Fidji Simo: Thanks Ross. Great question. You are right, we remain agnostic between marketplace and white label. And that actually makes us a really strategic partner for grocers because as you can imagine, in the case of grocers, they would prefer in order to go through their own and operated platform. And so the fact that we have a partner at the table that wants to grow as much as we want to grow our marketplace is a very strong competitive advantage for us. We have seen growth of white label to be roughly in line with marketplace that remain consistent for a few years. What we are seeing, and I have mentioned in the letter is the deepening of our enterprise relationship with grocers, where in the past, it might have been just powering the store front or just powering their fulfillment.
And now we are actually powering more and more things for them, whether it’s FoodStorm where we power the catering business, whether it’s Caper Carts, where we now enter the store, and what they really value is that all of these products are completely integrated. And so if you look at the deal we just announced with Save Mart, where we are really going to power everything for them from their storefront solution to Caper Carts to FoodStorm to ads, it’s a great example of our enterprise strategy really winning the day because you now can surface ads again, not just from our marketplace, but surface ads on storefront, surface ads on Caper Carts. We spend not using our Caper Carts, you can get people to reorder their in-store basket online.
So, the fact that with our both Caper Carts and their store front is incredibly helpful. You can order catering from the Caper Carts. So again, the fact that we have FoodStorm catering, integrated with Caper Carts is another integration that they love. And so when they come to us, it’s not for point solutions, it’s now for a completely integrated product suite that they get to benefit from end-to-end instead of having to integrate with 10 different vendors will maybe – may have these joint solutions.
Ross Compton: Great. Thank you very much.
Operator: Thank you. [Operator Instructions] Our next question comes from Justin Post with Bank of America. You may proceed.
Steven McDermott: Hi. This is Steven McDermott on for Justin Post. In your shareholder letter, you touched about driving supply through increasing the delivery areas of customers. I was just wondering if you could flesh out some of those efficiency improvements that allowed that and kind of how the evolution of supply growth looks like going forward kind of given the higher penetration among customers – or among grocers? Thank you.
Fidji Simo: Thanks Steven. We have always had very strong supply, and we continue to have waitlist for shoppers in many cities and very high satisfaction of shoppers with 80% of shoppers saying that they would recommend this work to someone else and 80% of them saying that in Instacart offers well-paid opportunities. So, the fact that we have such attractiveness for shoppers is certainly helping us. Then in addition to that, what we are doing is better matching the shopper supply, we do have with the demand that comes onto the platform. And a good example of that is the expansion of the delivery radius that we did in Q1, where we allowed 80% of customers to have access to at least one new retailer by expanding this delivery radius because we have shoppers that are okay and excited to drive long-run distances.
What you are seeing also is that we are continuing to drive shopper efficiencies via batching and time to deliver orders and that’s what has helped transaction revenue and allowed us to reinvest in the business. And we are doing that while also increasing shopper earnings. And so that’s really what we continue to obsess over. It’s becoming a lot more efficient, which allows us to reinvest in the business, but also giving shoppers more earning opportunities and the fact that we have been able to drive both of these outcomes is really exciting.
Steven McDermott: Got it. Thank you.
Operator: Thank you. [Operator Instructions] Our next question comes from Mark Zgutowicz with The Benchmark Company. You may proceed.
Unidentified Analyst: Hi guys. This is Alex on for Mark. Thanks for taking the question. Regarding opportunities to reaccelerate advertising growth from a high level, how would you characterize the relative reliance on net new active brand additions versus improving same client spend? I am just curious how this dynamic has trended year-to-date. Thank you.
Fidji Simo: That’s a great question. The thing I can tell you is we have thousands of brands that are growing well into the double digits. But we also have a few large brands that have pulled back spend for reasons that are very specific to their own business and these few brands can have too meaningful of an impact on our overall growth rate. To give you an example, we see certain large alcohol brands that have pullback spend because of everything that’s happening in alcohol category. And because we are still concentrated in the large brands, we are seeing this impact kind of outsized on our platform. And so – it’s a really big priority for me to continue diversifying the ad business so that we can see less impact when some large brands faced challenges in their own business.
I do think that a lot of it is going to come from adding new brands to the platform. But I also think that we have many brands both large and small, that are still under index in terms of ad spend on the platform compared to the performance we drive. And that’s why I have been so focused on measurement and improving the performance because we need to be able to go to these brands with absolutely clear data that if they invest more, we will drive more sales. And now that we have all of these proof points, this is going to be a very big focus of the year of continuing to convince existing brands that are not advertising enough as well as new brands to come onto the platform, so very big priority.
Unidentified Analyst: Very helpful. Thank you.
Operator: [Operator Instructions] Our next question comes from Bernie McTernan with Needham. You may proceed.
Stefanos Crist: Hi. This is Stefanos Crist calling in from Bernie. Thanks for taking our questions. Emily, congratulations on the new role, we would love to just hear some of your goals and plans, maybe on the short and long-term, anything different you would like to do. Thanks.
Emily Reuter: Thanks Bernie and thanks for congratulations. So, I don’t really think about it as doing things differently. I think like Nick focused on creating the most valuable company and generating long-term free cash flow per share. So, that’s really translated into me focused on finding attractive opportunities for investment and growth. That’s also creating a strong portfolio of offerings that serve a broad swath of consumers and meeting them where they are in terms of their consumer journey, but also focus on driving operating leverage and delivering improving profitability over time. I think lastly, I will comment on we have executed a pretty large share repurchase program, which I have helped to execute over the last few months, and we have driven $750 million of share repurchase by the end of Q1.
I think the other thing I will focus on is just how I am able to do that. I think if you look at my background, I am able to leverage 10-plus years of operating experience in a market where obsessing over deepening our leadership position was critical. I have seen very highly competitive markets and seeing what it looks like to deepen those competitive positions. And I have also seen what it looks like to lose ground. So, I am very focused on that, particularly as Instacart has an incredible lead, and I want to make sure we remain positioned to deepen that lead, so I am partnering closely with Fidji and the team to ensure that happens. Doing all that, obviously, investing in those right opportunities while continuing to drive profitability.
Operator: Thank you. This concludes today’s conference call. Thank you for participating. You may now disconnect.
