10-QPeriod: Q3 FY2024

DoorDash, Inc. Quarterly Report for Q3 Ended Sep 30, 2024

Filed October 30, 2024For Securities:DASH

Summary

DoorDash, Inc. reported strong revenue growth of 25% year-over-year for the third quarter of 2024, reaching $2.7 billion. This growth was driven by a 19% increase in Marketplace Gross Order Value (GOV) to $20.0 billion, reflecting robust order volume and improved net revenue margins. The company also demonstrated significant operational improvements, with Contribution Profit increasing by 45% and Adjusted EBITDA growing by 55% year-over-year, indicating a positive trend towards profitability and operational efficiency. Financially, DoorDash ended the period with a healthy cash position of $3.7 billion and generated substantial operating cash flow, highlighting its financial stability. The company also continued its share repurchase program, buying back approximately $222 million in the quarter. While the company has made progress on profitability metrics, it continues to face ongoing legal and regulatory challenges, particularly concerning Dasher classification, which remain a key area of watch for investors.

Financial Highlights

48 data points
Beta

Revenue

$2.71B

Net Income

$162.00M

6.0% Net Margin

EPS (Diluted)

$0.38

Total Assets

$12.28B

Cash & Equivalents

$3.66B

Free Cash Flow

$499.00M

Financial Statements
Beta
Revenue$2.71B
R&D Expenses$289.00M
Operating Expenses$2.60B
Operating Income$107.00M
Net Income$162.00M
EPS (Basic)$0.39
EPS (Diluted)$0.38
Shares Outstanding (Basic)413.11M
Shares Outstanding (Diluted)427.96M

Key Highlights

  • 1Revenue grew 25% year-over-year to $2.7 billion in Q3 2024.
  • 2Marketplace Gross Order Value (GOV) increased 19% to $20.0 billion in Q3 2024.
  • 3Net Revenue Margin improved to 13.5% in Q3 2024.
  • 4Contribution Profit rose to $930 million in Q3 2024, a 45% increase year-over-year.
  • 5Adjusted EBITDA increased by 55% to $533 million in Q3 2024.
  • 6Cash, cash equivalents, and marketable securities totaled $5.8 billion as of September 30, 2024.
  • 7DoorDash repurchased approximately $222 million of its Class A common stock during the quarter.

Frequently Asked Questions

DoorDash reported a strong revenue performance in the third quarter of 2024, with revenue increasing by 25% year-over-year to $2.7 billion. This growth was primarily driven by a 19% increase in Marketplace Gross Order Value (GOV).

DoorDash showed significant improvement in its profitability metrics. Contribution Profit increased by 45% year-over-year to $930 million, and Adjusted EBITDA grew by 55% year-over-year to $533 million. These figures indicate enhanced operational efficiency and a move towards greater profitability.

As of September 30, 2024, DoorDash maintained a robust liquidity position with $5.8 billion in cash, cash equivalents, and marketable securities. The company generated $1.6 billion in net cash provided by operating activities for the first nine months of 2024, demonstrating strong operating cash flow generation.

DoorDash continues to face legal and regulatory challenges, notably those concerning the classification of its delivery drivers (Dashers) as independent contractors. The company is involved in various lawsuits, investigations, and audits related to this matter, which could potentially lead to significant financial liabilities and operational changes if rulings are unfavorable.