Hey, everyone. Good morning. I'm Will. I'm the founder and CEO of Deliveroo. I'm David Hancock, the Interim CFO at Deliveroo. Thanks for joining us, for today's morning presentation of our Q3 2022 trading update. The presentation is gonna be pretty brief, and then we'll move on to Q&A. Let's get started. Overall, I'm pleased with our progress in the third quarter of 2022, despite difficult consumer environments. Let me start by covering a few key takeaways from today's presentation. Firstly, on growth, GTV was up 8% in reported currency and 5% in constant currency. We report mainly in constant currency because I think that's what's important here. But did wanna highlight reported currency just given all the volatility in FX markets. Orders were down slightly by 1%, which reflects tough market conditions. GTV per order, however, was up 6% in constant currency. Really what you're seeing there is the impact of item-level price inflation, also the work that we've done on consumer fees. Year-on-year, GTV growth has been broadly stable during Q3, as well as exiting into Q4. We've seen mid-single digit growth since about June 2022. Sequentially from Q2 to Q3, orders and GTV have declined by 7% and 5% respectively, which largely reflects our normal summer seasonality. By geo segment, we've seen solid growth in our UKI segment. We've seen year-on-year order growth of 5%, GTV growth of around 11% in constant currency. That represents a strong performance in our largest market given the consumer headwinds. Performance has been a bit softer in our international segments. We've seen orders declining 7% and GTV contracting by 2% year-on-year in constant currency. On a reported currency basis, GTV grew 5%. Growth was relatively stronger in Europe and the Middle East, but overall growth in the international segment has been held back by declines in the APAC region, where some markets have had renewed COVID-related restrictions in Q3 2021, which makes for a more difficult comparison base. As we always do, we continue to improve our consumer value prop. We've been strengthening our grocery offering. We've been expanding our restaurant selection. We've been continuing to develop our non-food proposition. We also announced our launch in Qatar this week. Finally, based on the progress in the third quarter and in the current outlook, we're updating our fiscal year 2022 guidance today. We're narrowing the range for GTV growth and upgrading our guidance on adjusted EBITDA margin. David will cover this in more detail later. Let's turn to our marketplace in a bit more detail now. At Deliveroo, we operate a complex three-sided on-demand marketplace. We constantly balance the interests of all three sides as well as Deliveroo. Ultimately, though, the strength of our performance is driven by how well our proposition's working for each side of the marketplace. Throughout Q3, we've continued to see good engagement from each side of the marketplace. In terms of monthly active consumers, we had 7.3 million monthly active consumers transacting globally on the platform. This is flat year on year, down from 7.8 in Q2 2022, which reflects our regular summer seasonality. Summer seasonality also tends to have an impact on the rider base. We've seen active riders decrease from 180,000 in Q2 to 170,000 in Q3. However, the pipelines on the rider side are continuing to be robust. We've seen very strong retention rates at the same time. Again, this is quantitative evidence of the popularity of the work that we offer. At the same time, we're always working to balance rider supply and demand to make sure we protect the earnings of our existing rider base. Due to the softer order volumes throughout Q3, we've chosen to onboard fewer new riders. During this period, rider satisfaction has remained strong at 81% across our global network. On the restaurant side, we're now up to 167,000 partner sites live on the platform at the end of September, which compares to 160,000 live at the end of H1 and compared to 143,000 this time last year. Grocery selection continues to expand. We now have 17,000 partner sites live at the end of September, compares to 15,000 at the end of June and about 10,000 at this time last year. We've also continued with a measured rollout of Hop and Hop as a Service during this time. All of this drove our financial performance in Q3 2022. GTV was up 8% in reported currency, 5% in constant currency. We have seen a small order decline that's about 1% year-on-year. That was more than offset by a 6% rise in GTV per order, which was driven by mainly item-level inflation, as well as our own actions on consumer fees. We're, I think, happy to have delivered continued GTV growth despite what is. You know, we've been talking about this for you know, over six, seven months, that it is a challenging macro environment, and so we're pleased with our, I think, outperformance given what's going on. Now, David will take us through some of the numbers in a bit more detail now. David, you wanna take it away? Thanks, Will, and good morning, everybody. We saw on the previous slide that for Q3, GTV grew by 5% in constant currency with orders down 1% and GTV per order more than offsetting this up 6%. At the half year, after year-on-year growth had slowed from 12% in Q1 to 2% in Q2, we said that we'd seen an uptick in year-on-year growth in the June and July exit rates. GTV growth has since remained broadly stable through Q3, with the September exit rate similar to Q3 overall. You can also see this broad stability in the fact that the three-year CAGR numbers for GTV, so that's 2022 compared to 2019, these three-year CAGRs are pretty similar now in Q3 and in Q2. The sequential reduction we saw in both orders and GTV in the third quarter largely reflects summer seasonality, particularly in our UK and European markets, with people taking summer vacations and spending more time outdoors. Now, given the different growth dynamics between GTV and orders, it's worth having a look at GTV per order on the next slide. We show on this slide the sequential GTV per order back to the beginning of 2020. I think it's helpful to zoom out and look at the trends over this time horizon. During this time, we've seen essentially three phases. When COVID struck in early 2020, and we entered lockdowns in most of our markets, basket sizes increased, mainly due to larger party sizes, with more people at home ordering together. During this period, GTV growth outpaced order growth. In Q2 and Q3 of 2021, as lockdowns were lifted in most markets, we saw a bit of a reversion of basket sizes to pre-pandemic levels, primarily due to the party sizes reducing again. This reversion meant that GTV growth year-on-year was lower than order growth starting from Q2 of 2021. Finally, in the sort of third phase, since the third quarter of last year, GTV per order has been increasing again quarter-on-quarter, primarily now driven by inflation as well as our work on consumer fees. As of this last quarter, this has driven GTV per order to now be increasing to a point where it's up year-on-year, and that means that year-on-year growth is again now outpacing order growth. In the last couple of quarters, in addition to inflation-driven increases, GTV per order reported in pounds has also been pushed up by the currency tailwind. As you can see in the right-hand part of the slide, of the GBP 2 increase in GTV per order in Q3 compared to a year ago, approximately GBP 0.70 of that has come from currency, and the remaining GBP 1.30 of the increase is mainly driven by this item price inflation and to a lesser extent by the consumer fee optimization. Just regarding inflation, as a reminder, food prices are set by the restaurant and grocery partners, not by Deliveroo, with the exception of Hop. We've been pretty consistent, I think, in our messaging that we didn't expect food price inflation to just flow directly through to basket sizes on a one-for-one basis, and that in Q3 has continued to be the case. Some consumers are actively managing their basket sizes to offset the overall level of inflation, and that is partially, but not fully offsetting the menu price inflation. Let's turn to the next slide and look at our consumer base. Overall, we've seen average monthly active consumers drop from 7.8 million in Q2 to 7.3 million in Q3, while average monthly order frequency has remained broadly stable at 3.3 times per month. Q3 is our traditionally slowest quarter due to the summer seasonality that we've talked about. It normally has a negative impact, not just on the GTV and the orders, but on monthly active consumers too. In Q2 to Q3 this year, you see that decline. It's slightly more pronounced this year compared to last year, which we think reflects some of the current consumer headwinds. As we said at the interims, we're seeing lower acquisition of new customers this year than in previous years, consistent with our comments that we won't chase top-line growth against the backdrop of these consumer headwinds. In terms of frequency, the headline blended number continues to be broadly stable at 3.3 times per month. Now let's move on to the two geographic segments, starting with UK and Ireland. Thanks, David. UKI segment indeed has performed well in Q3. We grew orders by 5% year on year. This is the same rate as Q2. GTV is up 11% year on year. There's an improvement compared to that 4% growth in Q2 that's driven by an increase in the GTV per order. This performance is good given what we're seeing in the consumer environment, and it's clear from market data we continue to gain share. Really what this is, it's a testament to obsessing over this consumer value proposition neighborhood by neighborhood, which the team does and continues to improve on a daily basis. Sorry, I'm a little sick. Apologize. Let me touch on a few of these developments now. First of all, we continue to enhance our restaurant selection in the UKI. One example of this is the addition of McDonald's to the platform in the U.K., which we ramped up primarily in Q3. I think almost all of the restaurants added were in Q3. We're now live in over 1,000 McDonald's sites. We've seen some really good initial traction on that. We've also continued to develop our on-demand grocery offering. We've continued our measured rollout of Hop and Hop as a Service sites, and I'm very pleased with how that's going, especially on the profitability side. Last week, we've opened a grocery store at Oxford Street where it's a consumer facing site. Consumers can come in, they can order for delivery, but they can also come in and order at the kiosks there, as well as order for pickup. This is on New Oxford Street, in the middle of London. It's one of the formats we're experimenting with. We'll see how it goes, but quite excited about that. We've also enhanced our non-food offering. We've expanded this partnership with Boots. What was initially a 14-unit trial, now is over 125 units. We're offering thousands of SKUs in health and beauty, so quite excited about that. Finally, we've renewed this Deliveroo Plus offer for Amazon Prime members in the UK and Ireland on the same terms as before. I think overall I'm pleased with what I think is a good performance in the UK and Ireland in what is admittedly a difficult and weak consumer environment. All right, as we move on to the international segment, we've seen a softer performance versus UKI. On a reported basis, GTV is up 5% year-on-year, but that was definitely due to a significant currency tailwind in Q3. On a constant currency basis, GTV was down 2% year-on-year, with orders down 7%. Now, international has nine very different markets, and there's a lot of variability in what we're seeing in each market. What we've seen is that growth continues to be relatively stronger in markets like Italy and the UAE. Growth has improved in France as the comparison base eased into Q3. When it comes to market share data, we don't have the best information in all of our markets outside the UK and Ireland, but there are a few ones where we have good data sets. We think we continue to gain share year-on-year in markets like France and Italy, where we have got pretty good data. We've got obviously growth in some markets, but overall international growth has been held back by weaker year-on-year trends in Asia Pacific. Specifically, Singapore and Australia were experiencing some renewed COVID restrictions in Q3 2021, so you had lockdowns during that time period which you didn't see in Europe and the UK. Those lockdowns and our new customer acquisition efforts last year made for a tough comparison base, so that's where we're seeing a lot of that year-on-year weakness. Alongside the trading performance in Q3, I did want to comment on a couple of other announcements we made earlier in the week. First, in the last few days, the consultation in the Netherlands with employees and riders has concluded. We have decided to proceed with the proposal to exit the Dutch market. Our final operating day will be the thirtieth of November, 2022. The Netherlands represented about 1% of Deliveroo's GTV in the first nine months of 2022. Much more importantly, I wanna take this opportunity to thank the team in the Netherlands for their commitment and hard work. I want to thank all the riders and the restaurants who have worked with Deliveroo in the Netherlands, as well as our customers. We're super grateful for our talented employees for their commitment, and we're pleased to have agreed appropriate compensation packages for them and for riders. Secondly, after a lot of preparation in the last two quarters or so, we've announced this week we'll enter the food delivery market in Qatar. Qatar, we believe, has attractive market dynamics, and we're confident that we can take the hyperlocal playbook we've used in the UAE and Kuwait to also build a strong business in Qatar, which will be led by that same team. David will now update us on guidance for the year. Thanks, Will. Given we're now more than nine months through the year, we have greater visibility on how things are shaping up for the full year, and so we're updating both our GTV growth and our profitability guidance today. As I mentioned earlier, year-on-year GTV growth has been broadly stable during Q3 and exiting into Q4. Based on the developments in the last quarter and on the current economic outlook, we now expect GTV growth to be in the range of 4%-8% in constant currency for the full year. That's in the lower half of the previous guidance range of 4%-12%. On the right side of this slide, we show what's implied in H2 from this full year guidance. In terms of GTV, having grown 7% in H1 at the 6% midpoint of our revised full year guidance implies around 5% for H2, with a bit of a range either side of that. Turning to profitability. We remain confident in our ability to continue to adapt financially to the changing macroeconomic environment, through gross profit margin improvements, efficient marketing expenditure, and also through tight cost control. We've made continued really good progress on these profitability levers, since June. We now expect to deliver an adjusted EBITDA margin in the range of -1.2% to -1.5%. That's an upgrade on our previous guidance range of -1.5% to -1.8%. Again, in terms of what's implied in H2, having delivered a negative 1.9% margin in the first half, the midpoint of our revised guidance for the full year implies around negative 0.8% for the second half. Finally, we're not making any changes to the previous guidance we've given on medium-term and longer-term profitability. We still aim to reach adjusted EBITDA breakeven at some point during the second half of 2023 or the first half of 2024, which we see as the next key milestone on the path to achieving our longer-term profit ambitions of an adjusted EBITDA margin of 4%+ by 2026. This next slide focuses in a bit more detail on the profitability guidance. It shows the development of adjusted EBITDA margin in the last few half years alongside the implied guidance for H2 of this year. In the first half, the adjusted EBITDA margin increased sequentially by 130 basis points to -1.9%. The midpoint of our updated full year guidance implies that the margin in H2 will be around -0.8%. A little bit above 100 basis points of further margin improvement at the midpoint of the guidance. In H1, all of the 130 basis points of sequential improvement was driven by gross profit margin. We walked through the drivers in a fair amount of detail at the interims, but in short, it was coming from a combination of consumer fees, a nascent advertising revenue business, and the fact that we were able to hold cost of sales per order flat while GTV per order increased. In H2, we expect to capture further benefits from all of these levers, and in addition, we also expect benefits from lower marketing spend. At the half year, we said we've made conscious decisions to pull back on marketing spend, consistent with our stance that we won't chase top line growth against the backdrop of consumer headwinds. The actions we took in the first half weren't evident in the numbers as part of the marketing spend is committed ahead of time, so there were some lagging effects there. As we've moved into H2 and through Q3, we're now seeing the benefits come through into the P&L, and that's helping to drive the improved profitability. In short, the good progress we made in Q3 on profitability is driven by revenue levers, by cost of sales levers, and by marketing and overheads, and that is embedded in the guidance we've given for the rest of the year. With that, I will hand back to Will to wrap up. To conclude very briefly, what we've seen is, against a difficult market backdrop, business has continued to perform well in Q3 2022. We've continued to grow GTV. We've made further progress on our path to profitability, as you've seen from our upgraded profitability guidance today. Now, I think importantly, these profitability improvements have been achieved while we continue to improve our consumer offering, and we continue to gain share. Thank you all for listening. Look forward to the Q&A. Operator, over to you. Ladies and gentlemen, if you wish to ask a question, please press star followed by one on your telephone keypad. If you change your mind and wish to remove your question, please press star followed by two. When preparing to ask a question, please ensure that your phone is unmuted locally. To confirm, that's star followed by one to ask a question. In the interest of time, please limit yourself to a maximum of two questions. The first question is from the line of Georgios Pilakoutas from Numis. Please go ahead. Hi. Morning. First one, can you just talk a little bit about what elasticity you've seen, related to some of the consumer fee increases? And then the second one is, just your general thoughts around, EBITDA targets and I guess cash burn targets, and whether you think you're now kind of reaching a point where you no l onger need to, deliver further margin improvements, and you can kind of focus back on leveraging operating leverage to drive order growth. Hey, Georges. Will and David here. Let me just take the first one. David, you can take the second one. On the consumer fees elasticity point, I think that, you know, what I've said in the past is we have run some pretty long dated experiments back to about 2018. We have pretty good idea of elasticity in a non-inflationary environment. I think that what we've seen so far in this, you know, very high inflationary environment is that the elasticity appears to be decent. It doesn't appear to be, you know, wildly elastic, but we're still running some long-term experiments right now because the data points that we had were in just a completely different time period. We feel decent about what we've seen so far, but again, this isn't sort of a 30 day or even a 60-day, experiment, you know. I think I probably need another quarter to give you a full answer, but given what we've seen so far, I think we've been making the right moves. Will, can you just expand on, I guess, the change in your consumer fees versus what you're seeing from your competitors and how all of that feeds into decision-making? David, you wanna maybe go in the details of, you know, the changes in our fees overall, you know, the percent increase, et cetera? Yeah. If you think about the GTV per order and what the consumer is paying, actually the fee piece is a part of it. If you look at our GTV per order for Q3 this year compared to Q3 last year, it was up GBP 2 year-on-year. There's about GBP 0.70 of currency impact. On a like-for-like basis, it's about GBP 1.30. The vast majority of that increase is actually coming from the food price inflation rather than being driven by the consumer fees. If we've got kind of 6-ish% underlying growth on the GTV per order, the consumer fees is probably running slightly ahead of that in terms of percentage increase. It's not the biggest driver of the increase to the consumer. In terms of Our consumer fee increase compared to the competition, I think it depends a little bit on your pricing strategy. If people have a high price but then more regular discounting strategy, that can, I think skew a little bit how you make those comparisons. Overall, I think everybody is taking pricing up. I think it is, as Will said, we're not seeing a huge amount of elasticity. I think there's also obviously different ways to display it to the consumer in terms of the breakdown of small order fee, service fee and delivery fee. We do keep very close track of what our competitors are doing on that front. I wouldn't say that our sort of increase is a significant departure from the market though. On the second question, around further margin improvement, I think I'd say we're pleased with the progress we've made so far in 2022, especially in the context of a top line development that has been weaker than when we first set out our guidance in March of this year. At that point, we sort of laid out the path and the drivers of the path to profitability, so both above and below gross profit. In the first half of this year, you'll recall that the adjusted EBITDA margin was up sequentially 130 basis points. All of that was coming from gross profit margin. In the second half, we're now starting to also see the benefits below gross profit in terms of marketing efficiency. We talked at the beginning of the year about further out layering in things like the bigger impact from ad revenue, which had a small impact in this year, but we'd expect to see a bigger impact over the next couple of years, and things like overhead efficiency. We have a number of levers that will play out over several years rather than just several quarters. In terms of them below adjusted EBITDA, as you talked about, to get to cash flow, I think we've the two big items below EBITDA into cash flow are the capitalized development costs and the CapEx. That was running about GBP 43 million, I think, in the first half of the year. We'd expect to see something similar in the second half of the year. Cash flow breakeven will lag obviously adjusted EBITDA breakeven. We want to continue to make progress on both of those in the second half of the year and through into next year as well. As a reminder, our guidance on profitability out to 2026 is to get to a 4%+ adjusted EBITDA margin. We do think we have a multiple set of levers to keep making progress beyond this year. Thanks very much. The next question is from the line of Giles Thorne from Jefferies. Please go ahead. Thank you. I wanted to pick up first on the Qatar move. Needless to say, the cost of capital in the sector now is very, very high, and scrutiny over capital budgets and capital allocation is commensurately high. You're in a better position, so not a surprise to see you leaning in. I'd be interested, Will, on your thinking over allocating capital to a brand-new market versus putting it into an existing market and perhaps kind of going for share in somewhere you're already operating. Some color there would be useful. Second question- Yeah. Oh, sorry. Yep. Thanks, Will. Second question was back on regulation. There's now press reports suggesting the Platform Work Directive is, as it's going through parliament and the council, is getting watered down. Be interested to hear your latest observations on the passage of that bit of legislation. Thanks. Hey, Giles, how you doing? Excuse me. On Qatar, thank you for the question. You know, we fully understand that, you know, the market is, you know, very focused on driving towards profitability, and we spent a ton of time on this call talking about how we're making really good progress on that. It's obviously the number one priority, and it's top of mind. Obviously EBITDA is, it's just one milestone. It's ultimately how do we maximize free cash flow per share. We're clearly aware of that and focused on that every single day. I think being disciplined applies both to cost savings as well as growth opportunities. We've, I think, shown discipline by exiting markets where, you know, things weren't working. To be honest, the decision to enter Qatar is actually pretty easy. Let me explain why. This is a structurally profitable market that has one player, and we've been in this situation twice before. We've done this playbook in the UAE and Kuwait previously. We've built big businesses there that are profitable. As I mentioned on the call earlier, as I mentioned on the presentation earlier, we've got the same team running the expansion into Qatar as the team that built up the UAE and Kuwait business. You know, shout out to Anis and Siham, who've done an amazing job doing that over the years. This team's been working together for six years. Our plan there is to deliver a better CVP than what's currently out there. Obviously we respect you know all of our competitors and you know in the Gulf, we've got tough competitors. I think we've shown by investing in a better service proposition, by investing in things like Editions, we created quite a differentiated product out there. We wanna do that for the inhabitants of Qatar. For us, this was not a difficult decision. I also think furthermore, the level of investment is not significant. It does not impact our breakeven timing. We think it's a really good opportunity for us. That's at least my view on Qatar. David, I don't know if you have anything to add or if you wanna jump into the second question. Yes, I'll pick up the second question. I think discussions on the draft Platform Work Directive are still ongoing. I think our expectation is that a final text isn't likely until at least early next year. Between the Parliament, the Council, the Commission, they're trying to determine how and when a presumption of employment should be triggered, how it should work within the system of 27 member states. It's obviously complex and understandably taking some time. We're not reading too much into press reports at this stage. I think we're seeing positions from the Council and from the Parliament leak into the media, but nothing is final. It is a complex set of discussions. From our side, we're engaging with legislators. We still think that the proposals can and will put the EU on a path to providing greater clarity on definitions of self-employed platform workers. Frankly, we welcome that. The reason we operate a self-employed model is because riders overwhelmingly tell us it provides the flexibility that they want. But we also want to be able to provide things like the free insurance that we provide, the cover in the event of sickness, payments for new parents, all of those benefits that we've been able to add in some markets. I think getting more clarity that will preserve and allow that flexibility and those benefits is something that we welcome. I think as the text was originally drafted, we think that's broadly in line with our operating model. Of course, we want to see the final text when it's published. Broadly, we're engaging and supportive of the process. Understood. Thank you. Thank you very much. The next question is from the line of Rob Joyce from Goldman Sachs. Please go ahead. Hi, good morning. Thanks very much for taking the questions. Just firstly, it sounds like outside of Australia and Singapore, you're saying that the consumer or at least your own business is starting to broadly stabilize. Would you firstly just confirm that one? Then two other quick ones. David, it sounds like below EBITDA, you're suggesting the free cash outflows should be still the GBP 100 million going forward. Then linked to that, are you able to start earning interest on that GBP 1 billion or so of cash you have on the balance sheet? If so, how should we think about that? Thank you. David, I think these are for you. Yeah. On the first point on stabilization, I think that's a fair reading of the numbers. We saw this slowdown at a group level from Q1 to Q2, so we slowed in GTV growth terms from 12% to 2%. We said at the half year that we'd in June and July see that improve a bit to sort of mid-single digits. With 5% growth for the quarter, and we said September was similar, you can see that since really June, so the last four or five months at a group level we've been pretty stable in GTV growth. Yeah, I think Australia and Singapore, clearly there's a comparative effect playing in those numbers. Overall, I think I would say we do see broad stability. There are potentially headwinds ahead in terms of the consumer environment in the UK and all of the macroeconomic turbulence in the UK. We don't have a crystal ball into next year. Broadly speaking, we do see, I think, pretty broad stability in the trends at the moment. In terms of the free cash flow generation, I think, yeah, the two big line items below adjusted EBITDA, as I said, are capitalized development costs. So the engineering spend that we capitalize when we're building long-term assets and the CapEx, which is predominantly going into Editions and to a lesser extent into Hop. That is run rate is sort of GBP 90 million-ish on an annualized basis. There is, of course, also working capital, which does fluctuate depending on things like the timing of period end and where the cutoff is with restaurant payables. Broadly speaking, I think once we get to adjusted EBITDA breakeven, then that is the kind of order of magnitude of the gap to free cash flow. Obviously below free cash flow, we're buying back shares, so there is a cash out on the share buyback, which I think was something around GBP 16 million so far since we started, GBP 16 million. We said we intend to purchase up to GBP 75 million worth of shares by the time we report the full year results in March next year. I think on the final question on interest income, yeah, that is something which was, I guess, less of an opportunity 12 months ago than it is now, and something we're definitely exploring how we maximize the potential of the cash balance that we have. Thank you. The next question is from the line of Andrew Gwynn from BNP Paribas Exane. Please go ahead. Hi. Good morning, all. Well, it sounds like Will leaves support in the event of sickness, so I'll keep it quick. Klarna, obviously quite a lot of controversy about that as a payment option, so just giving you the opportunity to talk about it. Secondly, the guidance range for Q4. I think the implied math is about 4%-20%. It's really quite a big range. Presumably we're thinking towards the lower end of that, but just a quick comment would be very helpful. Thank you. Thanks, Andrew. Yeah, feeling a little under the weather. May order from Boots later, though. 125 unit rollout, so I'll be getting some Lemsip and Strepsils soon enough. On Klarna, the way we sort of thought about it was you've got millions of people in the U.K. using Klarna already as a way to pay online. We're just making it available as another way to pay for Deliveroo orders. Obviously you can pay with debit, credit cards, PayPal. We're experimenting with WePay as well, so we're adding different payment mechanisms. We just wanna provide people with as much choice as possible. I guess at the end of the day, though, the Deliveroo customer is not gonna pay more than the cost of their order. There's no interest payments with Klarna. There's no late fees. It's a cost to the retailer is how this model works. I think there might just be some misunderstanding out there about actually how this particular product works. We think it's actually very good for consumers, and given that it's there's been a lot of consumer feedback that people wanted it, and there's millions of users already, we decided to add that. On the guidance range. The 4%-8% full year guidance implies having done 7% in the first half of the year, implies the midpoint of that 4%-8%, 5% for H2. We delivered 5% in Q3. To deliver the midpoint of the guidance would be, again, 5% year-on-year growth in Q4. There is a bit of a spread around that, I think not quite as wide as the math that you came up with. Yes, I think we're trending, as I said, pretty stable through the last four or five months. I think there is a spread that reflects some of the uncertainties out there. Energy costs going up in the UK with the price cap increase, mortgage interest rates going up. There are some variables, some uncertainties into Q4. Also on the positive side are things like the World Cup and the potential positive impact from that. There are a few things that are hard to quantify, and certainly wouldn't want to predict how far England are gonna make it during the World Cup. Hard to put precise numbers on these things, but that's our kind of best guess on the potential range of outcomes. As I said, we're sort of at the moment trending towards the middle of the range. Okay, that's great. Just to confirm, I mean, it sounds like so far in October, we're trending very similar to Q3 in terms of year-on-year growth. Is that fair? Yeah. I mean, it's tricky to give, even the monthly growth rates can depend on how many weekends you have in the month this year compared to last year and the vagaries of the weather. It gets even more difficult when you try to look at it on a weekly basis. Certainly in the trends overall that we've seen through Q3 and the end of Q3, there's certainly no. We're not calling out any big variance compared to what we've seen over the last few months. Okay, that's great. I hope you get better soon, Will. Thank you. Thank you. The next question is from the line of William Woods from Bernstein. Please go ahead. Hi, good morning. A question on the kind of international segment. You've kind of said that Italy, France, UAE performing well and gaining share. Would you ascribe the weakness in Australia, Hong Kong, Singapore purely to pandemic comps? And are you still gaining share in those countries? Mm-hmm. Secondly, in terms of customer frequency, are you seeing any major different trends between the UK and international? Thanks. Thank you. I guess I can maybe take the first one, David. I think just to give a little more detail as to maybe refresh a little people's memories on what we said before. What we said is France through the sort of first half of this year, the market overall was quite weak. In the first half of 2021, it was very strong growth, around triple-digit growth. I think there was just a sort of natural slowdown from that. Since then, though, the market has stabilized, and we do think that, you know, we've been gaining share over there over the past 12 months, both through that growth period as well as through the softer period. Italy, the story I think is a bit different. We have gained, I think, a very significant amount of share. You know, we believe we're the number one player in Italy overall now, with most of our gains coming from the Milan Lombardy region, which is the most affluent region and where a lot of our focus on. We've executed well by launching grocery deliveries with Esselunga, for instance, among a number of other areas. I think this comment that we made on APAC specifically, though, is really around Singapore and Australia specifically. We're not actually including Hong Kong in that statement. Hong Kong's been fine. I think Singapore and Australia, just due to the vagaries of the COVID lockdowns last year in Q3 is definitely, you know, suffering from that comparison base. I think maybe some of our competitors have mentioned the same. But overall, yes, I would say, you know, they have been weaker than we would have liked. I don't know, David, if you wanna add anything to that. No, I think we have on some of those markets less good market share data than some of the other markets as well. A little bit harder to judge. Yeah, I think our view is that the market overall is down in those markets as well, not just our own performance. The UK, I think we definitely have the best market share data. I think it's actually. It matches up with reported numbers of competitors and our own numbers, it's pretty good. At least one of the services is good, and I think France and Italy, it's decent. The rest is a little bit more challenging for us to get. Yeah. On the second question on frequency, sort of between international segments. I think the frequency numbers that we give at a group level with that pretty consistent average order frequency over the last few quarters, that's also if we were to split those into UK, I, and international, are also pretty similar. There's no big variation on the trend of frequency between different markets. Obviously, the absolute numbers are different between different markets. I think at the full year results we showed, for example, at UAE, the frequency is considerably higher than it is in other markets. In terms of trend, we're not seeing any big differences between UK, Ireland, and the international markets. Perfect. Thank you very much. The next question is from the line of Marcus Diebel from JPM. Please go ahead. Hi, everyone. Just two questions. One again on the U.K. If you can just elaborate a little bit more about the performance there, how you see it. I mean, we understand obviously you have a much higher weighting of London, but would you say you also saw very reassuring trends in the more rural areas where you also recently launched? That would be quite interesting. And then secondly, again, on your EBITDA guidance, still H2 2023 to or into 2024 potentially, could you maybe share with us a little bit how you're thinking about this? The business is holding up given what's going on relatively well. I would say, what kind of like drives the decision or your faith to be profitable either in H2 or only next year? Is it that you want to just have some budget still for marketing? Or what is really driving the decision and at the end of the day, the profitability that can come in already in H2? I just want to understand a little bit more how you think about this from a management point of view. Thank you. Hey, Marcus. Diebel here. Hi. I'll take the first question. On the UK, I would say the strength of our growth and share gains has been pretty uniform. Maybe a few things to call out that are, you know, interesting. We've seen, I'd say relatively very strong growth in Greater London as well as the commuter belt. It could be, we don't fully know why, but we think possibly because some people may have moved into those areas from London. Obviously you've got people working from home, so you just have sort of like different trends of working. That's been pretty interesting. Overall, I would say the growth has been pretty broad-based. Obviously, we launched a number of new geographies last year. That is not a disproportionately higher part of our growth at this point. We anticipate it to be in the future. As we expand with, you know, things like grocery and McDonald's and independent restaurants, et cetera, we expect it to be. Overall, yeah, I'd say it's pretty broad based. Just an interesting kind of call-out on Greater London, the Southeast, seeing some pretty strong trends. David? Yeah. In terms of the profitability trajectory. You can see from the revised guidance, if you kind of work through the top line and the margin guidance, it implies an EBITDA loss for the second half of just under GBP 20 million, of adjusted EBITDA loss at the low end to sort of around GBP 40 million negative at the high end of the loss range. It's clearly an improved trajectory versus the first half. I think you shouldn't necessarily assume that there's a perfect linear progression quarter by quarter. For example, in Q4, we typically have a higher marketing spend. Pleased with the progress we've made, as I said earlier, particularly given the weaker top-line environment. It is still an uncertain environment. I think based on both the rest of this year out looking into next year, we haven't changed our break-even guidance at this stage. But certainly with the progress we've made, confident that we're gonna have enough levers and going to be able to deliver that guidance of second half of next year or first half of the year after, and things are clearly moving in a positive direction. Okay. Thank you. The next question is from the line of Christopher Johnen from HSBC. Please go ahead. Yes. Thanks, everyone, also for taking my question. It's only one. I'd just like to pick your brain actually on this the decision to enter and exit markets. I mean, maybe you could start by giving a couple comments as to why ultimately the decision was made to exit the Netherlands. The reason why I'm asking is there's obviously other markets in the footprint where I think you're distant number three, Singapore comes to mind. I'm just trying to understand you know what sort of thinking goes behind the assessment. You know, what sort of level of loss tolerance, for example, just to get a better idea as to how the decision is being made from a strategic point of view. Thanks. Yeah. I think it really depends on the market specifically, right? I'll contrast another market for you just to give you a sense of how we made that decision. If you look at the Netherlands, we've been in there for better part of six years, and I think the team's actually executed very, very well there. We've built up a decent business in Amsterdam, and, you know, the value prop I think is good, compared to say, you know, a London standard. However, I think the biggest issue with the Netherlands was at the core, the consumer willingness to pay just wasn't there. It was there in Amsterdam because Amsterdam is an international city, you know, people are willing to spend a bit more. When we got outside of Amsterdam, it was very difficult, even with a good consumer offering, to compel people to spend more money on maybe more expensive restaurants. Not even more expensive restaurants, maybe even just casual dining restaurants, plus a delivery fee just proved hard. That I think was an example where it just didn't work from a consumer willingness to pay perspective. I contrast that with a market like Spain, which we exited last year, which was a very big disappointment for me, because I think our execution wasn't good there. I think we were outcompeted by competitors and our value prop we provided consumers wasn't as good as competitors. Over time, our market share eroded to a point where it was no longer tenable. I think you have sort of examples of two different types of markets where, in one market, I think the team executed very well. I think in another, we didn't, and I take responsibility for that. At the end of the day, you had a market where the consumer actually wanted the product and a market where the consumer didn't. That's one sort of high level way of thinking about it. I think if you then consider markets where consumers, you know, are enthusiastic about participating in the marketplace, you know, we obviously do very periodically look at our own position there. Again, though, the way I think about the world is very much on a neighborhood by neighborhood basis within reason, right? An example of that is, you know, let's take the UK. A lot of people ask us questions around this. You have three players, all of which are getting to about the same GTV market share. But the GTV itself is actually a quite differentiated quality, right? We are very strong in areas that are densely populated, that have a higher proportion of independent merchants, that have a more affluent customer base yielding higher basket sizes, higher commissions, lower rider costs, and therefore a much higher proportion of free cash flow as compared to GTV over time, right? The question for us is how do we maximize free cash flow in a country. We do that by going after certain segments in certain geos. Now, if we don't think any of that is possible, then we do make the decision to exit. It's not. It's a fairly sort of nuanced way of thinking about it, because overall, we don't believe every dollar of GTV is created equal. You want the sec? Yeah. Well, sorry, that was just one. Okay. No, that was just one for you. Thanks very much. Appreciate it. No problem. The next question is from the line of Joseph Barnard-Lamb from Credit Suisse. Please go ahead. Excellent. Thank you very much. Yes, Joe Barnard-Lamb from Credit Suisse. Will Shu, David Hancock, thank you for squeezing me in. Most have been asked, so just one more from me. You've clearly got an incredibly strong balance sheet. You are already buying back some stock. With profitability improving faster than expected, what do you need to see to deploy a more meaningful amount of capital into buybacks? Thank you. Yeah. Thanks, Joe. I mean, the thought process behind the share buybacks is to offset the dilution from the employee share-based compensation. That's really driving the thought process behind that. I think the other factor is liquidity. There's actually, given the liquidity in the stock at the moment, a limit to just how we can size any buyback, which is actually a bit of a constraining factor. I'd say it's less about what we need to see in terms of our own financial performance or the external market conditions and really the sizing of it based on offsetting the dilution and the liquidity of the stock. If I can just jump in with a follow-up. In which case would you consider other forms of cash distribution to shareholders, such as a special dividend? I think it's 18 months since we raised the money in the IPO. It's not, I'd say, high up of our list of priorities to return cash to shareholders now. I think we feel if we wind back to 2019, 2020, having a very constrained balance sheet was not a comfortable position to be in. I think we are pretty happy that we have the strong balance sheet that we have and not worried by that at this stage. I think we want to keep going out and executing against the operational plans that we have. Yeah, thinking about returning cash to shareholders at this point is not high on the list of priorities. Got it. Thank you. The next question is from the line of Clement Genelot from Bryan, Garnier & Co. Please go ahead. Good morning, well, everyone. We have only two on my side. The first one on EBITDA. If we assume a new headwind from the consumer side next year, what incremental optimization levels could you really trigger to really absorb it? Then by year-end, do you expect the market to break even and join your profit pool made of the UK, the UAE, and Kuwait? Thanks. David, why don't you take this? Yeah. On the EBITDA levers, I think at the full year stage in March of this year, we enumerated a number of levers around profitability. Above gross profit, the consumer fee optimization, the advertising revenue, I'd say driving cost of sales efficiencies in the network. Then below gross profit, things like optimizing the marketing spend and also strict cost control on the overheads. All of those levers, I think to varying degrees, we would expect to be pushing on during next year. We think we have a lot of levers in our control to offset potential consumer headwinds next year, and we would expect to continue to make progress on those levers in 2023. In terms of individual markets, I think we've given some disclosure on profitability. Obviously, the UK, you can see that we are profitable on an adjusted EBITDA basis, even when we allocate the proportion of central costs to the UK, and we showed at the full year results the same thing for UAE. I think on all of the markets within the international space, we do expect our profitability progress to be spread across markets. I wouldn't call out individual markets that are going to be break even at a particular point in time. But we are making progress, I'd say, across the portfolio. Yeah. Thanks. The last question is from the line of Sarah Simon from Berenberg. Please go ahead. Yes. Morning, thanks. I've just got two. Obviously everybody's kind of trying to work out how demand is gonna evolve with cost of living crisis. Can you tell us anything in terms of within your customer base, are you seeing like stronger demands for McDonald's type orders, or is there more stability at the high end? Any color there you can give would be great. Whether the growth I mean, obviously it's coming from a smaller base, but if you think in terms of absolute number of orders being added, how's grocery performing versus ordering in from restaurants? I think probably if you can focus on the U.K. where we obviously are kind of most familiar with what's going on, that would be really helpful. Thanks. Hey, Sarah. Yep. Happy to take those questions. So I think there's really two things I would say on the cost of living crisis situation in terms of consumer behavior. One, I think we chatted about before. Obviously we don't know exactly how much our consumers make, but we can map where they live with Experian data. So we have a generally pretty good sense of the level of affluence of our consumers. It is clear that the more affluent the consumer, the higher the engagement is on the platform, right? That is a trend that we have seen over the last six months. It's quite clear that you know, people are struggling. There are people that are struggling out there. I think, secondly, consumer behavior on the platform itself, what I can say is that for restaurants that have marked up their prices maybe more aggressively due to inflation, the conversion on those restaurants is a bit less than restaurants who perhaps have taken a more measured approach. Now, obviously, we recognize that input costs are higher and gas prices are higher, and so we understand the sort of need to do that in certain cases. For, you know, for some restaurants that maybe are doing that to a lesser degree, we're seeing that. The other thing I'd say is on grocery, we launched this price match product with Morrisons. 250 of the most commonly used, commonly bought items, we're matching to the supermarket price, and that's been pretty successful. For sort of orders, restaurant versus grocery, I would say that grocery has performed. I would say not like hugely better than restaurants, but I would say marginally it has performed better than restaurants. I don't know the reason for that because as you all know, you know, buying groceries and getting them in 20 minutes is more expensive than certainly going to the supermarket. Though it seems like people are still willing to pay for that convenience. I suppose that, you know, maybe some consumers are just thinking about, "Well, I can make a pound last longer by purchasing, you know, groceries and making something at home, but I still want that convenience of getting it in 20 minutes." Those are high level kinda trends we're seeing. As you said, it's hard to know, you know, exactly what's gonna happen in a country that's, you know, I think we're up to 4 chancellors and 3 PMs, unfortunately, right? Lot of volatility happening right now. I think I think I'm very happy with the U.K. team's performance. I think they've done an outstanding job in what has been, you know, the craziest of crazy times, right? appreciate the questions and thank you all for joining this. Operator, we don't have any more questions, do we? Is that it? No, there are no further questions. Okay. Well, thank you all very much for your time, and thank you for your support and to the Deliveroo team, thank you for your hard work. We'll talk to you soon. Bye. Ladies and gentlemen, the conference is now concluded and you may disconnect. Thank you for joining, and have a pleasant day. Goodbye. This presentation has now ended.