10-QPeriod: Q2 FY2023

DoorDash, Inc. Quarterly Report for Q2 Ended Jun 30, 2023

Filed August 2, 2023For Securities:DASH

Summary

DoorDash, Inc. reported strong revenue growth in its second quarter and first half of 2023, with revenue increasing by 33% and 36% year-over-year, respectively. This growth was driven by a 25% increase in total orders and a 26% rise in Marketplace Gross Order Value (GOV) for the quarter, reflecting continued expansion and the inclusion of Wolt's operations. The company also demonstrated improved profitability, with a significant increase in Contribution Profit and Adjusted EBITDA, supported by enhanced logistics efficiency and operating leverage. Despite the positive revenue and profitability trends, DoorDash continues to experience net losses, though the net loss attributable to common stockholders narrowed year-over-year for both the quarter and the first half of the year. The company also initiated a significant share repurchase program in February 2023, repurchasing approximately $693 million of its Class A common stock in the first half of the year, indicating a return of capital to shareholders and a belief in the company's valuation. The company ended the period with a substantial cash position, providing ample liquidity for ongoing operations and strategic initiatives.

Financial Highlights

47 data points
Beta

Revenue

$2.13B

Net Income

-$170.00M

-8.0% Net Margin

EPS (Diluted)

$-0.44

Total Assets

$9.60B

Cash & Equivalents

$1.90B

Free Cash Flow

$366.00M

Financial Statements
Beta
Revenue$2.13B
R&D Expenses$269.00M
Operating Expenses$2.34B
Operating Income-$211.00M
Net Income-$170.00M
EPS (Basic)$-0.44
EPS (Diluted)$-0.44
Shares Outstanding (Basic)388.74M
Shares Outstanding (Diluted)388.74M

Key Highlights

  • 1Revenue increased by 33% to $2.13 billion in Q2 2023 and by 36% to $4.17 billion in the first half of 2023, compared to the prior year periods.
  • 2Total Orders grew by 25% in Q2 2023 to 532 million, and Marketplace GOV increased by 26% to $16.5 billion.
  • 3Net loss attributable to DoorDash, Inc. common stockholders narrowed to $170 million in Q2 2023 from $263 million in Q2 2022.
  • 4Contribution Profit increased by 63% to $620 million in Q2 2023, and Adjusted EBITDA rose to $279 million, up from $103 million in the prior year quarter.
  • 5The company repurchased approximately $693 million of its Class A common stock in the first half of 2023 under a $750 million authorization.
  • 6Cash, cash equivalents, and marketable securities stood at $3.9 billion as of June 30, 2023, indicating a strong liquidity position.
  • 7Net Revenue Margin improved to 13.0% in Q2 2023 from 12.3% in Q2 2022, driven by improved logistics efficiency.

Frequently Asked Questions

DoorDash reported strong revenue growth. In the second quarter of 2023, revenue was $2.13 billion, a 33% increase year-over-year. For the first six months of 2023, revenue was $4.17 billion, a 36% increase year-over-year. This growth was driven by an increase in Total Orders and Marketplace Gross Order Value (GOV).

DoorDash reported a net loss attributable to common stockholders of $170 million for the second quarter of 2023, an improvement from a net loss of $263 million in the same quarter of 2022. For the first six months of 2023, the net loss was $331 million, compared to a net loss of $430 million in the first six months of 2022. While the company is still reporting net losses on a GAAP basis, key non-GAAP metrics like Contribution Profit and Adjusted EBITDA show significant year-over-year improvements, indicating growing profitability from operations.

As of June 30, 2023, DoorDash had $3.9 billion in cash, cash equivalents, and marketable securities. The company also initiated a significant share repurchase program, repurchasing approximately $693 million of its Class A common stock in the first half of 2023, demonstrating a commitment to returning capital to shareholders.

The financial results reflect the inclusion of Wolt's operations, which contributed to the 25% growth in total orders and 26% growth in Marketplace GOV in the second quarter. The company highlights improved logistics efficiency, partially attributed to the integration, which helped drive a higher Net Revenue Margin.