[lmm]

Moses won't come down the mountain with stone tablets telling you what Instacart's "real" topline revenue is. You as a potential investor have to decide what you care about and how you want to compare it to other companies. Imagine Whole Foods sells an apple for $.70 that it bought for $.60 and paid a shipping company $.05 to ship it to them, and Instacart delivers that apple, with the customer paying them $.75. Whole Foods will count that as $.70 of topline revenue; the shipping company will count it as $.05 of topline revenue. You can see Instacart as being like Whole Foods, for $.75 of topline revenue. Or you can see that as Instacart being like the shipper, for $.05 of topline revenue. Neither of these is the objective truth; you have to judge which is more reflective of Instacart's future potential, whether their business is more like a seller or a shipper.