Maplebear Inc.

Good day and thank you for standing by. Welcome to Instacart's third 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 as a session. To ask a question during the session, you will need to press star 1 on your telephone keypad. 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, Vice President of Investor Relations, Capital Markets, and Security. Please go ahead.

Thank you, Dustin, and welcome everyone to Instacart's third 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, partnerships, equity grants, 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 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 the call over to Fiji for her opening remarks.

Thanks, Rebecca, and hi, everyone. I hope you had a chance to read our latest shareholder letter, which highlights our strong Q3 results and the momentum we're generating across all aspects of our business. We know the grocery market is still vastly underpenetrated online, and as a leading online grocery marketplace, we see it as our job to further accelerate adoption across all customers' grocery needs. And it's clear that we're winning at all of these use cases. We continue to be the clear category leader in both small basket fill-up orders, which represent 25% of the industry, and large weekly baskets, which represent 75% of the industry. We are truly building a habit so that over time, customers end up spending their full grocery budget with us. While other platforms are selling some grocery items, they are not building customers' grocery habits, which is critical to retaining customers with good economics. Our leadership simply comes from our superior experience and where we relentlessly focused on extending this advantage by deepening our retailer integrations. These integrations remain one of the most underappreciated parts of our business and are really our secret sauce. In our letter, I gave examples from several partners that leverage our technologies across our marketplace, their e-commerce websites, and in their stores. Through deep integrations like these, we're able to provide a faster, more affordable, and higher quality service while helping retailers grow. Most people underestimate how complicated it is to launch these services for grocers. I mentioned the 150 new features and offer types we built with Sprouts over the last year and a half. We're the only ones with a breadth of solutions, experience, and trust to deliver on these complex integrations. and our ongoing technology leadership is critical. As the industry transforms and the pace of innovation increases, grocers increasingly turn to us as a tech ally to develop experiences they wouldn't dream of building on their own. This is especially true with our ongoing investments in AI, which build on more than a decade of specialized grocery data. To further our technological leadership, I'm very pleased that we recently added Anirban Kundu to our team as Chief Technology Officer. As you know, we're not just Grocers' ally online, but also in their stores. And our deep integrations give us a right to win there, too. We're pleased with our progress on Keeper as we continue to broaden deployments across more than a dozen grocers, including national, regional, and local grocers. We've taken an approach of piloting Keeper cards with many different grocers, to prove the model in different markets and hone in on best practices for every market segment. I'm really excited by what we've learned, and I look forward to continuing to scale our deployments next year. I'm also really excited about restaurants on our platform. We're seeing promising early results since the launch in June, and we have a lot more room to grow and build the flywheel between restaurants and grocery. On ads, as we've talked about in past quarters, we continue to work to diversify. It takes time, but we're making a lot of progress on diversifying both demand in terms of the type and number of brands that work with us, as well as supply, where we're increasing the number of different sites where our ads appear. On the demand side, we're seeing strength among emerging brands who are doubling down and growing faster than our overall platform. That's simply because our ads work. They help people discover new brands and build purchasing habits. We see direct correlations between how much a brand spends on our platform and how this influences their sales and market share, so we feel extremely strongly about the performance of our ads. We're also continuing to invest in more ad formats, measurement, and targeting capabilities, as well as campaign management tools to further drive demand. On the supply side, we're diversifying across the Instagram marketplace, but also across more retailer sites, including ones we don't work with for e-commerce or fulfillment, like Thrive Market and Cut & Dry. In 2025 and beyond, we also expect to further increase supply by expanding our retail media-powered partnerships and bringing more ad formats to keep our cart screens, which can take the best of online advertising and bring it to the store. Overall, I'm incredibly excited about the momentum we're generating across all aspects of our business. I'm confident in our ability to execute on our strategy and grow the price for all of our stakeholders. Now, I'll pass the call over to Emily for an update on our financials.