Matt Frankel

But there are three specific things I see from kind of reading between the lines and listening to the conference call.

So number one, the dash pass, the membership program, the growth rate of that accelerated.

That was the one part of the business that accelerated during the quarter.

And that's a good indicator that the company is creating a more engaged customer base and it should help drive future growth.

Membership growth is kind of a lagging indicator when it comes to revenue growth.

So that's one thing.

Second, the company, they reported an all-time high when it comes to engagement with its members using its services for things other than restaurant deliveries, say groceries or drugstore deliveries.

That's a crucial part of the future thesis, and it's still a relatively small part of the business.

Restaurant delivery is the cash cow, so that doesn't show up as much in the numbers as enough to really move the needle yet.

And finally, recall in late 2025, the reason DoorDash's stock originally took a dive was because management was planning to spend, quote, hundreds of millions more than expected on technology initiatives, marketing, things like that, the rising costs that you mentioned.

In this report, we saw the first clear indicator from management that they're getting a decent ROI on these investments.

particularly when it comes to the international business, which is also a very big part of the thesis.

So that was a really long way of saying that, yes, everything you mentioned is correct, but they're giving us a lot to like when it comes to looking to Q2 and beyond, not just the guidance numbers.

I mean, on one hand, I want to see their Q2 numbers.

I want to see that, you know, what they're talking about is actually translating into reality in terms of the engagement with, you know, non-restaurants with, you know, they're getting a better ROI on all these hundreds of millions they're spending.

But at the same time, it looks like everything's progressing as they want.

And I mean, I don't own shares of DoorDash yet, but it is definitely on my watch list.

And I think it's moving in the right direction.

I chose Salesforce, and it's a stock that I'm a little bit more on the fence about when it comes to AI disruption than John is with Wix.

So it's certainly a stock that investors seem to be concerned about.