Core Insights - Instacart has appointed Chris Rogers as the new CEO, effective August 15, following the resignation of Fidji Simo, who will join OpenAI as CEO of Applications while remaining Chair of the Board at Instacart [1][4]. Company Leadership Transition - Chris Rogers, previously the Chief Business Officer, has extensive experience overseeing retailer relationships, ad sales, R&D, partnerships, and mergers & acquisitions at Instacart [2]. - Rogers joined Instacart in 2019 after nearly 11 years at Apple, where he served as Managing Director for Apple Canada, and he began his career at Procter and Gamble [2]. Vision and Strategy - Rogers emphasized Instacart's mission to transform grocery shopping and address everyday needs, highlighting the company's world-class team, deep partnerships, and leading technology [3]. - Under Rogers' leadership, Instacart will maintain its focus on growing opportunities for retailers and brands, as well as providing flexible earnings for shoppers on its platform [3][6]. Support from Previous Leadership - Fidji Simo expressed confidence in Rogers' ability to lead the company, noting his critical role in shaping Instacart and commitment to a smooth transition [4][6].

Company Overview - Instacart is the leading grocery technology company in North America, partnering with over 1,800 retail banners to facilitate online shopping, delivery, and pickup services from nearly 100,000 stores across the continent [6][7] - The company enables approximately 600,000 shoppers to earn by picking, packing, and delivering orders on a flexible schedule [6] Leadership Change - Chris Rogers has been appointed as the new Chief Executive Officer of Instacart, effective August 15, 2025, and will also join the Board of Directors [1] - Fidji Simo, the current CEO, will transition to the role of Chair of the Board, ensuring a smooth leadership transition [1][3] Chris Rogers' Background - Rogers has over 20 years of experience in consumer goods, technology, retail, and media, having joined Instacart in 2019 as Chief Business Officer [2] - Prior to Instacart, he spent nearly 11 years at Apple, where he served as Managing Director for Apple Canada, driving significant iPhone adoption [4] Company Vision and Strategy - The company aims to reshape the grocery industry by leveraging technology and deep partnerships, focusing on solving everyday needs for consumers [4] - Rogers emphasized the importance of a world-class team and a bold vision for the future, indicating a commitment to growth and innovation [4] Board Support - The Board of Directors expressed confidence in Rogers' leadership, highlighting the strong, mission-driven team at Instacart [4][3] - Lily Sarafan, Lead Independent Director, acknowledged Simo's contributions in transforming Instacart into a leading grocery technology platform [4]

Retail Sector Overview - U.S. retail sales grew 0.1% in April after a revised 1.7% increase in March, with a year-over-year rise of 5.2% [3] - Online store sales increased by 2% in April, while food services and drinking places saw a 1.2% rise [3] - The retail sector has shown resilience despite challenges from tariffs and consumer sentiment [4] Impact of Tariffs and Trade Deals - A temporary pause on tariffs was announced after the U.S. and China reached a trade truce, which is expected to benefit the retail sector [1][6] - The retail sector's growth was hindered by fears of tariffs, but upcoming trade deals may provide a boost [5] Inflation and Economic Outlook - U.S. consumer inflation showed signs of cooling, with the Consumer Price Index (CPI) rising 0.2% in April and 2.3% year-over-year, the smallest gain since February 2021 [7] - Lower inflation rates may lead to potential rate cuts by the Federal Reserve, which would positively impact the retail sector and the broader economy [8] Investment Opportunities in Retail Stocks - Recommended retail stocks include Maplebear Inc. (CART), PC Connection, Inc. (CNXN), Carvana Co. (CVNA), and Nordstrom, Inc. (JWN), all showing positive earnings estimate revisions [2] - Maplebear Inc. has an expected earnings growth rate of 7.6% for the current year, with a Zacks Rank of 2 [10] - PC Connection has an expected earnings growth rate of 6.8% for the current year, also holding a Zacks Rank of 2 [11] - Carvana Co. is projected to have over 100% earnings growth next year, with a Zacks Rank of 2 [13] - Nordstrom has an expected earnings growth rate of 1.8% for the current year, maintaining a Zacks Rank of 2 [15]

Summary of Instacart (CART) FY Conference Call - May 14, 2025 Company Overview - Instacart is a leading grocery technology company in North America, partnering with over 1,800 retail banners and powering enterprise storefronts for about 600 retail banners [3][5] Key Points and Arguments Leadership Transition - CEO Fiji Simo has stepped down, leaving a strong foundation for the company, with a management team that has been effective and a clear strategic vision [5][6] - The board intends to appoint an internal candidate as the new CEO, indicating confidence in the current strategy and financial discipline [6][7] Market Opportunity and Growth - Instacart is focused on driving online penetration in the grocery market, particularly in the large basket segment [8][9] - The company has experienced double-digit growth for several quarters, with a 10% growth in Gross Transaction Value (GTV) in 2024 [17][25] Consumer Behavior and Resilience - Instacart has not observed significant changes in consumer behavior despite macroeconomic challenges like inflation [13][15] - The convenience of grocery delivery remains a priority for consumers, even in recessionary environments [15][16] User Engagement and Retention - Strategies to attract new users include brand marketing and improving user engagement through incentives and enhanced platform features [19][20] - The company has improved its order quality, with a 15% increase in the perfect found and fill rate over the last three years [20][21] Partnerships and New Offerings - The partnership with Uber Eats has positively impacted user engagement and spending, with expectations for continued growth [27][29] - The introduction of a $10 minimum basket for Instacart Plus users aims to enhance accessibility and drive order frequency [30][31] Operational Efficiency - Instacart is focused on improving shopper efficiencies, utilizing technology to reduce order processing time and enhance customer experience [35][36] - The company has implemented AI in various operational aspects, improving logistics and personalizing consumer experiences [61][63] Financial Performance and Profitability - Instacart aims to maintain a transaction take rate between 6.5% and 7.5%, with fluctuations expected based on reinvestment strategies [44][45] - The company is committed to EBITDA growth and margin expansion while reinvesting in opportunities that drive long-term profitability [57][59] Advertising and Revenue Growth - Advertising revenue is expected to grow modestly faster than GTV, with a focus on building a robust advertising business [50][52] - The company is expanding its advertising capabilities and partnerships to enhance scale and effectiveness [53][54] Capital Allocation - Instacart has been opportunistic in its capital allocation, including significant stock buybacks, and plans to continue this approach moving forward [66][68] Additional Important Insights - The company is leveraging data to provide personalized shopping experiences, addressing dietary restrictions and preferences [64][65] - Instacart's operational capabilities allow for batching of orders, enhancing efficiency and cost-effectiveness [32][33] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Instacart's focus on growth, operational efficiency, and consumer engagement in the grocery technology sector.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41805 MAPLEBEAR INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or or ...

Core Viewpoint - Maplebear (CART) is experiencing solid improvement in earnings estimates, which is likely to positively impact its stock price in the near term [1][2]. Earnings Estimates - The upward trend in earnings estimate revisions reflects growing analyst optimism regarding Maplebear's earnings prospects, which correlates strongly with stock price movements [2]. - For the current quarter, Maplebear is expected to earn $0.37 per share, representing an 85% increase from the previous year's reported number [5]. - The Zacks Consensus Estimate for the current quarter has increased by 13.44% over the last 30 days, with eight estimates moving higher and one moving lower [5]. - For the full year, the company is expected to earn $1.70 per share, a 7.59% increase from the prior year [6]. - The consensus estimate for the current year has risen by 5.97% due to ten upward revisions compared to one negative revision [7]. Zacks Rank - Maplebear currently holds a Zacks Rank 2 (Buy), indicating promising estimate revisions and a favorable outlook for investors [8]. - The Zacks Rank system has a strong track record, with Zacks 1 Ranked stocks generating an average annual return of +25% since 2008 [3]. Stock Performance - Maplebear shares have increased by 22.9% over the past four weeks, suggesting strong investor confidence in its earnings growth prospects [9].

Core Insights - Instacart is launching a new app called Fizz, aimed at Generation Z consumers, focusing on group orders for drinks and party snacks [1] - The app allows multiple users to contribute to a single order, pay individually, and have items delivered for a flat fee of $5 [1] - Fizz is designed to complement Instacart's existing services, with the expectation that younger users will transition to Instacart as their needs evolve [2] Company Strategy - The development of Fizz began at the start of the year, with partnerships established with grocery and liquor stores that already work with Instacart [3] - The introduction of Fizz is expected to attract more retailers to the Instacart platform [3] - Instacart recently reduced the minimum spend for free delivery from $35 to $10 for paid subscribers, which has led to increased user engagement [2] Industry Trends - Competitors like DoorDash and Uber are expanding their alcohol delivery services, with DoorDash reporting a 96% increase in ready-to-drink cocktail orders [4] - The trend indicates a growing interest among younger consumers in purchasing alcoholic beverages through subscription services [5] - Research shows that 39% of millennial consumers have utilized scheduled and auto-fill product subscriptions for their regular purchases, a figure higher than the overall consumer average of 31% [6]

Core Insights - Maplebear (CART) reported revenue of $897 million for the quarter ended March 2025, reflecting a year-over-year increase of 9.4% [1] - The earnings per share (EPS) for the quarter was $0.37, down from $0.43 in the same quarter last year, indicating a decline [1] - The revenue exceeded the Zacks Consensus Estimate by 0.16%, while the EPS fell short by 2.63% [1] Financial Performance Metrics - Gross Transaction Value (GTV) reached $9.12 billion, slightly above the average estimate of $9.08 billion from nine analysts [4] - Total orders amounted to 83.2 million, surpassing the average estimate of 80.62 million from seven analysts [4] - Revenue from advertising and other sources was $247 million, exceeding the average estimate of $241.02 million from nine analysts [4] - Revenue from transactions was $650 million, which was below the average estimate of $654.67 million from eight analysts [4] Stock Performance - Over the past month, Maplebear's shares have returned -1.5%, compared to a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Maplebear (CART) came out with quarterly earnings of $0.37 per share, missing the Zacks Consensus Estimate of $0.38 per share. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.63%. A quarter ago, it was expected that this operator of the Instacart grocery delivery service would post earnings of $0.37 per share when it actually produced earnings of $0.53, delivering a surprise of 43.24%.Over ...

Financial Data and Key Metrics Changes - In Q1, the company delivered Gross Transaction Value (GTV) at the top end of guidance, growing 10% year over year, driven by a 14% increase in orders, marking the strongest order growth in ten quarters [11][12] - Average order value decreased by 4% year over year due to the addition of restaurant orders and a reduction in minimum basket size for Instacart Plus members [12][52] - GAAP net income was $106 million, a decrease of $24 million year over year, primarily due to the lapping of stock-based compensation reversals [12][13] - Adjusted EBITDA of $244 million exceeded guidance, growing 23% year over year [13] - Operating cash flow increased by $193 million year over year to $298 million, driven by strong operational performance [13] Business Line Data and Key Metrics Changes - Advertising and other revenue increased by 14% year over year, outpacing GTV growth, with strong contributions from both large and emerging brand partners [12][13] - The company reported a strong performance in its advertising segment, with over 7,000 brands onboarded and spending [21][22] Market Data and Key Metrics Changes - The company reached 98% of households in North America, with consistent customer engagement across geographies and income levels [6][11] - Demand remains robust across various use cases, including weekly grocery trips and higher frequency restaurant orders [6][11] Company Strategy and Development Direction - The company is focused on accelerating online grocery adoption and driving growth through deep retailer partnerships and innovative solutions [4][7] - The acquisition of Windshop is aimed at enhancing the company's enterprise strategy and powering storefronts for more retailers [7][49] - The company is leveraging AI to improve efficiency and customer experience, with 87% of code developed with AI assistance in Q1 [9] Management's Comments on Operating Environment and Future Outlook - Management noted that despite macroeconomic uncertainty, there have been no unexpected changes in consumer behavior [6][15] - The company expects Q2 GTV to be between $8.85 billion and $9 billion, representing year-over-year growth of 8% to 10% [15] - Management expressed confidence in the company's ability to navigate current macro conditions and continue to grow through uncertainty [15][16] Other Important Information - The company has approximately $1.8 billion in cash and similar assets on its balance sheet and has initiated a share buyback program [13][14] - The company continues to focus on affordability initiatives, including a $10 minimum basket for Instacart Plus members, which has led to increased order frequency and user engagement [40][41] Q&A Session Summary Question: Can you unpack what you're seeing from both core CPG advertisers and the contribution from the longer tail? - Management reported strong Q1 performance driven by both large and emerging brands, with over 7,000 brands onboarded [21][22] Question: What changes are needed on the shopper end to economically execute the $10 minimum basket? - Management indicated that high order density allows for economic execution of the $10 minimum basket, increasing batching opportunities [27][28] Question: How do you ensure your ad platform works well for the long tail of ad buyers? - Management highlighted the development of self-serve tools and inspiration ads to enhance discovery for emerging brands [36][37] Question: Are you seeing any common themes in the type of retailers benefiting from small basket orders? - Management noted widespread growth across various retailers, with no specific trends identified [57] Question: How do you think about investments if the economy were to slow down? - Management emphasized a strong balance sheet and the ability to adjust investments based on market conditions [89][90]