CART Q2 2024 Earnings

Call Details

• Call Title: Maplebear Inc. Q2 2024 Earnings Call
• Date: August 6, 2024 at 9:00 PM UTC
• Management Team:
  • Rebecca Yoshiyama (VP of Investor Relations, Capital Markets, and Treasury)
  • Fidji Simo (Chief Executive Officer)
  • Emily Reuter (Chief Financial Officer)

Call Summary

Financial Performance

• GTV grew 10% year-over-year in Q2, driven by orders growth of 7% and average order value growth of 3%.
• The company reported GAAP net income of $61M for Q2, representing the third consecutive quarter of positive GAAP net income.
• Adjusted EBITDA (non-GAAP) was $208M in Q2, up 89% year-over-year.
• Operating cash flow was $244M in Q2, up 42% year-over-year.
• Q2 advertising and other revenue grew 11% year-over-year, driven by growth from emerging brands and an active brand base of more than 6,000.
• SBC remains elevated post-IPO with continued seasonality expected; the company lapped a $95M restructuring and executive-related reversal in Q1 2024.

Guidance

• Q3 GTV guidance is $8.1 to $8.25B, implying year-over-year growth of 8% to 10%.
• Q3 adjusted EBITDA guidance is $205 to $215M.
• Guidance expects GTV composition to continue to be driven more by orders than basket size and to include a modest contribution from restaurant orders.
• Management expects adjusted operating expense leverage to be the primary driver of year-over-year adjusted EBITDA as a percentage of GTV.
• The company does not provide forward guidance beyond the next quarter and evaluates ranges based on daily observable data.