John Colantuoni

Quantified that Other GPU fell ~$200 despite passing back 100+ bps of rate, with ~$300 of fundamental gains offsetting the giveback.

Agreed the concept holds but cautioned the dollars are small and shouldn't be counted on to flow through in any given quarter.

Mark reiterated three growth pillars. Said advertising will be broad-based across many channels. Recent quarters show relatively consistent ad expense per unit, which is a reasonable near-term run rate.

Ernie said path to 13.5% EBITDA margin is straightforward through fixed cost leverage and marketing normalization, with fundamental gains across all GPU and cost items to be shared with customers.

Declined to share any results or plans from franchise dealership acquisitions. Directed attention back to core business.

EV credit expiration shifted customer vehicle preferences but not aggregate demand. System naturally adapts based on customer behavior data.

Per-facility production rates higher than 2018-21 ramp. Demand has not been the governor historically, operational capacity has. 3M is 7.5% market share.

Building digital auction tool at ADESA as foundation. Marketplace requires joint reconditioning and wholesale capabilities at mega-sites.

Balaji cited near-100% engineer adoption of AI coding tools doubling code output, plus surgical 10-20% org cuts, enabling moderated hiring.

Dara detailed real concerns (job loss, safety, congestion) and argued for smart, deliberate AV regulation to avoid the public blowback seen in AI.

Balaji noted strong defense in Europe against DoorDash/Prosus, offensive expansion into 7 new markets. Australia reaccelerated to 30% growth via sparse market expansion. Japan seeing good trends.

Dara described AI as accelerating every step of engineering. Balaji admitted AI budget underestimated in November, re-upped after new December models, offset by metering headcount growth.

Balaji noted delivery ad penetration now exceeds the prior 2% target, with enterprise advertising catching up to SMB levels and nascent grocery/retail/mobility ad products providing additional runway.

Dara outlined five growth drivers: selection expansion (30-40% of addressable market), less dense area penetration, grocery/retail, 46M membership base approaching 50% of GBs, and international launches.

Dara described seamless menu/picture uploads and simplified Eats onboarding for Toast-enabled restaurants, plus helping Toast expand internationally via Uber's footprint.

Prashanth framed the shift as reflecting company maturity, accounting for real costs like depreciation and SBC, and helping LOB leaders consider full cost impacts in investment decisions.

Chesky said inference costs are de minimis relative to Airbnb's high-dollar transaction ROI; Mertz noted AI spend is rising but is being absorbed while margins expand.

Ellie said every market shows material gross booking lift. The U.S. has highest adoption but other markets are not far behind. All regions show positive net impact after cancellations.

Ellie said APAC destination growth was stable in 2025. High penetration in Australia but nascent in India (50% growth last quarter), Southeast Asia, Korea. Japan domestic showing nice results since Q4 2024 expansion. About 50% of experience bookings come from guests without attached homes booking.

Brian explained every experience is vetted (profiles, credentials, licenses) while not every home is. Result: 4.93 average rating for experiences vs 4.8 for homes. Working with third-party vendors.

Ellie detailed January strength, February softness coinciding with consumer sentiment decline, then March rebound. Q1 full quarter in line with expectations. Latin America accelerating.

Ellie explained merchandising will be timed to guest journey post-booking. New offerings selected specifically for flywheel effect: strengthening core while adding frequency.

Directional engagement colour with no figures, and Wong described shopping listing ads as the likely search ad format without committing to a GA date.

Huffman answered directly and expanded on video in the home feed and an emerging listen-to-Reddit format in development.

Steve said translation seeds content but native local communities matter most, so Reddit is easing community creation everywhere.

Jen declined to quantify pricing but said it rose on the value of delivered outcomes, with ROAS the key equation.

Jen shared early brand/performance learnings, noting a France campaign lifted installs, awareness and consideration.

Jen said DPA is early beta but showed a 90% ROAS gain, with more catalog and ML work ahead.

Von Ahn said US grows slower than Asia but China monetizes well, so slower US growth need not lower overall bookings growth; direct.

Matt said the profile is unchanged (lower margin %, higher gross-profit dollars) but improves as AI prices fall and H2 optimizations land.

von Ahn said advanced-English content is built and spreads mainly by word of mouth; Skaruppa added marketing dollars rise in 2025 yet still yield S&M leverage.

Chris pointed to the 11% to 13% Q2 guide and multiple reinforcing growth engines, and attributed broad-based ad strength across large, mid-market and emerging brands to Instacart's own execution.