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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 September 30, 2023

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)

Delaware

46-0723335

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)

50 Beale Street, Suite 600

San Francisco, California 94105

(Address of principal executive offices) (Zip code)

(888) 246-7822

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

CART

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant had outstanding 280,215,950 shares of common stock, par value $0.0001 per share, as of October 31, 2023.

1

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Table of Contents

MAPLEBEAR INC. DBA INSTACART

TABLE OF CONTENTS

Page

Special Note Regarding Forward-Looking Statements

2

Part I

FINANCIAL INFORMATION

4

Item 1.

Financial Statements (unaudited):

4

Condensed Consolidated Balance Sheets

4

Condensed Consolidated Statements of Operations

5

Condensed Consolidated Statements of Comprehensive Income (Loss)

6

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

7

Condensed Consolidated Statements of Cash Flows

10

Notes to Condensed Consolidated Financial Statements

12

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

34

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

52

Item 4.

Controls and Procedures

53

Part II

OTHER INFORMATION

54

Item 1.

Legal Proceedings

54

Item 1A.

Risk Factors

56

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

105

Item 3.

Defaults Upon Senior Securities

106

Item 4.

Mine Safety Disclosures

106

Item 5.

Other Information

106

Item 6.

Exhibits

107

Signatures

109

1

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Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy, and plans and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “toward,” “will,” or “would,” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

•our expectations regarding our financial performance, including revenue, cost of revenue, gross profit, operating expenses, net income, and key metrics such as GTV and orders, and our ability to maintain or increase future profitability and generate profitable growth over time;

•macroeconomic and industry trends, including the impact of inflation, rising interest rates and the cessation of government aid;

•our ability to effectively manage our growth and plan for and execute growth strategies and initiatives;

•anticipated trends, growth rates, and challenges in our financial performance, key metrics, and business and in the markets in which we operate;

•our ability to attract and increase engagement of customers and shoppers;

•our ability to expand our offerings to existing or new customers, retailers, and brands and whether retailers and advertisers launch or utilize our offerings in the manner and timing that we expect;

•our ability to maintain and expand our relationships with retailers and brands;

•our ability to continue to grow across our current markets and expand into new markets;

•the effects of increased competition in our markets and our ability to successfully compete with companies that are currently in, or may in the future enter, the markets in which we operate;

•our estimated market opportunity;

•our ability to timely and effectively scale and adapt our offerings;

•our ability to continue to innovate and enhance our offerings;

•our ability to develop new offerings, features, and use cases and bring them to market in a timely manner, and whether current and prospective customers, retailers, brands, and shoppers will adopt these new products, offerings, features, and use cases;

•the effects of the COVID-19 pandemic, including its variants, or other public health crises;

•our ability to maintain the safety, security, and availability of our platform;

•our ability to maintain, protect, and enhance our brand and intellectual property;

•our ability to identify and complete acquisitions that complement and expand the functionality of Instacart and our offerings;

•our prices and pricing methodologies and our expectations for the impact of pricing on our competitive position and our financial results;

•our ability to successfully defend litigation and government proceedings brought against us, including with respect to our relationship with shoppers, and the potential impact on our business operations and financial performance if we are not successful;

•our ability to comply or remain in compliance with laws and regulations that currently apply or become applicable to our business in the United States and internationally;

•our reliance on key personnel and our ability to attract, maintain, and retain management and skilled personnel;

•our expectations concerning relationships with third parties;

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•our expectations regarding our share repurchase program; and

•the increased expenses associated with being a public company.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe such information provides a reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information, actual results, revised expectations or the occurrence of unanticipated events, except as required by law.

WHERE YOU CAN FIND ADDITIONAL INFORMATION

We intend to announce material information to the public through filings with the Securities and Exchange Commission (“SEC”), the investor relations page on our website, which is located at investors.instacart.com, our blog, which is located at www.instacart.com/company/blog, press releases, public conference calls, and public webcasts. The information disclosed through the foregoing channels could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.

The information we post through these channels is not a part of this Quarterly Report on Form 10-Q. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

MAPLEBEAR INC. DBA INSTACART

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share amounts, which are reflected in thousands, and per share amounts)

(unaudited)

			As of December 31,						As of September 30,
			2022						2023
ASSETS
Current assets:
Cash and cash equivalents			$	1,505					$	2,010
Short-term marketable securities			209						56
Accounts receivable, net of allowance of $2 and $4, respectively			842						841
Restricted cash and cash equivalents, current			75						75
Prepaid expenses and other current assets			109						91
Total current assets			2,740						3,073
Long-term marketable securities			28						—
Restricted cash and cash equivalents, noncurrent			19						19
Property and equipment, net			38						108
Operating lease right-of-use assets			41						33
Intangible assets, net			103						82
Goodwill			317						318
Deferred tax assets, net			371						775
Other assets			12						13
Total assets			$	3,669					$	4,421
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable			$	88					$	57
Accrued and other current liabilities			515						412
Operating lease liabilities, current			13						13
Deferred revenue			179						201
Total current liabilities			795						683
Operating lease liabilities, noncurrent			36						30
Other long-term liabilities			80						49
Total liabilities			911						762
Commitments and contingencies (Note 10)
Redeemable convertible preferred stock, $0.0001 par value per share; 178,319 and zero shares authorized as of December 31, 2022 and September 30, 2023, respectively; 167,302 and zero shares issued and outstanding as of December 31, 2022 and September 30, 2023, respectively; liquidation preference of $2,828 and zero as of December 31, 2022 and September 30, 2023, respectively			2,822						—
Series A redeemable convertible preferred stock; $0.0001 par value per share; zero and 5,833 shares authorized, issued, and outstanding as of December 31, 2022 and September 30, 2023, respectively			—						175
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value per share; zero and 24,167 shares authorized as of December 31, 2022 and September 30, 2023, respectively; zero shares issued and outstanding as of December 31, 2022 and September 30, 2023			—						—
Common stock, $0.0001 par value per share; 820,509 and 2,000,000 shares authorized as of December 31, 2022 and September 30, 2023, respectively; 72,230, and 280,087 shares issued and outstanding as of December 31, 2022 and September 30, 2023, respectively			—						—
Exchangeable shares, no par value; 702 and zero shares authorized as of December 31, 2022 and September 30, 2023, respectively; 689 and zero shares issued and outstanding as of December 31, 2022 and September 30, 2023, respectively			—						—
Additional paid-in capital			918						6,220
Accumulated other comprehensive loss			(5)						(2)
Accumulated deficit			(977)						(2,734)
Total stockholders’ equity (deficit)			(64)						3,484
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)			$	3,669					$	4,421

The accompanying notes are an integral part of these condensed consolidated financial statements.

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MAPLEBEAR INC. DBA INSTACART

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except share amounts, which are reflected in thousands, and per share amounts)

(unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2023						2022						2023
Revenue			$	668					$	764					$	1,794					$	2,239
Cost of revenue			183						203						540						569
Gross profit			485						561						1,254						1,670
Operating expenses:
Operations and support			57						145						187						273
Research and development			127						1,850						370						2,107
Sales and marketing			172						455						488						782
General and administrative			96						568						249						696
Total operating expenses			452						3,018						1,294						3,858
Income (loss) from operations			33						(2,457)						(40)						(2,188)
Other expense, net			(5)						(5)						(7)						(2)
Interest income			5						23						7						57
Income (loss) before benefit from income taxes			33						(2,439)						(40)						(2,133)
Benefit from income taxes			(3)						(440)						(2)						(376)
Net income (loss)			$	36					$	(1,999)					$	(38)					$	(1,757)
Undistributed earnings attributable to preferred stockholders			(36)						—						—						—
Net income (loss) attributable to common stockholders, basic and diluted			$	—					$	(1,999)					$	(38)					$	(1,757)
Net income (loss) per share attributable to common stockholders, basic and diluted			$	—					$	(20.86)					$	(0.52)					$	(21.92)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic and diluted			72,010						95,836						71,783						80,180

The accompanying notes are an integral part of these condensed consolidated financial statements.

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MAPLEBEAR INC. DBA INSTACART

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2023						2022						2023
Net income (loss)			$	36					$	(1,999)					$	(38)					$	(1,757)
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale marketable securities, net of tax			—						—						(3)						2
Change in foreign currency translation adjustments			(6)						—						(7)						1
Total other comprehensive income (loss)			(6)						—						(10)						3
Comprehensive income (loss)			$	30					$	(1,999)					$	(48)					$	(1,754)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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MAPLEBEAR INC. DBA INSTACART

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)

(in millions, except share amounts, which are reflected in thousands)

(unaudited)

			Redeemable Convertible Preferred Stock															Common Stock												Exchangeable Shares												Additional Paid-In Capital						Accumulated Other Comprehensive Income (Loss)						Accumulated Deficit						Total
			Shares						Amount									Shares						Amount						Shares						Amount
Balances at December 31, 2021			167,302						$	2,822								69,535						$	—					689						$	—					$	833					$	(1)					$	(1,405)					$	(573)
Exercise of common stock options			—						—									54						—						—						—						1						—						—						1
Exercise of non-voting common stock warrants			—						—									1,858						—						—						—						34						—						—						34
Issuance of non-voting common stock in connection with subscription agreement			—						—									465						—						—						—						—						—						—						—
Stock-based compensation			—						—									—						—						—						—						7						—						—						7
Foreign currency translation adjustments			—						—									—						—						—						—						—						4						—						4
Net unrealized loss on available-for-sale marketable securities			—						—									—						—						—						—						—						(2)						—						(2)
Net loss			—						—									—						—						—						—						—						—						(82)						(82)
Balances at March 31, 2022			167,302						2,822									71,912						—						689						—						875						1						(1,487)						(611)
Exercise of common stock options			—						—									31						—						—						—						—						—						—						—
Stock-based compensation			—						—									—						—						—						—						6						—						—						6
Foreign currency translation adjustments			—						—									—						—						—						—						—						(5)						—						(5)
Net unrealized loss on available-for-sale marketable securities			—						—									—						—						—						—						—						(1)						—						(1)
Net income			—						—									—						—						—						—						—						—						8						8
Balances at June 30, 2022			167,302						2,822									71,943						—						689						—						881						(5)						(1,479)						(603)
Exercise of common stock options			—						—									39						—						—						—						—						—						—						—
Stock-based compensation			—						—									—						—						—						—						10						—						—						10
Issuance of restricted stock in connection with business acquisitions			—						—									223						—						—						—						—						—						—						—
Foreign currency translation adjustments			—						—									—						—						—						—						—						(6)						—						(6)
Net income			—						—									—						—						—						—						—						—						36						36
Balances at September 30, 2022			167,302						$	2,822								72,205						$	—					689						$	—					$	891					$	(11)					$	(1,443)					$	(563)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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MAPLEBEAR INC. DBA INSTACART

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT), CONTINUED

(in millions, except share amounts, which are reflected in thousands)

(unaudited)

			Redeemable Convertible Preferred Stock																											Common Stock												Exchangeable Shares												Additional Paid-In Capital						Accumulated Other Comprehensive Income (Loss)						Accumulated Deficit						Total
			Shares						Amount																																	Shares						Amount									Shares												Amount
Balances at December 31, 2022			167,302						$	2,822																																72,230						$	—					689						$	—					$	918					$	(5)					$	(977)					$	(64)
Exercise of common stock options			—						—																																	98						—						—						—						—						—						—						—
Issuance of non-voting common stock upon settlement of restricted stock units			—						—																																	46						—						—						—						—						—						—						—
Non-voting common stock withheld for tax obligation and net settlement			—						—																																	(23)						—						—						—						—						—						—						—
Stock-based compensation			—						—																																	—						—						—						—						5						—						—						5
Foreign currency translation adjustments			—						—																																	—						—						—						—						—						(1)						—						(1)
Net unrealized gain on available-for-sale marketable securities			—						—																																	—						—						—						—						—						2						—						2
Net income			—						—																																	—						—						—						—						—						—						128						128
Balances at March 31, 2023			167,302						$	2,822																																72,351						$	—					689						$	—					$	923					$	(4)					$	(849)					$	70
Exercise of common stock options			—						—																																	25						—						—						—						—						—						—						—
Stock-based compensation			—						—																																	—						—						—						—						5						—						—						5
Foreign currency translation adjustments			—						—																																	—						—						—						—						—						2						—						2
Net income			—						—																																	—						—						—						—						—						—						114						114
Balances at June 30, 2023			167,302						$	2,822																																72,376						$	—					689						$	—					$	928					$	(2)					$	(735)					$	191

The accompanying notes are an integral part of these condensed consolidated financial statements.

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MAPLEBEAR INC. DBA INSTACART

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT), CONTINUED

(in millions, except share amounts, which are reflected in thousands)

(unaudited)

			Redeemable Convertible Preferred Stock												Series A Redeemable Convertible Preferred Stock																					Common Stock												Exchangeable Shares												Additional Paid-In Capital						Accumulated Other Comprehensive Income (Loss)						Accumulated Deficit						Total
			Shares						Amount						Shares						Amount																					Shares						Amount						Shares									Amount
Balances at June 30, 2023			167,302						$	2,822					—						$	—																				72,376						$	—					689						$	—					$	928					$	(2)					$	(735)					$	191
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering			(167,302)						(2,822)						—						—																					167,692						—						—						—						2,822						—						—						2,822
Issuance of Series A redeemable convertible preferred stock			—						—						5,833						175																					—						—						—						—						—						—						—						—
Issuance of common stock in connection with initial public offering, net of underwriting discounts and offering costs			—						—						—						—																					14,100						—						—						—						392						—						—						392
Conversion of exchangeable shares to common stock in connection with initial public offering			—						—						—						—																					688						—						(688)						—						—						—						—						—
Forfeiture of exchangeable shares			—						—						—						—																					—						—						(1)						—						—						—						—						—
Issuance of common stock upon settlement of restricted stock units			—						—						—						—																					33,288						—						—						—						—						—						—						—
Exercise of common stock options			—						—						—						—																					9,910						—						—						—						3						—						—						3
Exercise of common stock warrants			—						—						—						—																					7,431						—						—						—						—						—						—						—
Common stock withheld or cancelled for tax obligation and net settlement			—						—						—						—																					(25,398)						—						—						—						(570)						—						—						(570)
Stock-based compensation			—						—						—						—																					—						—						—						—						2,645						—						—						2,645
Net loss			—						—						—						—																					—						—						—						—						—						—						(1,999)						(1,999)
Balances at September 30, 2023			—						$	—					5,833						$	175																				280,087						$	—					—						$	—					$	6,220					$	(2)					$	(2,734)					$	3,484

The accompanying notes are an integral part of these condensed consolidated financial statements.

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MAPLEBEAR INC. DBA INSTACART

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)

			Nine Months Ended September 30,
			2022						2023
OPERATING ACTIVITIES
Net loss			$	(38)					$	(1,757)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense			23						33
Stock-based compensation expense			23						2,614
Provision for bad debts			7						18
Amortization of operating lease right-of-use assets			10						11
Deferred income taxes			—						(394)
Other			5						(3)
Changes in operating assets and liabilities, net of effects of business acquisitions:
Accounts receivable			122						(17)
Prepaid expenses and other assets			(19)						14
Accounts payable			—						(31)
Accrued and other current liabilities			73						(108)
Deferred revenue			36						22
Operating lease liabilities			(10)						(11)
Other long-term liabilities			(4)						(38)
Net cash provided by operating activities			228						353
INVESTING ACTIVITIES
Purchases of marketable securities			(158)						(90)
Maturities of marketable securities			344						274
Purchases of property and equipment, including capitalized internal-use software			(21)						(38)
Purchases of patents			(2)						—
Acquisitions of businesses, net of cash acquired			(93)						—
Net cash provided by investing activities			70						146
FINANCING ACTIVITIES
Proceeds from the issuance of common stock upon initial public offering, net of underwriting discounts			—						401
Proceeds from issuance of Series A redeemable convertible preferred stock			—						175
Taxes paid related to net share settlement of equity awards			—						(570)
Proceeds from exercise of stock options			1						3
Proceeds from exercise of common stock warrants			34						—
Deferred offering costs paid			—						(3)
Net cash provided by financing activities			35						6
Effect of foreign exchange on cash, cash equivalents, and restricted cash and cash equivalents			(7)						—
Net increase in cash, cash equivalents, and restricted cash and cash equivalents			326						505
Cash, cash equivalents, and restricted cash and cash equivalents - beginning of period			1,165						1,599
Cash, cash equivalents, and restricted cash and cash equivalents - end of period			$	1,491					$	2,104

The accompanying notes are an integral part of these condensed consolidated financial statements.

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MAPLEBEAR INC. DBA INSTACART

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

(in millions)

(unaudited)

			Nine Months Ended September 30,
			2022						2023
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes, net of tax refunds			$	3					$	40
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Stock-based compensation capitalized as internal-use software			$	—					$	41
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering			$	—					$	2,822
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering			$	—					$	9
Fair value of contingent consideration in connection with a business combination			$	7					$	—
Changes in accrued purchases of property and equipment, including capitalized internal-use software			$	—					$	3
Deferred offering costs not yet paid			$	2					$	3
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION RELATED TO LEASES
Cash paid for amounts included in the measurement of operating lease liabilities			$	11					$	12
Lease liabilities arising from obtaining right-of-use assets			$	8					$	5
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS TO THE CONDENSED CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents			$	1,472					$	2,010
Restricted cash and cash equivalents, current			1						75
Restricted cash and cash equivalents, noncurrent			18						19
Total cash, cash equivalents, and restricted cash and cash equivalents			$	1,491					$	2,104

The accompanying notes are an integral part of these condensed consolidated financial statements.

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MAPLEBEAR INC. DBA INSTACART

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1.						Business

Description of Business

Maplebear Inc., doing business as (“DBA”) Instacart (the “Company”), was incorporated in Delaware on August 3, 2012 and is headquartered in San Francisco, California. The Company is a diversified technology business that operates a technology solution that enables connections and transactions among end users, retailers, advertisers, and shoppers mainly throughout the United States and Canada. End users are provided the ability to transact with retailers for grocery and non-grocery items and with shoppers to pick and deliver the items on the end user’s behalf. Retailers contract with the Company to have their goods available for search, selection, and purchase, generally for a percentage of the total purchase value from the sale of goods, on a fee per transaction basis, or some combination thereof. Advertisers have the opportunity to purchase sponsored product ads, display ads, coupons, and a variety of other online advertising services. Shoppers use the Company’s technology solution for fulfillment or delivery service opportunities primarily on a fee per batch basis. The vast majority of shoppers are full-service shoppers, who are independent contractors that pick and deliver orders. The remaining shoppers are primarily in-store shoppers, who are the Company’s employees and only engage in various in-store duties, including picking orders, and do not engage in any delivery services. The Company also sells software-as-a-service offerings targeted at retailers and charges fees for such offerings.

Initial Public Offering and Private Placement

On September 21, 2023, the Company completed its initial public offering (“IPO”) in which it issued and sold 14,100,000 shares of its common stock at an IPO price of $30.00 per share. The Company received net proceeds of $392 million after deducting underwriting discounts and offering costs. Immediately subsequent to the closing of the IPO, the Company issued and sold 5,833,333 shares of its Series A redeemable convertible preferred stock in a private placement at $30.00 per share and received $175 million in proceeds.

In connection with the effectiveness of the registration statement on Form S-1 related to the IPO, all outstanding exchangeable shares of the Company’s subsidiary, Aspen Merger Corp. (“Aspen”), were exchanged into 688,017 shares of non-voting common stock. Immediately prior to the closing of the IPO, all then-outstanding shares of redeemable convertible preferred stock were converted into 167,691,838 shares of voting common stock, and all outstanding shares of non-voting common stock and shares of non-voting common stock underlying outstanding equity awards and warrants, were converted into shares of voting common stock. In connection with the IPO, upon the filing and effectiveness of the Company’s Amended and Restated Certificate of Incorporation (the “Restated Certificate”), all outstanding shares of voting common stock and shares of voting common stock underlying outstanding equity awards were reclassified into an equivalent number of shares of common stock. In addition, the Restated Certificate authorized 2,030,000,000 shares of capital stock, consisting of 2,000,000,000 shares of common stock and 30,000,000 shares of preferred stock.

2.						Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2022 which can be found in the Company’s final prospectus dated September 18, 2023 filed with the SEC pursuant to Rule 424(b)(4) (“Prospectus”) under the Securities Act of 1933, as amended (the “Securities Act”). In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the condensed consolidated financial statements. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP.

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MAPLEBEAR INC. DBA INSTACART

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of all intercompany accounts and transactions. The condensed consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. The results for the interim periods are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.

Other than those described below, there were no significant changes to the significant accounting policies from those that were disclosed in the audited consolidated financial statements and related notes for the year ended December 31, 2022 included in the Prospectus.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods covered by the financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, (i) revenue recognition, including revenue-related reserves, (ii) stock-based compensation, (iii) valuation of the Company’s common stock and equity awards, (iv) fair value of assets acquired and liabilities assumed for business combinations, (v) sales and indirect tax reserves, (vi) legal and other loss contingencies, (vii) income taxes, and (viii) capitalized internal-use software. The Company determines its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. However, actual results could differ from these estimates, and these differences may be material to the condensed consolidated financial statements.

The Company has considered the impacts of the COVID-19 pandemic, macroeconomic trends such as higher inflation, rising interest rates, and associated impacts to consumer discretionary income, the effects of supply chain challenges, cessation of government aid, and uncertainty regarding an economic recession on the assumptions and inputs supporting certain of the Company’s estimates, assumptions, and judgments. The level of uncertainties and volatility in the global financial markets and economies, as well as the uncertainties related to the impact of the pandemic, macroeconomic factors, geopolitical environment, and their effects on the Company’s operations and financial performance, means that these estimates may change in future periods as new events occur and additional information is obtained.

Deferred Offering Costs

Deferred offering costs, which consist of direct incremental legal, consulting, accounting, and other fees related to the anticipated sale of the Company’s common stock in the IPO, were initially capitalized and recorded in other assets on the condensed consolidated balance sheets. After the IPO, all deferred offering costs were reclassified into additional paid-in capital as a reduction of proceeds, net of underwriting discounts, received from the IPO on the condensed consolidated balance sheets.

Net Income (Loss) Per Share

The Company calculates basic and diluted net income (loss) per share attributable to common stockholders in conformity with the two-class method required for companies with participating securities. The Company considered all series of the redeemable convertible preferred stock issued prior to December 31, 2022 to be participating securities as the holders were entitled to receive non-cumulative dividends on a pari passu basis in the event that a dividend was paid on common stock. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. Under the two-class method, net loss attributable to common stockholders was not allocated to the redeemable convertible preferred stock as the holders of redeemable convertible preferred stock did not have a contractual obligation to share in losses. Immediately prior to the completion of the IPO, all of the Company’s outstanding shares of redeemable convertible preferred stock were automatically converted into 167,691,838 shares of voting common stock, all of which were subsequently reclassified into common stock. The Company’s Series A redeemable convertible preferred stock is not considered a participating security for purposes of calculating net income

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MAPLEBEAR INC. DBA INSTACART

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(loss) per share attributable to common stockholders as the holder is not entitled to participate in undistributed earnings with common stockholders.

Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) attributable to common stockholders, adjusted for accretion recognized, as applicable, by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share attributable to common stockholders, adjusted for accretion recognized, as applicable, is computed by giving effect to all potentially dilutive securities outstanding for the period. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because the effect of potentially dilutive securities is not dilutive.

3.						Revenue

Disaggregation of Revenue

The following table depicts the disaggregation of revenue according to type of revenue and is consistent with how the Company evaluates financial performance. The Company believes this depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2023						2022						2023
			(in millions)
Transaction			$	482					$	542					$	1,281					$	1,611
Advertising and other			186						222						513						628
Total revenue			$	668					$	764					$	1,794					$	2,239

Revenue by geographic areas based on bill-to location was as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2023						2022						2023
			(in millions)
United States			$	648					$	737					$	1,741					$	2,163
International (1)			20						27						53						76
Total revenue			$	668					$	764					$	1,794					$	2,239

___________

(1) No individual international country represented 10% or more of the Company’s total revenue for the three or nine months ended September 30, 2022 or 2023.

Contract Assets and Liabilities

The Company records deferred revenue, which is a contract liability, when the Company receives customer payments in advance of the performance obligations being satisfied on the Company’s contracts. Deferred revenue is primarily comprised of balances related to Instacart+ memberships. Substantially all of the Company’s deferred revenue as of December 31, 2022 and September 30, 2023 is expected to be recognized within a year. During the nine months ended September 30, 2022 and 2023, the Company recognized $137 million and $166 million of revenue, respectively, from the deferred revenue balance as of December 31, 2021 and 2022.

There were no material contract assets as of December 31, 2022 or September 30, 2023.

Equity Agreements with Retailers

From time to time, the Company has entered into equity agreements with retailers for the purchase or grant of non-voting common stock warrants, and non-voting common stock (collectively, the “Equity Agreements”). These Equity Agreements are generally executed at or near the time of execution of commercial agreements for the Company’s services.

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MAPLEBEAR INC. DBA INSTACART

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

In accordance with ASC 606, the Company considers any excess of the fair value of the equity instruments issued over any cash payments received in exchange for the instrument to be consideration paid to the retailers and therefore, a reduction of revenue. No adjustments to revenue were recorded during the three or nine months ended September 30, 2022 or 2023. Immediately prior to the completion of the IPO, shares of non-voting common stock underlying the Equity Agreements, including shares subject to related warrant agreements, were converted into shares of voting common stock which were subsequently reclassified into an equivalent number of shares of common stock.

November 2017 Retailer Warrants

In November 2017, the Company entered into a commercial agreement with a retailer, and in connection with the commercial agreement, the Company entered into a warrant agreement to issue warrants for the purchase of up to 9,289,410 shares of non-voting common stock with an exercise price of $18.52. The warrants vest subject to the achievement of three time-based or performance-based milestones. The first milestone is a time-based milestone in which 5,573,650 shares vest after 36 months have elapsed subsequent to the execution date of the commercial agreement. The second and third milestones are performance-based milestones in which 1,857,880 shares each vest based on achievement of certain performance metrics by the Company. These warrants are exercisable, solely with respect to the shares that have vested in connection with a particular milestone, in whole or in part, and in all cases only prior to the expiration of the warrant. These warrants were exercisable as of the earlier of a Deemed Liquidation Event, defined as the liquidation, dissolution, or wind-up the business, or the consummation of any merger or consolidation or any sale, lease, transfer, exclusive license, or other disposition of all or substantially all the assets of the Company, or the six-year anniversary of the date of the commercial agreement, after a modification of the warrants in October 2022 to extend the expiration period. During the year ended December 31, 2020, the first and second milestones were achieved, and an aggregate of 7,431,530 shares vested.

As of December 31, 2022, 7,431,530 warrants were outstanding, vested, and exercisable. The weighted-average remaining contractual term and the aggregate intrinsic value as of December 31, 2022 of the warrants outstanding and vested was 0.88 years and $87 million, respectively. During the three and nine months ended September 30, 2022, no warrants were exercised, cancelled, or expired.

On August 22, 2023, the Company entered into an amendment to provide for the net exercise of the warrants solely in connection with an initial public offering whereby any shares issued upon exercise would equal the difference in value between the fair value of the shares and the exercise price of the warrants on the exercise date. No reductions to revenue were recorded as there was no change to the fair value of the warrant as a result of the modification. In September 2023, the retailer net exercised warrants to purchase 7,431,530 shares of non-voting common stock in connection with the IPO, which resulted in the net issuance of 2,483,784 shares of non-voting common stock, which were subsequently reclassified into an equivalent number of shares of common stock. There were no warrants outstanding under this warrant agreement as of September 30, 2023.

July 2018 Retailer Warrants

In July 2018, the Company entered into a warrant agreement with another retailer to issue warrants for the purchase of up to 14,863,040 shares of non-voting common stock with an exercise price of $18.52. The warrants vest subject to achievement of time-based milestones. Vesting commenced on January 1, 2018, the vesting start date, with 3,715,760 shares each vesting on the 12 and 24-month anniversaries of the vesting commencement date and four tranches of 1,857,880 shares each vesting every six months thereafter. The retailer can exercise any or all shares vested for a given milestone on or within 90 days following the date of the milestone being achieved. These warrants expire the earliest of 90 days subsequent to the 48-month anniversary of the warrant agreement, a Deemed Liquidation Event (as defined above), or the date the warrant is no longer eligible to be exercised or vest with respect to any shares.

During the three and nine months ended September 30, 2022, 1,857,880 of these warrants vested. During the nine months ended September 30, 2022, the retailer exercised warrants to purchase 1,857,880 shares of non-voting common stock, at a price of $18.52 per share with total proceeds of $34 million. There were no warrants outstanding under this warrant agreement as of December 31, 2022.

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MAPLEBEAR INC. DBA INSTACART

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

July 2018 Retailer Subscription Agreement

In July 2018, in conjunction with the warrant agreement with the same retailer, the Company also entered into a subscription agreement that provided for the issuance of 3,715,760 shares of non-voting common stock for no cash consideration. The shares issuable pursuant to the subscription agreement vest upon four time-based milestones, subject to continued compliance with the commercial agreement. Vesting commenced on January 1, 2018, the vesting start date, with 1,393,410 shares vesting on the 12 and 24-month anniversary, and 464,470 shares vesting on the 36 and 48-month anniversary of the vesting start date.

During the three and nine months ended September 30, 2022, 464,470 shares vested and were issued. None of the shares issuable pursuant to the subscription agreement were cancelled during the three and nine months ended September 30, 2022. No shares remain issuable pursuant to this subscription agreement as of December 31, 2022.

Refer to Note 12 — Stockholders' Equity (Deficit) for further discussion.

4.						Fair Value Measurements

The following tables summarize assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy:

			As of December 31, 2022
			Level 1						Level 2						Level 3						Total
			(in millions)
Cash equivalents
Money market funds			$	480					$	—					$	—					$	480
Commercial paper			—						24						—						24
Total cash equivalents			480						24						—						504
Short-term marketable securities
Commercial paper			—						60						—						60
U.S. government and government agency debt securities			—						140						—						140
Corporate debt securities			—						9						—						9
Total short-term marketable securities			—						209						—						209
Long-term marketable securities
U.S. government and government agency debt securities			—						26						—						26
Corporate debt securities			—						2						—						2
Total long-term marketable securities			—						28						—						28
Total			$	480					$	261					$	—					$	741

			As of September 30, 2023
			Level 1						Level 2						Level 3						Total
			(in millions)
Cash equivalents
Money market funds			$	1,246					$	—					$	—					$	1,246
U.S. government and government agency debt securities			—						87						—						87
Total cash equivalents			1,246						87						—						1,333
Short-term marketable securities
U.S. government and government agency debt securities			—						53						—						53
Corporate debt securities			—						3						—						3
Total short-term marketable securities			—						56						—						56
Total			$	1,246					$	143					$	—					$	1,389

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MAPLEBEAR INC. DBA INSTACART

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The Company’s investments in commercial paper, U.S. government and government agency debt securities, and corporate debt securities are classified as Level 2 within the fair value hierarchy because they are valued using inputs other than quoted prices in active markets that are observable directly or indirectly, such as prices obtained from an independent pricing service which may use quoted prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data. The Series A redeemable convertible preferred stock that was issued during the three months ended September 30, 2023 represents a non-recurring Level 3 financial measurement at issuance. Refer to Note 11 — Redeemable Convertible Preferred Stock for further discussion.

There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the three and nine months ended September 30, 2022 and 2023.

5.						Investments

The following tables summarize the amortized cost, gross unrealized gains and losses, and aggregate fair value of the Company’s investments in debt securities classified as available-for-sale:

			As of December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Aggregate Fair Value
			(in millions)
Cash equivalents
Money market funds			$	480					$	—					$	—					$	480
Commercial paper			24						—						—						24
Total cash equivalents			504						—						—						504
Short-term marketable securities
Commercial paper			60						—						—						60
U.S. government and government agency debt securities			142						—						(2)						140
Corporate debt securities			9						—						—						9
Total short-term marketable securities			211						—						(2)						209
Long-term marketable securities
U.S. government and government agency debt securities			27						—						(1)						26
Corporate debt securities			2						—						—						2
Total long-term marketable securities			29						—						(1)						28
Total			$	744					$	—					$	(3)					$	741

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