10-Q 1 dash-20240331.htm 10-Q dash-20240331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________
FORM 10-Q
_____________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from   to  
Commission File Number: 001-39759
______________________________________
DOORDASH, INC.
______________________________________
(Exact name of registrant as specified in its charter)
Delaware
46-2852392
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
303 2nd Street, South Tower, 8th Floor
San Francisco, California 94107
(Address of principal executive offices) (Zip code)
(650) 487-3970
(Registrant’s telephone number, including area code)
_____________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value of $0.00001 per shareDASH
The Nasdaq Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒   No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
                
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes    No  ☒
The registrant had outstanding 381,687,286 shares of Class A common stock, 27,227,135 shares of Class B common stock, and no shares of Class C common stock as of April 26, 2024.
1

TABLE OF CONTENTS
Page
Part I
Item 1.
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



2

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:
our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, financial and operational metrics, our ability to determine reserves, and our ability to achieve, maintain, or increase long-term future profitability;
our business and growth strategy and plans, including our ability to successfully execute on such strategy and plans;
the sufficiency of our cash, cash equivalents, and marketable securities to meet our liquidity needs;
the demand for our platform or for local commerce platforms in general;
our ability to attract and retain merchants, consumers, and Dashers;
our ability to effectively manage costs related to Dashers;
our ability to develop new offerings, services, and features, and bring them to market in a timely and cost-effective manner and make enhancements to our platform;
our ability to compete with existing and new competitors in existing and new markets and offerings;
our expectations regarding outstanding litigation and legal and regulatory matters;
our expectations regarding the effects of existing and developing laws and regulations, including with respect to independent contractor classification, merchant pricing and commissions, consumer fees, taxation, and privacy and data protection;
our ability to manage and insure auto-related and operations-related risk associated with our business;
our expectations regarding new and evolving markets;
our ability to develop and protect our brand;
our ability to maintain the security and availability of our platform;
our expectations and management of future growth;
our expectations concerning relationships with third parties;
our ability to maintain, protect and enhance our intellectual property; and
our ability to successfully integrate and realize the benefits of acquisitions, strategic partnerships, joint ventures, and investments.
We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.
You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly
3

Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.
Unless the context requires otherwise, we are referring to DoorDash, Inc. together with its subsidiaries when we use the terms "DoorDash," the "Company," "we," "our," or "us."
4

Part I - FINANCIAL INFORMATION
Item 1. Financial Statements

DOORDASH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts which are reflected in thousands, and per share data)
(Unaudited)
December 31,
2023
March 31,
2024
Assets
Current assets:
Cash and cash equivalents$2,656 $3,124 
Short-term marketable securities1,422 1,366 
Funds held at payment processors356 394 
Accounts receivable, net533 546 
Prepaid expenses and other current assets630 700 
Total current assets5,597 6,130 
Long-term restricted cash11 12 
Long-term marketable securities583 646 
Operating lease right-of-use assets436 448 
Property and equipment, net712 705 
Intangible assets, net659 621 
Goodwill2,432 2,386 
Non-marketable equity securities46 46 
Other assets363 456 
Total assets$10,839 $11,450 
Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity
Current liabilities:
Accounts payable$216 $203 
Operating lease liabilities68 64 
Accrued expenses and other current liabilities3,126 3,476 
Total current liabilities3,410 3,743 
Operating lease liabilities454 483 
Other liabilities162 214 
Total liabilities4,026 4,440 
Commitments and contingencies (Note 7)
Redeemable non-controlling interests7 11 
Stockholders’ equity:
Common stock, $0.00001 par value, 6,000,000 Class A shares authorized as of December 31, 2023 and March 31, 2024, 375,987 and 381,270 Class A shares issued and outstanding as of December 31, 2023 and March 31, 2024, respectively; 200,000 Class B shares authorized as of December 31, 2023 and March 31, 2024, 27,241 and 27,242 Class B shares issued and outstanding as of December 31, 2023 and March 31, 2024, respectively; 2,000,000 Class C shares authorized as of December 31, 2023 and March 31, 2024, zero Class C shares issued and outstanding as of December 31, 2023 and March 31, 2024
  
Additional paid-in capital11,887 12,177 
Accumulated other comprehensive income (loss)73 (1)
Accumulated deficit(5,154)(5,177)
Total stockholders’ equity6,806 6,999 
Total liabilities, redeemable non-controlling interests and stockholders’ equity$10,839 $11,450 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share amounts which are reflected in thousands, and per share data)
(Unaudited)
 
 Three Months Ended March 31,
 20232024
Revenue$2,035 $2,513 
Costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below1,069 1,330 
Sales and marketing496 504 
Research and development231 279 
General and administrative285 319 
Depreciation and amortization123 142 
Restructuring charges2  
Total costs and expenses2,206 2,574 
Loss from operations(171)(61)
Interest income, net27 45 
Other expense, net(1)(2)
Loss before income taxes(145)(18)
Provision for income taxes17 7 
Net loss including redeemable non-controlling interests(162)(25)
Less: net loss attributable to redeemable non-controlling interests(1)(2)
Net loss attributable to DoorDash, Inc. common stockholders$(161)$(23)
Net loss per share attributable to DoorDash, Inc. common stockholders, basic and diluted$(0.41)$(0.06)
Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, basic and diluted390,397 405,482 
The accompanying notes are an integral part of these condensed consolidated financial statements.

6

DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in millions)
(Unaudited)
 
 Three Months Ended March 31,
 20232024
Net loss including redeemable non-controlling interests$(162)$(25)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments42 (70)
Change in unrealized gains and losses on marketable securities9 (4)
Total other comprehensive income (loss)51 (74)
Comprehensive loss including redeemable non-controlling interests(111)(99)
Less: Comprehensive loss attributable to redeemable non-controlling interests(1)(2)
Comprehensive loss attributable to DoorDash, Inc. common stockholders$(110)$(97)
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
(in millions, except share amounts which are reflected in thousands)
(Unaudited)
 
Redeemable
Non-Controlling
Interests
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive Income
(Loss)
Total
Stockholders’
Equity
SharesAmount
Balances as of December 31, 2022$14 391,471 $ $10,633 $(3,846)$(33)$6,754 
Issuance of common stock upon settlement of restricted stock units— 3,322 — — — — — 
Issuance of common stock upon exercise of stock options— 1,724 — 2 — — 2 
Stock-based compensation— — — 265 — — 265 
Other comprehensive income— — — — — 51 51 
Repurchase and retirement of common stock— (6,761)— — (393)— (393)
Net loss(1)— — — (161)— (161)
Balances as of March 31, 2023$13 389,756 $ $10,900 $(4,400)$18 $6,518 

The accompanying notes are an integral part of these condensed consolidated financial statements.
8

DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
(in millions, except share amounts which are reflected in thousands)
(Unaudited)
 Redeemable
Non-Controlling
Interests
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive Income
(Loss)
Total
Stockholders’
Equity
 SharesAmount
Balances as of December 31, 2023$7 403,228 $ $11,887 $(5,154)$73 $6,806 
Issuance of common stock upon settlement of restricted stock units— 3,710 — — — — — 
Issuance of common stock upon exercise of stock options— 1,574 — 1 — — 1 
Stock-based compensation— — — 289 — — 289 
Recognition of redeemable non-controlling interest upon additional capital investment6 — — — — — — 
Other comprehensive loss— — — — — (74)(74)
Net loss(2)— — — (23)— (23)
Balances as of March 31, 2024$11 408,512 $ $12,177 $(5,177)$(1)$6,999 

The accompanying notes are an integral part of these condensed consolidated financial statements.
9

DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
 Three Months Ended March 31,
 20232024
Cash flows from operating activities
Net loss including redeemable non-controlling interests$(162)$(25)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization123 142 
Stock-based compensation230 252 
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities32 26 
Other4 14 
Changes in assets and liabilities:
Funds held at payment processors151 (41)
Accounts receivable, net17 (18)
Prepaid expenses and other current assets(75)(22)
Other assets(8)(49)
Accounts payable61 (12)
Accrued expenses and other current liabilities51 306 
Payments for operating lease liabilities(32)(27)
Other liabilities5 7 
Net cash provided by operating activities397 553 
Cash flows from investing activities
Purchases of property and equipment(39)(17)
Capitalized software and website development costs(42)(49)
Purchases of marketable securities(434)(529)
Maturities of marketable securities504 528 
Sales of marketable securities2 4 
Other investing activities(1)(9)
Net cash used in investing activities(10)(72)
Cash flows from financing activities
Proceeds from exercise of stock options2 1 
Repurchase of common stock(392) 
Other financing activities 6 
Net cash provided by (used in) financing activities(390)7 
Foreign currency effect on cash, cash equivalents, and restricted cash1 (13)
Net increase (decrease) in cash, cash equivalents, and restricted cash(2)475 
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash, beginning of period2,188 2,772 
Cash, cash equivalents, and restricted cash, end of period$2,186 $3,247 
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents$1,833 $3,124 
Restricted cash included in prepaid expenses and other current assets75 111 
Long-term restricted cash278 12 
Total cash, cash equivalents, and restricted cash$2,186 $3,247 
Non-cash investing and financing activities
Purchases of property and equipment not yet settled$27 $16 
Stock-based compensation included in capitalized software and website development costs$35 $37 
The accompanying notes are an integral part of these condensed consolidated financial statements.
10

DOORDASH, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Organization and Description of Business
DoorDash, Inc. (the “Company”) is incorporated in Delaware with headquarters in San Francisco, California. The Company operates a local commerce platform that enables local businesses to address consumers’ expectations of ease and immediacy and thrive in today’s convenience economy.
The Company operates a local commerce platform that connects merchants, consumers, and Dashers. The Company's primary offerings are the DoorDash Marketplace and the Wolt Marketplace (together, the "Marketplaces"), which together operate in over 30 countries across the globe. The Marketplaces provide a suite of services that enable merchants to establish an online presence, generate demand, seamlessly transact with consumers, and fulfill orders primarily through independent contractors who use the Company’s platform to deliver orders (“Dashers”). As part of the Marketplaces, the Company also offers Pickup, which allows consumers to place advance orders, skip lines, and pick up their orders conveniently with no consumer fees, as well as DoorDash for Business, which provides merchants on the Company’s platform with large group orders and catering orders for businesses and events. The DoorDash Marketplace also includes DashPass and the Wolt Marketplace includes Wolt+. DashPass and Wolt+ are the Company’s membership products, which provide members with unlimited access to eligible merchants with zero delivery fees and reduced service fees on eligible orders.
In addition to the Marketplaces, the Company offers Platform Services, which primarily includes DoorDash Drive and Wolt Drive (together, "Drive"), which are white-label delivery fulfillment services that enable merchants that have generated consumer demand through their own channels to fulfill this demand using the Company’s platform. Platform Services also includes DoorDash Storefront ("Storefront"), which enables merchants to create their own branded online ordering experience, providing them with a turnkey solution to offer consumers on-demand access to e-commerce without investing in in-house engineering or fulfillment capabilities, and Bbot, which offers merchants solutions for their in-store and online channels, including in-store digital ordering and payments.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and entities consolidated under the variable interest entity model, and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. All intercompany balances and transactions have been eliminated in consolidation.
These unaudited condensed consolidated interim financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. They should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Interim results are not necessarily indicative of the results for a full year.
Use of Estimates
The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Estimates include, but are not limited to, revenue recognition, allowances for credit losses, gift card breakage, estimated useful lives of property and equipment, capitalized software and website development costs, intangible assets, valuation of stock-based compensation, valuation of investments and other financial instruments including valuation of investments without readily determinable fair values, valuation of acquired intangible assets and goodwill, the incremental borrowing rate applied in lease accounting, insurance reserves, loss contingencies, and income and indirect taxes. Actual results could differ from these estimates. 
11

Significant Accounting Policies
There have been no material changes to the Company's significant accounting policies from its Annual Report on Form 10-K for the year ended December 31, 2023.
Recent Accounting Pronouncements Issued

In November 2023, the Financial Accounting Standards Board (“FASB") issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements. ASU 2023-07 expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. Additionally, the amendments require disclosure of the title and position of the Chief Operating Decision Maker ("CODM") and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. This ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company will apply the guidance starting with its consolidated financial statements included in the Annual Report on Form 10-K for the year ending December 31, 2024.
3. Revenue
Disaggregated Revenue Information
All revenue recognized during the periods presented was related to the Company's core business, which is primarily comprised of the Company's Marketplaces and Platform Services.
Revenue by geographic area is determined based on the address of the merchant, or in the case of the Company's membership products, the address of the consumer. Revenue by geographic area was as follows (in millions):
 Three Months Ended March 31,
 20232024
United States$1,846 $2,222 
International189 291 
Total revenue$2,035 $2,513 
Contract Liabilities
The timing of revenue recognition may differ from the timing of invoicing to or collections from customers. The Company’s contract liabilities balance, which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets, is primarily comprised of unredeemed gift cards, prepayments received from consumers and merchants, certain consumer credits as well as other transactions for which the revenue is recognized over time. A summary of activities related to contract liabilities for the three months ended March 31, 2024 was as follows (in millions):
 Three Months Ended March 31, 2024
Beginning balance$308 
Addition to contract liabilities606 
Reduction of contract liabilities(1)(2)
(622)
Ending balance$292 
(1) Gift cards and certain consumer credits can be redeemed through the Marketplaces. When they are redeemed, revenue is recognized on a net basis as the difference between the amounts collected from consumers less amounts remitted to merchants and Dashers for those transactions. Therefore, the amount recognized as revenue related to the reduction of gift cards and certain consumer credits is less than the amount presented in the table above. Net revenue associated with gift cards and certain consumer credits is not tracked by the Company as it is impracticable to do so.
(2) Included in the beginning balance of contract liabilities was $181 million associated with unearned prepayments received by the Company, of which $98 million was recognized as revenue during the three months ended March 31, 2024. The ending balance of unearned prepayments is expected to be recognized as revenue in 12 months or less.
12

Deferred Contract Costs
Deferred contract costs represent direct and incremental costs incurred to acquire or fulfill the Company’s contracts, consisting of sales commissions and costs related to merchant onboarding, which the Company expects to recover. Deferred contract costs are amortized on a straight-line basis over the expected period of benefit, which the Company determined by considering historical attrition rates and other factors. Deferred contract costs are recorded in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets. Amortization of deferred contract costs related to sales commissions is recognized in sales and marketing expense and amortization of deferred contract costs related to merchant onboarding is recognized in cost of revenue, exclusive of depreciation and amortization in the condensed consolidated statements of operations. A summary of activities related to deferred contract costs was as follows (in millions):
 Three Months Ended March 31,
 20232024
Beginning balance$100 $137 
Addition to deferred contract costs17 18 
Amortization of deferred contract costs(10)(14)
Ending balance$107 $141 
Deferred contract costs, current$39 $54 
Deferred contract costs, non-current68 87 
Total deferred contract costs$107 $141 
Allowance for Credit Losses
The allowance for credit losses related to accounts receivable and changes were as follows (in millions):
Three Months Ended March 31,
20232024
Beginning balance$20 $17 
Current-period provision for expected credit losses 3 
Write-offs charged against the allowance(3)(1)
Ending balance$17 $19 
4. Goodwill and Intangible Assets, Net
The changes in the carrying amount of goodwill during the three months ended March 31, 2024 were as follows (in millions):
Total
Balance as of December 31, 2023$2,432 
Effects of foreign currency translation(46)
Balance as of March 31, 2024$2,386 
13

Intangible assets, net consisted of the following as of December 31, 2023 (in millions):
Weighted-average
Remaining Useful
Life (in years)
Gross Carrying
Value
Accumulated
Amortization
Net Carrying
Value
Existing technology4.3$241 $(117)$124 
Merchant relationships9.1302 (56)246 
Courier relationships12 (12) 
Customer relationships1.4123 (69)54 
Trade name and trademarks8.4286 (51)235 
Balance as of December 31, 2023$964 $(305)$659 
Intangible assets, net consisted of the following as of March 31, 2024 (in millions):
Weighted-average
Remaining Useful
Life (in years)
Gross Carrying
Value
Accumulated
Amortization
Net Carrying
Value
Existing technology4.1$236 $(123)$113 
Merchant relationships8.9295 (62)233 
Customer relationships1.2120 (77)43 
Trade name and trademarks8.1279 (57)222 
Assembled workforce in asset acquisition3.010  10 
Balance as of March 31, 2024$940 $(319)$621 
Amortization expense associated with intangible assets was $33 million and $31 million for the three months ended March 31, 2023 and 2024, respectively.
The estimated future amortization expense of intangible assets as of March 31, 2024 is as follows (in millions):
Year Ending December 31,Amortization
Expense
Remainder of 2024$94 
2025101 
202683 
202779 
202863 
Thereafter201 
Total estimated future amortization expense$621 
14

5. Fair Value Measurements
Assets Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s cash equivalents and marketable securities that were measured at fair value on a recurring basis by level within the fair value hierarchy (in millions):
 December 31, 2023
 Level 1Level 2Level 3Total
Cash equivalents
Money market funds$1,349 $ $ $1,349 
U.S. Treasury securities 35  35 
Short-term marketable securities
Certificates of deposit 38  38 
Commercial paper 216  216 
Corporate bonds 289  289 
U.S. government agency securities 162  162 
U.S. Treasury securities 717  717 
Long-term marketable securities
Corporate bonds 383  383 
U.S. government agency securities 55  55 
U.S. Treasury securities 145  145 
Total$1,349 $2,040 $ $3,389 
 March 31, 2024
 Level 1Level 2Level 3Total
Cash equivalents
Money market funds$1,914 $ $ $1,914 
Commercial paper 6  6 
Corporate bonds 3  3 
U.S. Treasury securities 30  30 
Short-term marketable securities
Certificates of deposit 46  46 
Commercial paper 235  235 
Corporate bonds 271  271 
U.S. government agency securities 63  63 
U.S. Treasury securities 751  751 
Long-term marketable securities
Corporate bonds 450  450 
U.S. government agency securities 56  56 
U.S. Treasury securities 140  140 
Total$1,914 $2,051 $ $3,965 
The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments in active markets. The fair value of the Company’s Level 2 fixed income securities is obtained from independent pricing services, which may use quoted market prices for identical or comparable instruments in less active markets or model driven valuations using observable market data or inputs corroborated by observable market data.
Assets Measured at Fair Value on a Non-Recurring Basis
The Company’s non-marketable equity securities accounted for using the measurement alternative are recorded at fair value on a non-recurring basis. When indicators of impairment exist or observable price changes in a same or similar security from the same issuer occur, the respective non-marketable equity security would be classified within Level 3 of the fair value hierarchy because the valuation methods include a combination of the observable transaction price at the transaction date and other unobservable inputs.
15


In the three months ended March 31, 2023 and 2024, the Company did not record any upward or downward adjustments or impairments on its non-marketable equity securities.
Estimating the fair value of the Company’s investments in non-marketable equity securities requires the use of estimates and judgments. Changes in estimates and judgments could result in different estimates of fair value and future adjustments.
The following table summarizes the carrying value of the Company's non-marketable equity securities as of December 31, 2023 and March 31, 2024, including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other expense, net in the condensed consolidated statements of operations during the period in which they were incurred (in millions):
December 31,
2023
March 31,
2024
Initial cost basis$450 $450 
Upward adjustments9 9 
Downward adjustments (including impairment)(413)(413)
Total carrying value at the end of reporting period$46 $46 
6. Balance Sheet Components
Cash Equivalents and Marketable Securities
The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss, and fair value of the Company’s cash equivalents and marketable securities (in millions):
 December 31, 2023
 Cost or
Amortized
Cost
UnrealizedEstimated
Fair
Value
 GainsLosses
Cash equivalents
Money market funds$1,349 $ $ $1,349 
U.S. Treasury securities35   35 
Short-term marketable securities
Certificates of deposit38   38 
Commercial paper216   216 
Corporate bonds290  (1)289 
U.S. government agency securities162   162 
U.S. Treasury securities717 1 (1)717 
Long-term marketable securities
Corporate bonds382 2 (1)383 
U.S. government agency securities55   55 
U.S. Treasury securities144 1  145 
Total$3,388 $4 $(3)$3,389 
16

 March 31, 2024
 Cost or
Amortized
Cost
UnrealizedEstimated
Fair
Value
 GainsLosses
Cash equivalents
Money market funds$1,914 $ $ $1,914 
Commercial paper6   6 
Corporate bonds3   3 
U.S. Treasury securities30   30 
Short-term marketable securities
Certificates of deposit46   46 
Commercial paper235   235 
Corporate bonds272  (1)271 
U.S. government agency securities63   63 
U.S. Treasury securities752  (1)751 
Long-term marketable securities
Corporate bonds451 1 (2)450 
U.S. government agency securities56   56 
U.S. Treasury securities140   140 
Total$3,968 $1 $(4)$3,965 
For marketable securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. No allowance for credit losses was recorded for these securities as of December 31, 2023, and March 31, 2024.
Property and Equipment, net
Property and equipment, net consisted of the following (in millions):
December 31,
2023
March 31,
2024
Equipment for merchants$167 $174 
Computer equipment and software77 82 
Capitalized software and website development costs953 1,041 
Leasehold improvements217 221 
Office equipment66 64 
Construction in progress40 35 
Total1,520 1,617 
Less: Accumulated depreciation and amortization(808)(912)
Property and equipment, net$712 $705 
Depreciation expenses were $33 million and $32 million for the three months ended March 31, 2023 and 2024, respectively.
The Company capitalized $83 million and $88 million in capitalized software and website development costs during the three months ended March 31, 2023 and 2024, respectively. Capitalized software and website development costs are included in property and equipment, net on the condensed consolidated balance sheets. Amortization of capitalized software and website development costs was $57 million and $79 million for the three months ended March 31, 2023 and 2024, respectively. Construction in progress primarily included leasehold improvements on premises that are not ready for use and equipment for merchants that are not placed in service.
17

Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
December 31,
2023
March 31,
2024
Litigation reserves$75 $120 
Sales tax payable and accrued sales and indirect taxes245 265 
Accrued operations related expenses331 399 
Accrued advertising112 111 
Dasher and merchant payable950 1,046 
Insurance reserves758 859 
Contract liabilities308 292 
Other347 384 
Total$3,126 $3,476 
7. Commitments and Contingencies
Legal Proceedings
From time to time, the Company may be a party to litigation and subject to claims incidental to its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these matters will not have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of judgment, defense and settlement costs, diversion of management resources, and other factors. At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable, requiring recognition of a loss accrual, or whether the potential loss is reasonably possible, requiring potential disclosure. Legal fees are expensed as incurred.
The Company is currently the subject of regulatory and administrative investigations, audits, demands, and inquiries conducted by federal, state, or local governmental agencies concerning the Company’s business practices, the classification and compensation of Dashers, the DoorDash Dasher pay models, compliance with consumer protection laws, privacy, data security, tax issues, unemployment insurance, workers' compensation insurance, and other matters. For example, the Company is currently under audit by the Employment Development Department, State of California (the “CA EDD”) for payroll tax liabilities. In January 2023, the CA EDD issued an assessment for certain amounts that it found to be owed by the Company on behalf of Dashers due to their being classified as independent contractors. The Company believes that Dashers are, and have been, properly classified as independent contractors. Accordingly, the Company believes that it has meritorious defenses and intends to vigorously appeal such adverse assessment. However, the ultimate resolution of the audit is uncertain and, accordingly, the Company has recorded an accrual for this matter within accrued expenses and other current liabilities on the condensed consolidated balance sheets as of March 31, 2024. The results of investigations, audits, demands, and inquiries and related governmental action are inherently unpredictable and, as such, there is always the risk of an investigation, audit, demand, or inquiry having a material impact on the Company's business, financial condition, and results of operations.
In June 2020, the San Francisco District Attorney filed an action in the Superior Court of California, County of San Francisco, alleging that the Company misclassified California Dashers as independent contractors as opposed to employees in violation of the California Labor Code and the California Unfair Competition Law, among other allegations. This action is seeking both restitutionary damages and a permanent injunction that would bar the Company from continuing to classify California Dashers as independent contractors. It is a reasonable possibility that a loss may be incurred; however, the possible range of losses is not estimable given the status of the case.
Indemnification
The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent, or other intellectual property infringement claim by any third-party with respect to the Company's technology. The terms of these indemnification agreements are generally perpetual any time after the execution of the agreement.

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In addition, the Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers of the Company, other than liabilities arising from willful misconduct of the individual.

The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. No liability associated with such indemnifications was recorded as of December 31, 2023 and March 31, 2024.
Insurance Collateral
The Company is required to maintain $465 million in collateral in connection with certain insurance policies, which can be held in a combination of cash, surety bonds, and letters of credit. As of March 31, 2024, the Company had $465 million of collateral outstanding in the form of surety bonds and letters of credit in connection with the insurance collateral requirement.
Revolving Credit Facility and Letters of Credit
In November 2019, the Company entered into a revolving credit and guaranty agreement which provided for a $300 million unsecured revolving credit facility maturing on November 19, 2024. In August 2020, the Company amended and restated the revolving credit and guaranty agreement to provide for $100 million of incremental revolving loan commitments, effective upon consummation of the Company's initial public offering, for total revolving commitments of $400 million. The amendment and restatement also extended the maturity date for the revolving credit facility from November 19, 2024 to August 7, 2025. As further amended on October 31, 2022, loans under the credit facility bear interest at the Company’s option, at (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted SOFR rate for a one-month interest period plus 1.00%, or (ii) an adjusted SOFR rate (based on an interest period of one, three, or six months) plus a margin equal to 1.00%. The Company is also obligated to pay other customary fees for a credit facility of this size and type, including letter of credit fees, an upfront fee, and an unused commitment fee of 0.10%. The credit agreement contains customary affirmative covenants, such as financial statement reporting requirements and restrictions on the use of proceeds, as well as customary negative covenants that restrict its ability and its subsidiaries’ ability to, among other things, incur additional indebtedness, incur liens, declare cash dividends or make certain other distributions, merge or consolidate with other companies or sell substantially all of its assets, make investments, loans and acquisitions, and engage in transactions with affiliates.
As of December 31, 2023 and March 31, 2024, the Company was in compliance with the covenants under the credit agreement. As of December 31, 2023 and March 31, 2024, no revolving loans were outstanding under the credit facility.
In addition to the letters of credit maintained in connection with the insurance collateral requirement, the Company also maintains letters of credit established primarily for real estate leases and insurance policies. As of December 31, 2023 and March 31, 2024, the Company had $138 million and $141 million of issued letters of credit outstanding, respectively, of which $115 million and $118 million, respectively, were issued from the revolving credit and guaranty agreement.
Sales and Indirect Tax Matters
The Company is under audit by various state, local, and foreign tax authorities with regard to sales and indirect tax matters. The Company records sales and indirect tax reserves as they become probable and the amount can be reasonably estimated. These reserves are included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The timing of the resolution of indirect tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the tax authorities may differ from the amounts accrued.
8. Common Stock
Share Repurchase Program
In February 2024, the Company authorized the repurchase of Class A common stock, in an aggregate amount of up to $1.1 billion. During the three months ended March 31, 2024, the Company did not repurchase any shares of its Class A common stock under the share repurchase program.
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Restricted Stock
The Company had granted restricted stock to certain continuing employees in connection with the acquisition of Wolt Enterprises Oy ("Wolt") on May 31, 2022. Vesting of this stock is dependent on the respective employee’s continued employment at the Company during the requisite service period, which is generally up to four years from the issuance date. The fair value of the restricted stock issued to employees that is subject to post-acquisition employment is recorded as compensation expense on a straight-line basis over the requisite service period.
The activities for the restricted stock issued to employees was as follows (in thousands, except per share data):
Number of
Shares
Weighted-
Average
Grant Date
Fair Value Per Share
Unvested restricted stock as of December 31, 2023285 
Granted $ 
Vested(47)$76.91 
Forfeited $ 
Unvested restricted stock as of March 31, 2024238 
Stock Award Activities
A summary of stock option activity under the 2014 Equity Incentive Plan, 2020 Equity Incentive Plan, and 2022 Inducement Equity Incentive Plan was as follows (in millions, except share amounts which are reflected in thousands, and per share data):
Options Outstanding
Shares
subject to
Options
Outstanding
Weighted-
Average
Exercise
Price Per Share
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value
Balance as of December 31, 20239,022 $4.38 3.41$853 
Granted $ 
Exercised(1,574)$0.89 $180 
Cancelled and forfeited $ 
Balance as of March 31, 20247,448 $5.12 3.60$988 
Exercisable as of March 31, 20247,181 $5.15 3.63$952 
Vested and expected to vest as of March 31, 20247,448 $5.12 3.60$988 
The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and the closing stock price of the Company's Class A common stock on the NASDAQ Global Select Market as of the respective period-end dates. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2023, and 2024 was $98 million and $180 million, respectively. There were no stock options granted during the three months ended March 31, 2023 and 2024.
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The summary of RSU activity was as follows (in millions, except share amounts which are reflected in thousands, and per share data):
Number of
Shares
Weighted-
Average
Grant Date
Fair Value Per Share
Aggregate
Intrinsic
Value
Unvested RSUs as of December 31, 202337,792 $3,645 
Granted1,108 $119.95 
Vested(5)$74.04 
Vested and settled(3,705)$77.91 
Forfeited(782)$77.47 
Unvested RSUs as of March 31, 202434,408 $4,757 
The aggregate intrinsic value disclosed in the above table is based on the closing stock price of the Company's Class A common stock on the NASDAQ Global Select Market as of the respective period-end dates. The weighted-average fair value per share of RSUs granted during the three months ended March 31, 2023 and 2024 was $58.28 and $119.95, respectively.
Stock-Based Compensation Expense
The Company recorded stock-based compensation expense in the condensed consolidated statements of operations as follows (in millions):
Three Months Ended March 31,
20232024
Cost of revenue, exclusive of depreciation and amortization$24 $32 
Sales and marketing24 25 
Research and development98 113 
General and administrative84 82 
Total stock-based compensation expense$230 $252 
As of March 31, 2024, there was $6 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.7 years.
In November 2020, the Company’s board of directors approved the grant of 10,379,000 RSUs to the Company's Chief Executive Officer (the “CEO Performance Award”). The CEO Performance Award vests upon the satisfaction of a service condition and achievement of certain stock price goals. As of March 31, 2024, unrecognized stock-based compensation expense related to the CEO Performance Award was $52 million, which is expected to be recognized over a period of 1.07 years.
As of March 31, 2024, there was $1.8 billion of unrecognized stock-based compensation expense related to unvested restricted stock and RSUs, excluding the unrecognized stock-based compensation expense associated with the CEO Performance Award. The Company expects to recognize this expense over the remaining weighted-average period of 2.29 years.
9. Income Taxes
The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate and, if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment to tax expense or benefit in the period. The primary difference between the effective tax rate and the federal statutory tax rate is due to the valuation allowance on the Company’s deferred tax assets in certain jurisdictions.
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The Company recorded $17 million and $7 million of provision for income taxes for the three months ended March 31, 2023 and 2024, respectively. The provision for income taxes is primarily attributable to positive pre-tax book income in the United States resulting in federal and state income taxes.
The Company regularly assesses the realizability of its deferred tax assets and establishes a valuation allowance if it is more-likely-than-not that some, or all, of its deferred tax assets will not be realized in the future. The Company evaluates and weighs all available evidence, both positive and negative, including its historic operating results, future reversals of existing deferred tax liabilities, as well as projected future taxable income. Changes in earnings performance and future earnings projections, among other factors, may cause the Company to adjust the valuation allowance on deferred tax assets, which could materially impact the income tax expense in the period the Company determines that these factors have changed. As of March 31, 2024, the Company maintains a full valuation allowance on its deferred tax assets except for certain foreign jurisdictions.
The Company is subject to income tax audits in the United States and foreign jurisdictions. The Company recorded liabilities related to uncertain tax positions and believes that the Company has provided adequate reserves for income tax uncertainties in all open tax years. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the federal, state, or foreign tax authorities to the extent utilized in a future period.
10. Net Loss per Share Attributable to DoorDash, Inc. Common Stockholders
The Company computes net loss per share attributable to DoorDash, Inc. common stockholders using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock share equally in the Company’s net losses.
The following table sets forth the calculation of basic and diluted net loss per share attributable to DoorDash, Inc. common stockholders during the periods presented. RSUs that vested but have not been settled are included in the denominator in calculating net loss per share for the three months ended March 31, 2023 and 2024 (in millions, except share amounts which are reflected in thousands, and per share data):
Three Months Ended March 31,
20232024
Class AClass BClass AClass B
Net loss including redeemable non-controlling interests$(150)$(12)$(23)$(2)
Less: Net loss attributable to redeemable non-controlling interests(1) (2) 
Net loss attributable to DoorDash, Inc. common stockholders$(149)$(12)$(21)$(2)
Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, basic and diluted362,406 27,991 378,240 27,242 
Net loss per share attributable to DoorDash, Inc. common stockholders, basic and diluted$(0.41)$(0.41)$(0.06)$(0.06)
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied at the end of the respective periods (in thousands):
 As of March 31,
 20232024
Stock options to purchase common stock14,297 7,448 
Unvested restricted stock and restricted stock units40,635 34,641 
Escrow shares2,012 72 
Total56,944 42,161 
11. Subsequent Events
On April 26, 2024, the Company entered into an amendment agreement pursuant to which its existing revolving credit and guaranty agreement was amended and restated in its entirety to provide for an increase in the existing unsecured
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revolving loan facility from $400 million to an aggregate principal amount of up to $800 million, with an increase to the letter of credit sublimit from $200 million to $600 million. The amendment agreement also extended the maturity date for the revolving credit facility from August 7, 2025 to April 26, 2029. Loans under the credit facility continue to bear interest, at the Company’s option, at a per annum rate equal to the base rate plus a spread of 0% or an adjusted term SOFR rate (based on one, three or six-month interest periods) plus a spread of 1%. The Company is obligated to pay other customary fees for a credit facility of this size and type, including letter of credit fees, an upfront fee and an unused commitment fee of 0.10%. As amended and restated, the credit agreement contains customary affirmative and negative covenants and the Company must maintain compliance with a maximum senior net leverage ratio.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. This discussion contains forward-looking statements that are based on current plans, expectations, and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those identified below and those discussed in the section titled “Risk Factors” and other sections of this Quarterly Report on Form 10-Q. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.
Overview
DoorDash, Inc. is incorporated in Delaware with headquarters in San Francisco, California. We provide a local commerce platform that enables local businesses to address consumers’ expectations of ease and immediacy and thrive in today’s convenience economy.
We operate a local commerce platform that connects merchants, consumers, and Dashers. Our primary offerings are the DoorDash Marketplace and the Wolt Marketplace (our "Marketplaces"), which together operate in over 30 countries across the globe. Our Marketplaces provide a suite of services that enable merchants to establish an online presence, generate demand, seamlessly transact with consumers, and fulfill orders primarily through independent contractors who use our platform to deliver orders ("Dashers"). Dashers that use our DoorDash Marketplace and Wolt Marketplace are referred to as "DoorDash Dashers" and "Wolt courier partners," respectively, in this Quarterly Report on Form 10-Q. As part of our Marketplaces, we also offer Pickup, which allows consumers to place advance orders, skip lines, and pick up their orders conveniently with no consumer fees, as well as DoorDash for Business, which provides merchants on our platform with large group orders and catering orders for businesses and events. The DoorDash Marketplace also includes DashPass and the Wolt Marketplace includes Wolt+. DashPass and Wolt+ are our membership products, which provide members with unlimited access to eligible merchants with zero delivery fees and reduced service fees on eligible orders.
In addition to our Marketplaces, we offer Platform Services, which primarily includes DoorDash Drive and Wolt Drive, which are white-label delivery fulfillment services that enable merchants that have generated consumer demand through their own channels to fulfill this demand using our platform. Platform Services also includes DoorDash Storefront, which enables merchants to create their own branded online ordering experience, providing them with a turnkey solution to offer consumers on-demand access to e-commerce without investing in in-house engineering or fulfillment capabilities, and Bbot, which offers merchants solutions for their in-store and online channels, including in-store digital ordering and payments.
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Financial and Operational Highlights
We use the following financial and operational metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions:
Three Months Ended March 31,
(in millions, except percentages)20232024
Total Orders512 620 
Total Orders Y/Y growth27 %21 %
Marketplace GOV$15,913 $19,239 
Marketplace GOV Y/Y growth29 %21 %
Revenue$2,035 $2,513 
Revenue Y/Y growth40 %23 %
Net Revenue Margin12.8 %13.1 %
GAAP gross profit$921 $1,129 
GAAP gross profit as a % of Marketplace GOV5.8 %5.9 %
Contribution Profit(1)
$533 $751 
Contribution Profit as a % of Marketplace GOV3.3 %3.9 %
GAAP net loss including redeemable non-controlling interests$(162)$(25)
GAAP net loss including redeemable non-controlling interests as a % of Marketplace GOV(1.0)%(0.1)%
Adjusted EBITDA(1)
$204 $371 
Adjusted EBITDA as a % of Marketplace GOV1.3 %1.9 %
Basic shares, options and RSUs outstanding as of period end444 450 
(1)Contribution Profit and Adjusted EBITDA are non-GAAP financial measures. For more information regarding our use of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with GAAP, see the section titled “Non-GAAP Financial Measures."
Total Orders. We define Total Orders as all orders completed through our Marketplaces and Platform Services businesses over the period of measurement.
In the first quarter of 2024, Total Orders increased to 620 million, or 21% growth compared to the same quarter of 2023. The increase in Total Orders was driven primarily by growth in consumers and increased consumer engagement.
Marketplace GOV. We define Marketplace GOV as the total dollar value of orders completed on our Marketplaces, including taxes, tips1, and any applicable consumer fees, including membership fees related to DashPass and Wolt+. Marketplace orders include orders completed through Pickup and DoorDash for Business. Marketplace GOV does not include the dollar value of orders, taxes and tips, or fees charged to merchants, for orders fulfilled through Drive, Storefront, or Bbot.
In the first quarter of 2024, Marketplace GOV increased to $19.2 billion, or 21% growth compared to the same quarter of 2023, driven primarily by growth in Total Orders.
Net Revenue Margin. We define Net Revenue Margin as revenue expressed as a percentage of Marketplace GOV.
In the first quarter of 2024, Net Revenue Margin increased to 13.1% from 12.8% in the same quarter of 2023, primarily due to increasing contribution from advertising revenue.
Contribution Profit. We define Contribution Profit as our gross profit less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing expenses, (iii) allocated overhead included in cost of revenue and sales and marketing expenses, and (iv) inventory write-off related to restructuring. Gross profit is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (ii) depreciation and amortization related to cost of revenue.
1 Dashers receive 100% of tips
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We use Contribution Profit to evaluate our operating performance and trends. We believe that Contribution Profit is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfilling orders.
In the first quarter of 2024, Contribution Profit increased to $751 million, compared to $533 million in the same quarter of 2023, driven primarily by growth in revenue, partially offset by an increase in cost of revenue.
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) including redeemable non-controlling interests, adjusted to exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.
Adjusted EBITDA is a performance measure that we use to assess our operating performance and the operating leverage in our business.
In the first quarter of 2024, Adjusted EBITDA increased to $371 million from $204 million in the same quarter of 2023, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expenses and adjusted general and administrative expenses.
Free Cash Flow. We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs.
In the first quarter of 2024, Free Cash Flow increased to $487 million, compared to Free Cash Flow of $316 million in the same quarter of 2023, driven primarily by an increase in net cash provided by operating activities.
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Results of Operations
The following table summarizes our historical condensed consolidated statements of operations data:
Three Months Ended March 31,
(in millions)20232024
Revenue$2,035 $2,513 
Costs and expenses:(1)
Cost of revenue, exclusive of depreciation and amortization shown separately below1,069 1,330 
Sales and marketing496 504 
Research and development231 279 
General and administrative285 319 
Depreciation and amortization(2)
123 142 
Restructuring charges— 
Total costs and expenses2,206 2,574 
Loss from operations(171)(61)
Interest income, net27 45 
Other expense, net(1)(2)
Loss before income taxes(145)(18)
Provision for income taxes17 
Net loss including redeemable non-controlling interests(162)(25)
Less: net loss attributable to redeemable non-controlling interests(1)(2)
Net loss attributable to DoorDash, Inc. common stockholders$(161)$(23)
(1)Costs and expenses included stock-based compensation expense as follows:
Three Months Ended March 31,
(in millions)20232024
Cost of revenue, exclusive of depreciation and amortization$24 $32 
Sales and marketing24 25 
Research and development98 113 
General and administrative84 82 
Total stock-based compensation expense$230 $252 
(2)Depreciation and amortization related to the following:
Three Months Ended March 31,
(in millions)20232024
Cost of revenue$45 $54 
Sales and marketing33 30 
Research and development42 53 
General and administrative
Total depreciation and amortization$123 $142 
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The following table sets forth the components of our condensed consolidated statements of operations data as a percentage of revenue:
Three Months Ended March 31,
20232024
Revenue100 %100 %
Costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below53 %53 %
Sales and marketing24 %20 %
Research and development11 %11 %
General and administrative14 %13 %
Depreciation and amortization%%
Restructuring charges— %— %
Total costs and expenses108 %103 %
Loss from operations(8)%(3)%
Interest income, net%%
Other expense, net— %— %
Loss before income taxes(7)%(1)%
Provision for income taxes%— %
Net loss including redeemable non-controlling interests(8)%(1)%
Less: net loss attributable to redeemable non-controlling interests— %— %
Net loss attributable to DoorDash, Inc. common stockholders(8)%(1)%
Comparison of the Three Months Ended March 31, 2023 and 2024
Revenue
We generate a substantial majority of our revenue from orders completed through our Marketplaces and the related commissions charged to partner merchants and fees charged to consumers. Commissions from partner merchants are based on an agreed-upon rate applied to the total dollar value of goods ordered in exchange for using our Marketplaces to sell the partner merchants’ products. Fees from consumers are for the use of our Marketplaces and to arrange for delivery services. Our revenue reflects commissions charged to partner merchants and fees charged to consumers less (i) Dasher payout and (ii) refunds, credits, and promotions, which includes certain discounts and incentives provided to consumers, including those for referring a new customer.
We also generate revenue from membership fees paid by consumers for DashPass and Wolt+, and our advertising products, which are recognized as part of our Marketplaces revenue.
In addition, we generate revenue from other sources, including our Platform Services, which primarily consists of our Drive and Storefront offerings. We generate revenue from Drive by collecting per-order fees from merchants to arrange for delivery services that fulfill demand generated through their own channels.
Three Months Ended March 31,
(in millions, except percentages)20232024% Change
Revenue$2,035 $2,513 23 %
Revenue increased by $478 million, or 23%, during the first quarter of 2024, compared to the same quarter of 2023. The increase was primarily driven by a 21% increase in Marketplace GOV. During the first quarter of 2024, revenue grew at a faster rate than Marketplace GOV during the same period primarily due to an increasing contribution from advertising revenue.
Cost of Revenue, Exclusive of Depreciation and Amortization
Cost of revenue primarily consists of (i) order management costs, which include payment processing charges, net of rebates issued from payment processors, costs associated with cancelled orders, insurance expenses, costs related to placing orders with non-partner merchants, and costs related to first party product sales, for which we take control of inventory, (ii) platform costs, which include costs for onboarding merchants and Dashers, costs for providing support for consumers, merchants, and Dashers, and technology platform infrastructure costs, and (iii) personnel costs, which include
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personnel-related compensation expenses related to our local operations, support, and other teams, and allocated overhead. Personnel-related compensation expenses primarily include salary, bonus, benefits, and stock-based compensation expense. Allocated overhead is determined based on an allocation of shared costs, such as facilities (including rent and utilities) and information technology costs, among all departments based on employee headcount.
Three Months Ended March 31,
(in millions, except percentages)20232024% Change
Cost of revenue, exclusive of depreciation and amortization$1,069 $1,330 24 %
Cost of revenue, exclusive of depreciation and amortization, increased by $261 million, or 24%, for the first quarter of 2024, compared to the same quarter of 2023. The increase was primarily attributable to an increase of $237 million in order management costs, driven primarily by growth in Total Orders. Order management costs also increased due to an increase in insurance reserves and costs associated with our first-party distribution business.
Sales and Marketing
Sales and marketing expenses primarily consist of advertising and other ancillary expenses related to merchant, consumer, and Dasher acquisition, including certain consumer referral credits and Dasher referral fees paid to the referrers to the extent they represent fair value of acquiring a new consumer or a new Dasher, brand marketing expenses, personnel-related compensation expenses for sales and marketing employees, and commissions expense including amortization of deferred contract costs, as well as allocated overhead.
Three Months Ended March 31,
(in millions, except percentages)20232024% Change
Sales and marketing$496 $504 %
Sales and marketing expenses increased by $8 million, or 2%, for the first quarter of 2024, compared to the same quarter of 2023. The increase was primarily driven by an increase of $17 million in personnel-related compensation expenses, partially offset by a decrease of $10 million in advertising expenses.
Research and Development
Research and development expenses primarily consist of personnel-related compensation expenses related to data analytics and the design of, product development of, and improvements to our platform, as well as expenses associated with the licensing of third-party software and allocated overhead.
Three Months Ended March 31,
(in millions, except percentages)20232024% Change
Research and development$231 $279 21 %
Research and development expenses increased by $48 million, or 21%, for the first quarter of 2024, compared to the same quarter of 2023. The increase was primarily driven by an increase of $48 million in personnel-related compensation expenses and allocated overhead, partially offset by an increase in capitalized software and website development costs of $7 million.
General and Administrative
General and administrative expenses primarily consist of legal, tax, and regulatory expenses, which include litigation settlement expenses and sales and indirect taxes, personnel-related compensation expenses related to administrative employees, which include finance and accounting, human resources and legal, chargebacks associated with fraudulent credit card transactions, professional services fees, transaction-related costs, bad debt expense, and allocated overhead.
Three Months Ended March 31,
(in millions, except percentages)20232024% Change
General and administrative$285 $319 12 %
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General and administrative expenses increased by $34 million, or 12%, for the first quarter of 2024, compared to the same quarter of 2023. The increase was primarily driven by an increase of $16 million in legal, tax, and regulatory expenses, an increase of $8 million in bad debt expense and chargebacks associated with fraudulent credit card transactions, and an increase of $5 million in personnel-related compensation expenses and allocated overhead.
Depreciation and Amortization
Depreciation and amortization expenses primarily consist of depreciation and amortization expenses associated with our property and equipment and intangible assets. Depreciation primarily includes expenses associated with equipment for merchants, computer equipment and software, office equipment, and leasehold improvements. Amortization includes expenses associated with our capitalized software and website development costs, as well as acquired intangible assets.
Three Months Ended March 31,
(in millions, except percentages)20232024% Change
Depreciation and amortization$123 $142 15 %
Depreciation and amortization expenses increased by $19 million, or 15%, for the first quarter of 2024, compared to the same quarter of 2023. The increase was primarily driven by an increase of $22 million in amortization expense related to increased capitalized software and website development costs.
Restructuring Charges
Restructuring charges primarily consist of separation-related payments and other termination benefit costs associated with restructuring activities.
Three Months Ended March 31,
(in millions, except percentages)20232024% Change
Restructuring charges$$— *
*Percentage not meaningful
Restructuring charges were not material in the periods presented.
Interest Income, Net
Interest income, net primarily consists of interest earned on our cash, cash equivalents, and marketable securities, net of interest costs.
Three Months Ended March 31,
(in millions, except percentages)20232024% Change
Interest income, net$27 $45 67 %
Interest income, net increased by $18 million for the first quarter of 2024, compared to the same quarter of 2023