CART Morgan Stanley TMT 2026

Before we get started, I have to read the research disclosures, all important disclosures, including personal holdings disclosures and Morgan Stanley disclosures appear on the Morgan Stanley public website. They are also available at www.morganstanley.com/researchdisclosures and at the registration desk. Some of the statements made today by Instacart may be considered forward-looking. These statements involve a number of risks and uncertainties that can cause actual results differ materially.

Any forward-looking statements made today by the company are based on sees as of today. Instacart undertakes no obligation to update them. Please refer to Instacart's Form 10-K for a discussion of the risk factors that may impact the actual results. Chris may also reference certain non-GAAP financial metrics and reconciliations are available on Instacart's Investor Relations website.

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So well, nice to meet you in 3D. So you've been in the role now for about 9 months. You've been handling a lot of investor discussions, internal meetings getting to know the company. As you sort of sit in or sort of compare and contrast those 2 questions.

One, what has surprised you most so what you've learned about the company sort of going division by division. And then sort of like match that up with what do you think is the most misunderstood aspect of the company externally.

Yes. I think -- okay. So a couple of things. First of all, it hasn't been quite 9 months it's been 6 months, I think -- but I was appointed 9 months ago, I and I've been effectively running the company.

I would say that since then. So starting on kind of the thing that surprised me the most, like the underlying strength of our business has really and the strength of our strategy has really been a pleasant surprise. Obviously, I've gone -- I went very deep on the strategy when I got the role. And I do think that people don't necessarily think about the strength of our business, the way that we think about it internally.

Most people just think about the fact that we are -- they think of us as a consumer marketplace. When really we are so much more than just a consumer marketplace. We are the leading grocery technology in North America. -- and we're continuing to extend our lead, and that's something that's very