Maplebear Inc.

Good day and thank you for standing by. Welcome to Instacard's second quarter of 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 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 like to hand the conference over to Rebecca Yoshiyama, Vice President of Investor Relations, Capital Markets and Treasury.

Thank you, Operator, and welcome everyone to Instacard's second 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 from 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 10Q. 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 Investor Relations' website. Now I'll turn the call over to Fiji for her opening remarks.

Thanks, Rebecca, and hello everyone. I hope you had a chance to read my shareholder letter, where I highlighted yet another strong quarter for Instacard. Our performance reinforces how central we are in helping families save time, money, and effort when it comes to putting food on the table and the vital role we play in building the technology that will power the future of grocery together with our partners. While this is my last earnings call as Instacard CEO, I can't imagine a better time to step aside. The strength of our business and the opportunities ahead make me incredibly confident in the future we've built for these companies. It's clear our business is firing on all cylinders. We've extended our supply advantage by building innovative technologies that make our service easier to use and more affordable, while deepening our retail partnerships and helping retailers grow faster. This includes launching personalized shopping services, family accounts, loyalty integrations, and digital flyers to higher frequency offerings like our restaurant partnership with UberEats and industry-leading $10 minimum basket size for Instacard Plus members to get waived delivery fees. Together, our efforts are driving strong user growth and higher order frequency, while also delivering better retention, especially among new 2025 customers compared to last year. Paid Instacard Plus members are also growing and their engagement as a percent of monthly users continues to deepen too. We're also fulfilling orders more quickly and accurately, an exceptionally tough challenge when it comes to big basket grocery shopping. This is where our technology, operating scale, and data really set us apart. Whether it's AI-driven inventory prediction, new personalized replacement models, store planograms, or real-time receipt scanning to catch issues, we're relentlessly improving every step of the process from helping you place your order to when it arrives on your doorstep. In addition, experienced shoppers who've completed a median of over a thousand Instacard orders now shop for nearly two-thirds of our orders. Together, over the past four years, these advantages have helped us complete orders approximately 25% faster while achieving all-time highs in found and fill rates. Fulfilling customers' desire for convenience while ensuring they get more of what they order keeps customers coming back to our service and gives us a strategic advantage that is incredibly hard for competitors to replicate. Another one of our biggest strengths is our interconnected ecosystem. Improvements we make on our marketplace feed directly into our enterprise solutions and vice versa, creating a virtuous cycle. This allows us to offer scalable, flexible tools to help retailers innovate and compete, especially at a time when the rate of technological change is only increasing. This is evident in the velocity at which we're onboarding new storefront partners, and our capabilities are also benefiting big B2B players too, like Costco Business Centers across North America. With in-store technologies like Kapor Carts and Carrot Tags, we're creating omni-channel solutions that bridge digital and physical shopping. Kapor Carts, for example, are now deployed in over 15 states and are growing globally with retailers like Aldi and Coles. It's still early, but I'm incredibly optimistic about the role Instacart will play as the retail enablement partner that will transform omni-channel retail and accelerate growth across our ecosystem. Because of all our key advantages, Instacart continues to be the clear share of sales leader amongst digital first players based on third-party data. To put a finer point on this, our share of sales is more than three times larger than the next player, and we continue to attract the most new GTV to the online category. Our leadership position is driven by our ability to meet customers' full grocery needs, which means winning at big baskets $75 an app because this is where 75% of grocery sales and even more of the profits consistently live. We continue to activate big basket customers at rates multiple higher than others, and we are also far more effective at converting small basket customers into big basket customers. When looking at our top 20 retailers that have gone non-exclusive, we see their growth on other platforms eventually plateau, their grocery basket sizes remain under $75, and we remain the share of sales leader among digital first players, that is, retailers. This indicates to us that these players are fundamentally serving a different use case, and further reinforces the importance of our deep retailer integrations and enterprise advantage. Sprouts in particular is a retailer that is more leaned into our services, and based on our body data, we continue to fuel the strong majority of their online sales while helping them grow faster than our overall platform too. Based on what we've seen to date, even if all our retailers were to sit on other marketplaces, we remain very confident in our ability to remain the clear category leader among digital first players. Overall, the strength of our operating model reinforces our ability to deliver value for retailers and customers in addition to strengthening our Instacart ads platform. Over the last four years, we scaled advertising and other revenue to now over $1 billion in annual run rate, while expanding from now over 4,000 active brand partners to over 7,500. By continuing to deliver leading performance and attracting more brands to our ecosystem, we're making our platform more resilient and we're driving more value to Carat ads partners and extending our scale advantage as a top five retail media network. Beyond our platform, we're also helping brands more effectively attract customers on partner sites like Google, Meta, Pinterest, the Trade Desk, in addition to now monetizing our consumer insights data, which we believe will become even more valuable as AI transforms our business operates. Our strong financial foundation and operational discipline drive all of this. We've grown gross profit per order to over $8 in Q2. We've achieved this through our relentless focus on scale and efficiency, which includes batching more orders and shaving seconds and pennies off of our delivery costs per order. At the same time, we've made aggressive but disciplined reinvestments into our business, as well as deliberate capital allocation decisions. We've made strategic acquisitions to accelerate the growth and capabilities of our enterprise offering and cumulatively, as of the end of Q2, we've bought back over $1.6 billion worth of shares, clearly demonstrating our confidence in our ability to execute. Finally, I have to highlight AI once again because it's built into our DNA as a company, improving our customer experiences, enabling faster product launches, and making our teams more impactful. More than 80% of the code we deployed in Q2 continues to be AI assisted. And now we've also seen the volume of code deployed per engineer grow significantly, with average merges per engineer up 30% over the years. We're also using AI to automate code reviews and reduce tech debt while transforming non-technical functions. For example, our sales team has tripled account outreach to high priority accounts, which resulted in twice as many meetings booked, and our legal team is spending significantly less time triaging weekly emails. Becoming an AI first company has fundamentally changed how we operate, and we're just getting started. As we look ahead, I could not be more confident in Chris Rogers as he steps into the role of CEO. He has played a pivotal role in everything we've accomplished, from scaling ads and enterprise partnerships to developing new growth strategies. Our business would not be what it is today without him, and that's why he's the perfect person to lead Instacart into its next chapter and to further accelerate our lead in the years ahead. I know he's looking forward to stepping into the role and meeting with investors over the coming weeks, and I can't wait to see the impact that he has in this seat. I want to say a deep thank you to all our shareholders for your confidence and support. It's been an immense privilege to serve as CEO over the last four years. Thank you, and now I'll pass it over to Emily to cover our financials.