Deepak Mathivanan

Tony framed AI as customer-experience-first (DoorDash Ask, merchant catalog automation, Dasher routing); Ravi noted restaurant growth accelerated Q1 to Q2.

Tony described DFS as inventory management partnership with select grocers. Emphasized getting experience right before scaling broadly.

Tony detailed grocery at record highs with volume share leadership. Ravi added new verticals expected gross profit positive in H2.

Ravi attributed slower margin improvement pace to DashPass impact: subscribers retain/order more producing more GP dollars but at lower margin. Restaurant business grew faster in 2025 than 2024 at larger scale.

Tony described fleet orchestration as the key value: managing handoffs between Dashers and AVs, land and air vehicles, in-house and partner-built. Real live AV deliveries happening now in select markets.

Tony outlined three investment areas: global tech platform rebuild, new products (DashMart Fulfillment, Going Out, autonomy), and existing business scaling. Ravi said ex-Deliveroo margins up slightly in 2026.

Tony outlined three AI areas: consumer product redesign (search/personalization/ranking), physical operations automation, and engineering productivity gains from LLMs.

Ravi detailed new verticals strength: new cohort sizes larger than last year, mature cohort engagement higher, all-time highs in users and order frequency. Over a quarter of MAUs ordering from both categories.

Tony emphasized M&A bar remains high. Deliveroo adds European scale; SevenRooms adds marketing-as-a-service to commerce platform. Both fit existing investment criteria.

Ravi cited growing cross-category usage, expanding selection with majority of top 20 grocers on platform, and improving product quality driving retention and frequency.

Ravi detailed strong international results: growing faster than peers, gaining share, all-time high MAUs, Wolt+ growing faster than DashPass in early years.

Tony articulated that autonomous delivery has different challenges from robotaxis (last 10 feet, lower hardware cost). Studying for years but nothing to announce yet.

Question asked by Cameron on behalf of Deepak Mathivanan. Ariane Gorin attributed B2C margin expansion to 8% bookings growth against marketing spend up only 1%, driven by the fastest U.S. growth in 15 quarters, product and funnel improvements, supply footprint growth, and strong top-tier loyalty performance plus agentic ad tooling.

Ariane described integrations with ChatGPT and Claude as early-stage experiments focused on seamless landing into apps. Goal is converting AI-channel users into direct returning customers, similar to performance marketing funnel.

Scott highlighted all brands contributing. Brand Expedia was primary driver. Vrbo benefited from supplier-funded promotions now over 1/3 of bookings. Margin dynamic will shift in H2 as they lap 2025 marketing cuts.

Ariane described two AI vectors: enhancing existing flows (personalization, recommendations, ranking) and natural language engagement (still early). No big platform transformation needed but continual investment. Scott said CapEx roughly in line with 2025.

Ariane described two-prong approach: Answer Engine Optimization for brand presence, plus direct integrations driving traffic back. Emphasized fast-moving space requiring front-foot experimentation. Scott deferred 2026 detail to February but confirmed same 3 strategic priorities.

Ariane confirmed AI traffic has higher intent, further down discovery funnel. Working with OpenAI, Google, Microsoft on integrations. Said it's early days but exciting area.

Scott attributed part of 75-100bps margin expansion to employment actions already taken, with more to come from discretionary cost optimization and marketing balance.

Ariane highlighted B2B's geographic and segment diversification as resilience factor. Described suite of tools for hotel partners including member rates, packaging, and geo-targeted rates.

Ariane explained APAC B2B strength driven by new partnerships, deep existing relationships, and market growth. Also testing new products and signing new deals.

Ariane declined to break out specific margin drivers but emphasized balancing investment for long-term growth with discipline on costs.

Gustav gave adoption metrics (~1/4 of actives on AI experiences, Prompted Playlist at 14M of 100M) and said the Large Taste Model is moving active days, the hardest metric.

Gustav tied the ubiquity strategy (ChatGPT, Claude) to a new plain-language data advantage feeding the proprietary large personalization model.

Alex declined to discuss elasticity specifics, reiterating that price increases are part of the strategy, applied thoughtfully based on value-to-price and market dynamics. Deflected.

Gustav said Spotify wants to enable AI creation tools responsibly so artists can participate and choose, extending to podcasters and authors, but declined specifics. Partial.

Daniel answered philosophically on the headcount-vs-compute trade-off and SAC-to-LTV discipline rather than giving specific expense-growth numbers.

Gustav cited strong video upload and consumption growth (44% YoY time spent, Gen Z +81%); Alex offered little new on unit economics.

Alex gave a general answer about iterating on family-plan usage without committing to a crackdown.

Martin addressed margin sustainability (credit improvement plus OpEx dilution reinvested elsewhere) and detailed roughly $80M of incremental YoY AI spend with productivity gains.

Ariel noted every engagement metric strengthening, record NPS, conversion +1pp YoY. Competition brings offline consumers online expanding the pie. Martin reiterated investment philosophy unchanged, not managing to a margin level.

Ariel highlighted brand ads and display (growing >100% YoY) as key drivers, with Mercado Play TV launch expanding inventory beyond the marketplace.

Martin attributed margin expansion to Argentina's increased revenue share (14% to 34%) while investments in Brazil and Mexico continue creating pressure. Focus remains on growth over short-term margins.

Ariel attributed buyer acceleration to compounding effects of 25 years of platform improvements, free shipping, and strong growth in essentials, apparel, and beauty.

Martin attributed sequential NIMAL expansion primarily to better spreads from decreased bad debt as percentage of portfolio, improved by better collections and seasonal factors.

Chris said the pilot was strong with a North America launch coming and larger baskets; Emily tied AOV strength to deeper engagement and club retailers.

Rogers said AI-driven consumer behavior will shift but is very early, with Cart Assistant rolling out on marketplace by end of Q1.

Rogers cited Smart Shop, virtual aisles, and personalized replacements; Maher tied small-basket profitability to order density and batching. Direct.

Directly argued Instacart's selection and 13 years of data position it well for agents; industry delivery acceleration reflects underpenetrated grocery.

No retailer concentration; small baskets skew to fill-in items, and restaurant users order groceries more frequently and spend more.

Asked about eBay Live seller/buyer penetration and marketing reallocation to Depop; Jamie cited 7-8x growth and the shift to self-service onboarding.

Jamie described the unified agentic commerce platform combining hybrid cloud, proprietary LLMs, MCP servers, and 30 years of data to enable collaboration between first-party and third-party agents, with agentic capabilities being brought into core search.

Jamie described aggressive push on both buy and sell marketing, noting average household has $3-4K of saleable inventory with less than 20% online.