Maplebear (US:CART)2024-08-06 20:04Financial Performance - Q2 2024 achieved GTV of $8,194 million, a 10% increase year-over-year, with total revenue of $823 million, up 15% year-over-year[22] - Orders reached 70.8 million, reflecting a 7% increase year-over-year, while transaction revenue was $595 million, up 17% year-over-year[22] - Adjusted EBITDA rose to $208 million, an 89% increase year-over-year, representing 25% of total revenue[22] - Total revenue for Q2 24 reached $823 million, reflecting a 15% year-over-year growth, driven by GTV growth and increases in transaction and advertising revenue[23] - GAAP gross profit for Q2 24 was $623 million, an 18% increase year-over-year, representing 7.6% of GTV and 76% of total revenue[25] - GAAP net income for Q2 24 was $61 million, down $53 million year-over-year, primarily due to increased stock-based compensation[28] - Revenue for Q2 2024 reached $823 million, a 15% increase from $716 million in Q2 2023[52] - Gross profit for Q2 2024 was $623 million, up from $527 million in Q2 2023, reflecting an 18% growth[52] - Net income for Q2 2024 was $61 million, down from $114 million in Q2 2023, indicating a 46% decrease[52] User Engagement and Growth - Approximately 25 million people used Instacart's service over the past year, indicating significant user engagement potential[2] - Instacart added hundreds of thousands of restaurants through a partnership with Uber Eats, enhancing grocery selection and increasing order frequency[2] - Over 1 million business customers placed orders in the last year, with enterprise partnerships launched in Q2, indicating strong B2B growth potential[4] - The number of orders increased from 66.3 million in Q2 2023 to 70.8 million in Q2 2024, representing a growth of 6.8%[54] Advertising and Revenue Streams - Instacart's advertising revenue reached $228 million, up 11% year-over-year, representing 2.8% of GTV[22] - Advertising & other revenue for Q2 24 was $228 million, an 11% increase year-over-year, maintaining a consistent investment rate of 2.8% of GTV[24] Operational Efficiency - The "perfect order fill rate" improved by over 11 percentage points compared to 2022, marking nine consecutive quarters of year-over-year improvement[7] - Adjusted total operating expenses as a percent of GTV increased, indicating a rise in operational costs relative to revenue[46] - Total operating expenses for Q2 2024 were $571 million, compared to $408 million in Q2 2023, representing a 40% increase[52] - GAAP total operating expenses for Q2 24 were $571 million, representing 7.0% of GTV, up from 5.5% in Q2 23, largely due to stock-based compensation[27] Future Projections - The company expects Q3 24 GTV to be between $8,100 million and $8,250 million, indicating year-over-year growth of 8% to 10%[29] - Adjusted EBITDA guidance for Q3 24 is projected to be between $205 million and $215 million, reflecting year-over-year growth[29] Cash and Assets - Cash and cash equivalents as of June 30, 2024, were $1,434 million, a decrease from $2,137 million as of December 31, 2023[49] - Total current assets increased to $3,305 million as of June 30, 2024, compared to $2,585 million as of December 31, 2023[49] - Total liabilities as of June 30, 2024, were $806 million, slightly up from $800 million as of December 31, 2023[50] - The company reported an increase in accounts receivable, net, to $888 million as of June 30, 2024, from $853 million as of December 31, 2023[49] Research and Development - Research and development expenses for Q2 2024 were $185 million, a 42% increase from $130 million in Q2 2023[52] - Research and development expenses for Q2 2023 were $130 million, which surged to $1,850 million in Q2 2024, a substantial increase of 1,323%[55]