Summary
DoorDash, Inc. (DASH) filed an 8-K on June 1, 2022, primarily to announce the closing of its acquisition of Wolt and to provide an updated Q2 2022 outlook. The acquisition of Wolt was completed on May 31, 2022, with DoorDash issuing shares of its Class A Common Stock in exchange for Wolt's capital shares. This strategic move expands DoorDash's global footprint. The company also updated its financial outlook for the second quarter of 2022, reflecting both its standalone performance and the inclusion of Wolt's results from the closing date. Notably, DoorDash raised its standalone Marketplace Gross Order Volume (GOV) outlook due to stronger-than-expected order frequency and average order values.
Key Highlights
- 1DoorDash successfully closed its acquisition of Wolt on May 31, 2022, expanding its international presence.
- 2The company updated its Q2 2022 outlook to incorporate Wolt's financial performance from the acquisition closing date.
- 3DoorDash raised its standalone Q2 2022 Marketplace GOV outlook to a range of $12.5B - $12.7B, citing stronger order frequency and average order values.
- 4The combined Q2 2022 outlook for DoorDash and Wolt projects Marketplace GOV between $12.8B and $13.0B.
- 5The combined Q2 2022 Adjusted EBITDA outlook remains between $0 - $100M.
- 6A retention pool of nearly 7.4 million DoorDash Class A Common Stock restricted stock units (RSUs) was established for Wolt's continuing employees.
- 7The filing includes forward-looking statements and a definition of Adjusted EBITDA, a non-GAAP financial measure used by DoorDash.
Frequently Asked Questions
The acquisition of Wolt significantly expands DoorDash's international presence and market reach, bringing together two major players in the food delivery and quick commerce space.
The Q2 2022 outlook has been updated to include Wolt's financial results from the closing date of May 31, 2022. This allows for a combined view of the company's performance, as well as separate outlooks for DoorDash standalone and Wolt standalone for the quarter.
DoorDash raised its standalone Marketplace GOV outlook to $12.5B - $12.7B. The combined Marketplace GOV is projected to be between $12.8B and $13.0B. The combined Adjusted EBITDA outlook remains unchanged at $0 - $100M.
As part of the acquisition, DoorDash established a retention pool of restricted stock units (RSUs) for continuing Wolt employees, designed to vest over a four-year period. Existing Wolt options were either converted to DoorDash options or resulted in the issuance of DoorDash shares.