Maplebear Q2 2025 Earnings Call Transcript

Quartr
Provided by Quartr
August 7, 2025

Key Takeaways

  • Positive Sentiment: Instacart delivered 11% year-over-year GTV growth and 17% order growth in Q2, with GAAP net income up 92% to $116 M and adjusted EBITDA rising 26% to $262 M, guiding Q3 GTV of $9-$9.15 B.
  • Positive Sentiment: Operational scale and AI investments have cut average order completion time by ~25% over four years while driving record-high sound and fill rates through features like AI-driven inventory prediction and real-time receipt scanning.
  • Positive Sentiment: The enterprise ecosystem is expanding, onboarding 40 net new retailers YTD, scaling Storefront Pro, deploying Capercarts in 15 states, and growing the ads platform to $1 B ARR with 7,500 brand partners.
  • Negative Sentiment: Macro uncertainty and regulatory pressures led a major CPG advertiser to pull back ad spend, underscoring exposure to large-brand volatility despite diversification into emerging and mid-sized partners.
  • Neutral Sentiment: Operating cash flow fell by $41 M to $203 M in Q2 due to working capital fluctuations, though trailing-12-month cash flow rose 21%, and the company holds $1.7 B in cash.
AI Generated. May Contain Errors.
Earnings Conference Call
Maplebear Q2 2025
00:00 / 00:00

Transcript Sections

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Operator

Good day and thank you for standing by. Welcome to Instacart's Second Quarter twenty twenty five Financial Results Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please limit yourself to one question and one follow-up so that we will have enough time to address everyone's questions.

Operator

Please be advised that today's conference is being recorded. I would now like to hand the conference over to Rebecca Yoshiyama, Vice President of Investor Relations, Capital Markets and Treasury.

Rebecca Yoshiyama
VP, Head - IR, Capital Markets & Treasury at Instacart

Thank you, operator, Welcome everyone to Instacart's second quarter twenty twenty five 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 10 Q.

Rebecca Yoshiyama
VP, Head - IR, Capital Markets & Treasury at Instacart

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 the call over to Fiji for her opening remarks.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Thanks, Rebecca, and hello, everyone. I hope you had a chance to read my shareholder letter where I highlighted yet another strong quarter for Instacart. 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 Instacart's 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.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

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 Uber Eats and industry leading $10 minimum basket size for Instacart 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 twenty twenty five customers compared to last year. Paid Insecure Plus members are also growing and their engagement as a percent of monthly users continues to deepen too.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

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 Instacart 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 sound and fill rates.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

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 that 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.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

With in store technologies like Capercarts and CarrotTags, we're creating omni channel solutions that bridge digital and physical shopping. Capercarts, for example, are now deployed in over 15 states and are growing globally with retailers like Aldi and Kohl's. 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 categories.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Our leadership position is driven by our ability to meet customers' full grocery needs, which means winning at big baskets $75 and up, because this is where 75% of grocery sales and even more of the profits consistently lives. We continue to activate big basket customers at rates multiples 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 that growth on other platforms eventually plateaus, that 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 third party data, we continue to fuel the strong majority of their online sales, while helping them grow faster than our overall platform too.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

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 amongst 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 $1,000,000,000 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, while making our platform more resilient and while driving more value to Caritas 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 Pormark 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 how business operates.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

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 saving seconds and pennies off of our delivery cost 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 $1,600,000,000 worth of shares, clearly demonstrating our confidence in our ability to execute.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

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% year over year. 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.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

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 a perfect person to lead Instacart into its next chapter and to further accelerate our lead in the years ahead. I know he is 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.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

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.

Emily Reuter
CFO at Instacart

Thank you, Fiji. It's been an honor to work with you. And on behalf of the team, we're grateful for the incredible vision, strategy and edge you've established in Instacart. There's so much momentum for us to build on, and I'm confident in all that's ahead for us. Now let me provide a bit more color on our most recent financial results and outlook.

Emily Reuter
CFO at Instacart

We delivered strong Q2 results across the board. We grew GTV by 11% year over year, driven by 17% growth in orders, which came from both order frequency and user growth. As we anticipated, our average order value decreased by 5% year over year, primarily due to the addition of restaurant orders and our lower basket minimum of $10 for Instacart plus members, partially offset by growth in basket sizes elsewhere. Transaction revenue grew 11% year over year, held steady at 7.3% of GTV year over year, an increase from 7.1% quarter over quarter. While this sequential expansion was primarily driven by shopper efficiencies, as a reminder, we expect this metric may fluctuate quarter to quarter, as we reinvest in growth opportunities and manage multiple levers across our P and L.

Emily Reuter
CFO at Instacart

Advertising and other revenue grew 12% year over year, modestly outpacing anticipated GTV growth, as we expected. This performance demonstrates the increased resiliency of our ads platform, as our diversification efforts are working. For example, in Q2, one of our largest brand partners pulled back from some of their ad spend due to macro uncertainty and reasons specific to their business. A year ago, this pullback would have decreased our advertising and other revenue year over year growth rate by several percentage points. But as you saw in our strong results, we were able to more than offset this pressure with growth from emerging and mid sized brand partners.

Emily Reuter
CFO at Instacart

In Q2, advertising and other revenue was 2.8% of GTV, which remained flat year over year, even as we've scaled restaurants, which contributes to our GTV but is not advertising addressable. Overall, profitability remains strong. GAAP net income was $116,000,000 up 92% year over year, and adjusted EBITDA was $262,000,000 up 26% year over year. We also generated operating cash flow of $2.00 $3,000,000 a decrease of $41,000,000 year over year, primarily due to fluctuations in working capital. On a trailing twelve month basis, operating cash flow was up 21% year over year.

Emily Reuter
CFO at Instacart

In Q2, stock based compensation was $105,000,000 up $39,000,000 quarter over quarter, which we expected due to the timing of our annual equity refresh grants. We anticipate stock based compensation to be lower in Q3 versus Q2, primarily due to just over $20,000,000 of reversals associated with previously announced executive departures. In Q2, we also bought back $111,000,000 worth of shares and authorized a $250,000,000 increase to our buyback program. We ended the quarter with $357,000,000 of remaining buyback capacity and approximately $1,700,000,000 in cash and similar assets on our balance sheet. Looking ahead to Q3, we anticipate GTV to range between 9 and $9,150,000,000 reflecting year over year growth of 8% to 10%.

Emily Reuter
CFO at Instacart

During this period, we expect year over year orders growth to continue outpacing GTV growth with some moderation compared to Q2 as we lap the first full quarter of restaurant contribution. We are also guiding to Q3 adjusted EBITDA of $260,000,000 to $270,000,000 This reflects our expectation of advertising and other revenue growing year over year, in line with anticipated GTV growth in the period, a solid outlook given the cautious approach some large brand partners are taking in today's macro environment. This also highlights our continued ability to deliver year over year adjusted operating expense leverage. We remain well on track to achieving year over year growth in adjusted EBITDA, both in absolute terms and as a percentage of GTV in 2025. Overall, our business continues to perform strongly, and we are well positioned for long term success.

Emily Reuter
CFO at Instacart

With a solid foundation of operating and business fundamentals, we are making deliberate investments to further drive profitable growth and strengthen our leadership in the category. With that, we will open up the call for live questions. Operator, you may begin.

Operator

Our first question comes from Eric Sheridan with Goldman Sachs.

Eric Sheridan
Eric Sheridan
Managing Director at Goldman Sachs

Wishing you the best in the roles ahead. I wanted to come back to some of the comments, Fiji, you made about the competitive landscape more broadly. When you think about the array of supply that the company is bringing into the ecosystem and widening out the experiences that consumers have. Can you talk a little bit about improvement in conversion and frequency of behavior and some of the things that we should be thinking about in terms of LTV across the landscape as we look at how the company evolves in the years Thanks so much.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Thank you so much, Eric. Yes. So we think of supply in many different ways. First is continuing to onboard more retailers, but also it's going deeper with existing retailers and that has been a very, very large source of our growth, whether that's starting to power their enterprise sites, expanding with them into new categories like alcohol, enabling more services with them like EBT Snap. All of these deepening of integrations is a way to unlock more selection and more services with retailers in general.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

In fact, this is very much working because with all of the technology improvements we've made to our enterprise platform, we are now able to onboard these retailers much faster and we had 40 net new retailers this year alone compared to 30 last year. So that gives you a sense of the acceleration in bringing that supply not just online but actually powering their own websites as well. This is a part of the market that we have access to that others don't and that gives us a very, very strong competitive advantage. In addition to that, we have continued to add new categories to our supply. Obviously, the Uber Eats partnership is contributing a supply of restaurants, which is increasing the types of use cases on Instacart.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

We continue to grow in retail and in new verticals, and all of that combined is contributing to the strong user growth that that we're seeing and higher order frequencies. It's also contributing to better retention. We called that out, but we are seeing that especially with the new cohorts that we are acquiring in 2025 showing better retention than the 2024 cohort at the same time last year. That's also translating in paid Instacart plus members growing and deepening in engagement, because as we unlock more supply, obviously they have more selection and more things to do on the site. We are seeing that Instacart plus customers have shopped up on average more than five different retailers and that shows you that selection really matters and our selection lead continues to be a very critical advantage over competitors.

Operator

Our next question comes from Nikhil Debnani with Bernstein. Your line is open.

Nikhil Devnani
Senior Analyst at Bernstein

Hi there. Thank you for taking my question. I had a couple on growth, please. Maybe for the first one, nice to see the acceleration in the quarter around order growth. Can you just help us understand the composition of that between grocery and restaurants?

Nikhil Devnani
Senior Analyst at Bernstein

I appreciate you think of it as one ecosystem, but it would just be helpful to understand if grocery orders and GTV also accelerated this quarter. And then I'll follow-up with my second one.

Emily Reuter
CFO at Instacart

Hi there. Thanks so much for the question. This is Emily. Yes, so as you mentioned, we really do think about the overall ecosystem driving performance both in orders and GTV, because there is a reinforcing effect that you get from product like restaurants in terms of consumers coming to the platform, ordering on restaurants. And when they do that, we see them come back and order more frequently from grocery.

Emily Reuter
CFO at Instacart

Now that all said, as we talk about the impact, if you look over the last several quarters in terms of order growth, what you've noticed is there has been a meaningful acceleration in orders growth. And that has been largely driven by two things. The first is the addition of restaurants, which has a higher order frequency use case, as well as more recently, the introduction of lower minimum basket size. So just in sort of acknowledging that, of course, what we're saying here is that those are factors that are definitely driving overall orders growth. We also mentioned earlier on the call that as we move into Q3, we would expect some moderation in orders growth, and that is, of course, driven by the fact that we are lapping the first full quarter of restaurants contribution from a year ago.

Emily Reuter
CFO at Instacart

So definitely playing a role. But again, what we're happy to be seeing is the fact that our suite of products is driving more engagement on the platform, more order frequency, and then that flywheel back to grocery, where we're seeing more engagement on the grocery side as well.

Nikhil Devnani
Senior Analyst at Bernstein

And then just on the Q3 guide commentary there, so the Uber Eats lapping commentary is clear. On the grocery side of things, are you seeing any moderation or embedding any moderation there as well? Or is it predominantly just the comps in restaurants that you're flagging here?

Emily Reuter
CFO at Instacart

From a guidance perspective, really the main thing that we wanted to call out was on the restaurant side. I think from an underlying dynamics perspective, we're really pleased with what we're seeing really across the board. MAU growth, we're seeing order frequency growth, as well as, Fiji mentioned, some really great dynamics around customer retention, with customer retention in 2025 stronger than what we saw in the same sort of time period in 2024. So overall, and then maybe one more thing to add is just on the Instacart plus engagement and the penetration of Instacart plus as a percentage of overall MAU continuing to grow. So nothing to add really specific to grocery.

Emily Reuter
CFO at Instacart

Again, we do look at it on a platform basis. But as we think about the guide, the primary impact I would think about is on the restaurant side.

Nikhil Devnani
Senior Analyst at Bernstein

Thanks, Emily, and all the best, Fiji, in the new role.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Thank you so much.

Operator

Thank you. Our next question comes from Colin Sebastian with Baird. Your line is open.

Colin Sebastian
Senior Research Analyst at Baird

Great. Afternoon. Fiji, best wishes, good luck, and hope to cross paths again as well. I guess I'd like to talk about the Instacart platform. We hear a lot about Storefront Pro and priority delivery, but maybe you could talk about which parts of the platform are getting the most interest, how much cross sell opportunity you have, and how the enterprise pipeline looks like, including even outside of grocery. Thank you.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Thank you for the question, Colleen. So you are right. A big part of the focus is on Storefront because that's really the kind of first product you wanna sell when you expand platforms so that all of these retailers working with us can be powered by our technologies on their own and operated website. And that's why we've invested a lot in this platform. And now it's paying off both in terms of the ability to onboard more new retailers as well as go deeper and add more functionality for existing retailers and allow them to do more things on their own property like adding priority delivery which we added with Costco for example and Kroger recently.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

And so that's a very big part of what the platform does. But then once you have that, there's a lot more products that we can upsell. An obvious one is Carrot Ads where we allow retailers to monetize their storefront properties. And even when they're not powered by storefront, in the case of Schnucks for example, we can also allow them to use Carrot Ads even if they're not using our storefront technology. And that has been a very, very popular option for retailers who realize that they were going to be too subscale to really operate a retail media business on their own.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

But by joining our network, are able to create a completely new profit line really overnight. That has resulted in us having over two forty carat ads partners in a really short amount of time. Then on top of that, we see retailers asking us to expand beyond powering their online properties to powering their stores as well. And that's why we have invested in our in store technology with Caperb and Caretags. And we are seeing a lot of virtuous circles between these two technologies.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

For example, if you are deploying K pop inside your stores, you can tell customers after they're done purchasing in a keeper cart to reorder all the items they just sold out in stores. You can ask them to reorder them online on your website and maybe give them a coupon to be able to do that. So that drives the acquisition of multi channel customers, are more valuable than online only customers or in store only customers. Carer tags is another example where by powering, you know, peak to light on electronic shelf tags inside retailers' stores, we are able to improve the quality of online orders because it allows our shoppers to find these items a lot faster. And now we have Carrot tags powering 10% of orders, which is really incredible knowing that it increases phone rate and sell rate meaningfully.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

So very excited about all of that. Really glad for the question because enterprise is one of the most underappreciated parts of our business and a really critical advantage that other competitors are really not able to touch.

Colin Sebastian
Senior Research Analyst at Baird

Thank you.

Operator

Thank you. Our next question comes from Lee Horowitz with Deutsche Bank. Your line is open.

Lee Horowitz
Lee Horowitz
Co-Head - Internet Equity Research at Deutsche Bank

Great. Thanks for the question. I wanted to spend some time on ad revenue. Appreciate the resilience you guys highlighted and the breadth of customers that are allowing you to deliver that. I guess ad penetration was stable.

Lee Horowitz
Lee Horowitz
Co-Head - Internet Equity Research at Deutsche Bank

I think you guys had pointed to that being up. I just wonder if you could give any update on what the CPG environment looks like today versus what you had mentioned before. Are there still some concerns? And how do you think that maybe may evolve over the back half of the year and into next year? Thanks so much.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Yes, thanks for the question. Yes, we are very proud of the resiliency of our revenue and the fact that the diversification strategy is working. The investment rate has indeed remained stable. When it comes to CPG environment, I would say it's similar to what we've talked about before, which is that there is a lot of uncertainty in the environment. That's not just tariffs, but I would say regulation at large, whether it's SNAP, food dyes, etcetera.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

And all of these puts additional pressure on companies to deliver on their profitability objectives. And that comes on top of other business specific challenges, including ongoing changes in consumer preferences. Like for example, we're seeing fast growing interest in high protein snacks and breakfast food, lower sugar and natural soda options, less processed foods. So if you have a large CPG that is not doesn't have a portfolio that indexes heavily towards that, you are having to make a lot of decisions to kind of reposition your portfolio and really optimize for profitability. And that puts a dampen on your ability to invest.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

And so that's what we're seeing primarily with the large guys, would say, who are taking a little bit more of a wait and see approach, are really trying to figure out how to optimize profitability during a time of change. But the good news is that during this time what we are also seeing is that when CPGs pull back some spend, it allows emerging brands and challenger brands to really rush in and gain share. And so large CPGs are realizing that that's not a good long term strategy and that the right strategy is to continue capturing the online customers as these customers move online because it's much more expensive to regain them over time. And so we continue to remain focused on demonstrating that to the large brands, getting them to optimize for the long term, not just for their short term bottom line, but really for continuing to maintain or increase our market share in the face of very aggressive emerging brands that are definitely determined to gain share on our platform.

Lee Horowitz
Lee Horowitz
Co-Head - Internet Equity Research at Deutsche Bank

And then maybe just one follow-up on the online grocery industry writ large. It seems to us that over the past several quarters, sort of digital penetration rates of the industry have gone up quite nicely after being fairly stagnant for some time despite the fact that inflation has remained fairly sticky. I wonder from your seat PG, what you're maybe seeing that's sort of supporting that for the overall industry where you're able to grow well, competitors and the like. Any shifts you're seeing in demographic trends, pricing trends, anything that you would maybe point to that's perhaps driving that shift more recently?

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

I think the biggest thing is the one you mentioned, which is, you know, kind of like price sort of stabilizing. That's always something that we look closely at. And certainly during a time of inflation we saw that dampen our ability to grow online penetration for the industry in general. Now that it has stabilized, that's certainly much more encouraging. At the same time, the TAM is like massive.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Know, this remains one of the industries that is the least penetrated online among all of commerce. So there's a lot of runway to go. And what we're seeing in particular with regards to CPG is that the brands are really seeing the next five years as the biggest opportunity to gain share or lose share depending on how they play their cards given that customers are moving online. When they move online with a certain brand, tend to stick to that particular brand online. So it's really critical to capture the online customer as they move online.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

That's why it's so critical that we continue to have the leading ad performance in the market that really allows brands to capture that customers with the highest efficiency.

Lee Horowitz
Lee Horowitz
Co-Head - Internet Equity Research at Deutsche Bank

Very clear. Thanks so much and best of luck moving forward.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Thank you so much.

Operator

Thank you. Our next question comes from Ross Sandler with Barclays. Your line is open.

Ross Sandler
Ross Sandler
Senior Research Analyst - Internet at Barclays

Great, thanks. And Fiji, I know your first job over at the new place is going to be wiring up operators who can all order our Instacart through the new eight ks. So just to follow-up on the advertising question, I think we all understand the macro weakness in large CPG. But if we look at stronger growth in emerging brands and then all this new kind of off-site retail media network stuff with like Pinterest and TTD, how should we think about those two areas, the emerging brands and the off-site data deals in terms of contributing to overall ad revenue growth? Like when are those going to be big enough to move the needle relative to the big CPG? Thank you.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Yes, thanks for the question. So the way I think about it is one, diversification is working. We've been talking about it for a while and we are seeing the results of that in what Emily was talking about in our intro. We saw one of the largest brands really pull back some of their spend, and we were able to more than compensate for that with strengths in both emerging brands and mid sized brands. So really a lot of strength across these segments, whereas a year ago, it would have taken us down by several points of growth.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

We have built a lot of tools for emerging brands and mid sized brands for them to be able to ramp up on our platform. A lot of AI tools that are allowing them to operate their campaigns much more efficiently, whether that's AI generated landing pages, that's AI optimization and new goals that they can specify that they can optimize for. So all of these new product innovation is really working in attracting emerging brands and allowing them to have very high performing campaigns on a self serve basis. On the off platform side, I would say, it's slightly earlier in its journey. Everything we've done to date has been more about establishing very strong foundations of formerships, and you've seen that with, you know, Google, Meta, the Trade Desk, Pinterest.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

But we still have to really found the right scale motion to start really ramping up these businesses. We are seeing great performance. We are finally at the point where we have the right integrations. The integration we did with The Trade Desk was really industry leading this quarter where any brand that advertise on The Trade Desk can now really specify a set of audiences using Instacart data and purchase programmatically directly from The Trade Desk. So we feel like we have all of the right capabilities in place, all the right measurements, right performance in place with these platforms now to be able to scale.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

And that's still small now, but we expect it to grow over the future given that we feel like we have nailed the fundamentals now.

Operator

Thank you. Our next question comes from Andrew Boone with Citizens. Your line is open.

Andrew Boone
Managing Director at Citizens JMP

Thanks so much for taking question. You highlighted gains in batching on the letter. What I'm trying to understand is whether you guys have now more dollars to put towards promotion or customer acquisition or however you wanna frame that today versus a year ago. So can you talk about the gains that you're getting from batching and then how you're deploying that and kind of the intensity of that? And then, Fiji, in your prepared remarks, you talked about the efficiency of AI that's that's coming across kind of the the platform on the back end.

Andrew Boone
Managing Director at Citizens JMP

Can you connect that either to headcount or OpEx? Or what should our expectations be as AI is just more broadly deployed across Instacart from a cost perspective? Thank you.

Emily Reuter
CFO at Instacart

Thanks so much for the question. So on the first part, in terms of gains in batching. So what I'd say is we have had gains sort of broadly in shopper pay. Batching is one piece of the equation that we've talked about, but really finding ways to optimize the shopping journey really from beginning to end. So batching is a piece of the puzzle.

Emily Reuter
CFO at Instacart

But shopper pay broadly is an area that we've driven pretty meaningful leverage over the course of the last few years as we've really squeezed out efficiencies. As you pointed out, batching has been a key area where we've been able to do a number of things. That's increasing the number of orders per batch, but it's also increasing the types of orders that we can batch. So we mentioned that 25% of our priority orders are now batched, and we're still able to complete those in a way that gets those orders to our customers on the same time frame, which in many cases is under thirty minutes, which is pretty incredible to see. In terms of what are we doing with those savings, we've talked about this in the past, we really are looking for ways to reinvest that across a number of different areas.

Emily Reuter
CFO at Instacart

So you mentioned incentives, that's definitely something that we look at in and when it's the right opportunity, when we think that we can meet the consumer at the right point in their customer journey to change a behavior and ultimately create a more retentive consumer. But actually, it's broader than that. So a couple other examples of places you will have seen us invest. Obviously, we've talked earlier this year about reducing the minimum basket size. That is something that ultimately drives down is a negative to transaction revenue, but we can fund that because of the tremendous gains we're able to get on Shopper Pay.

Emily Reuter
CFO at Instacart

So that's just one example, but you can imagine a whole host of things that we've done over the course of last year, making pickup free as an example, as I just mentioned, reducing the minimum basket size. We are ultimately focused on trying to drive affordability for the end consumer. And so if we can drive gains in shopper pay and give that back to the consumer in forms of cheaper delivery as an example, or better targeted incentives, Those are the kinds of areas that we're looking to double down. Sorry, can you repeat the second question?

Andrew Boone
Managing Director at Citizens JMP

AI efficiency isn't anything to note in terms of headcount or OpEx that we should be thinking through as it's further deployed across the platform?

Emily Reuter
CFO at Instacart

Great. Thanks. So at this stage, nothing to call out. I think we are certainly very focused on AI adoption across the company, as Fiji mentioned earlier. Definitely AI first in terms of how we think with greater than 80% of our code that we're generating today AI assisted.

Emily Reuter
CFO at Instacart

And really, it doesn't stop with the engineering team. We gave a couple of examples earlier, but all of our teams are looking for ways to become more efficient. Now we don't have immediate plans to have that have an impact from an OpEx perspective, but what you've seen us do to date is to be able to continue to grow this business while being incredibly disciplined from an OpEx perspective. And so from a first principle standpoint, I think that's the first way that you'll see it come through. Over time, as we're able to really translate these gains, maybe that's something we could see, but not something we're committing to at this point in time.

Andrew Boone
Managing Director at Citizens JMP

Thank you.

Operator

Thank you. Our next question comes from Shweta Kajuria with Wolfe Research. Your line is open.

Shweta Khajuria
MD - Global Internet at Wolfe Research LLC

Thank you for taking my questions. I have one on advertising. As you develop your ad tech stack and your advertising business in general, how are you thinking about, you know, on platform advertising versus perhaps some of the partnerships that you are getting and and expanding into for non Instacart placed ads? And how should we be thinking about it in terms of contribution to your business? Thanks a lot.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Yeah. Thanks for the question. So the way we think about it is that we really want to become the one stop shop for all CPG brands, and we're well on our way to doing that. We have a top five retail media network. And what we're hearing from CPG brands over and over again is that two things matter, scale and performance.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

And we are able to reach maximum scale through 1,800 retailers on our marketplace, more than 240 carat ads partners, but also through the off off-site partnerships that I mentioned earlier, and in the future, you know, in store as well through ads on Keeper's cart, which are really kind of the holy grail of advertising of combining the advantages of online advertising but in an in store environment. And so our view is that advertisers should come to us because we can actually optimize for their goals across our entire network. And that's why we've really invested in what we call universal campaigns and optimized bidding, which is a way for advertisers to tell us what our budget is and what our goals are, and for us to optimize their campaigns across our entire network, across all of the pieces of the network, on platform and outside of the platform. So we're not we're really thinking about it as, like, one network, and advertisers are thinking about it as one network. They are telling us that they do not have the bandwidth nor desire to spend a lot of that energy on subscale retail media network, and they see us as the aggregator for the industry across all of the different retailers that we already have.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

And that's a very big part of our value proposition. Retail media is still very new. We feel like we're very well positioned by being that aggregator.

Shweta Khajuria
MD - Global Internet at Wolfe Research LLC

Okay. Thanks, Fiji, and wish you all the best.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Thank you so much.

Operator

Thank you. Our next question comes from Steven Fox with Fox Advisors. Your line is open.

Steven Fox
Founder & CEO at Fox Advisors, LLC

Hi. I had two questions too. From a big picture standpoint you mentioned personalization in your letter. And I was just curious if there's any KPIs that you're tracking in particular that shows success there or anything you can describe as recent and future success? And then Emily, was just curious, just on the cash flows, it looks like what you're describing for the second half of the year is sort of seasonal from a working capital standpoint.

Steven Fox
Founder & CEO at Fox Advisors, LLC

I don't know if that's correct or not, but if you could help on that. Thanks.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

I'll take the first one. So personalization is one of the biggest advantage of doing grocery online versus in store. So that's why we really wanna lean into that. And all of the advances in AI are really helping us take the thirteen years we have of proprietary data and nearly 1,500,000,000 lifetime orders and really put that data to use, by, personalizing the experience. I would say that customers we use Instacart frequently are seeing a ton of personalization across the board.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

It starts with the basics, like buy it again, which is used by more than three quarters of our customers to buy at least one item, to the much more sophisticated things we've done more recently, like AI pairings. Well, if you add avocados, we can surface items you may need for guacamole or small shop where, we have, created, you know, health tags, personalized shopping aisles for, like, organic products, gluten free products, all the way to, like, new recommendation models for substitution that take into account your, dietary needs, all of your pricing and past preferences. And so when we look at kind of how to assess the success of that, we look at it both in terms of does it get existing customers to buy more, add more items to their cart, discover items that they weren't used to buying before, which is always, you know, great sign of success. But also when we, you know, get new customers, onboarded onto the platform, can we do a better job faster about showing them things that are really relevant for them and help them build the basket as well as do the same for labs customers as we're redirecting.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

And I would say across the board, we are seeing that all of these personalization efforts are working and are driving more engagement across all of these segments. So we're really excited about what we're seeing.

Emily Reuter
CFO at Instacart

I can jump in on the cash flow question. So what I'd say about cash flow for us is a little less about seasonality and more about there's certain elements to our business that can drive fluctuations quarter to quarter in terms of flow through to cash flow. So what I mean by that is, occasionally those are related to just delayed retailer payments. So we saw that, you may recall, in the back half of last year, where we had a bit of an AR buildup that unwinded in Q1. So you saw some impact there.

Emily Reuter
CFO at Instacart

Some other areas of the business that just have longer payback periods include alcohol and EBT snaps. So depending on the timing of launches and sales around those categories, those can result in some lumpiness to cash flow. So the way that I think about it is that we will likely expect to have lumpiness over time, over sort of multi quarter periods. We do sort of trend in line with EBITDA. From a flow through perspective, if you think about 2024 flow through, what I just commented on meant that our overall EBITDA to free cash flow rate was slightly depressed because of that AR buildup in the back half of last year. So I'd say that is sort of on the lower end of what we'd expect to see. But again, quarter to quarter, we will see fluctuations.

Steven Fox
Founder & CEO at Fox Advisors, LLC

Great. That's all very helpful. Thank you.

Operator

Thank you. Our next question comes from Jason Helfstein with Oppenheimer. Your line is open.

Jason Helfstein
MD & Head - Internet at Oppenheimer & Co. Inc.

Thank you for taking the question. I'll just ask one busy night. So, I guess, what will it take for advertising to accelerate? Do you need a healthier CPG spending environment broadly? Are there actions that CAR can take to improve to drive more demand? Thank you.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Thank you for the question. So, I think it's a combination of things. First, I think we have planted all of the right seeds to make sure that advertising can continue to thrive in the future. And I touched on some of them, but obviously continuing to have leading performance, continuing to invest in our measurement capabilities to demonstrate that performance, continuing to diversify the business. We're on a great trajectory there.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

And the more we diversify, the more we can lean into emerging and midsized brands, which are growing faster than the rest and investing more of their GTV into advertising than large brands. And then I also touch on gaining more scale through all of the actions we're taking to expand our network through Carrot Ads, Keeper Ads and Off-site partnerships. So we remain highly confident in our ability to reach the 4% to 5% investment rate that we had talked about. But on any given quarter, there's going to be some puts and takes. Sometimes, as Emile mentioned, we are seeing some large brands pull back.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

We are able to more than compensate for that with the strength in other segments. But obviously, if we were operating under a better macro, we would see more strength. We in fact saw that in Q1, where in Q1 we had higher advertising growth and that's because we saw strength in both emerging brands as well as the large brands in parallel. So certainly the macro would make things easier, but at the same time we really believe initiatives that we've put into work, we have the levers to grow in the future.

Operator

Thank you. Our next question comes from Michael Morton with MoffettNathanson. Your line is open.

Michael Morton
Senior Research Analyst, Internet (E-commerce & Marketplaces) at Moffettnathanson LLC

Hi there. Thank you for the question. I wanted to talk a little bit about affordability initiatives. We've heard a lot about that from the grocery delivery industry. And what we've seen this year is some of your direct competition has tried to get more competitive by following you into the fee reductions on small baskets, And it's clearly not impacting the momentum in the business.

Michael Morton
Senior Research Analyst, Internet (E-commerce & Marketplaces) at Moffettnathanson LLC

So what I would love to learn some more about is what you've learned in the first half of the year watching this consumer behavior. Maybe you could talk about the stickiness about it and your ability to retain the kind of core customers, but also accelerate the business. And then while we are on the small basket topic, I would love any incremental details you could share about how a theoretical small basket unit economics compares for a traditional order, maybe in regards to some batching rates or asset density, take rate, anything would be great. Thank you so much.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Great. I'll have Emily handle the second part, but I'll answer the first. So on our affordability initiatives, first off, I want to clarify that, you know, the change we made to small baskets is one factor, but our affordability strategy is much more broad based. We are getting more adoption of flyers, of loyalty linking, of a variety of affordability initiatives. We are working with all retailers to continue to dynamically adjust our markups and with some go all the way to price parity and we've made some progress there with partners like Snacks, with Pattinson Group in Canada launching at price parity and more.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

And we think that's incredibly important because PriceParity retailers are growing faster on the platform than non PriceParity retailers. So really what we see is that it takes a multi pronged approach of delivering affordability through many different ways to the end customers, and we're very committed to all of these different levers. On the $10 minimum basket change specifically, what we have seen is that it has allowed us to grow GTV overall and grow frequency without cannibalizing large baskets, which is really important because that's something where we really wanted to address all of the needs and not shift the mix, and that's certainly what we've seen. It was very incremental and has allowed us to tap into the kind of top up use case for these customers. So we're really excited about what we're seeing.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

That's why we're very committed to this change. But I would say generally, affordability changes go much broader than this particular change.

Emily Reuter
CFO at Instacart

Yeah. On the small basket unit economics, think, first and foremost, I would just say, before thinking about unit economics, really what we're trying to do is create a platform that is there for our customers for all of their shopping needs. And we know that the majority of shopping happens in large baskets, large weekly shops, but we also know that customers have use cases when they need to do a fill in shop midweek or forget something or have a sick kid and need something from the pharmacy. And we want to be able to make sure that we're there for them. And so that's really a big part of the focus on lowering the minimum basket size, and really lowering the threshold at which customers think of Instacart as provider for all of their needs.

Emily Reuter
CFO at Instacart

So, that's sort of the starting point. I think how is Instacart able to create a price point that is sort of best in class for a minimum basket size, and that starts with the fact that we have already an existing large network with density of orders at all of these stores. So when you reduce the minimum basket size, you layer on what are incremental orders to an existing dense network, that means we're able to serve these orders out of the gate, that economics that are already much better than you would be if you're starting from scratch. So our starting point, when we did this back in the earlier part of the year was, hey, we can do this out of the gate at economics we like. That doesn't mean that's where we're satisfied with, and you've seen that in some of our commentary around strategies like batching, right?

Emily Reuter
CFO at Instacart

So we've continued to drive up batch rate, we've increased orders per batch meaningfully over the last couple of years. And you've seen us talk about now batching 25% of priority orders, which we think is, again, really incredible, because we're still getting these orders to customers in under median fifty minutes, in many cases under thirty minutes. And that is really a key part of our success to driving the economics here. So we're seeing the engagement we like to see from consumers, we're seeing those incremental orders, we're not seeing trade down to these orders, which I think is really, really important when you think about the economics, because as long as we can do these orders at economics we like, and we're not hurting our existing base of business, then we think of this as truly additive to the overall ecosystem. And we know that if we engage you more regularly throughout the week, ultimately, what we hope is that that drives you back to Instacart for your weekly shop more regularly.

Emily Reuter
CFO at Instacart

So, really focus on the overall use case, making sure that we're there for customers regardless, and we're very happy with being able to serve those use cases for customers.

Michael Morton
Senior Research Analyst, Internet (E-commerce & Marketplaces) at Moffettnathanson LLC

Thank you.

Operator

Thank you. Our next question comes from Deepak Mathivanan with Cantor Fitzgerald. Your line is open.

Deepak Mathivanan
Senior Equity Research Analyst at Cantor Fitzgerald

Great. Thanks for taking the questions. So, Fiji, you now have a great view into how consumer experiences are going to emerge for the agentic world. How do you think this affects marketplaces like Instacart as maybe agents take a more prominent role in transaction activities directly on the marketplaces? Where would you say Chris and team should be focusing and putting their accelerated product development efforts for, say, the next six to twelve months as they get tech and plumbing ready, potentially for a more independent agent tech world.

Deepak Mathivanan
Senior Equity Research Analyst at Cantor Fitzgerald

And then the second question, another big picture one. I mean, we've now seen delivery growth pretty much accelerate across all three large players in The US, including you, Uber and Dash. I know there is unique aspect for each, but, you know, do you think there is some kind of high level theme on whether there is a new leg to user growth or consumer behavior for these services that we are finding right now? Thanks so much.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Thank you. So, on your first question, the main thing that I think is a good principle for Instacart to follow is that we should always be where users are. And as long as you can provide a better experience, you can always find a way to monetize that. So in terms of, you know, where to go with agents, I think integrated deeply with these agents so that, we can make it easy for agents to, you know, browse off sites and actually pick the right items for the customer is going to be really critical. I happen to think that Instacart has really critical advantages in an agentic world, thanks to the selection that we bring to the table of 1,800 different retailers, 100,000 stores, tons of different products, and doing that with data sets that are incredibly rich that we've collected over thirteen plus years.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

So I think we're really well positioned, and it's really a matter of figuring out the right integrations, right user experience, which I think is still very early and embryonic, and then figuring out monetization once the user experience is nailed. But very optimistic about our position there. In terms of the delivering growth accelerating across the market, I would say, you know, it points to the fact once again that grocery is still very under penetrated. Even with this, you know, wave of growth, we are still vastly behind other categories of commerce with lots of room to go. And I think our service is getting better and better, and that's why you're seeing this accelerated growth.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

We think that we are improving the experience across all aspects of selection, affordability, speed, and quality, and obviously, you know, to deepen our lead in our ability to deliver these orders with the best customer experience. We are also seeing that retailers are really leaning in and realizing that, again, the next few years are going to be a really big opportunity for them to either gain share or lose share. And we're seeing them lean into their enterprise properties, which again gives us a very big advantage because we power those and when retailers are leaning in, they're usually directing their dollars on an operated properties more than third party marketplaces. And so we're benefiting from these retailers really wanting to accelerate that online growth and as powering that online growth. And in general, also these retailers leaning into affordability, as I mentioned, which is also accelerating market adoption.

Deepak Mathivanan
Senior Equity Research Analyst at Cantor Fitzgerald

Got it. Thank you so much, and appreciate all the help over the last several years.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

Thank you so much.

Operator

Thank you. And our last question comes from Justin Patterson with KeyBanc. Your line is open.

Miles Jakubiak
Miles Jakubiak
Associate Analyst at KeyBanc Capital Markets

Great. Thanks for taking the question. This is Miles on for Justin. I would like to go back to Instacart plus on your comments of penetration increasing there. You you guys have added a lot of value to the membership over the last year.

Miles Jakubiak
Miles Jakubiak
Associate Analyst at KeyBanc Capital Markets

So curious if you could just provide any more information on how you're seeing adoption trend or behavior within members like retention and or order frequency or anything on that? And then one follow-up on the Costco partnership. I thought that was pretty interesting. Should we be expecting more of these unique retailer offerings moving forward, or is that just more of a one off with Costco being such a big retailer? Thank you.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

I'll take Costco. I will say that we are doing these types of deep integrations with a lot of our retailers. With Costco, obviously, it takes a particular form because they have a specific business model, and we are very excited to be doing a partnership with them to offer a discount for executive members on any orders on Costco same day or on Instacart. I assume that's the one you're referring to. So very excited to be able to get so much exposure to the tens of millions of executive members.

Fidji Simo
Fidji Simo
CEO & Chair at Instacart

But if you look back even at the history of Of course co partnership, there has been many times where we have done these types of integrations with them, whether that's powering their entire same day site, expanding with Costco Business Center more recently in Canada, whether that's powering Snap for them, whether that's doing all kinds of integration. And so I don't think we should consider that a one off, these are things that we do with a lot of our retailers. Another example just this quarter is with Publix who was powering their storefront app for delivery, but now they integrated that directly into their main app. It's a very deep integration, very strategic for those companies and allowing us to drive more growth. So these are the kinds of things that you can do when you are not just simply a marketplace that retailers put their selection on, but you are actually a strategic partner at the table with their strategic leader, their IT department, and really driving deep integration into the core business of these retailers instead of being just a very thin layer of integration.

Emily Reuter
CFO at Instacart

On the Instacart plus question, I think it's a couple of comments that I would make there. So first of all, Instacart plus numbers continue to grow. The engagement with the platform has always been strong. So it's accounted for the majority of our activity for some time and continues to do so. And the reason it's critical to us and a big focus of ours is that these are the most loyal and high spending customers that we have.

Emily Reuter
CFO at Instacart

And so for that reason, we find it attractive to continue to invest in the overall program, because we know if you are an Instacart plus member that over time you spend significantly more GTV on average than non Instacart plus members. So those are a couple of factors. We are seeing now Instacart plus members represent more of our monthly users over time, and that's for a number of reasons. As you mentioned, making Instacart plus more valuable. We now have, over the last roughly year launched our restaurants product for customers.

Emily Reuter
CFO at Instacart

We've reduced the minimum basket size to $10 We have reciprocal memberships, things like Peacock and New York Times Cooking, etcetera. And then we've also expanded it so that family accounts allow multiple people to participate in a single Instacart plus membership. And we know that when you shop with others, first of all, it's more convenient. You can shop and all be adding to the same cart, but you also end up spending more too. So we love the Instacart plus membership.

Emily Reuter
CFO at Instacart

It's an area we'll continue to invest in, but overall has been a continued growing part of our portfolio.

Miles Jakubiak
Miles Jakubiak
Associate Analyst at KeyBanc Capital Markets

Great. Thank you both.

Operator

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

Executives
Analysts
    • Rebecca Yoshiyama
      VP, Head - IR, Capital Markets & Treasury at Instacart
    • Emily Reuter
      CFO at Instacart
    • Eric Sheridan
      Managing Director at Goldman Sachs
    • Nikhil Devnani
      Senior Analyst at Bernstein
    • Colin Sebastian
      Senior Research Analyst at Baird
    • Lee Horowitz
      Co-Head - Internet Equity Research at Deutsche Bank
    • Ross Sandler
      Senior Research Analyst - Internet at Barclays
    • Andrew Boone
      Managing Director at Citizens JMP
    • Shweta Khajuria
      MD - Global Internet at Wolfe Research LLC
    • Steven Fox
      Founder & CEO at Fox Advisors, LLC
    • Jason Helfstein
      MD & Head - Internet at Oppenheimer & Co. Inc.
    • Michael Morton
      Senior Research Analyst, Internet (E-commerce & Marketplaces) at Moffettnathanson LLC
    • Deepak Mathivanan
      Senior Equity Research Analyst at Cantor Fitzgerald
    • Miles Jakubiak
      Associate Analyst at KeyBanc Capital Markets
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