CART Nasdaq Conference 2025

Good afternoon, everyone. We hope everyone's had a productive day 1 of the Morgan Stanley NASDAQ TMT Conference. Welcome again to a 2025 version. We're thrilled to have Emily with us from Instacart, the CFO, previously at Uber and now at Instacart for a couple of years.

Yes. 2 years this January.

2 years this January, so happy, happy close to anniversary. Before we get to all of that, let's do the disclosures. Please note that all important disclosures, including personal holdings disclosures and Morgan Stanley disclosures, appear on the Morgan Stanley public website at www.morganstanley.com/ researchdisclosures. They are also available 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 may cause actual results to differ materially. Any forward-looking statements made today by the company are based on assumptions as of today, and Instacart undertakes no obligation to update them. Please refer to Instacart's most recent Form 10-Q for a discussion of the risk factors that may impact actual results.

Emily may also reference certain non-GAAP financial metrics, and reconciliations are included in Instacart shareholder letters, which are available on Instacart's Investor Relations website. Check, we're all good.

Okay. So a lot of things to talk about in the grocery space. It's heavily evolving from competitive discussions, agentic discussions. So maybe let's sort of start with a big picture view.

It's almost been 2 years with the company. You've done a lot of meetings with different types of investors, analysts like myself, consumer investors, tech investors. What do you think are sort of the 1 or 2 of the most misunderstood aspects of the company even today after like 2 years of talking it through with people?

Yes. It's a great question and something we try to address day in and day out. And in my view, I think the single biggest misunderstanding is the value proposition that we bring to bear in the market. We obviously get it with competitive announcements and worry about how are we going to continue to compete.

And I think what we've seen is sort of twofold. One is that competition is truly not new to our sector. We get the question posed a