01—Abstract
Summary
Summary of the 10-K filed March 1, 2022. Cited figures are marked; the original filing is the authoritative source.
DoorDash, Inc.'s 2021 10-K filing highlights a year of significant revenue growth, driven by a substantial increase in total orders and Gross Merchandise Volume (GOV).
The company demonstrated strong top-line expansion, with revenue growing 69% year-over-year to $4.9 billiona, reflecting increased consumer engagement and platform services adoption. Despite this growth, DoorDash continued to incur net losses, with a reported net loss of $468 million for the year. The company is actively expanding its services beyond food delivery, with plans to acquire Wolt to bolster its international presence.
Key risks and challenges include intense competition, evolving regulatory landscapes (particularly regarding Dasher classification), increasing operating costs, and the ongoing need for substantial investments in platform development and marketing. While the company achieved positive Adjusted EBITDA for the year, demonstrating progress in operational efficiency, investors should monitor its path to sustained profitability and its ability to navigate these competitive and regulatory headwinds.
02—Key points
Key Highlights
- Revenue grew by 69% year-over-year to $4.9 billion in 2021, primarily driven by a 70% increase in Total Orders and Marketplace GOV.
- DoorDash reported a net loss of $468 million for 2021, although this was an improvement from the prior year's net loss.
- The company has a robust cash position with $4.4 billion in cash, cash equivalents, and marketable securities as of December 31, 2021.
- DoorDash announced plans to acquire Wolt, a leading European local commerce platform, to expand its international scale and accelerate product development.
- Sales and marketing expenses increased by 69% to $1.6 billion, reflecting continued investment in customer and Dasher acquisition.
- The company faces significant risks related to worker classification (Dashers) as employees, which could materially impact its business operations and financial condition.
- Adjusted EBITDA improved to $289 million in 2021, indicating progress in operational profitability on a non-GAAP basis.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2021filed March 1, 2022Financial Statements
FY2021 against FY2020
| Line item | FY2021FY2020 | Change |
|---|---|---|
| Revenue | $4.89B$2.89B | +69.4% |
| R&D Expenses | $430.00M$321.00M | +34.0% |
| Operating Expenses | $5.34B$3.32B | +60.7% |
| Operating Income | -$452.00M-$436.00M | −3.7% |
| Interest Expense | $14.00M$32.00M | −56.2% |
| Net Income | -$468.00M-$461.00M | −1.5% |
| EPS (Basic) | $-1.39$-7.39 | +81.2% |
| EPS (Diluted) | $-1.39$-7.39 | +81.2% |
| Shares Outstanding (Basic) | 336.85M62.39M | +439.9% |
| Shares Outstanding (Diluted) | 336.85M62.39M | +439.9% |
05—Questions
Frequently Asked Questions
What was DoorDash's financial performance in 2021?
In 2021, DoorDash achieved significant revenue growth of 69% to $4.9 billion, driven by a 70% increase in Total Orders and Marketplace GOV. Despite this growth, the company reported a net loss of $468 million. Adjusted EBITDA showed improvement, reaching $289 million.
What are the key risks highlighted in the filing for investors?
Key risks include intense competition in the delivery market, significant ongoing investments in sales and marketing, potential regulatory changes regarding Dasher classification (which could classify them as employees), and the substantial costs and integration challenges associated with the planned acquisition of Wolt. The company also faces risks related to systems failures, cybersecurity, and public perception of its business practices.
How is DoorDash planning to expand its business?
DoorDash is pursuing international expansion, notably through its announced acquisition of Wolt. This acquisition aims to increase its global scale and accelerate product development. The company also continues to invest in its platform services, such as Drive and Storefront.
What is DoorDash's approach to profitability?
While DoorDash has demonstrated strong revenue growth and improved Adjusted EBITDA, it continues to incur net losses as it invests heavily in growth, marketing, and platform development. The company's long-term strategy relies on achieving operating leverage as it scales, but the path to consistent GAAP profitability remains a key focus for investors.
06—Continue