DoorDash, Inc.

Good day and thank you for standing by. Welcome to the DoorDash Q3 2021 Earnings 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 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, press star 0. I would now like to hand the conference over to your speaker today, Mr. Andy Hargraves. Please go ahead.

Thanks, Tinam. Hello, everyone, and thanks for joining us for our third quarter 2021 earnings call. I'm pleased to be joined today by co-founder, chair, and CEO, Tony Hsu, and CFO, Kabir Adarkar. I'm also pleased to be joined by special guest, co-founder and CEO of Bolt, Nicky Coussey. I would like to remind everyone that we'll be making forward-looking statements during this call, including statements regarding the recently announced acquisition of Volt, including market opportunity, expected benefits to the transaction, accretion, time to close, strategies of the combined company, and benefits to customers in the market in which we operate, expectations of our business, future financial results, and guidance and strategies. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in our forward-looking statement, and some such risks are described in our risk factors, including our SEC filing, including our form 20-K. You should not rely on our forward-looking statements as predictions of future events. We disclaim any obligation to update any forward-looking statements except as required by law. During this call, we will be discussing certain non-JAP financial measures information regarding our non-GAAP financial results, including our reconciliation of such non-GAAP results to the most directly comparable GAAP financial measures may be found in our industrial letter, which is available on our industrial relations website. These non-GAAP measures should be considered in addition to our GAAP results and are not intended to be a substitute for our GAAP results. Finally, this call in its entirety is being audio webcast on our IR website. An audio replay of the call will be available on our website shortly after the call ends. We typically go straight into questions, but given the transaction announcement, we'll have Tony and Nikki give some brief comments before going into the Q&A session. For the Q&A, please note that Nikki is happy to answer questions about his approach to the industry and his rationale for the combination. Please don't ask questions about both financials or outlook for future integration plans. Our businesses will remain independent until the deal closes, so we won't be answering those ones at this point. I'll now pass it on to Tony.

Great. Thanks, Andy. Hey, everyone. Thanks for joining us today. At DoorDash, our mission is to grow and empower local economies. We started in food delivery logistics, and our vision was always to build a platform that supports all of local commerce and to do it on a global basis. To date, we have executed against this primarily on an organic basis. That's not because we believe it must be done organically, but because our framework for M&A sets a high bar. For those who haven't heard it before, our M&A framework is comprised of three core standards. First, it must be talent accretive. We look for teams of superbly talented people that share our vision as well as our approach to execution. Second, it must unlock product categories and or new geographies this means that we look for opportunities that expand our tam either in a way that we couldn't do so on our own or in a way that is much more efficient than we could do so by ourselves and third it must increase our long-term profit potential and add to shareholder value volt handily meets all three criteria We believe Volt brings extraordinary talent, a world-class product, and operational expertise that will accelerate our progress. We've gotten to know Mickey and the Volt team well over the last few months, in fact, years, and believe that they are truly exceptional. They share our ambition to build a global platform for all of local commerce, and they've established a culture based on innovation, intense operational rigor, and a bias for action. These characteristics match our own, and we believe our strategic and cultural alignment make them the best team in the world to lead our international efforts. From a market perspective, Volt operates in 23 markets, of which 22 are new markets for DoorDash. By themselves, we believe these markets provide an opportunity to grow our international business to multiples of what it is today. This should allow us to invest and expand more efficiently than we could have done on our own and on a faster timeline. Finally, Volt's product scales to multiple categories. In certain markets, the company has already established a strong presence in categories ranging as far as cosmetics and electronics. As we look to grow our non-restaurant categories globally, we expect their product vision and expertise will improve our execution. From a financial perspective, the opportunity in local commerce is enormous. We believe the potential in our combined markets create a substantial opportunity to grow gross order value to multiples of its current level. We expect to invest aggressively behind the Volt team and believe their capabilities will improve our efficiency internationally while allowing us to increase our focus in the United States. Building a large and profitable local commerce platform is difficult to do in any market. Doing so across many markets simultaneously is exponentially harder. But attacking hard problems is what we like to do at DoorDash, and we know that the same is true for Volt. We couldn't be happier to be teaming up with Mickey and the extraordinary team at Volt to execute against our shared vision. With that, let me hand it over to Mickey.