DoorDash Releases Third Quarter 2024 Financial Results
DoorDash (NASDAQ: DASH) announced its Q3 2024 financial results, showing significant growth. Total Orders increased by 18% Y/Y to 643 million, and Marketplace GOV rose by 19% Y/Y to $20.0 billion. Revenue was up 25% Y/Y to $2.7 billion, with a Net Revenue Margin increase to 13.5%. DoorDash achieved its first positive GAAP net income of $162 million compared to a loss of $(73) million in Q3 2023. Adjusted EBITDA grew 55% Y/Y to $533 million. The company improved delivery quality, reduced delivery times, and increased marketplace selection. DoorDash continues to expand its services, focusing on new verticals and international markets. The company repurchased $224 million of its Class A common stock and has $876 million remaining under the current authorization. The financial outlook for Q4 2024 anticipates Marketplace GOV of $20.6-$21.0 billion and Adjusted EBITDA of $525-$575 million.
DoorDash (NASDAQ: DASH) ha annunciato i risultati finanziari del terzo trimestre del 2024, evidenziando una crescita significativa. Ordini Totali aumentati del 18% rispetto all'anno precedente, raggiungendo i 643 milioni, e Marketplace GOV cresciuto del 19% su base annua, arrivando a 20,0 miliardi di dollari. Ricavi in aumento del 25% rispetto all'anno scorso, toccando i 2,7 miliardi di dollari, con un incremento del Margine di Reddito Netto al 13,5%. DoorDash ha raggiunto il suo primo reddito netto GAAP positivo di 162 milioni di dollari, rispetto a una perdita di (73) milioni nel terzo trimestre del 2023. EBITDA Rettificato cresciuto del 55% rispetto all'anno precedente, arrivando a 533 milioni di dollari. L'azienda ha migliorato la qualità delle consegne, ridotto i tempi di consegna e aumentato la selezione nel marketplace. DoorDash continua a espandere i propri servizi, concentrandosi su nuovi settori e mercati internazionali. L'azienda ha riacquistato azioni comuni di Classe A per un valore di 224 milioni di dollari e ha 876 milioni di dollari rimanenti sotto l'attuale autorizzazione. Le previsioni finanziarie per il quarto trimestre del 2024 prevedono un Marketplace GOV di 20,6-21,0 miliardi di dollari e un EBITDA Rettificato di 525-575 milioni di dollari.
DoorDash (NASDAQ: DASH) anunció sus resultados financieros del tercer trimestre de 2024, mostrando un crecimiento significativo. Órdenes Totales aumentaron un 18% interanual, alcanzando los 643 millones, y Marketplace GOV creció un 19% interanual, alcanzando los 20,0 mil millones de dólares. Ingresos aumentaron un 25% interanual, alcanzando los 2,7 mil millones de dólares, con un incremento en el Margen de Ingresos Netos al 13,5%. DoorDash logró su primer ingreso neto GAAP positivo de 162 millones de dólares, en comparación con una pérdida de (73) millones en el tercer trimestre de 2023. EBITDA Ajustado creció un 55% interanual, alcanzando los 533 millones de dólares. La compañía mejoró la calidad de las entregas, redujo los tiempos de entrega y aumentó la selección en el mercado. DoorDash continúa expandiendo sus servicios, enfocándose en nuevos verticales y mercados internacionales. La empresa recompró 224 millones de dólares de sus acciones comunes Clase A y tiene 876 millones de dólares restantes bajo la autorización actual. Las proyecciones financieras para el cuarto trimestre de 2024 anticipan un Marketplace GOV de 20,6-21,0 mil millones de dólares y un EBITDA Ajustado de 525-575 millones de dólares.
DoorDash (NASDAQ: DASH)는 2024년 3분기 재정 결과를 발표하며 중요한 성장을 보여주었습니다. 총 주문 수는 전년 대비 18% 증가하여 6억 4,300만 건에 달했으며, 마켓플레이스 총 거래액(GOV)는 19% 증가하여 200억 달러에 달했습니다. 수익은 전년 대비 25% 증가하여 27억 달러에 도달했으며, 순수익률도 13.5%로 증가했습니다. DoorDash는 2023년 3분기 (7300만 달러)의 손실과 비교하여 1억6200만 달러의 첫 양의 GAAP 순익을 기록했습니다. 조정된 EBITDA는 전년 대비 55% 증가하여 5억 3300만 달러에 도달했습니다. 이 회사는 배달 품질을 개선하고 배달 시간을 단축하며 마켓플레이스 선택 폭을 확대했습니다. DoorDash는 새로운 수직 시장과 국제 시장에 중점을 두고 서비스를 계속 확장하고 있습니다. 이 회사는 2억2400만 달러의 A 클래스 보통주를 매입하였고 현재 8억7600만 달러의 잔여 자산이 남아 있습니다. 2024년 4분기 재정 전망은 마켓플레이스 GOV가 206억~210억 달러, 조정된 EBITDA는 5억2500만~5억7500만 달러에 이를 것으로 예상합니다.
DoorDash (NASDAQ: DASH) a annoncé ses résultats financiers pour le troisième trimestre 2024, montrant une croissance significative. Total des Commandes a augmenté de 18% par rapport à l'année précédente, atteignant 643 millions, et Marketplace GOV a augmenté de 19% d'une année sur l'autre, atteignant 20,0 milliards de dollars. Revenus en hausse de 25% d'une année sur l'autre, atteignant 2,7 milliards de dollars, avec une augmentation de la Marge de Revenu Net à 13,5%. DoorDash a atteint son premier revenu net GAAP positif de 162 millions de dollars, comparativement à une perte de (73) millions au troisième trimestre 2023. EBITDA Ajusté a crû de 55% d'une année sur l'autre pour atteindre 533 millions de dollars. L'entreprise a amélioré la qualité des livraisons, réduit les temps de livraison et élargi la sélection du marché. DoorDash continue d'élargir ses services, en se concentrant sur de nouveaux secteurs et marchés internationaux. L'entreprise a racheté 224 millions de dollars de ses actions ordinaires de classe A et dispose de 876 millions de dollars restants sous l'autorisation actuelle. Les prévisions financières pour le quatrième trimestre 2024 anticipent un Marketplace GOV de 20,6 à 21,0 milliards de dollars et un EBITDA Ajusté de 525 à 575 millions de dollars.
DoorDash (NASDAQ: DASH) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 bekannt gegeben und ein signifikantes Wachstum gezeigt. Gesamtbestellungen sind im Vergleich zum Vorjahr um 18% auf 643 Millionen gestiegen, und Marketplace GOV stieg um 19% im Jahresvergleich auf 20,0 Milliarden Dollar. Einnahmen stiegen um 25% im Jahresvergleich auf 2,7 Milliarden Dollar, mit einer Erhöhung der Nettomarge auf 13,5%. DoorDash erzielte einen ersten positiven GAAP Nettoertrag von 162 Millionen Dollar im Vergleich zu einem Verlust von (73) Millionen Dollar im dritten Quartal 2023. Bereinigtes EBITDA wuchs um 55% im Vergleich zum Vorjahr auf 533 Millionen Dollar. Das Unternehmen verbesserte die Lieferqualität, reduzierte die Lieferzeiten und erweiterte die Auswahl im Markt. DoorDash erweitert weiterhin seine Dienstleistungen und konzentriert sich auf neue vertikale Märkte und internationale Märkte. Das Unternehmen hat Aktien der Klasse A im Wert von 224 Millionen Dollar zurückgekauft und hat noch 876 Millionen Dollar unter der aktuellen Genehmigung. Der finanzielle Ausblick für das 4. Quartal 2024 erwartet ein Marketplace GOV von 20,6 bis 21,0 Milliarden Dollar und ein bereinigtes EBITDA von 525 bis 575 Millionen Dollar.
- Total Orders increased 18% Y/Y to 643 million.
- Marketplace GOV increased 19% Y/Y to $20.0 billion.
- Revenue increased 25% Y/Y to $2.7 billion.
- Net Revenue Margin increased to 13.5%.
- First positive GAAP net income of $162 million.
- Adjusted EBITDA increased 55% Y/Y to $533 million.
- Repurchased $224 million of Class A common stock.
- None.
Insights
DoorDash delivered exceptional Q3 results, marking its first GAAP profitable quarter with net income of
The company's operational efficiency is evident in its record Adjusted EBITDA of
The Q4 guidance of
DoorDash's market position continues to strengthen, particularly in capturing new customers. The company reports increasing market share among new delivery marketplace users since January 2021, demonstrating superior customer acquisition and retention strategies. The expansion beyond restaurants into new verticals is driving higher order rates across mature consumer cohorts.
The platform's evolution into a comprehensive commerce solution through DoorDash Commerce Platform shows promising merchant adoption, with tens of thousands of businesses utilizing Online Ordering services. This diversification strategy, combined with advertising revenue growth and logistics improvements, positions DoorDash well against competitors in the expanding omni-channel commerce market.
In Q3 2024, we continued to drive strong growth in Total Orders, Marketplace GOV, and revenue, while generating positive GAAP net income for the first time as a public company.
Our goal is to build a large and durable business that helps local merchants succeed and expands the potential of local economies. To do this, we must consistently invest in our existing services, launch entirely new services, and ensure we are generating strong returns on capital, so that we can invest even more in the future. We believe our results in Q3 2024 reflect our ambition to pursue large growth opportunities, our optimism in believing we can innovate around the problems of the day, and our humility in focusing on small improvements in day to day operations. We expect these characteristics to persist at DoorDash, which means we expect to continue investing to expand the potential of our services while holding ourselves to high standards of execution.
Third Quarter 2024 Key Financial Metrics
-
Total Orders increased
18% year-over-year (Y/Y) to 643 million and Marketplace GOV increased19% Y/Y to .$20.0 billion -
Revenue increased
25% Y/Y to . Net Revenue Margin increased to$2.7 billion 13.5% from12.9% in Q3 2023. -
GAAP net income (loss) attributable to DoorDash, Inc. common stockholders was
compared to$162 million in Q3 2023. Adjusted EBITDA increased to$(73) million from$533 million in Q3 2023.$344 million
|
|
Three Months Ended |
||||||||||||||||||
(in millions, except percentages) |
|
Sept. 30,
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|
Dec. 31,
|
|
Mar. 31,
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Jun. 30,
|
|
Sept. 30,
|
||||||||||
Total Orders |
|
|
543 |
|
|
|
574 |
|
|
|
620 |
|
|
|
635 |
|
|
|
643 |
|
Total Orders Y/Y growth |
|
|
24 |
% |
|
|
23 |
% |
|
|
21 |
% |
|
|
19 |
% |
|
|
18 |
% |
Marketplace GOV |
|
$ |
16,751 |
|
|
$ |
17,639 |
|
|
$ |
19,239 |
|
|
$ |
19,711 |
|
|
$ |
20,002 |
|
Marketplace GOV Y/Y growth |
|
|
24 |
% |
|
|
22 |
% |
|
|
21 |
% |
|
|
20 |
% |
|
|
19 |
% |
Revenue |
|
$ |
2,164 |
|
|
$ |
2,303 |
|
|
$ |
2,513 |
|
|
$ |
2,630 |
|
|
$ |
2,706 |
|
Revenue Y/Y growth |
|
|
27 |
% |
|
|
27 |
% |
|
|
23 |
% |
|
|
23 |
% |
|
|
25 |
% |
Net Revenue Margin |
|
|
12.9 |
% |
|
|
13.1 |
% |
|
|
13.1 |
% |
|
|
13.3 |
% |
|
|
13.5 |
% |
GAAP gross profit |
|
$ |
962 |
|
|
$ |
1,026 |
|
|
$ |
1,129 |
|
|
$ |
1,195 |
|
|
$ |
1,283 |
|
GAAP gross profit as a % of Marketplace GOV |
|
|
5.7 |
% |
|
|
5.8 |
% |
|
|
5.9 |
% |
|
|
6.1 |
% |
|
|
6.4 |
% |
Contribution Profit |
|
$ |
640 |
|
|
$ |
689 |
|
|
$ |
751 |
|
|
$ |
825 |
|
|
$ |
930 |
|
Contribution Profit as a % of Marketplace GOV |
|
|
3.8 |
% |
|
|
3.9 |
% |
|
|
3.9 |
% |
|
|
4.2 |
% |
|
|
4.6 |
% |
GAAP net income (loss) attributable to DoorDash, Inc. common stockholders |
|
$ |
(73 |
) |
|
$ |
(154 |
) |
|
$ |
(23 |
) |
|
$ |
(157 |
) |
|
$ |
162 |
|
GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV |
|
|
(0.4 |
)% |
|
|
(0.9 |
)% |
|
|
(0.1 |
)% |
|
|
(0.8 |
)% |
|
|
0.8 |
% |
Adjusted EBITDA |
|
$ |
344 |
|
|
$ |
363 |
|
|
$ |
371 |
|
|
$ |
430 |
|
|
$ |
533 |
|
Adjusted EBITDA as a % of Marketplace GOV |
|
|
2.1 |
% |
|
|
2.1 |
% |
|
|
1.9 |
% |
|
|
2.2 |
% |
|
|
2.7 |
% |
Weighted-average diluted shares outstanding |
|
|
393 |
|
|
|
399 |
|
|
|
405 |
|
|
|
410 |
|
|
|
428 |
|
Operational Highlights
Over the last year, we improved delivery quality, reduced average delivery times, and increased selection on our Marketplaces. Our business has many moving pieces, but we believe they are coming together well at the moment, and in Q3 2024 we were able to drive Total Orders up
We operate in a highly competitive industry, but our focus is on meeting consumers' expectations. In order to create value for our merchant partners, Dashers, and our business, we must build services that delight consumers, so that they continue to choose our Marketplaces and order more with us over time. This is a high and constantly rising bar that requires us to build experiences that consistently improve.
Since consumers vote with their actions, order rate1 across our consumer cohorts tells us a lot about the value we provide. Our existing consumers drive the vast majority of our volume, so we must perpetually create new value for them in order to grow efficiently. In Q3 2024, order rate increased on a Y/Y basis within all of our more mature DoorDash consumer cohorts2, with growing contributions from non-restaurant categories in each cohort. At the same time, our new DoorDash consumer cohorts in Q3 2024 demonstrated initial order rates that were slightly higher than average initial order rates from cohorts in the first half of 2024 and average initial order rates from cohorts across 2022 and 2023. We believe this is an output of our focus on consistently improving the selection, quality, affordability, and service we provide, which can have a compounding effect over time that expands our addressable market and increases our impact on local economies.
Our ability to create value for consumers is also apparent in our relative performance. Among consumers who are new to restaurant delivery marketplaces in the
Merchants' expectations are at least as high as consumers' and we are similarly proud of the progress we are making to help local businesses grow and thrive. In Q3 2024, we continued to drive strong Y/Y same store sales growth for merchants on our Marketplaces which, along with our growing consumer reach, helped attract a large number of new merchants to our Marketplaces in both our restaurant and new verticals categories.
In addition to our Marketplaces, which act as full-service online platforms for merchants, we have continued to expand the capabilities of our DoorDash Commerce Platform4, which includes: Drive On-Demand, Online Ordering, Phone Ordering, Tableside Order & Pay, and Customer Support Solutions. We believe we provide excellent quality and value in our Commerce Platform, which has attracted hundreds of thousands of merchants, including tens of thousands to Online Ordering. We believe the transition to omni-channel commerce remains in its early stages, and we see tremendous potential to expand the number of merchants we serve and the number of ways we serve them.
We are excited by the execution of our teams and the performance of our business so far in 2024. In the near-term, we expect our priorities to remain consistent; we will likely spend the majority of our time trying to improve day-to-day execution and the majority of our investment capital expanding the scale and scope of our new verticals and international markets. Longer-term, we believe there is much more we can do to generate value for consumers and help local merchants be successful, and we are investing in new areas that we hope will become meaningful businesses over time.
____________________ | ||
1 |
Order rate for any given cohort and time period is calculated by multiplying retention by average order frequency for the stated cohort and time period. It is mathematically equal to orders in a given month from a given cohort, divided by the starting size of that cohort. |
|
2 |
Includes the 75 DoorDash monthly consumer cohorts from January 2017 through March 2023. We typically determine a cohort is mature after approximately six months. We exclude cohorts prior to January 2017 due to their relatively small size and a lack of certain historical data. We also exclude cohorts from April 2023 through September 2023 because those cohorts were not considered mature during all periods for a Y/Y comparison. |
|
3 |
Measured from the first month of each monthly cohort through September 2024. |
|
4 |
Previously referred to as DoorDash Platform Services. |
Financial Performance
In Q3 2024, Total Orders increased
Revenue increased
GAAP cost of revenue, exclusive of depreciation and amortization, was
GAAP gross profit was
GAAP sales and marketing expense was
GAAP research and development expense was
GAAP general and administrative expense was
GAAP net income (loss) attributable to DoorDash, Inc. common stockholders was
Adjusted EBITDA reached an all-time high of
In Q3 2024, we generated net cash provided by operating activities of
In February 2024, our board of directors authorized the repurchase of up to
Financial Outlook
Period |
Marketplace GOV |
Adjusted EBITDA |
Q4 |
|
|
Based on our current outlook and assuming a stock price consistent with recent trading levels, we expect:
-
2024 stock-based compensation expense to be approximately
,$1.13 billion - 2024 RSU issuances of approximately 6.0 million, net of expected forfeitures, and
-
2024 depreciation and amortization expense of approximately
.$562 million
Our outlook assumes that key foreign currency rates remain relatively stable at current levels. Our outlook also anticipates significant levels of ongoing investment in new categories and international markets. We caution investors that consumer spending in any of our geographies could deteriorate relative to our outlook, which could drive results below our expectations. Additionally, our increasing international exposure heightens risks associated with operating in foreign markets, including geopolitical and currency risks. Changes in the international operating environment could negatively impact results versus our current outlook.
We have not provided GAAP net income (loss) attributable to DoorDash, Inc. common stockholders outlook or a reconciliation of Adjusted EBITDA outlook to GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a result of the uncertainty regarding, and the potential variability of, reconciling items such as legal, tax, and regulatory expenses and other items. Accordingly, a reconciliation of Adjusted EBITDA outlook to GAAP net income (loss) attributable to DoorDash, Inc. common stockholders is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP measures in tables at the end of this release. For more information regarding the non-GAAP financial measures discussed in this release, please see "Non-GAAP Financial Measures" below.
Analyst and Investor Conference Call and Earnings Webcast
DoorDash will host a conference call and webcast to discuss our quarterly results today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Those interested in listening to the call can register and attend by visiting our Investor Relations page at https://ir.doordash.com. An archived webcast will be available on our Investor Relations page shortly after the call.
Available Information
We announce material information to the public about us, our products and services, and other matters through a variety of means, including filings with the
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” "aim," “will,” “should,” “expect,” “plan,” "try," “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategies, plans, or intentions. Forward-looking statements in this release include, but are not limited to, our expectations regarding our financial position and operating performance, including our outlook and guidance for the fourth quarter of 2024 and our assumptions underlying such guidance, our expectations for legal and regulatory expense, our expected stock-based compensation expense, equity awards and depreciation and amortization expense, our priorities and our plans and expectations regarding our investments, our plans and expectations of our platform and services, including the launch and acceptance of new service offerings and growth in non-restaurant categories, our ability to drive future growth and execute on our goals and strategies, trends in our business, and demand for our platform and for local commerce platforms in general, and our plans and expectations regarding share dilution, including equity award issuances. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties related to: competition, managing our growth and corporate culture, financial performance, investments in new geographies, products, or offerings, our ability to attract merchants, consumers, and Dashers to our platform, legal proceedings and regulatory matters and developments, any future changes to our business or our financial or operating model, and our brand and reputation. The forward-looking statements contained in this release are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted, including those more fully described in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 and our quarterly reports on Form 10-Q. All forward-looking statements in this release are based on information available to DoorDash and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.
Use of Non-GAAP Financial Measures
To supplement our financial information presented in accordance with accounting principles generally accepted in
We define adjusted cost of revenue as cost of revenue, exclusive of depreciation and amortization, excluding stock-based compensation expense and certain payroll tax expense, allocated overhead, and inventory write-off related to restructuring. Allocated overhead is determined based on an allocation of shared costs, such as facilities (including rent and utilities) and information technology costs, among all departments based on employee headcount. We define adjusted sales and marketing expense as sales and marketing expenses excluding stock-based compensation expense and certain payroll tax expense, and allocated overhead. We define adjusted research and development expense as research and development expenses excluding stock-based compensation expense and certain payroll tax expense, and allocated overhead. We define adjusted general and administrative expense as general and administrative expenses excluding stock-based compensation expense and certain payroll tax expense, certain legal, tax, and regulatory settlements, reserves, and expenses, transaction-related costs (primarily consists of acquisition, integration, and investment related costs), impairment expenses, and including allocated overhead from cost of revenue, sales and marketing, and research and development.
We define Adjusted Gross Profit as gross profit plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue, (iii) allocated overhead included in cost of revenue, and (iv) inventory write-off related to restructuring. Gross profit is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (ii) depreciation and amortization related to cost of revenue. Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage of revenue for the same period.
We define Contribution Profit as our gross profit less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing expenses, (iii) allocated overhead included in cost of revenue and sales and marketing expenses, and (iv) inventory write-off related to restructuring. We define gross margin as gross profit as a percentage of revenue for the same period and we define Contribution Margin as Contribution Profit as a percentage of revenue for the same period.
Adjusted EBITDA is a measure that we use to assess our operating performance and the operating leverage in our business. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.
Beginning with the third quarter of 2024, we now present net income (loss) attributable to DoorDash, Inc. common stockholders as the most comparable GAAP measure to Adjusted EBITDA and we have changed our presentation of the reconciliation of Adjusted EBITDA to reconcile Adjusted EBITDA to net income (loss) attributable to DoorDash, Inc. common stockholders. We believe this is an important measure used by investors to assess the health and performance of our operations and that this presentation better reflects the comparison of that performance to the most comparable GAAP measure impacting DoorDash stockholders. We are continuing to show both net income (loss) attributable to DoorDash, Inc. common stockholders and net income (loss) including redeemable non-controlling interests so that investors can easily compare our historical presentations. The presentation for the three and nine months ended September 30, 2023 has been conformed to this presentation.
We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs.
We define Total Orders as all orders completed through our Marketplaces and Commerce Platform businesses over the period of measurement.
We define Marketplace GOV as the total dollar value of orders completed on our Marketplaces, including taxes, tips, and any applicable consumer fees, including membership fees related to DashPass and Wolt+. Marketplace GOV does not include the dollar value of orders, taxes and tips, or fees charged to merchants, for orders fulfilled through Drive and Storefront.
Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statements of operations. Thus, our adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Adjusted Gross Profit, Adjusted Gross Margin, Contribution Profit, Contribution Margin, Adjusted EBITDA, and Free Cash Flow should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
DOORDASH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (Unaudited) |
|||||||
|
December 31, 2023 |
|
September 30, 2024 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
2,656 |
|
|
$ |
3,664 |
|
Short-term marketable securities |
|
1,422 |
|
|
|
1,300 |
|
Funds held at payment processors |
|
356 |
|
|
|
335 |
|
Accounts receivable, net |
|
533 |
|
|
|
622 |
|
Prepaid expenses and other current assets |
|
630 |
|
|
|
839 |
|
Total current assets |
|
5,597 |
|
|
|
6,760 |
|
Long-term restricted cash |
|
11 |
|
|
|
13 |
|
Long-term marketable securities |
|
583 |
|
|
|
795 |
|
Operating lease right-of-use assets |
|
436 |
|
|
|
380 |
|
Property and equipment, net |
|
712 |
|
|
|
733 |
|
Intangible assets, net |
|
659 |
|
|
|
577 |
|
Goodwill |
|
2,432 |
|
|
|
2,460 |
|
Non-marketable equity securities |
|
46 |
|
|
|
40 |
|
Other assets |
|
363 |
|
|
|
519 |
|
Total assets |
$ |
10,839 |
|
|
$ |
12,277 |
|
Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
216 |
|
|
$ |
191 |
|
Operating lease liabilities |
|
68 |
|
|
|
66 |
|
Accrued expenses and other current liabilities |
|
3,126 |
|
|
|
3,837 |
|
Total current liabilities |
|
3,410 |
|
|
|
4,094 |
|
Operating lease liabilities |
|
454 |
|
|
|
466 |
|
Other liabilities |
|
162 |
|
|
|
139 |
|
Total liabilities |
|
4,026 |
|
|
|
4,699 |
|
Redeemable non-controlling interests |
|
7 |
|
|
|
9 |
|
Stockholders’ equity: |
|
|
|
||||
Common stock |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
11,887 |
|
|
|
12,843 |
|
Accumulated other comprehensive income |
|
73 |
|
|
|
122 |
|
Accumulated deficit |
|
(5,154 |
) |
|
|
(5,396 |
) |
Total stockholders’ equity |
|
6,806 |
|
|
|
7,569 |
|
Total liabilities, redeemable non-controlling interests and stockholders’ equity |
$ |
10,839 |
|
|
$ |
12,277 |
|
DOORDASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except share amounts which are reflected in thousands, and per share data) (Unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
Revenue |
$ |
2,164 |
|
|
$ |
2,706 |
|
|
$ |
6,332 |
|
|
$ |
7,849 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of revenue, exclusive of depreciation and amortization shown separately below |
|
1,156 |
|
|
|
1,374 |
|
|
|
3,360 |
|
|
|
4,089 |
|
Sales and marketing |
|
449 |
|
|
|
483 |
|
|
|
1,416 |
|
|
|
1,496 |
|
Research and development |
|
250 |
|
|
|
289 |
|
|
|
750 |
|
|
|
871 |
|
General and administrative |
|
289 |
|
|
|
315 |
|
|
|
915 |
|
|
|
1,128 |
|
Depreciation and amortization |
|
128 |
|
|
|
138 |
|
|
|
379 |
|
|
|
420 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
Total costs and expenses |
|
2,272 |
|
|
|
2,599 |
|
|
|
6,822 |
|
|
|
8,004 |
|
Income (loss) from operations |
|
(108 |
) |
|
|
107 |
|
|
|
(490 |
) |
|
|
(155 |
) |
Interest income, net |
|
40 |
|
|
|
54 |
|
|
|
101 |
|
|
|
148 |
|
Other expense, net |
|
(1 |
) |
|
|
(6 |
) |
|
|
(6 |
) |
|
|
(13 |
) |
Income (loss) before income taxes |
|
(69 |
) |
|
|
155 |
|
|
|
(395 |
) |
|
|
(20 |
) |
Provision for (benefit from) income taxes |
|
6 |
|
|
|
(6 |
) |
|
|
14 |
|
|
|
2 |
|
Net income (loss) including redeemable non-controlling |
|
(75 |
) |
|
|
161 |
|
|
|
(409 |
) |
|
|
(22 |
) |
Less: net loss attributable to redeemable non-controlling interests |
|
(2 |
) |
|
|
(1 |
) |
|
|
(5 |
) |
|
|
(4 |
) |
Net income (loss) attributable to DoorDash, Inc. common |
$ |
(73 |
) |
|
$ |
162 |
|
|
$ |
(404 |
) |
|
$ |
(18 |
) |
Net income (loss) per share attributable to DoorDash, Inc. Class A and Class B common stockholders |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.19 |
) |
|
$ |
0.39 |
|
|
$ |
(1.03 |
) |
|
$ |
(0.04 |
) |
Diluted |
$ |
(0.19 |
) |
|
$ |
0.38 |
|
|
$ |
(1.03 |
) |
|
$ |
(0.04 |
) |
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to DoorDash, Inc. Class A and Class B common stockholders |
|
|
|
|
|
|
|
||||||||
Basic |
|
393,217 |
|
|
|
413,106 |
|
|
|
390,794 |
|
|
|
409,703 |
|
Diluted |
|
393,217 |
|
|
|
427,962 |
|
|
|
390,794 |
|
|
|
409,703 |
|
DOORDASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) |
|||||||
|
Nine Months Ended September 30, |
||||||
|
|
2023 |
|
|
|
2024 |
|
Cash flows from operating activities |
|
|
|
||||
Net loss including redeemable non-controlling interests |
$ |
(409 |
) |
|
$ |
(22 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
379 |
|
|
|
420 |
|
Stock-based compensation |
|
819 |
|
|
|
828 |
|
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities |
|
84 |
|
|
|
77 |
|
Office lease impairment expenses |
|
— |
|
|
|
83 |
|
Other |
|
23 |
|
|
|
26 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Funds held at payment processors |
|
52 |
|
|
|
24 |
|
Accounts receivable, net |
|
(26 |
) |
|
|
(102 |
) |
Prepaid expenses and other current assets |
|
(84 |
) |
|
|
(209 |
) |
Other assets |
|
(45 |
) |
|
|
89 |
|
Accounts payable |
|
6 |
|
|
|
(31 |
) |
Accrued expenses and other current liabilities |
|
469 |
|
|
|
494 |
|
Payments for operating lease liabilities |
|
(88 |
) |
|
|
(83 |
) |
Other liabilities |
|
8 |
|
|
|
20 |
|
Net cash provided by operating activities |
|
1,188 |
|
|
|
1,614 |
|
Cash flows from investing activities |
|
|
|
||||
Purchases of property and equipment |
|
(94 |
) |
|
|
(72 |
) |
Capitalized software and website development costs |
|
(143 |
) |
|
|
(160 |
) |
Purchases of marketable securities |
|
(1,555 |
) |
|
|
(1,527 |
) |
Maturities of marketable securities |
|
1,581 |
|
|
|
1,481 |
|
Sales of marketable securities |
|
6 |
|
|
|
4 |
|
Purchases of non-marketable equity securities |
|
(16 |
) |
|
|
— |
|
Other investing activities |
|
(2 |
) |
|
|
(7 |
) |
Net cash used in investing activities |
|
(223 |
) |
|
|
(281 |
) |
Cash flows from financing activities |
|
|
|
||||
Proceeds from exercise of stock options |
|
5 |
|
|
|
7 |
|
Repurchase of common stock |
|
(699 |
) |
|
|
(224 |
) |
Other financing activities |
|
(8 |
) |
|
|
6 |
|
Net cash used in financing activities |
|
(702 |
) |
|
|
(211 |
) |
Foreign currency effect on cash, cash equivalents, and restricted cash |
|
(16 |
) |
|
|
4 |
|
Net increase in cash, cash equivalents, and restricted cash |
|
247 |
|
|
|
1,126 |
|
Cash, cash equivalents, and restricted cash |
|
|
|
||||
Cash, cash equivalents, and restricted cash, beginning of period |
|
2,188 |
|
|
|
2,772 |
|
Cash, cash equivalents, and restricted cash, end of period |
$ |
2,435 |
|
|
$ |
3,898 |
|
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets |
|
|
|
||||
Cash and cash equivalents |
$ |
2,344 |
|
|
$ |
3,664 |
|
Restricted cash included in prepaid expenses and other current assets |
|
80 |
|
|
|
221 |
|
Long-term restricted cash |
|
11 |
|
|
|
13 |
|
Total cash, cash equivalents, and restricted cash |
$ |
2,435 |
|
|
$ |
3,898 |
|
Non-cash investing and financing activities |
|
|
|
||||
Purchases of property and equipment not yet settled |
$ |
18 |
|
|
$ |
29 |
|
Stock-based compensation included in capitalized software and website development costs |
$ |
119 |
|
|
$ |
121 |
|
DOORDASH, INC. NON-GAAP FINANCIAL MEASURES (Unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||
(In millions) |
|
Sept. 30, 2023 |
|
Dec. 31, 2023 |
|
Mar. 31, 2024 |
|
Jun. 30, 2024 |
|
Sept. 30, 2024 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue, exclusive of depreciation and amortization |
|
$ |
1,156 |
|
|
$ |
1,229 |
|
|
$ |
1,330 |
|
|
$ |
1,385 |
|
|
$ |
1,374 |
|
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock-based compensation expense and certain payroll tax expense |
|
|
(37 |
) |
|
|
(36 |
) |
|
|
(33 |
) |
|
|
(41 |
) |
|
|
(36 |
) |
Allocated overhead |
|
|
(8 |
) |
|
|
(7 |
) |
|
|
(8 |
) |
|
|
(9 |
) |
|
|
(9 |
) |
Adjusted cost of revenue |
|
$ |
1,111 |
|
|
$ |
1,186 |
|
|
$ |
1,289 |
|
|
$ |
1,335 |
|
|
$ |
1,329 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sales and marketing |
|
$ |
449 |
|
|
$ |
460 |
|
|
$ |
504 |
|
|
$ |
509 |
|
|
$ |
483 |
|
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock-based compensation expense and certain payroll tax expense |
|
|
(30 |
) |
|
|
(29 |
) |
|
|
(25 |
) |
|
|
(33 |
) |
|
|
(30 |
) |
Allocated overhead |
|
|
(6 |
) |
|
|
(3 |
) |
|
|
(6 |
) |
|
|
(6 |
) |
|
|
(6 |
) |
Adjusted sales and marketing |
|
$ |
413 |
|
|
$ |
428 |
|
|
$ |
473 |
|
|
$ |
470 |
|
|
$ |
447 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development |
|
$ |
250 |
|
|
$ |
253 |
|
|
$ |
279 |
|
|
$ |
303 |
|
|
$ |
289 |
|
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock-based compensation expense and certain payroll tax expense |
|
|
(119 |
) |
|
|
(119 |
) |
|
|
(114 |
) |
|
|
(141 |
) |
|
|
(126 |
) |
Allocated overhead |
|
|
(5 |
) |
|
|
(2 |
) |
|
|
(5 |
) |
|
|
(6 |
) |
|
|
(7 |
) |
Adjusted research and development |
|
$ |
126 |
|
|
$ |
132 |
|
|
$ |
160 |
|
|
$ |
156 |
|
|
$ |
156 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General and administrative |
|
$ |
289 |
|
|
$ |
320 |
|
|
$ |
319 |
|
|
$ |
494 |
|
|
$ |
315 |
|
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock-based compensation expense and certain payroll tax expense |
|
|
(94 |
) |
|
|
(88 |
) |
|
|
(83 |
) |
|
|
(89 |
) |
|
|
(83 |
) |
Certain legal, tax, and regulatory settlements, reserves, and expenses(1) |
|
|
(44 |
) |
|
|
(50 |
) |
|
|
(35 |
) |
|
|
(102 |
) |
|
|
(13 |
) |
Transaction-related costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
Office lease impairment expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(83 |
) |
|
|
— |
|
Allocated overhead from cost of revenue, sales and marketing, and research and development |
|
|
19 |
|
|
|
12 |
|
|
|
19 |
|
|
|
21 |
|
|
|
22 |
|
Adjusted general and administrative |
|
$ |
170 |
|
|
$ |
194 |
|
|
$ |
220 |
|
|
$ |
239 |
|
|
$ |
241 |
|
(1) |
We exclude certain costs and expenses from our calculation of adjusted general and administrative expense because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, our historical Dasher pay model, and a settlement entered into in connection with an initiative to serve underrepresented communities, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls, and (iv) donations as part of our relief efforts in connection with the COVID-19 pandemic. We believe it is appropriate to exclude the foregoing matters from our calculation of adjusted general and administrative expense because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in |
|
|
Three Months Ended |
||||||||||||||||||
(In millions, except percentages) |
|
Sept. 30, 2023 |
|
Dec. 31, 2023 |
|
Mar. 31, 2024 |
|
Jun. 30, 2024 |
|
Sept. 30, 2024 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
|
$ |
2,164 |
|
|
$ |
2,303 |
|
|
$ |
2,513 |
|
|
$ |
2,630 |
|
|
$ |
2,706 |
|
Less: Cost of revenue, exclusive of depreciation and amortization |
|
|
(1,156 |
) |
|
|
(1,229 |
) |
|
|
(1,330 |
) |
|
|
(1,385 |
) |
|
|
(1,374 |
) |
Less: Depreciation and amortization related to cost of revenue |
|
|
(46 |
) |
|
|
(48 |
) |
|
|
(54 |
) |
|
|
(50 |
) |
|
|
(49 |
) |
Gross profit |
|
$ |
962 |
|
|
$ |
1,026 |
|
|
$ |
1,129 |
|
|
$ |
1,195 |
|
|
$ |
1,283 |
|
Gross Margin |
|
|
44.5 |
% |
|
|
44.6 |
% |
|
|
44.9 |
% |
|
|
45.4 |
% |
|
|
47.4 |
% |
Less: Sales and marketing |
|
|
(449 |
) |
|
|
(460 |
) |
|
|
(504 |
) |
|
|
(509 |
) |
|
|
(483 |
) |
Add: Depreciation and amortization related to cost of revenue |
|
|
46 |
|
|
|
48 |
|
|
|
54 |
|
|
|
50 |
|
|
|
49 |
|
Add: Stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing |
|
|
67 |
|
|
|
65 |
|
|
|
58 |
|
|
|
74 |
|
|
|
66 |
|
Add: Allocated overhead included in cost of revenue and sales and marketing |
|
|
14 |
|
|
|
10 |
|
|
|
14 |
|
|
|
15 |
|
|
|
15 |
|
Contribution Profit |
|
$ |
640 |
|
|
$ |
689 |
|
|
$ |
751 |
|
|
$ |
825 |
|
|
$ |
930 |
|
Contribution Margin |
|
|
29.6 |
% |
|
|
29.9 |
% |
|
|
29.9 |
% |
|
|
31.4 |
% |
|
|
34.4 |
% |
|
|
Three Months Ended |
||||||||||||||||||
(In millions, except percentages) |
|
Sept. 30, 2023 |
|
Dec. 31, 2023 |
|
Mar. 31, 2024 |
|
Jun. 30, 2024 |
|
Sept. 30, 2024 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross profit |
|
$ |
962 |
|
|
$ |
1,026 |
|
|
$ |
1,129 |
|
|
$ |
1,195 |
|
|
$ |
1,283 |
|
Add: Depreciation and amortization related to cost of revenue |
|
|
46 |
|
|
|
48 |
|
|
|
54 |
|
|
|
50 |
|
|
|
49 |
|
Add: Stock-based compensation expense and certain payroll tax expense included in cost of revenue |
|
|
37 |
|
|
|
36 |
|
|
|
33 |
|
|
|
41 |
|
|
|
36 |
|
Add: Allocated overhead included in cost of revenue |
|
|
8 |
|
|
|
7 |
|
|
|
8 |
|
|
|
9 |
|
|
|
9 |
|
Adjusted Gross Profit |
|
$ |
1,053 |
|
|
$ |
1,117 |
|
|
$ |
1,224 |
|
|
$ |
1,295 |
|
|
$ |
1,377 |
|
Adjusted Gross Margin |
|
|
48.7 |
% |
|
|
48.5 |
% |
|
|
48.7 |
% |
|
|
49.2 |
% |
|
|
50.9 |
% |
|
|
Three Months Ended |
||||||||||||||||||
(In millions) |
|
Sept. 30, 2023 |
|
Dec. 31, 2023 |
|
Mar. 31, 2024 |
|
Jun. 30, 2024 |
|
Sept. 30, 2024 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to DoorDash, Inc. common stockholders |
|
$ |
(73 |
) |
|
$ |
(154 |
) |
|
$ |
(23 |
) |
|
$ |
(157 |
) |
|
$ |
162 |
|
Add: Net loss attributable to redeemable non-controlling interests |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
Net income (loss) including redeemable non-controlling interests |
|
$ |
(75 |
) |
|
$ |
(156 |
) |
|
$ |
(25 |
) |
|
$ |
(158 |
) |
|
$ |
161 |
|
Certain legal, tax, and regulatory settlements, reserves, and expenses(1) |
|
|
44 |
|
|
|
50 |
|
|
|
35 |
|
|
|
102 |
|
|
|
13 |
|
Transaction-related costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
Office lease impairment expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
83 |
|
|
|
— |
|
Provision for (benefit from) income taxes |
|
|
6 |
|
|
|
17 |
|
|
|
7 |
|
|
|
1 |
|
|
|
(6 |
) |
Interest income, net |
|
|
(40 |
) |
|
|
(51 |
) |
|
|
(45 |
) |
|
|
(49 |
) |
|
|
(54 |
) |
Other expense, net |
|
|
1 |
|
|
|
101 |
|
|
|
2 |
|
|
|
5 |
|
|
|
6 |
|
Stock-based compensation expense and certain payroll tax expense |
|
|
280 |
|
|
|
272 |
|
|
|
255 |
|
|
|
304 |
|
|
|
275 |
|
Depreciation and amortization expense |
|
|
128 |
|
|
|
130 |
|
|
|
142 |
|
|
|
140 |
|
|
|
138 |
|
Adjusted EBITDA |
|
$ |
344 |
|
|
$ |
363 |
|
|
$ |
371 |
|
|
$ |
430 |
|
|
$ |
533 |
|
(1) |
We exclude certain costs and expenses from our calculation of Adjusted EBITDA because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, our historical Dasher pay model, and a settlement entered into in connection with an initiative to serve underrepresented communities, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls, and (iv) donations as part of our relief efforts in connection with the COVID-19 pandemic. We believe it is appropriate to exclude the foregoing matters from our calculation of Adjusted EBITDA because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in |
Estimate of Certain Components of Stock-Based Compensation Expense
(in millions) |
|
2023 (Actuals) |
|
2024 |
|
2025 |
|
2026 |
||||
|
|
|
|
|
|
|
|
|
||||
CEO performance award(1) |
|
$ |
104 |
|
$ |
67 |
|
$ |
7 |
|
$ |
— |
Wolt retention and revesting |
|
|
150 |
|
|
144 |
|
|
136 |
|
|
53 |
Pre-IPO RSUs: amortization of stepped-up value(2) |
|
|
67 |
|
|
49 |
|
|
3 |
|
|
— |
New hire, continuing employee, and other grants |
|
|
767 |
|
|
870 |
|
|
NA |
|
|
NA |
Total stock-based compensation |
|
$ |
1,088 |
|
$ |
1,130 |
|
|
NA |
|
NA |
(1) |
In November 2020, our board of directors granted restricted stock units ("RSUs") to our Chief Executive Officer, Tony Xu, covering 10,379,000 shares of our Class A common stock, which we refer to here as the 2020 CEO Performance Award. The award is intended to be the exclusive equity award to Mr. Xu over a seven year performance period, which ends November 23, 2027. The award has nine tranches that are eligible to vest based on the achievement of stock price goals ranging from |
|
(2) |
Certain RSUs awarded prior to or around the time of our initial public offering have grant-date fair values that significantly exceed the fair value of the awards (“409A value”) prevailing at the time they were committed to employees. The amounts included here represent the stock-based compensation associated with the excess amount of the grant-date fair value over the 409A value. |
Reconciliation of net cash provided by operating activities to Free Cash Flow
|
|
Trailing Twelve Months Ended |
||||||||||||||||||
(in millions) |
|
Sept. 30, 2023 |
|
Dec. 31, 2023 |
|
Mar. 31, 2024 |
|
Jun. 30, 2024 |
|
Sept. 30, 2024 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities |
|
$ |
1,211 |
|
|
$ |
1,673 |
|
|
$ |
1,829 |
|
|
$ |
1,966 |
|
|
$ |
2,099 |
|
Purchases of property and equipment |
|
|
(139 |
) |
|
|
(123 |
) |
|
|
(101 |
) |
|
|
(97 |
) |
|
|
(101 |
) |
Capitalized software and website development costs |
|
|
(194 |
) |
|
|
(201 |
) |
|
|
(208 |
) |
|
|
(209 |
) |
|
|
(218 |
) |
Free Cash Flow |
|
$ |
878 |
|
|
$ |
1,349 |
|
|
$ |
1,520 |
|
|
$ |
1,660 |
|
|
$ |
1,780 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030825683/en/
IR Contact:
ir@doordash.com
PR Contact:
press@doordash.com
Source: DoorDash
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