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    Maplebear Inc (CART)

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    Instacart, officially known as Maplebear Inc., operates as an online grocery platform that connects customers with retailers, brands, and shoppers. The company facilitates grocery delivery and pickup services, allowing customers to order groceries and other products through its platform. Instacart also offers advertising opportunities for brands to enhance product visibility and drive sales.

    1. Transaction Revenue - Generates income by facilitating grocery delivery and pickup services, connecting customers with personal shoppers who fulfill orders from local retailers.
    2. Advertising and Other Revenue - Provides advertising opportunities for brands on the platform, enhancing product visibility and driving sales.
    NamePositionStart DateShort Bio
    Fidji SimoChief Executive Officer and PresidentAugust 2021Fidji Simo has served as the Chief Executive Officer of CART since August 2021 and as President since December 2021. She joined the company's Board of Directors in January 2021 and became Chair of the Board in September 2023. Prior to CART, she held various roles at Meta Platforms, Inc. from 2011 to 2021.
    Nick GiovanniOutgoing Chief Financial Officer and TreasurerJanuary 2021Nick Giovanni served as the Chief Financial Officer and Treasurer at CART from January 2021 until his resignation, effective May 10, 2024. Before joining CART, he worked at The Goldman Sachs Group, Inc. from August 1998 to January 2021.
    Morgan FongGeneral Counsel and SecretaryDecember 2016Morgan Fong has served as General Counsel at CART since December 2016 and as Secretary since December 2020. Before these roles, he was the Director of Legal at CART from May 2015 to December 2016.
    Emily ReuterChief Financial OfficerMay 7, 2024Emily Reuter was appointed as Chief Financial Officer of Maplebear Inc. (dba Instacart) on May 7, 2024, effective immediately following the filing of the company's Quarterly Report on Form 10-Q for Q1 2024. She previously served as Vice President, Finance at Instacart starting in January 2024.
    1. Your Q4 GTV guidance indicates growth of 8% to 10%, down from 11% in Q3. Can you explain the factors driving this deceleration, and should we expect this trend to continue into 2025?

    2. Despite strong profitability, your adjusted EBITDA margins are expected to remain flattish sequentially in Q4. What are the main constraints on margin expansion, and how do you plan to drive operating leverage moving forward?

    3. With certain large CPGs pulling back on ad spend while emerging brands lean in , how significant is the impact of these pullbacks on your advertising revenue, and what strategies are you employing to mitigate this risk?

    4. As you expand into restaurant delivery, how do you plan to differentiate your offering from established competitors, and what early indicators can you share about its contribution to GTV and user engagement ?

    5. Considering that 87% of the grocery market is still offline and your investment in technologies like Caper Carts , what are the key challenges in scaling these in-store solutions, and how do you plan to overcome them to capture more of the offline market?

    Program DetailsProgram 1Program 2
    Approval DateNovember 2023 June 2024
    End Date/DurationCompleted by June 30, 2024 Ongoing as of September 30, 2024
    Total Additional Amount$1 billion $750 million
    Remaining Authorization$0 $68 million
    DetailsCompleted Increased authorization in November 2024