Maplebear (CART)2025-02-25 21:07Financial Performance - Instacart achieved Q4 2024 orders and Gross Transaction Value (GTV) growth of 11% and 10% year-over-year, respectively[2]. - Total Gross Transaction Value (GTV) for FY 2024 was 3,378 million, up 11% year-over-year, accounting for 10.1% of GTV[43]. - GAAP net income for FY 2024 was 2,079 million year-over-year due to reduced stock-based compensation expenses[43]. - Adjusted EBITDA for FY 2024 was 8,645 million, a 10% increase year-over-year, with orders rising 11% to 77.5 million[48]. - Q4 2024 total revenue was 664 million, up 9% year-over-year, maintaining 7.7% of GTV[52]. - Advertising and other revenue in Q4 2024 was 803 million, a decrease of 9% compared to 608 million, representing a gross margin of 75.8%[91]. - Net income for Q4 2023 was 1,622 million in the previous year[91]. - Adjusted EBITDA for Q4 2023 was 7,891 million, an increase of 9.6% from 0 delivery fees from 10 for Instacart+ members, enhancing order frequency and GTV[5]. - Instacart has improved found and fill rates for 10 consecutive quarters, with nearly 10% of orders coming from stores using Carrot Tags software[6]. - Over 1,800 retail banners partner with Instacart, leading to the launch of over 30 new retailer sites in 2024, significantly increasing sales for upgraded retailers[8]. - Carrot Ads partnerships have expanded, with a 7X increase in retail media revenue for Schnucks after adopting Instacart's ad formats[9]. - The introduction of Family Accounts has led to larger basket sizes as customers shop together[25]. - Instacart's collaboration with OpenAI on the AI agent, Operator, aims to enhance customer convenience in ordering groceries[25]. - Instacart's ability to attract and increase engagement of customers and shoppers is critical for future growth, as highlighted in their forward-looking statements[68]. - The company emphasizes the importance of strategic partnerships and technological advancements in driving future growth and shareholder value[67]. - Instacart's management is focused on expanding capabilities and services to enhance customer experience and market presence[67]. Financial Position and Assets - As of December 31, 2024, Instacart's cash and cash equivalents increased to 1,278 million in 2023, representing a growth of 67.3%[88]. - The total current assets of Instacart amounted to 3,305 million in the previous year[88]. - Instacart's total liabilities decreased to 836 million in 2023, reflecting a reduction of 4.3%[88]. - The accumulated deficit improved to (3,585) million in 2023, indicating a reduction of 26.4%[88]. - Instacart's total stockholders' equity increased to 3,093 million in 2023, marking a growth of 21.2%[88]. Operational Efficiency - The company defines Gross Transaction Value (GTV) as the value of products sold through Instacart, which includes customer tips and fees, indicating the health of the business[73]. - Adjusted EBITDA is used to assess performance, excluding various expenses, and is a key metric for evaluating operational efficiency[75]. - Operating expenses for Q4 2023 totaled 509 million in Q4 2024[91]. - Total operating expenses for the three months ended December 31, 2023, were 470 million in the following quarter[102]. - Adjusted total operating expenses as a percent of GTV decreased from 7.1% in December 2023 to 5.6% in March 2024[102]. - Research and development expense for the three months ended December 31, 2023, was 115 million in March 2024[102]. - Adjusted research and development expense as a percent of GTV decreased from 2.6% in December 2023 to 1.4% in March 2024[102]. - General and administrative expense was 74 million in the following quarter[102]. - Adjusted general and administrative expense as a percent of GTV improved from 1.4% in December 2023 to 0.9% in March 2024[102]. - Sales and marketing expense for the three months ended December 31, 2023, was 179 million in March 2024[102]. - Adjusted sales and marketing expense as a percent of GTV was 2.3% in December 2023, rising to 2.2% in March 2024[102]. - Cost of revenue for the three months ended December 31, 2023, was 206 million in March 2024[100]. - Adjusted cost of revenue as a percent of GTV remained stable at 2.5% across the quarters[100].