Doordash (DASH.US) 2025年第三季度业绩电话会

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会议摘要

DoorDash outlines its 2026 investment strategy focusing on tech platform development, new product innovations, and service improvements. Key areas include global tech integration, in-store services, autonomous delivery, and retail expansion. The company emphasizes growth in retail and grocery, ad business optimization, and compliance with regulations. Future plans involve leveraging synergies from the Deliveroo acquisition and driving scale for enhanced consumer experience and financial returns.

会议速览

DoorDash's Q3 2025 Earnings Call: Forward-Looking Statements and Non-GAAP Measures

The call, moderated by Desiree, opens with Reston Twain welcoming attendees to DoorDash's Q3 2025 earnings call, emphasizing forward-looking statements and non-GAAP measures, as well as the importance of reviewing SEC filings for risk factors. A Q&A session follows, with instructions for participation provided.

Investment Planning and Q&A Session Guidelines

An overview of a Q&A session protocol including instructions for participants to join the queue for questions, with a focus on financial planning regarding incremental investments for 2026.

Investment Allocation: Tech Platforms vs. Direct Product Expansion

A discussion unfolds on the distribution of investments between tech platform initiatives and direct product expansion, highlighting the immediate returns of the latter. The conversation delves into the specifics of tech platform efforts, aiming to clarify their strategic importance and long-term benefits.

Investing in Tech Platform & AI for Enhanced Efficiency & Future Growth

The dialogue covers strategic investments in a new global tech platform for improved AI integration and operational efficiency, alongside the launch of innovative products to accelerate growth and improve customer service, emphasizing a disciplined reinvestment approach to sustain business expansion.

Investment Priorities and Automation Expansion in Delivery Services

Discusses strategic investments in delivery services focusing on product enhancement and unit economics, alongside plans to scale automation and robotics over the next one to three years.

Strategizing Multimodal Autonomy and Scaling Delivery Services for Enhanced Efficiency and Profit

The dialogue focuses on developing a pragmatic approach to autonomy in delivery services, aiming for a multimodal world that integrates various fulfillment methods. It highlights the importance of testing, partnerships, and operational rigor to enhance service quality and profitability. The discussion also underscores the excitement around autonomous delivery platforms and the strategic investment in product improvement and team growth to drive long-term free cash flow generation.

European Market Consolidation and Investment Strategies Post-Merger

A discussion on the impact of market consolidation in Europe following acquisitions, focusing on investment in delivery routes and platform enhancements. The conversation clarifies the distinction between growth investments and EBITDA targets, highlighting strategic financial planning post-consolidation.

Expanding Local Commerce Leadership in Europe Post-Deliveroo Acquisition

Reflects on DoorDash's successful integration of lessons from Volt, highlighting growth, retention, and economics improvements, setting the stage for pursuing leadership in European local commerce post-Deliveroo acquisition.

Expanding Local Commerce Solutions in Europe with Strategic Investments

Discusses the expansion of local commerce products in Europe, highlighting successful experiments turning into real products and the strategic investments in product, selection quality, and people contributing to delivery EBITDA.

Building a Unified Tech Platform Amid AI Advancements and Business Integration

The dialogue explores the strategic decision to develop a single tech platform for global operations, considering advancements in AI and robotics. It emphasizes the importance of minimizing disruptions during integration, ensuring service quality, and leveraging investments to enhance the customer experience while laying a new foundation for the business.

Strategies for Advertising Growth and Ensuring Legal Compliance in Workforce Management

Discusses balancing advertiser returns and consumer experience in ads, emphasizing disciplined growth and compliance in workforce management to avoid legal risks.

Ensuring Authenticity and Growth in Dasher Supply and Ad Business

The dialogue emphasizes the company's commitment to maintaining high standards of authenticity in Dasher supply, highlighting its health and resilience against external reports. It also discusses the robust growth of the ad business, underscoring the strategy of reinvesting generated revenue to enhance unit economics and overall business efficiency.

Investment in Tech and Dash Fulfillment Services for Future Growth

Discussion revolves around strategic investments in technology, particularly in Q3 for software development and cloud infrastructure, and enhancements in dash fulfillment services through retail partnerships, indicating a focus on future scalability and service expansion.

Revolutionizing Retail Delivery: End-to-End Fulfillment Services for Enhanced Accuracy and Speed

The dialogue discusses the creation of a comprehensive fulfillment service aimed at improving delivery accuracy and speed for retailers. By managing inventory systems and logistics, the service aims to offer same-day delivery, turning physical retailers into omnichannel players and enhancing customer experience.

Path to Break-Even in New Verticals and US Marketplace Growth Strategies

Discussed the improving unit economics in new verticals, emphasizing scaling and product enhancement for future cash flow. Highlighted the US marketplace's growth, attributing success to long-term focus on improving selection, quality, affordability, and service, leading to increased user engagement and forecasted performance.

Sustained Customer Delight and Growth through Continuous Improvement and Investment

The dialogue emphasizes the strategy of delighting each new cohort of customers with higher expectations, maintaining leadership in customer acquisition across various retail categories. It highlights the importance of ongoing product, selection, and quality improvements, resulting in increased engagement from both new and existing customers. Investments made three years ago are now showing positive impacts, with strong demand and growth in key areas like auto frequency and subscription services, particularly Dash Plus and Word Plus, both domestically and internationally. The success is attributed to a long-term commitment to enhancement and innovation in the business.

Investment Strategy & Growth in New Retail Categories for DoorDash

The dialogue discusses DoorDash's investment strategy, highlighting how costs are distributed across the P&L for leverage and growth. It also explores promising retail categories beyond grocery and convenience, noting growth in electronics, health & beauty, and home improvement, driven by seasonal demands and search trends, contributing to multi-category shopping behavior.

Exploring Customized Fulfillment Solutions for Retailers in DoorDash's Dashboard Fulfillment Services

Discussed the tailored approach of DoorDash's fulfillment services for various retailer goals, emphasizing flexibility and expanding inventory access for consumers, without a one-size-fits-all solution.

Navigating Amazon's Entry in Perishables and Dasher Pay Implications

The dialogue discusses Amazon's potential impact on perishables, defending market share, and the effect of political shifts on dashers' pay and organizing efforts in major cities.

Navigating Competition and Growth in DoorDash's Diversifying Market

DoorDash operates in a competitive environment, overcoming challenges in grocery and perishable deliveries by enhancing inventory fulfillment. The company emphasizes consumer choice and collaboration with governments to support local economies, aiming to expand its impact on city GDPs and job creation.

Affordability, Fair Treatment, and Commonsense Policies in Business and Government

The dialogue emphasizes the importance of treating all audiences fairly, with a focus on affordability and benefits for users. It highlights DoorDash's initiatives in ensuring affordability, providing occupational accident insurance, and supporting Snap benefits. The discussion advocates for commonsense policies that balance business interests with audience needs, promoting cooperation between businesses and governments.

Synergies, Revenue Growth, and Accounting Adjustments in a Corporate Merger

A discussion on enhancing product and consumer experience for scale and gross profit, aiming for cost synergies through global platform integration. An 8 to 10 million USD Ebitda impact is anticipated due to accounting differences between entities.

Investment Payback Periods and Retail Growth Strategy for Future Expansion

The dialogue covers maintaining consistent payback period expectations despite increased projects, emphasizing long-term free cash flow per share. It highlights early-stage retail opportunities driven by consumer demand, showcasing DoorDash's two-sided approach in both consumer and B2B retail sectors, and reiterates the unchanged core philosophy and disciplined approach to business operations.

Grocery Expansion & Dining Out Opportunities in DoorDash's Ecosystem

DoorDash highlights its growing leadership in grocery delivery, emphasizing partnerships with national and local grocers, and explores new dining out initiatives to enhance consumer engagement and merchant support.

Investment in Enhancing Product and Consumer Experience Post-Acquisition

Discussion focused on leveraging past experiments to improve product and consumer experience, with plans to integrate successful features from DoorDash and Volt. Unit economics for restaurants remained stable, indicating a positive trajectory for business growth and efficiency.

Concluding Remarks of Q&A Session

The moderator thanks participants for attending and concludes the question and answer session, instructing attendees to disconnect.

要点回答

Q：What are the areas DoorDash is investing in for 2026?

A：DoorDash is investing in three primary areas: building a new global tech platform, investing in new products, and focusing on cost savings from tech platform efforts.

Q：What are the main goals of the new global tech platform?

A：The main goals of the new global tech platform are to create a single global tech stack that allows experiments to be shipped simultaneously across all markets and audiences, and to make the platform AI native.

Q：How does the new tech platform aim to increase efficiency and improve cost structure?

A：The new tech platform aims to increase efficiency and improve the cost structure by allowing features to be deployed to all audiences at the same time, leading to better global efficiency, and freeing up engineering capacity to undertake more work.

Q：What is the second area of investment mentioned and what does it involve?

A：The second area of investment is in new products, which includes launches such as the new DoorDash dot and work on in-store reservations and the CRM platform with 7rooms.

Q：What is DoorDash's approach to investing in new products and services?

A：DoorDash's approach to investing in new products and services involves running experiments that can be graduated into commercialization to test if they have a good business model. Successful experiments can then develop into businesses that generate cash flows for further investment in new products and experiments.

Q：How is the core business performing and what is the reinvestment strategy?

A：The core business is performing well, with accelerating growth, improving unit economics, and increasing profit dollars. The reinvestment strategy is to invest back in the business whenever the company is ahead of expectations and unit economics are improving.

Q：What is the projected EBITDA margin for the existing business and what does this indicate about investment decisions?

A：The projected EBITDA margin for the existing business, including investments, is expected to be slightly up compared to the prior year. This indicates a continuation of the strategy to reinvest in the business to drive strong returns.

Q：What are the priorities for the business in terms of product improvements and cost efficiencies?

A：The first priority is to continue investing in the product to make improvements and build a strong foundation. Over time, cost efficiencies will come from combining teams, but the immediate focus is on product enhancements. The business should aim to achieve best-in-class metrics in terms of retention, frequency of use, and engagement.

Q：How is the company planning to achieve its vision for autonomy and multimodal fulfillment methods?

A：The company is planning to achieve its vision for autonomy by creating a multimodal delivery platform where different fulfillment methods, including dashers, land vehicles, air vehicles, and vehicles built in partnerships, will be used based on the use case and customer need. This approach allows DoorDash to provide high-quality service at the lowest cost.

Q：What is the significance of the 2026 timeline for commercializing autonomous efforts?

A：The 2026 timeline is significant because it represents the year when DoorDash is expected to be ready to commercialize its autonomous delivery platform. The process requires significant upfront investments, but the long-term potential and the ability to offer the best service by selecting the right fulfillment method make it an important milestone for the company.

Q：What impact has the partnership with Gopuff had on DoorDash's ability to operate in large markets?

A：The partnership with Gopuff has allowed DoorDash to operate in a large and attractive market where it can deploy its operational playbook to drive operational rigor. This partnership enhances DoorDash's ability to scale by improving retention and order frequency, which drives more gross profit dollars.

Q：How is the focus on product and consumer experience expected to drive scale for DoorDash?

A：The focus on product and consumer experience is expected to drive scale by improving retention and order frequency, which in turn will increase gross profit dollars. This focus on operational rigor is a core part of DoorDash's strategy to scale and is reflected in initiatives like Volt delivery.

Q：What is the EBITDA profit generation and investment strategy of the business?

A：The EBITDA profit generation of the business is comfortable and in line with the projections underwritten at the time of the deal, which assumed some level of investment. With growth exceeding expectations, the business is investing back in itself, focusing on investments behind the team and product to drive long-term free cash flow generation.

Q：How does DoorDash view the European market and its opportunities post-acquisitions?

A：DoorDash views the European market as an opportunity to be the leading local commerce platform. The confidence to pursue the acquisition of Deliveroo was inspired by the ability to combine lessons learned from both DoorDash and Deliveroo. With a strong presence in major cities across Europe, DoorDash aims to solve local commerce problems using the same approach as in other countries. Investments in products that have proven successful elsewhere are now being made in Europe as well.

Q：What is the reasoning behind the timing and approach for integrating and scaling the tech platform?

A：The timing and approach for integrating and scaling the tech platform were influenced by the need to address commonalities across the geographies where the company operates. With the recent advancements in the AI stack and the international scale of the business, it was clear that a single tech platform needed to be built to ensure all products were under the same data models, architecture, and AI. This integration is being managed carefully to minimize disruption and maintain the strength of the core business, which is performing well in the double digits.

Q：How is DoorDash managing the platform to ensure no exposure to undocumented workers?

A：The company is not specifically detailed about the measures in place to manage exposure to undocumented workers. However, they are likely to have processes and guidelines in place to ensure compliance and ethical business practices, which could include verifying the status of workers on the platform to avoid any legal or ethical risks.

Q：What are the challenges in balancing ad revenues without degrading the consumer experience?

A：Balancing ad revenues without degrading the consumer experience is challenging due to the real conflicts, tensions, and trade offs that arise when trying to simultaneously maximize returns on ad spend for advertisers and maintain a good consumer experience. The solution involves building a healthy marketplace and maintaining discipline to ensure the right balance.

Q：How is the ads business contributing to the company's growth and profitability?

A：The ads business is contributing to the company's growth and profitability by continuing to grow faster at scale, with increasing bottom line contribution margins and EBITDA margins. This suggests that the company has found the right balance between its monetization strategies and maintaining the consumer experience.

Q：What is the state of Dasher supply and the company's commitment to it?

A：Dasher supply is in a healthy state and is a top priority for the company. The company invests significantly in ensuring Dasher authenticity and has maintained high standards without facing any challenges to the Dasher funnel or supply.

Q：How is the company reinvesting its ad revenue, and what is the overall growth of the ad business?

A：The company reinvests its ad revenue back into the business at healthy rates for improvements in unit economics or to generate efficiencies. The net ad business is growing quite nicely.

Q：What does the guidance suggest about the cost increases and investment in the core business?

A：The guidance suggests that the incremental step up in costs could be around 100 million a quarter. The company is in the early stages of planning and will provide more precision with quarterly guidance. However, it's clear that margins for the existing business, including investments, are expected to be slightly up compared to the prior year.

Q：What are the reasons behind the increase in technology investment costs?

A：The increase in technology investment costs is primarily due to the need to architect new software and spin up cloud instances during the software deployment process. These costs are considered temporary and are associated with the build-out and deployment of software applications.

Q：How does the company plan to improve the fulfillment services and what is the role of AI in this?

A：The company plans to improve fulfillment services by taking on more control over inventory systems and running the fulfillment setup end-to-end, which includes warehousing, inventory management, and fulfillment accuracy. This strategy is aimed at enabling same-day delivery options for retailers. The role of AI is not the main focus; instead, it's about working more effectively with existing retail partnerships.

Q：What is the strategy for transforming physical retailers into omnichannel players and offering same-day delivery?

A：The strategy for transforming physical retailers into omnichannel players involves setting up supply chains, testing markets, and establishing partnerships. The goal is to bring a wide selection of products close to customers to enable same-day delivery. This approach is seen as a way to offer superior customer experiences and to drive the growth of the business.

Q：What is the path and visibility to break-even for new verticals, and how is the company unlocking growth opportunities?

A：To achieve break-even in new verticals, the company is focusing on scaling the business and improving product quality. Unit economics are improving sequentially, and growth opportunities are being found in increasing gross adds, user frequency, and basket size. The company is also delighted with the performance of the US marketplace, which has been the result of a consistent focus on improving the customer experience over the past few years.

Q：What are the areas of growth for the business mentioned in the speech?

A：The areas of growth for the business include the underlying cohorts' continued engagement, improvements in product and selection as well as quality, and the addition of new Dash Plus and Word Plus subscribers both in the US and internationally.

Q：What is the nature of the company's investments as detailed in the investment commentary?

A：The company's investments are spread across the P&L (Profit and Loss), with some costs fitting within cost of sales, others in sales and marketing, and some in R and OPEX (Research and Operations). Investments are aimed at increasing scale in areas like autonomous programs, growing the software business including digital ordering and Ed rooms, and enhancing the tech stack.

Q：Which categories have shown growth beyond grocery and convenience, and what is the reason for this?

A：The company has seen growth across many categories outside of grocery, convenience, and alcohol. The reasons for growth in specific categories such as electronics, health and beauty, and home improvement vary and are tied to seasonal trends and customer needs.

Q：What is the significance of MAU growth and multi-shopper behavior for the company?

A：MAU growth is significant as it brings in new customers outside the restaurant category, leading to multi-shopper behavior. This means customers shop in restaurants and then return to the platform for other categories like grocery and convenience, which is in line with the company's belief in the progression from high-frequency restaurant food delivery to other retail categories.

Q：How does the company plan to integrate grocery services and what might be the different approaches with various retailers?

A：The plan for integrating grocery services through dashboard fulfillment services depends on the goals of the retailers with whom they work. Different retailers may want to launch in new geographies, densify existing ones, or utilize less productive store space. The approach varies and requires flexibility and building different capabilities to meet each retailer's unique needs.

Q：What are the challenges and considerations when integrating inventory from various retailers?

A：Integrating inventory from various retailers involves challenges such as determining if the inventory exists and the complications that arise when inventory is missing or delayed in the supply chain. The company aims to provide an experience with selection never before available to customers and is working with retailers to customize solutions and ensure a best-in-class experience for consumers.

Q：How does the company plan to defend its market position against competition, such as Amazon's entry into perishables?

A：The company plans to defend its market position by continuing to leverage its competitive nature, which has allowed it to grow even faster at a larger scale. It focuses on not being constrained by the inventory fulfillment challenge and aims to provide maximal choice for consumers, connecting local businesses to consumers. The company believes this approach will support the economy and create positive outcomes.

Q：What is the company's stance on government-business relations and its impact on constituents?

A：The company believes in the importance of collaboration between governments and businesses to achieve the best outcomes for all constituents. It also emphasizes the significance of working together despite various tensions that can exist in the relationship.

Q：What measures has DoorDash taken to ensure affordability for its users?

A：DoorDash has been focused on being the most aggressive platform in ensuring affordability for its users, particularly in coastal cities. The company took the lead in ensuring that Snap benefits could continue for those in need and offered occupational accident insurance to Dashers without requiring them to ask.

Q：What philosophy guides DoorDash's focus in its day-1 operations?

A：The guiding philosophy for DoorDash in its day-1 operations is to continue improving the product and consumer experience, which drives scale and the combination of scale with improved unit economics to generate more gross profit dollars.

Q：What is the expected impact of the acquisition of Caviar on Ebitda, and what should investors assume when modeling the transition?

A：The expected impact of the acquisition of Caviar on Ebitda is an expense ranging from 8 to 10 million US dollars, which investors should factor in when modeling the transition.

Q：How does DoorDash view the investment in retail and the potential payback period?

A：DoorDash views the investment in retail as a significant opportunity, driven by growth and consumer behavior. The payback period for investments in retail is not changing, with the same bar for payback periods applied regardless of the investment area, whether it's a new domain or tech stack. The focus remains on projects achieving product-market fit and aligning with the investment philosophy to maximize long-term free cash flow per share.

Q：What does DoorDash's two-sided business model entail in the retail sector?

A：In the retail sector, DoorDash's two-sided business model involves having a consumer business while also providing e-commerce capabilities. The company has created successful B2B products like the 'Restaurants Drive' and 'Frontier' and now adds '7 Rooms' to this mix in the retail category. This model allows DoorDash to help retailers by bringing their products to its large consumer base and offering fulfillment services.

Q：How is DoorDash planning to use its tech stack to improve the business and what is the impact on unit economics?

A：DoorDash plans to continue investing in its tech stack, which will increase tech future development velocity and allow for the release of features faster, improving retention and unit economics. This strategic investment is part of the company's efforts to enhance the business and does not change the core philosophy and discipline in how it operates.

Q：What lessons from DoorDash's experiments have been applied to improve the Postmates marketplace?

A：The lessons from DoorDash's many experiments, which have been highly numerous and primarily unsuccessful, have been brought over to Postmates. Additionally, experiments that have worked well at Postmates have been portable to DoorDash, and vice versa. The result is an ongoing effort to improve the Postmates marketplace by implementing successful features and lessons learned from both companies.

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