DoorDash, Inc.

Hello, and welcome to the DoorDash Q1 2025 earnings conference call. I would now like to turn the call over to Wes Twigg, Investor Relations. Wes Twigg, the floor is yours.

All right. Thanks, Dustin. Good afternoon, everyone, and thanks for joining us for our Q1 2025 earnings call. I'm very pleased to be joined today by co-founder, chair, and CEO, Tony Hsu, and CFO, Ravi Unaconda. We'll be making forward-looking statements today on today's call, including without limitation, our expectations for our business, financial position, operating performance, profitability, our guidance, strategies, capital allocation approach, and the broader economic environment. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. Many of these uncertainties are described in our SEC filings, including our most recent Form 10-K and 10-Qs. You should not rely on our forward-looking statements as predictions of future events or performance. We disclaim any obligation to update any forward-looking statements except as required by law. During this call, we will discuss certain non-GAAP financial measures. Information regarding our non-GAAP financial measures, including a reconciliation of such non-GAAP measures to the most directly comparable GAAP financial measures, may be found in our earnings release, which is available on our investor relations website at ir.doordash.com. 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. As a special note, by now you should have seen our formal offer to purchase Deliveroo at 180 pence per share. Our rationale for the offer, intentions, and other offer-related details are available in the Rule 2.7 announcement. We understand there will be additional questions. For now, we are unable to provide details beyond what is available in that document. We may also make forward-looking statements regarding both Deliveroo and Seven Rooms during today's call. These statements are also subject to the risks and uncertainties that I mentioned earlier and are described in our SEC filings. Finally, this call is being audio webcasted on our investor relations website. An audio replay of the call will be available on our website shortly after the call ends. Operator, I'll pass it back to you and we can take our first question.

Thank you. If you'd like to ask a question, please press star and the number one on your telephone keypad. Again, there's star and the number one on your telephone keypad. That was our first question. This comes from the line of Shveta Kajuria from Wolf Research. The line's open.