Q2 2024 Maplebear Inc Earnings Call Transcript
Key Points
- Maplebear Inc (CART) posted strong Q2 results with 10% year-over-year growth in GTV.
- The company achieved its third consecutive quarter of positive GAAP net income.
- Adjusted EBITDA increased by 89% year-over-year, reaching $208 million.
- Operating cash flow grew by 42% year-over-year to $244 million.
- The company continues to deepen its selection advantage through multiple services like pickup, virtual convenience, and catering.
- Large brand partners are pulling back on advertising due to challenges in their business.
- The company faces ongoing noise in SBC following its IPO in September 2023.
- There is a competitive environment with new entrants in the market.
- The rollout of new technologies like Caper Carts is operationally heavy and requires significant integration with retailers' systems.
- The company does not provide specific guidance on AOV or the composition of GTV going forward.
Good day, and thank you for standing by. Welcome to Instacart second quarter 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Rebecca Yoshiyama, VP of Investor Relations, Capital Markets and Treasury. Please go ahead.
Thank you, Gigi, and welcome, everyone, to Instacart second quarter 2024 earnings call. On the call with me today are Fidji Simo, our Chief Executive Officer; and Emily Reuter, our Chief Financial Officer. During today's call, we will make forward-looking statements related to our business plans and strategy, developments in the grocery industry and our future performance and prospects, including our expectations regarding financial results and partnerships.
These forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those anticipated. And
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