Summary
DoorDash, Inc.'s (DASH) 10-Q filing for the quarter ending June 30, 2021, reveals significant year-over-year revenue growth, with a 83% increase for the three-month period and a 123% increase for the six-month period, driven primarily by a substantial rise in Total Orders and Marketplace Gross Order Value (GOV). Despite this top-line growth, the company continued to report net losses, with a loss of $102 million for the quarter and $212 million for the six months. This widening net loss is largely attributed to increased operating expenses, particularly in sales and marketing (up 154% and 138% year-over-year, respectively) and research and development, and general and administrative expenses. A significant factor contributing to these increased expenses was a substantial rise in stock-based compensation, particularly related to Restricted Stock Units (RSUs) vesting upon the company's IPO. The company's cash position remains strong, with $4.7 billion in cash, cash equivalents, and marketable securities, providing ample liquidity for at least the next 12 months.
Financial Highlights
45 data points| Revenue | $1.24B |
| R&D Expenses | $100.00M |
| Operating Expenses | $1.33B |
| Operating Income | -$99.00M |
| Interest Expense | $1.00M |
| Net Income | -$102.00M |
| EPS (Basic) | $-0.30 |
| EPS (Diluted) | $-0.30 |
| Shares Outstanding (Basic) | 334.71M |
| Shares Outstanding (Diluted) | 334.71M |
Key Highlights
- 1Revenue increased by 83% year-over-year to $1.24 billion for the three months ended June 30, 2021, and by 123% to $2.31 billion for the six months ended June 30, 2021.
- 2Total Orders grew by 69% year-over-year to 345 million for the three months ended June 30, 2021.
- 3Marketplace GOV increased by 70% year-over-year to $10.5 billion for the three months ended June 30, 2021.
- 4Net loss widened to $102 million for the three months ended June 30, 2021, compared to a net income of $23 million in the prior year period. The six-month net loss was $212 million compared to $106 million in the prior year period.
- 5Sales and marketing expenses more than doubled, increasing by 154% year-over-year for the three months ended June 30, 2021, impacting profitability.
- 6Stock-based compensation expense increased significantly to $138 million for the three months ended June 30, 2021, compared to $3 million in the prior year period, driven by RSU vesting upon IPO.
- 7The company maintained a strong liquidity position with $4.7 billion in cash, cash equivalents, and marketable securities as of June 30, 2021.