0c140542ac63783e8bdb2fb16d202222c7536d74514452f4f48164d5afdaf372

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)

b60c1be35606c9ac6918e56e50a91b2ba987dcf562365d480852706320299973

Net loss including redeemable non-controlling interests (USD, millions)

Depreciation and amortization (USD, millions)

Stock-based compensation (USD, millions)

Reduction of operating lease right-of-use assets and accretion of operating lease liabilities (USD, millions)

Adjustments to non-marketable equity securities, including impairment, net (USD, millions)

Other adjustments (USD, millions)

Payments for operating lease liabilities (USD, millions)

Net cash provided by operating activities (USD, millions)

Purchases of property and equipment (USD, millions)

Purchases of marketable securities (USD, millions)

Maturities of marketable securities (USD, millions)

Sales of marketable securities (USD, millions)

Purchases of non-marketable equity securities (USD, millions)

Net cash acquired in acquisitions (USD, millions)

Other investing activities (USD, millions)

Net cash used in investing activities (USD, millions)

Proceeds from exercise of stock options (USD, millions)

Repurchase of common stock (USD, millions)

Other financing activities (USD, millions)

Net cash used in financing activities (USD, millions)

Foreign currency effect on cash, cash equivalents, and restricted cash (USD, millions)

Net increase (decrease) in cash, cash equivalents, and restricted cash (USD, millions)

Funds held at payment processors (USD, millions)

Accounts receivable, net (USD, millions)

Prepaid expenses and other current assets (USD, millions)

Other assets (USD, millions)

Accounts payable (USD, millions)

Accrued expenses and other current liabilities (USD, millions)

Other liabilities (USD, millions)

Capitalized software and website development costs (USD, millions)

Cash, cash equivalents, and restricted cash, beginning of period (USD, millions)

Cash, cash equivalents, and restricted cash, end of period (USD, millions)

01adc673fbc18ce2ec8521c4091a993d39e2d598af193ded98b6414d030ffca1

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)

fd57cc7dd34bc151644d4917208bbf1bab9fd45b83d4f1f9e46be1377985c063

United States

International

Total Revenue

a9d8f66115d333750f7ecdee28d8c8908a403a5cf682e2b768aa0b0d7254fc61

Marketplaces

- Membership Fees

- Advertising Revenue

Platform Services

- Drive

- Storefront

Core Business

Other Revenue

87bd81656ceaa9c161a2dcb88b16e42ebe650e5370f86c16b31f55f7413683bd

Cash and cash equivalents (USD, millions)

Restricted cash (USD, millions)

Short-term marketable securities (USD, millions)

Total current assets (USD, millions)

Long-term marketable securities (USD, millions)

Operating lease right-of-use assets (USD, millions)

Property and equipment, net (USD, millions)

Intangible assets, net (USD, millions)

Goodwill (USD, millions)

Total assets (USD, millions)

Operating lease liabilities (USD, millions)

Total current liabilities (USD, millions)

Total liabilities (USD, millions)

Redeemable non-controlling interests (USD, millions)

Additional paid-in capital (USD, millions)

Accumulated other comprehensive income (loss) (USD, millions)

Accumulated deficit (USD, millions)

Total stockholders’ equity (USD, millions)

Total liabilities, redeemable non-controlling interests and stockholders' equity (USD, millions)

b416c0c1d363e488429380457b0af60977e30ac78fa5bbd1b1e0938688612523

The **jump in cash and cash equivalents** in Q4 2024—from **$2,656 million** in Q4 2023 to **$4,019 million**—was primarily driven by a **strong operating cash flow of $2.1 billion** during 2024, which more than offset the cash outflows from investing and financing activities, including the use of **$444 million in investing activities** and **$204 million in financing activities** (though partially mitigated by proceeds from various financing sources). Additionally, while there was a **negative foreign currency effect of $35 million**, the overall effect was a significant net increase in cash (documents  **[0001628280-25-005715_dash-20241231.htm:112]** ).

Why did cash and cash equivalents jump in Q4 2024?

The significant increase in total assets for Q4 2024 was primarily driven by several factors. **Cash and cash equivalents** grew substantially—from **$2,656 million in 2023** to **$4,019 million in 2024**—boosted by robust operating cash flows of **$2.1 billion**.  **[0001628280-25-005715_dash-20241231.htm:120]** **[0001628280-25-005715_dash-20241231.htm:112]**  In addition, **accounts receivable, prepaid expenses and other current assets, long-term marketable securities,** and **other assets** all experienced noteworthy increases.  **[0001628280-25-005715_dash-20241231.htm:120]** **[0001628280-25-005715_dash-20241231.htm:145]**  These asset increases were partially offset by a decrease in **goodwill**, which declined from **$2,432 million** to **$2,315 million**, reflecting potential impairments or adjustments.  **[0001628280-25-005715_dash-20241231.htm:120]** 

What drove the significant increase in total assets in Q4 2024?

The sharp rise in total liabilities in Q4 2024 is mainly due to an **increase in current liabilities**, where **Accounts Payable** grew from **$216 million** to **$321 million** and **Accrued Expenses and Other Current Liabilities** rose from **$3,126 million** to **$4,049 million**. Additionally, there was a modest increase in **Non-Current Liabilities** with **Operating Lease Liabilities** moving from **$454 million** to **$468 million**, reflecting greater operational expenses and obligations during the period.  **[0001628280-25-004877_dashq42024ex991-pressrelea.htm:8]** **[0001628280-25-005715_dash-20241231.htm:120]** 

Why did total liabilities rise sharply in Q4 2024?

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The turnaround was driven by a combination of factors. **Non-cash adjustments** played a key role, with increases in stock-based compensation (from **$129 million** in Q1 2022 to **$230 million** in Q1 2023), depreciation and amortization (from **$59 million** to **$123 million**), and adjustments related to operating leases (from **$16 million** to **$32 million**). Additionally, there were favorable changes in working capital, notably a significant **net inflow from funds held at payment processors** (improving from **$30 million** to **$151 million**) and increases in accounts payable and accrued expenses. These factors collectively transformed operating cash flow from a **net outflow of $20 million** in Q1 2022 to a **net inflow of $397 million** in Q1 2023.  **[0001628280-23-016140_dash-20230331.htm:39]** **[0001628280-23-015716_dashq12023ex991-earningspr.htm:8]** 

What drove the dramatic turnaround in Operating Cash Flow in Q1 2023?

**Operating Cash Flow spiked in Q4 2023 primarily due to a combination of improved operating performance and favorable adjustments in non-cash items and working capital.** Specifically, **a significant reduction in net loss** (from **$1,368 million** in 2022 to **$565 million** in 2023) directly contributed to higher cash inflows. Additionally, **non-cash adjustments increased** such as higher **stock‐based compensation** (rising from **$889 million** to **$1,088 million**) and higher **depreciation and amortization** (increasing from **$369 million** to **$509 million**). Furthermore, there were **beneficial changes in operating assets and liabilities**—notably, **accrued expenses and other current liabilities** improved, contributing **$702 million** in 2023 compared to **$566 million** in 2022, and **accounts payable** turned from a net outflow of **$(15) million** to an inflow of **$70 million**. These factors collectively drove the substantial spike in operating cash flow in Q4 2023.  **[0001628280-24-005600_dash-20231231.htm:114]** **[0001628280-24-005043_dashq42023ex991-pressrelea.htm:8]** 

Why did Operating Cash Flow spike so high in Q4 2023?

The substantial increase in operating cash flow in FY 2023 was driven by several factors. **A significant reduction in net loss** improved the underlying profitability, while **higher non‐cash adjustments**—notably the increases in **stock‐based compensation** and **depreciation and amortization**—boosted the cash flows further. In addition, there were **enhanced changes in operating assets and liabilities**, such as stronger inflows from accrued expenses and other current liabilities, complemented by **improved unit economics and fixed cost leverage**. These combined factors enabled DoorDash to achieve a remarkable uplift in its operating cash flow in FY 2023.  **[0001628280-24-005600_dash-20231231.htm:114]** **[0001628280-24-005043_dashq42023ex991-pressrelea.htm:8]** **[0001628280-24-005043_dashq42023ex991-pressrelea.htm:0]** 

What factors contributed to the substantial year-over-year increase in Operating Cash Flow in FY 2023?

The documents indicate that while there was a notable reduction in capex—reflected by a decrease in purchases of property and equipment from **$77 million** (first six months of 2022) to **$66 million** (first six months of 2023)—there is no definitive explanation provided. It is suggested that the decrease could be due to variations in **capital expenditure priorities** or the **timing of investments**, but an explicit reason was not detailed in the documents.  **[0001628280-23-026753_dashq22023ex991-earningspr.htm:8]** **[0001628280-23-026756_dash-20230630.htm:6]** **[0001628280-23-026756_dash-20230630.htm:42]** 

What led to the notable reduction in capex in Q2 2023?

The dramatic shrink in investing cash outflows in Q1 2023 was primarily driven by **lower purchases of marketable securities**, **higher proceeds from maturities of marketable securities**, and the fact that **no cash was used for acquisitions** compared to Q1 2022, when a significant amount was spent on acquisitions. This combination of factors collectively reduced the net cash used in investing activities from **$(246) million** in Q1 2022 to **$(10) million** in Q1 2023.  **[0001628280-23-016140_dash-20230331.htm:39]** **[0001628280-23-016140_dash-20230331.htm:6]** 

Why did investing cash outflows shrink so dramatically in Q1 2023?

9b8afc4a412acc03e5290bfef750f5eb34e085ca9f4edcfc71f2b6d5790d03df

DoorDash Inc (DASH)

Financials