Maplebear Inc.

Good day and thank you for standing by. Welcome to Instacart's first quarter 2025 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, Operator, and welcome everyone to Instacart's first quarter 2025 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, impacts for macroeconomic conditions, and our future performance and prospects. including our expectations regarding our financial results. 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 SEC filings, including our last Form 10-K. We assume no obligation to update these statements after today's call, except as required by law. In addition, we'll 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.

Thank you, Rebecca, and good afternoon, everyone. I hope you've had a chance to review my shareholder letter, where I highlighted how we've had a good start to the year and how we're innovating to accelerate online grocery adoption. Our operating fundamentals are strong and we're well-positioned to drive growth, for both our business and our partners. Groceries are essential, and we operate in a massive market that still significantly under-penetrated online. Consumers today care deeply about convenience, affordability, quality, and selection, and that's exactly what we deliver. Whether it's saving families time, helping them stick to a budget, or offering the largest selection of retailers, we're making life simpler for millions of households every week. That focus has established Instacart as a clear category leader among digital first players in both small and large baskets. And by doubling down on what we do best, we're consistently driving user growth, order frequency, and Instacart Plus adoption. In terms of recent trends, we look at a lot of data across our business, and even though macro uncertainty remains, we have not seen any unexpected changes in consumer behavior through April. We reach 98% of households in North America, and customer engagement remains consistent across geographies and income levels. Customers are continuing to shop at premium and discount retailers, although price parity retailers are collectively growing faster on our marketplace, a trend we've highlighted before. Demand is robust across our many use cases. from weekly grocery trips and stock-up orders to higher-frequency restaurant and filling grocery orders. Average item prices on our platform continue to track in line with inflation, and basket sizes remain resilient as customers generally shop with a budget. A key reason our business can be so resilient is that we have deep retailer partnerships that go beyond surface-level integrations. For more than a decade, we have built deep technical partnerships that enable everything from loyalty and promotions to inventory accuracy and fulfillment. Whether it's through our marketplace, white-label storefronts, or in-store innovation like KeeperCost, our solutions are helping retailers modernize faster, operate more efficiently, and better serve their customers. These partnerships also strengthen our platform by expanding value for customers through better prices and selection, improving efficiency across our operations, and giving us access to growing parts of the market that no one else has tapped into like we have. And today, we announced the acquisition of Winshop, which will allow us to power storefronts for even more retailers and double down on our enterprise strategy. Our retail media offering is another area where we're uniquely positioned. We provide a one-stop shop for brands looking for highly measurable, highly performing campaigns that reach customers at the point of purchase with precision and scale. This value was reflected in our strong Q1 advertising performance, as well as the fact that more and more large partners like Uber Eats and Hy-Vee are choosing Carrot Ads to monetize their own properties with our ad platform. While we continue to see strength in our advertising trends to date, we unsurprisingly have started to hear concerns from brands about how uncertainty around trade policies and other regulations could impact their ability to spend on marketing. And even though no ad platform will be immune to macroeconomic risks, our performance-driven ad model and the work we've done to diversify our advertising base over the past year helps make our platform more resilient and very well positioned to remain a leader in the space. Finally, across every part of our business, we're continuing to leverage AI to work smarter, move faster, and further establish Instacart as a leader in AI-driven development. In Q1 alone, 87% of our code was developed with AI assistance, unlocking a level of speed, creativity, and efficiency that wasn't possible before. Whether it's SmartShop, which delivers a more personalized and seamless customer experience, or new tools that benefit retailers both on our marketplace and their own and operated storefronts, or Universal Campaigns, which gives brands a simplified and scalable way to connect customers across our ad ecosystem, AI is the driving force behind it all. Ultimately, our purpose is clear. Solve real needs for our customers, drive growth for our partners, and execute towards our long-term vision. By continuing to lean into what makes us successful and making disciplined but aggressive investments, I'm confident in our ability to not only extend our lead, but help accelerate the future of grocery shopping in a way that benefits everyone. Now, I'll turn it over to Emily to talk about our financials.