SEC Comment Letter 0000000000-24-014058 to Maplebear Inc. (CART) (CIK 0001579091) (CART)
Maplebear Inc. (CART) (CIK 0001579091)
Date: Dec. 19, 2024 · CIK: 0001579091 · Accession: 0000000000-24-014058
AI Filing Summary & Sentiment
File numbers found in text: 001-41805
Letter
December 19, 2024 Emily Reuter Chief Financial Officer Maplebear Inc. 50 Beale Street Suite 600 San Francisco, CA 94105 Re:Maplebear Inc. Form 10-K for Fiscal Year Ended December 31, 2023 File No. 001-41805 Dear Emily Reuter: We have limited our review of your filing to the financial statements and related disclosures and have the following comment(s). Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Form 10-K for Fiscal Year Ended December 31, 2023 Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Comparison of the Years Ended December 31, 2021, 2022, and 2023 Revenue, page 77 1.For advertising revenue, please quantify each factor cited. In particular, the extent to which changes are attributable to changes in prices, or to changes in the volume or amount of services provided, and/or the introduction of new services including the adoption of new advertising features (e.g., through Carrot Ads technology you launched in the second half of 2022) should be quantified. We note in your earnings release for the interim period ended September 30, 2024 furnished on November 12, 2024 your CEO's emphasis of the significant impact the adoption of the new Carrot Platform technology had on your growth since the start of 2023. Refer to Item 303(b) and(b)(2)(iii) of Regulation S-K.
December 19, 2024 Page 2 Liquidity and Capital Resources Cash Flows, page 90 2.Your disclosure appears to discuss how reported operating cash flows was derived for each period, as already presented in the statement of cash flows. Rather, your disclosure should be a comparative discussion and analysis of the change from period to period in the amount of reported operating cash flows. Please provide a more informative discussion and analysis of the material factors causing changes in operating cash flows, including changes in working capital components, between periods. Explain the underlying reasons for all factors cited and discuss trends affecting variability in your operating cash flows. Note merely citing changes in results, working capital items, and noncash items reported in the statement of cash flows may not provide a sufficient basis to understand changes in reported operating cash flows between periods. Refer to Item 303(a) of Regulation S-K and the introductory paragraph of section IV.B and all of B.1 of Release No. 33- 8350. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Please contact Robert Shapiro at 202-551-3273 or Doug Jones at 202-551-3309 with any questions. Sincerely, Division of Corporation Finance Office of Trade & Services
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December 19, 2024
Emily Reuter
Chief Financial Officer
Maplebear Inc.
50 Beale Street
Suite 600
San Francisco, CA 94105
Re:Maplebear Inc.
Form 10-K for Fiscal Year Ended December 31, 2023
File No. 001-41805
Dear Emily Reuter:
We have limited our review of your filing to the financial statements and related
disclosures and have the following comment(s).
Please respond to this letter within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe a
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this letter, we may have additional comments.
Form 10-K for Fiscal Year Ended December 31, 2023
Management's Discussion and Analysis of Financial Condition and Results of Operations
Results of Operations
Comparison of the Years Ended December 31, 2021, 2022, and 2023
Revenue, page 77
1.For advertising revenue, please quantify each factor cited. In particular, the extent to
which changes are attributable to changes in prices, or to changes in the volume or
amount of services provided, and/or the introduction of new services including the
adoption of new advertising features (e.g., through Carrot Ads technology you
launched in the second half of 2022) should be quantified. We note in your earnings
release for the interim period ended September 30, 2024 furnished on November 12,
2024 your CEO's emphasis of the significant impact the adoption of the new Carrot
Platform technology had on your growth since the start of 2023. Refer to Item 303(b)
and(b)(2)(iii) of Regulation S-K.
December 19, 2024
Page 2
Liquidity and Capital Resources
Cash Flows, page 90
2.Your disclosure appears to discuss how reported operating cash flows was derived for
each period, as already presented in the statement of cash flows. Rather, your
disclosure should be a comparative discussion and analysis of the change from period
to period in the amount of reported operating cash flows. Please provide a more
informative discussion and analysis of the material factors causing changes in
operating cash flows, including changes in working capital components, between
periods. Explain the underlying reasons for all factors cited and discuss trends
affecting variability in your operating cash flows. Note merely citing changes in
results, working capital items, and noncash items reported in the statement of cash
flows may not provide a sufficient basis to understand changes in reported operating
cash flows between periods. Refer to Item 303(a) of Regulation S-K and the
introductory paragraph of section IV.B and all of B.1 of Release No. 33- 8350.
In closing, we remind you that the company and its management are responsible for
the accuracy and adequacy of their disclosures, notwithstanding any review, comments,
action or absence of action by the staff.
Please contact Robert Shapiro at 202-551-3273 or Doug Jones at 202-551-3309 with
any questions.
Sincerely,
Division of Corporation Finance
Office of Trade & Services