90c938774875a7e994637214d99250c061379f100eb031ca6e5ebc43bd20ba0a

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

SG&A (USD, millions)

Research and Development (R&D) (USD, millions)

Depreciation and Amortization (D&A) (USD, millions)

Interest Expense (USD, millions)

Operating Income (EBIT) (USD, millions)

Net Income (USD, millions)

EPS - Basic (USD)

EPS - Diluted (USD)

8627d3b0c7bad41378db2054a78ff2a9697cbe3fda7fc2f041292dc41ae0958f

b1bef7ee7e23d0b45ea667b06951e36f730e3cc3cb9fe717d2d401f104b50680

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

105c1b00f69d6ba5f0cd81ccd2817009fac8718b4f47895315318424ac04e664

Marketplace GOV

3b9a608b2de266c35b184340c7517da5964b65857845142fa3ea745a8d15757b

United States

International

Total Revenue

a9d8f66115d333750f7ecdee28d8c8908a403a5cf682e2b768aa0b0d7254fc61

DoorDash, Inc. is a company dedicated to enhancing local economies by providing logistics, technology, and services that facilitate local commerce. The company operates the DoorDash and Wolt Marketplaces, which connect merchants with consumers and Dashers, offering a platform for ordering and delivering goods. DoorDash's offerings include membership programs, delivery services, and digital solutions for merchants.

1. **Marketplaces** - Operates the DoorDash and Wolt Marketplaces, enabling merchants to reach consumers through online platforms. Includes services such as customer acquisition, demand generation, order fulfillment, and advertising  **[0001628280-24-005600_dash-20231231.htm:5]** **[0001628280-24-005600_dash-20231231.htm:98]** .
   - **Membership Programs** - Offers DashPass and Wolt+ memberships to reduce delivery and service fees, enhancing affordability for consumers  **[0001628280-24-005600_dash-20231231.htm:5]** .
2. **Platform Services** - Provides tools like DoorDash Drive and Wolt Drive for merchants to fulfill delivery demands through their own channels using DoorDash's infrastructure  **[0001628280-24-005600_dash-20231231.htm:5]** **[0001628280-24-005600_dash-20231231.htm:98]** .
   - **DoorDash Storefront** - Allows merchants to create branded online ordering experiences, facilitating e-commerce without needing in-house logistics  **[0001628280-24-005600_dash-20231231.htm:5]** **[0001628280-24-005600_dash-20231231.htm:98]** .
   - **Bbot** - Offers digital ordering and payment solutions for both in-store and online merchant channels  **[0001628280-24-005600_dash-20231231.htm:5]** **[0001628280-24-005600_dash-20231231.htm:98]** .

52a82f72273ca247d83451f7eafa3262547fd83bda156aa18749ed5a3a953668

| Name             | Position                                      | Start Date          | Short Bio                                                                                                                                                                                                                                                                                                                                 |
|------------------|-----------------------------------------------|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Tony Xu          | Chief Executive Officer, Co-Founder, Chairperson, and Director | N/A                 | Tony Xu is the **Chief Executive Officer, Co-Founder, Chairperson, and Director** of DoorDash, Inc. As of April 24, 2024, he is **39 years old**. He holds significant voting power in the company due to the multi-class structure of DoorDash's common stock  **[0001628280-24-018671_dash-20240426.htm:34]** **[0001628280-24-005600_dash-20231231.htm:75]** .                                                                 |
| Ravi Inukonda    | Chief Financial Officer                       | March 2023          | Ravi Inukonda joined DoorDash in **November 2018** as Vice President of Finance and Strategy. He has served as the Chief Financial Officer since **March 2023**. Previously, he was the Head of Finance for Uber Eats and worked at Accel-KKR and Goldman Sachs  **[0001628280-24-018671_dash-20240426.htm:35]** **[0001628280-23-003889_dash-20230213.htm:2]** .                                                                 |
| Prabir Adarkar   | Chief Operating Officer and President         | March 2023          | Prabir Adarkar has served as the **Chief Operating Officer and President** of DoorDash since **March 2023**. He was previously the Chief Financial Officer from August 2018 and worked at Uber Technologies, Inc. and The Goldman Sachs Group, Inc.  **[0001628280-24-018671_dash-20240426.htm:35]** **[0001628280-23-014196_dash-20230428.htm:33]** **[0001628280-23-003889_dash-20230213.htm:2]** .                                                                           |
| Keith Yandell    | Chief Business Officer                        | January 2022        | Keith Yandell joined DoorDash in **April 2016** as General Counsel and served as Chief Business and Legal Officer and Secretary from October 2018 through December 2021. He has been the Chief Business Officer since January 2022. He previously worked at Uber Technologies, Inc. and Allen Matkins Leck Gamble Mallory & Natsis LLP  **[0001628280-24-018671_dash-20240426.htm:35]** **[0001628280-23-014196_dash-20230428.htm:33]** . |
| Tia Sherringham  | General Counsel and Secretary                 | January 2022        | Tia Sherringham joined DoorDash in January 2017 as Assistant General Counsel and became Vice President, Head of Legal in August 2018. She has been the General Counsel and Secretary since January 2022. She previously worked at Instacart and Keker, Van Nest & Peters LLP  **[0001628280-24-018671_dash-20240426.htm:35]** **[0001628280-23-014196_dash-20230428.htm:33]** .                                                     |
| Jeffrey Blackburn| Board Member                                  | May 6, 2024         | Jeffrey Blackburn was elected to the Board of Directors of DoorDash, Inc. on April 18, 2024, with his term beginning on **May 6, 2024**. He has held various positions at Amazon.com, Inc. and was a general partner at Bessemer Venture Partners. He holds an A.B. in Economics from Dartmouth College and an M.B.A. from Stanford  **[0001628280-24-016953_ex-991dash8xk20240419.htm:0]** **[0001628280-24-016953_dash-20240415.htm:1]** **[0001628280-24-018671_dash-20240426.htm:9]** . |

6ec97cef6edcfb2ce6005373e135e6e1a7f17f9fb74a605b2aa003398489f522

1. Given the fierce competition in the grocery delivery sector, including from first-party delivery services and other marketplaces, what specific strategies are you implementing to differentiate DoorDash and secure a leading position in this market segment?

2. As you expand internationally, are you observing the same improvements in contribution margins and customer cohorts as you did in the U.S., or are there structural differences in these markets that affect your profitability trajectory?

3. Despite some European peers achieving profitability in quick commerce, what challenges are you facing in making DashMart profitable in North America, and how do market differences influence your strategy?

4. With your recent acquisition of TAS in Europe, can you discuss your criteria for M&A targets and how this acquisition aligns with your strategic goals, particularly regarding accelerated growth versus organic expansion?

5. Aiming for grocery price parity with in-store prices, what challenges do you face in reaching this goal, and how might this impact your profit margins and competitive positioning in the grocery delivery market?

b9f54524050aced37014325a2fe7b7cd52a2a3046deb838a76e3b18fac9043ea

| Program Details          | Program 1          |
|--------------------------|--------------------|
| **Approval Date**        | February 2024  **[0001628280-24-044312_dash-20240930.htm:123]** **[0001628280-24-044312_dash-20240930.htm:19]** **[0001628280-24-044312_dash-20240930.htm:42]** **[0001628280-24-044312_dash-20240930.htm:118]**  |
| **End Date/Duration**    | Not specified  **[0001628280-24-044312_dash-20240930.htm:123]** **[0001628280-24-044312_dash-20240930.htm:42]**  |
| **Total Additional Amount** | **$1.1 billion**  **[0001628280-24-044312_dash-20240930.htm:123]** **[0001628280-24-044312_dash-20240930.htm:19]** **[0001628280-24-044312_dash-20240930.htm:42]** **[0001628280-24-044312_dash-20240930.htm:118]**  |
| **Remaining Amount**     | **$876 million** (as of 2024-09-30)  **[0001628280-24-044312_dash-20240930.htm:123]** **[0001628280-24-044312_dash-20240930.htm:42]**  |
| **Details**              | Purpose: Enhance long-term stockholder value. Execution methods include open market purchases, block transactions, or privately negotiated transactions. The program may be suspended at any time.  **[0001628280-24-044312_dash-20240930.htm:118]** **[0001628280-24-019605_dash-20240331.htm:113]** **[0001628280-24-005600_dash-20231231.htm:162]**  |

c27b5a3b212773e5218cd86437c134f9571553b09657bca66eb725b6e184f63a

Marketplaces

- Membership Fees

- Advertising Revenue

Platform Services

- Drive

- Storefront

Core Business

Other Revenue

4377536ed7f9b4dfb49631a8b70d85ea75bac1784efe4cdc49ab6ce80b4af095

- **Regulatory risks in key markets may increase operational costs.** DoorDash faces potential reclassification of workers in Europe due to the upcoming EU platform work directive, which could require changing the employment status of couriers and increase costs significantly.  **[DASH_3373789_12]**
- **Increased investments in international expansion and new verticals are pressuring margins.** The company is investing heavily in international markets and new verticals, which may affect contribution margins and delay profitability in these segments.  **[DASH_3373789_3]** **[DASH_3373789_5]**
- **Rising regulatory costs in major cities are impacting profitability.** DoorDash is absorbing regulatory costs from new minimum wage laws in places like New York City, which may decrease margins and lead to higher costs for consumers.  **[DASH_3373789_4]**

e89f2fbeeba300c1cb03ce24ec6cf681c2abad4edb1ca6872f7cd36ab2029623

- **Strong growth and improving unit economics in new verticals and international markets:** DoorDash's new verticals business accelerated in Q4, showing volume growth and material improvements in unit economics across all major lines. Several international markets have core restaurant businesses that are contribution margin positive, indicating sustainable growth and profitability potential.  **[DASH_3373789_3]** **[DASH_3373789_6]**
- **Advertising business contributing significantly to revenue growth and margin improvement:** The advertising business has grown commensurate with DoorDash's scale, delivering best-in-class returns for advertisers and contributing to increased net revenue margin in the second half of the year.  **[DASH_3373789_13]**
- **Expansion of DashPass and Wolt+ memberships driving customer retention and order frequency:** DashPass and Wolt+ memberships have seen record growth, with international members doubling in the quarter, enhancing customer retention and increasing order frequency.  **[DASH_3373789_11]**

5bb2646f78035dcac53a0f3661614fc4ff163ae3b1748d71c19798b46668e7f8

- **DoorDash's advertising business is growing rapidly**, contributing significantly to revenue growth and EBITDA improvement, with plans to expand into new categories such as CPG advertisers.  **[DASH_3395807_10]** ,  **[DASH_3395807_2]**
- **International markets exhibit better retention and frequency than the U.S.**, indicating strong growth potential and the opportunity to become the largest local commerce platform globally.  **[DASH_3395807_2]** ,  **[DASH_3395807_6]** ,  **[DASH_3395807_3]**
- **Strong consumer demand and expanding use cases**, including non-restaurant categories, are driving increased order frequency and sustained growth on the platform.  **[DASH_3395807_1]**

e12e6eb72c0766bb502c175d742a581679855dcbdf267480000fd4f4749096f7

1. **International Market Margins**  
   **Q:** Are international cohorts seeing margin improvements like in the U.S.?  
   **A:** Management confirms that international markets are showing similar top-line and bottom-line progress as the U.S., with improvements in contribution margins as cohorts mature. They are gaining share in **every market**, and the international business remains **gross profit positive**.  **[DASH_3404778_1]** 

2. **Revenue Growth vs. GOV**  
   **Q:** What's driving revenue growth outpacing GOV growth?  
   **A:** Revenue growth is outpacing GOV due to **advertising** and efficiencies from the commerce platform. Specifically, advertising and leverage from **DashPass costs** were key drivers in Q3. Management expects revenue to continue outpacing GOV growth but **not linearly every quarter**.  **[DASH_3404778_4]** 

3. **Gross Profit Margin Drivers**  
   **Q:** What contributed to gross profit margin outperformance?  
   **A:** The outperformance was driven by **advertising growth**, **reductions in regulatory costs**, and **logistics efficiencies**. Management emphasizes they focus on maximizing **profit dollars long-term** and reinvest efficiency gains back into the business.  **[DASH_3404778_6]** 

4. **European M&A Strategy**  
   **Q:** Why acquire TAS in Romania?  
   **A:** The acquisition of TAS in Romania aligns with their high standards for M&A. **Bolt's** strong performance over **10 years** and the attractive market in Romania make the combination exciting for expansion and **long-term cash flows**.  **[DASH_3404778_6]** 

5. **Adding Large Grocers**  
   **Q:** Are we closer to adding major grocers like Wegmans?  
   **A:** Management is excited about grocery progress, having added large grocers including **Wegmans**. They continue to build catalogs and improve inventory reliability, positioning DoorDash as the **first choice** for new grocery delivery customers.  **[DASH_3404778_2]** 

6. **Grocery Price Strategy**  
   **Q:** Will grocery prices match in-store prices long-term?  
   **A:** DoorDash aims to offer prices as competitive and affordable as possible, working with retail partners. Some already **match in-store prices**, and they strive to improve further while ensuring customers get **exactly what they ordered**, faster than they can do on their own.  **[DASH_3404778_4]** 

7. **Customer Cohort Demographics**  
   **Q:** Who are the new customer cohorts?  
   **A:** New cohorts are similar demographically, attracting users from **suburban markets**. Some start their journey with **grocery as their first order**, adding net new consumers to the platform. Existing cohorts show strong retention and increased **wallet share**.  **[DASH_3404778_2]** 

8. **Defending Against Competition**  
   **Q:** What makes DoorDash defensible in grocery competition?  
   **A:** Management believes building the **best product** with highest retention and order frequency is key. DoorDash is often the **first choice** for new grocery delivery customers, benefiting from strong product execution, improved selection, pricing, and service.  **[DASH_3404778_10]** 

9. **Marketing Leverage & Incentives**  
   **Q:** How does marketing leverage contribute to margins?  
   **A:** Sales and marketing leverage, driven by product improvements leading to higher **Dasher and consumer retention**, contributes to margin expansion. Management expects continued product improvements will further drive leverage, though at a **slower pace** than previous years.  **[DASH_3404778_11]** 

10. **Focus on Big Grocery Baskets**  
    **Q:** How important are large grocery baskets to profits?  
    **A:** Large baskets are not essential for profitability due to DoorDash's **low delivery cost structure**. They've built a high-growth business with **smaller baskets**, introducing customers to the platform. Larger baskets are a bonus but not necessary for financial sustainability.  **[DASH_3404778_11]** 

11. **Autonomous Vehicles in Delivery**  
    **Q:** Is DoorDash exploring autonomous delivery vehicles?  
    **A:** Management is excited about the potential of autonomous vehicles, working on the problem since **2017**. They acknowledge it's different from ride-hailing autonomy, particularly in **loading and unloading**. They are taking a **first-principles approach** and collaborating with partners.  **[DASH_3404778_9]** 

12. **Partnerships and Lyft**  
    **Q:** What's the strategy behind the Lyft partnership?  
    **A:** The Lyft partnership aims to add engagement and new members to **DashPass**, offering Lyft riders access to DoorDash's local commerce platform. While partnerships are important, the main focus remains on building great products for **organic growth**.  **[DASH_3404778_3]** 

13. **DashMart Progress**  
    **Q:** What's the update on DashMart's business model?  
    **A:** **DashMarts** have progressed well, expanding nationally and proving capability in running **warehouses**. They're partnering with retailers, providing infrastructure to expand their reach. DashMarts contribute both independently and through **partnerships**.  **[DASH_3404778_7]** 

14. **Merchant Feedback on Platform**  
    **Q:** Any feedback from merchants on new products?  
    **A:** Merchants are enthusiastic about the **DoorDash Commerce Platform**, with **hundreds of thousands** already participating. They value partnering with the leading local commerce marketplace to enhance their digital presence.  **[DASH_3404778_8]** 

15. **Trends in Sponsored Listings**  
    **Q:** What's new with restaurant sponsored listings and ads?  
    **A:** The ads business continues strong progress, driven by a growing marketplace. Advertisers see leading **returns on ad spend**, and consumer conversion rates are improving, approaching **organic levels**.  **[DASH_3404778_9]** 

16. **DashPass Urban vs. Suburban**  
    **Q:** Are DashPass members concentrated in certain areas?  
    **A:** **DashPass** membership shows strength across both **urban and suburban markets**, contributing to overall share gains. Partnerships like **Lyft** are expected to benefit members in any geography.  **[DASH_3404778_8]** 

17. **CPG Advertising Interest**  
    **Q:** Are CPG advertisers increasing spend on DoorDash?  
    **A:** Yes, CPG advertisers are showing more interest due to DoorDash's growth and ability to offer **cross-category sales data**. The maturing product portfolio enhances opportunities for both CPG and restaurant ad partners.  **[DASH_3404778_10]** 

9b376cad47e940e186155ef66f6b88f6df9b612d2e217741edb3e09c690c1a1b

- **Intense competition in the grocery delivery market from vertically integrated first-party delivery partners and other marketplaces may challenge DoorDash's ability to become a key winner in this vertical over the long term.**  **[DASH_3404778_10]**
- **Achieving price parity with in-store prices in grocery delivery is a challenge for DoorDash, which could limit its competitiveness.** The company acknowledges that while some partners offer in-store prices, more work is needed to make prices as competitive and affordable as possible across all partners.  **[DASH_3404778_4]**
- **DoorDash's focus on smaller grocery baskets rather than larger weekly shops may limit its long-term profit aspirations in grocery.** While the company believes they can make the economics work with smaller baskets due to a low cost structure, capturing larger baskets could be important for profitability.  **[DASH_3404778_11]**

c236499f9221bd1b9fd5039b63053377c73d5f9da68aee217392cd7b350d7fff

- The core U.S. restaurant business **decelerated slightly** in the quarter, indicating potential slowing growth in DoorDash's primary market.  **[DASH_3381921_8]**
- **Regulatory changes** in key markets like New York City and Seattle are negatively impacting DoorDash, **increasing operational costs** and potentially affecting profitability, with uncertainties around the company's ability to fully offset these costs through efficiency improvements.  **[DASH_3381921_10]** **[DASH_3381921_4]**
- DoorDash's third-party logistics model may face **cost disadvantages** compared to integrated competitors like Walmart and Amazon, potentially limiting DoorDash's ability to compete effectively in larger basket categories like grocery, where **cost-to-serve is critical**.  **[DASH_3381921_1]**

36abcaf27c4b99b08dfdf04a2486d1496fe80b1e9b873d1f86752105b19b38ed

- **Strong Growth in Core and New Verticals**: DoorDash's U.S. restaurant business is large and continues to grow, gaining share, with increasing users and order frequency. **DashPass subscribers are at record highs**, and the new verticals business, including grocery, is experiencing significant growth, with the **grocery business doubling for three straight quarters**  **[DASH_3381921_8]** ,.  **[DASH_3381921_3]**
- **Improving Profitability and EBITDA Outlook**: DoorDash expects **higher EBITDA in the second half of 2024** due to increased volume and improved unit economics across all lines of business, following the same pattern as in previous years  **[DASH_3381921_11]** ,.  **[DASH_3381921_3]**
- **Positive Impact of Product Innovation and Expansion**: DoorDash's investments in product improvements and expanding selection are leading to strong growth in their ads business, which is **contributing to both revenue and EBITDA**. The **international business is growing faster than peers**, with several countries achieving **contribution margin profitability**  **[DASH_3381921_2]** ,.  **[DASH_3381921_5]**

9b2b4a719a314eac1fa80e81e4a09626adcf19bb03d0fa726e374f588f9b5469

- **DoorDash is successfully expanding its grocery business, gaining market share, securing partnerships with major grocers like Wegmans, and leading new customer acquisition in grocery delivery.**  **[DASH_3404778_2]**
- **The advertising business is growing strongly, driven by increased interest from CPG advertisers, contributing significantly to revenue growth and gross margin improvement.**  **[DASH_3404778_9]** **[DASH_3404778_5]** **[DASH_3404778_4]** **[DASH_3404778_8]**
- **International operations are performing well, gaining market share in virtually all markets, achieving gross profit positive status, and seeing similar progress in contribution margins as in the U.S., including strategic acquisitions like TAS in Romania.**  **[DASH_3404778_1]** **[DASH_3404778_5]**

53db8df7172b877435dc8b8a449b6f80cd19e4b7d2a6a2850c1b54baa76fc445

- **International expansion is lagging behind expectations and may require significant investment to achieve desired penetration levels.** Tony Xu stated that "virtually every country outside the U.S. for us is still behind what we think the penetration level ought to be," and there's a "long ways to go on getting restaurant selection where it needs to be."  **[DASH_3395807_6]**
- **Margin improvements are expected to slow down, with new verticals and international operations not yet optimized for efficiency.** CFO Ravi Inukonda mentioned that while there's "still a lot of opportunity" to drive margins higher, "it's not going to be at the same clip as we've done over the last couple of years." He also noted that new verticals and international businesses "are not truly optimized for efficiency."  **[DASH_3395807_5]**
- **Growth in advertising revenue may be constrained to avoid negatively impacting consumer experience, potentially limiting future revenue streams.** Tony Xu acknowledged that "ads do have an impact, a negative impact on the consumer experience," emphasizing the need to "protect the consumer experience" even as they grow their ads business.  **[DASH_3395807_12]**

5a52cf5b82322b8c4d9ffd622a900042ed6d98b2b7d6d1996eb0ac3290c35c8c

DoorDash Inc (DASH)

Financials