Summary
DoorDash, Inc.'s (DASH) Q1 2023 filing shows a significant increase in revenue, up 40% year-over-year to $2.035 billion, driven by a 29% increase in Marketplace Gross Order Volume (GOV) to $15.9 billion and the acquisition of Wolt. Despite revenue growth, the company reported a GAAP net loss of $161 million, a slight improvement from the prior year's $167 million net loss, resulting in a net loss per share of $0.41. The company also demonstrated strong operational improvements, with Free Cash Flow turning positive at $316 million for the quarter, a significant increase from negative $91 million in Q1 2022, largely due to improved working capital management. Adjusted EBITDA also saw a substantial increase, reaching $204 million, up from $54 million in the prior year, reflecting improved operational leverage. Key financial highlights include robust growth in total orders and marketplace GOV, demonstrating continued demand for DoorDash's services. The company's strategy appears to be focused on driving growth while also managing expenses, as evidenced by the improved Contribution Profit and Adjusted EBITDA. However, the company continues to invest heavily in growth initiatives, particularly in research and development, which contributed to an increase in operating expenses. Investors should monitor the company's path to profitability and its ability to sustain this growth trajectory while managing ongoing investments and potential regulatory headwinds, particularly regarding Dasher classification.
Financial Highlights
48 data points| Revenue | $2.04B |
| R&D Expenses | $231.00M |
| Operating Expenses | $2.21B |
| Operating Income | -$171.00M |
| Interest Expense | $1.00M |
| Net Income | -$161.00M |
| EPS (Basic) | $-0.41 |
| EPS (Diluted) | $-0.41 |
| Shares Outstanding (Basic) | 390.40M |
| Shares Outstanding (Diluted) | 390.40M |
Key Highlights
- 1Revenue increased by 40% year-over-year to $2.035 billion in Q1 2023.
- 2Total Orders grew by 27% year-over-year to 512 million.
- 3Marketplace Gross Order Volume (GOV) increased by 29% year-over-year to $15.9 billion.
- 4GAAP Net Loss improved slightly to $161 million ($0.41 per share) from $167 million in Q1 2022.
- 5Free Cash Flow was positive at $316 million for Q1 2023, a significant improvement from -$91 million in Q1 2022.
- 6Adjusted EBITDA increased to $204 million from $54 million in Q1 2022, indicating improved profitability from operations.
- 7The company repurchased approximately $392 million of its Class A common stock in Q1 2023 under a new $750 million authorization.