Ben Gilbert: observation

Transcript context

…Yeah. Look, this is the super bull case. Lots of questions about whether this can happen, when, how. There is another way to paint the bull case, too, which is basically like this company is an optimization machine and they will run at fully utilized optimization. It's kind of like a factory floor. All those machines are really expensive so you better run them at the most perfect, harmonious capacity so that you can be profitable on that high amount of fixed costs. The way to think about that and in this sense is there's a lot of different ways in which they can optimize. But the biggest one is once you've acquired a customer, can you get the most amount of profitable transactions out of them over time? Obviously, a big performance marketing angle to this company, similar to like a restaurant. Once you are on board a restaurant, can you keep them for a long time? Can you be profitable on them? It's all about getting to not only the scale, but the internal data that the company has so they know exactly how to price every component. What customer is worth going after? What restaurant's worth going after? What product at what time? In a lot of ways, it's basically a bet on data and data science being able to be the way that you can do this thing profitably. Yeah, not to mention even just the fixed cost, so to speak, although they're variable costs, but it's a fixed set of variable costs of having the Dashers operating. You have capital in the system all day, every day with the dashers that are operating on the platform. How do you leverage the fact that they're getting paid to be doing the fulfillment on the platform? How do you get more leverage out of that? Meaning, make them do more deliveries more efficiently during the time that they're working for you? It's almost like the gig economy. It's a third way to think about costs. It's variable but it’s not totally variable. It's a fixed set of variable costs in the network and how much leverage can you get out of that?…

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