, I'm confident in our ability to generate more shareholder value over time and further our vision of building the technologies that can power every single grocery transaction. Now, I'll pass the call over to Emily for an update on our financials.