10-QPeriod: Q1 FY2022

DoorDash, Inc. Quarterly Report for Q1 Ended Mar 31, 2022

Filed May 6, 2022For Securities:DASH

Summary

DoorDash, Inc.'s Form 10-Q for the quarter ended March 31, 2022, shows continued top-line growth, with revenue increasing by 35% year-over-year to $1.46 billion. This growth was primarily driven by a 25% increase in Marketplace Gross Order Value (GOV) to $12.35 billion and a 23% rise in Total Orders to 404 million. The company also reported improvements in Contribution Profit, which grew to $319 million, and Contribution Margin improved to 22%. However, the company experienced an increase in net loss, widening from $110 million in Q1 2021 to $167 million in Q1 2022. This was largely due to significant increases in operating expenses, particularly Research and Development (up 80%) and General and Administrative expenses (up 45%), driven by higher personnel costs and increased investments. Despite the growing net loss, DoorDash ended the quarter with a strong liquidity position, holding $2.24 billion in cash and cash equivalents and $1.35 billion in short-term marketable securities.

Financial Highlights

48 data points
Beta

Revenue

$1.46B

Net Income

-$167.00M

-11.5% Net Margin

EPS (Diluted)

$-0.48

Total Assets

$6.82B

Cash & Equivalents

$2.24B

Free Cash Flow

-$52.00M

Financial Statements
Beta
Revenue$1.46B
R&D Expenses$148.00M
Operating Expenses$1.63B
Operating Income-$173.00M
Interest Expense$0
Net Income-$167.00M
EPS (Basic)$-0.48
EPS (Diluted)$-0.48
Shares Outstanding (Basic)349.22M
Shares Outstanding (Diluted)349.22M

Key Highlights

  • 1Revenue grew 35% year-over-year to $1.46 billion.
  • 2Marketplace GOV increased 25% to $12.35 billion.
  • 3Total Orders grew 23% to 404 million.
  • 4Contribution Profit rose to $319 million, with Contribution Margin improving to 22%.
  • 5Net loss widened from $110 million to $167 million due to increased operating expenses.
  • 6Acquired Bbot, Inc. for approximately $88 million to enhance merchant solutions.
  • 7Cash and cash equivalents and marketable securities totaled $3.6 billion at quarter-end.

Frequently Asked Questions

In the first quarter of 2022, DoorDash reported a 35% increase in revenue to $1.46 billion. Marketplace Gross Order Value (GOV) grew 25% to $12.35 billion, and Total Orders increased 23% to 404 million. Contribution Profit improved to $319 million with a margin of 22%. However, the company posted a net loss of $167 million, a widening from $110 million in the prior year's quarter.

The increase in operating expenses, particularly in Research and Development (up 80%) and General and Administrative (up 45%), is primarily attributed to higher personnel-related expenses due to increased headcount and investments in platform development. These increased costs have contributed to the widening net loss.

DoorDash acquired Bbot, Inc., a hospitality technology company, for approximately $88 million to enhance its offerings for merchants. The company also saw strong growth in key operational metrics like Total Orders and Marketplace GOV, alongside an improvement in Contribution Profit and Margin, indicating operational leverage.

As of March 31, 2022, DoorDash maintained a strong liquidity position with $2.24 billion in cash and cash equivalents and $1.35 billion in short-term marketable securities, bringing the total to $3.6 billion. The company also has a $400 million available revolving credit facility.