10-Q 1 dash-20210930.htm 10-Q dash-20210930
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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 September 30, 2021
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, including 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 shareDASHNew York Stock Exchange
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 Act).     Yes    No  ☒
The registrant had outstanding 311,597,469 shares of Class A common stock, 31,459,410 shares of Class B common stock, and no shares of Class C common stock as of October 31, 2021.
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, Total Orders, Marketplace GOV, Contribution Profit (Loss), Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Adjusted EBITDA Margin, our ability to determine reserves, and our ability to maintain and increase long-term future profitability;
our ability to successfully execute our business and growth strategy;
the sufficiency of our cash, cash equivalents and marketable securities to meet our liquidity needs;
the demand for our platform or for local logistics 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 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, pricing and commissions, 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;
our ability to integrate companies and assets that we acquire;
our expectations regarding our proposed acquisition of Wolt Enterprises Oy, including the timing, completion, and expected benefits, as well as plans, objectives, and expectations with respect to future operations and markets in which we, Wolt, and the combined company will operate;
the increased expenses associated with being a public company; and
the impact of the COVID-19 pandemic, or a similar public health threat, on global capital and financial markets, general economic conditions in the United States, and our business and operations.
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-
3

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.
Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Moreover, 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 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.
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,
2020
September 30,
2021
Assets
Current assets:
Cash and cash equivalents$4,345 $2,861 
Short-term marketable securities514 1,299 
Funds held at payment processors146 119 
Accounts receivable, net291 286 
Prepaid expenses and other current assets221 142 
Total current assets5,517 4,707 
Long-term marketable securities 554 
Property and equipment, net210 355 
Operating lease right-of-use assets203 301 
Goodwill316 316 
Intangible assets, net74 64 
Other assets33 61 
Total assets$6,353 $6,358 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$80 $86 
Operating lease liabilities15 27 
Convertible notes364  
Accrued expenses and other current liabilities943 1,226 
Total current liabilities1,402 1,339 
Operating lease liabilities238 339 
Other liabilities13 14 
Total liabilities1,653 1,692 
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.00001 par value, 6,000,000 Class A shares authorized as of December 31, 2020 and September 30, 2021, 287,190 and 310,964 Class A shares issued and outstanding as of December 31, 2020 and September 30, 2021, respectively; 200,000 Class B shares authorized as of December 31, 2020 and September 30, 2021, 31,313 and 31,459 Class B shares issued and outstanding as of December 31, 2020 and September 30, 2021, respectively; 2,000,000 Class C shares authorized as of December 31, 2020 and September 30, 2021, zero Class C shares issued and outstanding as of December 31, 2020 and September 30, 2021
  
Additional paid-in capital6,313 6,592 
Accumulated deficit(1,613)(1,926)
Total stockholders’ equity4,700 4,666 
Total liabilities and stockholders’ equity$6,353 $6,358 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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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 September 30,Nine Months Ended September 30,
 2020202120202021
Revenue$879 $1,275 $1,916 $3,588 
Costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below382 585 899 1,703 
Sales and marketing290 446 610 1,206 
Research and development41 115 112 297 
General and administrative167 188 337 573 
Depreciation and amortization34 41 89 107 
Total costs and expenses914 1,375 2,047 3,886 
Loss from operations(35)(100)(131)(298)
Interest income1  6 2 
Interest expense(9) (22)(13)
Other income (expense), net1 (1) (1)
Loss before provision for income taxes(42)(101)(147)(310)
Provision for income taxes1  2 3 
Net loss$(43)$(101)$(149)$(313)
Net loss per share, basic and diluted$(0.96)$(0.30)$(3.34)$(0.94)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted45,016 340,169 44,568 334,277 
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 September 30,Nine Months Ended September 30,
 2020202120202021
Net loss$(43)$(101)$(149)$(313)
Other comprehensive income (loss):
Change in foreign currency translation adjustments    
Change in unrealized gain (loss) on marketable securities(1) 1  
Total other comprehensive income (loss)(1) 1  
Comprehensive loss$(44)$(101)$(148)$(313)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
 
Redeemable Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Deficit
SharesAmountSharesAmount
Balances as of December 31, 2019230,667 $2,264 43,937 $ $70 $(1,152)$ $(1,082)
Issuance of common stock upon exercise of stock options— — 366 — 1 — — 1 
Stock-based compensation— — — — 5 — — 5 
Other comprehensive income— — — — — — 3 3 
Net loss— — — — — (129)— (129)
Balances as of March 31, 2020230,667 2,264 44,303  76 (1,281)3 (1,202)
Issuance of Series H redeemable convertible preferred stock, net of issuance costs8,321 382 — — — — — — 
Issuance of common stock upon exercise of stock options— — 406 — 1 — — 1 
Stock-based compensation— — — — 5 — — 5 
Other comprehensive loss— — — — — — (1)(1)
Net income— — — — — 23 — 23 
Balances as of June 30, 2020238,988 2,646 44,709  82 (1,258)2 (1,174)
Issuance of common stock upon exercise of stock options— — 673 — 2 — — 2 
Stock-based compensation— — — — 3 — — 3 
Other comprehensive loss— — — — — — (1)(1)
Net loss— — — — — (43)— (43)
Balances as of September 30, 2020238,988 $2,646 45,382 $ $87 $(1,301)$1 $(1,213)

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

DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Equity
 SharesAmount
Balances as of December 31, 2020318,503 $ $6,313 $(1,613)$ $4,700 
Issuance of common stock upon settlement of restricted stock units1,836 — — — — — 
Shares withheld related to net share settlement(802)— (166)— — (166)
Issuance of common stock upon exercise of stock options5,989 — 13 — — 13 
Stock-based compensation— — 118 — — 118 
Net loss— — — (110)— (110)
Balances as of March 31, 2021325,526  6,278 (1,723) 4,555 
Issuance of common stock upon settlement of restricted stock units8,056 — — — — — 
Shares withheld related to net share settlement(44)— (6)— — (6)
Issuance of common stock upon exercise of stock options3,986 — 10 — — 10 
Stock-based compensation— — 162 — — 162 
Net loss— — — (102)— (102)
Balances as of June 30, 2021337,524  6,444 (1,825) 4,619 
Issuance of common stock upon settlement of restricted stock units2,528 — — — — — 
Issuance of common stock upon exercise of stock options2,371 — 5 — — 5 
Stock-based compensation— — 143 — — 143 
Net loss— — — (101)— (101)
Balances as of September 30, 2021342,423 $ $6,592 $(1,926)$ $4,666 

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)
 Nine Months Ended September 30,
 20202021
Cash flows from operating activities
Net loss$(149)$(313)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization89 107 
Stock-based compensation11 357 
Bad debt expense15 31 
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities30 37 
Non-cash interest expense22 11 
Impairment of operating lease right-of-use assets11 1 
Other7 17 
Changes in operating assets and liabilities:
Funds held at payment processors(30)27 
Accounts receivable, net(139)(26)
Prepaid expenses and other current assets6 86 
Other assets(14)(32)
Accounts payable12 8 
Accrued expenses and other current liabilities452 241 
Payments for operating lease liabilities(19)(29)
Other liabilities11 2 
Net cash provided by operating activities315 525 
Cash flows from investing activities
Purchases of property and equipment(86)(94)
Capitalized software and website development costs(36)(73)
Purchases of marketable securities(445)(1,968)
Maturities of marketable securities434 502 
Sales of marketable securities4 121 
Other investing activities (8)
Net cash used in investing activities(129)(1,520)
Cash flows from financing activities
Proceeds from issuance of preferred stock, net of issuance costs382  
Proceeds from issuance of convertible notes, net of issuance costs333  
Repayment of convertible notes (333)
Proceeds from exercise of stock options4 28 
Deferred offering costs paid(5)(10)
Taxes paid related to net share settlement of equity awards (172)
Net cash provided by (used in) financing activities714 (487)
Foreign currency effect on cash, cash equivalents, and restricted cash (1)
Net increase (decrease) in cash, cash equivalents, and restricted cash900 (1,483)
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash, beginning of period287 4,345 
Cash, cash equivalents, and restricted cash, end of period$1,187 $2,862 
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents$1,096 $2,861 
Restricted cash91 1 
Total cash, cash equivalents, and restricted cash$1,187 $2,862 
Supplemental disclosure of cash flow information
Cash paid for interest$ $42 
Cash paid for income taxes$1 $4 
Non-cash investing and financing activities
Purchases of property and equipment not yet settled$9 $24 
Leasehold improvements acquired through tenant improvement allowance$9 $4 
Unrealized gain on marketable securities$1 $ 
Stock-based compensation included in capitalized software and website development costs $2 $66 
Deferred offering costs not yet paid$2 $ 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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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 provides a local logistics platform that enables local businesses to address consumers’ expectations of ease and immediacy and thrive in today’s convenience economy.
The Company’s local logistics platform connects merchants, consumers, and Dashers. The Company operates the DoorDash Marketplace, which enables merchants to establish an online presence and expand their reach by connecting them with consumers (the “Marketplace”). Merchants can fulfill this demand with independent contractors who use the Company’s platform to deliver orders (“Dashers”). As part of the Marketplace, 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 Work, which provides merchants on the Company’s platform with large group orders and catering orders for businesses and events. The Marketplace also includes DashPass, the Company’s membership product, which was formerly referred to the Company's subscription product, which provides consumers with unlimited access to eligible merchants with zero delivery fees and reduced service fees. In addition to the Marketplace, the Company offers Platform Services, which primarily includes DoorDash Drive, or Drive, a white-label logistics service that enables merchants that have generated consumer demand through their own channels to fulfill this demand using the Company’s local logistics platform, and DoorDash Storefront, or Storefront, that 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 logistics capabilities.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of DoorDash, Inc. and its wholly-owned subsidiaries 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 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, 2020. Interim results are not necessarily indicative of the results for a full year.
Reclassifications
Certain amounts from prior periods have been reclassified to conform to the current period presentation.
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, stock-based compensation, valuation of investments and other financial instruments, 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. 
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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 fiscal year ended December 31, 2020, except for one policy noted below, which changed as a result of a change in accounting estimates.
Gift Cards
The Company sells gift cards to consumers that can be redeemed through its Marketplace. Those gift cards have no expiration date and administrative fees are not charged on unused gift cards. In prior periods, with limited history as to consumers' redemption patterns, proceeds from the sale of gift cards were fully deferred and recorded as contract liabilities until consumers use the card to place orders on its platform. When gift cards 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. During the third quarter of 2021, the Company concluded that it had developed sufficient historical evidence regarding the pattern of consumer redemptions of gift cards to have the ability to estimate the portion of outstanding gift cards that will never be redeemed (“breakage”) and for which there is no legal obligation to remit the value of the unredeemed gift cards to the relevant jurisdiction as unclaimed or abandoned property. The Company recognizes the breakage amounts as revenue, proportionate to the pattern of revenue recognition for the gift card redemptions. As a result of this change in estimate, the Company recorded $36 million of gift card breakage revenue during the three months ended September 30, 2021. Estimating future breakage rates requires judgment based on current and historical patterns of redemption, and the actual breakage rates may vary from the estimate.
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 Marketplace and Drive.
Revenue by geographic area is determined based on the address of the merchant, or in the case of DashPass, the address of the consumer. Revenue by geographic area was as follows (in millions):
 Three Months Ended September 30,Nine Months Ended September 30,
 2020202120202021
United States$875 $1,275 $1,912 $3,577 
International4  4 11 
Total revenue$879 $1,275 $1,916 $3,588 
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 nine months ended September 30, 2021 was as follows (in millions):
 Contract Liabilities
Beginning balance$108 
Addition to contract liabilities815 
Reduction of contract liabilities(1)(2)(3)
(799)
Ending balance$124 
(1) Gift cards and certain consumer credits can be redeemed through the Company's online Marketplace. When they are redeemed, revenue is recognized on a net basis as the difference between the carrying amount of the gift cards and consumer credits and the amount due 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 revenues 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 $22 million associated with unearned prepayments received by the Company, all of which was recognized as revenue during the nine months ended September 30, 2021.
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(3) During the three months ended September 30, 2021, the Company recorded $36 million of gift card breakage revenue, which represented the estimate of cumulative gift card breakage through September 30, 2021 based on the Company's accounting policy discussed in Note 2.
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):
 Nine Months Ended September 30,
 20202021
Beginning balance$21 $43 
Capitalization of deferred contract costs21 26 
Amortization of deferred contract costs(6)(15)
Ending balance$36 $54 
Deferred contract costs, current$11 $22 
Deferred contract costs, non-current25 32 
Total deferred contract costs$36 $54 
Allowance for Credit Losses
The allowance for credit losses related to accounts receivable and changes for the nine months ended September 30, 2021 were as follows (in millions):
Nine Months Ended September 30, 2021
Beginning balance$13 
Additions to the provision for expected credit losses31 
Writeoffs charged against the allowance(5)
Ending balance$39 
4. Goodwill and Intangible Assets, Net
During the three and nine months ended September 30, 2021, there were no changes in the carrying amount of goodwill of $316 million.
Intangible assets, net consisted of the following as of December 31, 2020 (in millions):
Weighted-average
Remaining Useful
Life (in years)
Gross Carrying
Value
Accumulated
Amortization
Net Carrying
Value
Existing technology7.6$71 $(48)$23 
Vendor relationships11.845 (4)41 
Courier relationships0.31 (1) 
Customer relationships1.89 (3)6 
Trade name and trademarks1.86 (2)4 
Balance as of December 31, 2020$132 $(58)$74 
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Intangible assets, net consisted of the following as of September 30, 2021 (in millions):
Weighted-average
Remaining Useful
Life (in years)
Gross Carrying
Value
Accumulated
Amortization
Net Carrying
Value
Existing technology7.2$71 $(51)$20 
Vendor relationships11.145 (6)39 
Courier relationships1 (1) 
Customer relationships1.19 (6)3 
Trade name and trademarks1.16 (4)2 
Balance as of September 30, 2021$132 $(68)$64 
Amortization expense associated with intangible assets was $15 million and $3 million for the three months ended September 30, 2020 and 2021, respectively. Amortization expense associated with intangible assets was $44 million and $10 million for the nine months ended September 30, 2020 and 2021, respectively.
The estimated future amortization expense of intangible assets as of September 30, 2021 was as follows (in millions):
Year Ending December 31,Amortization
Expense
Remainder of 2021$3 
202210 
20236 
20246 
20256 
Thereafter33 
Total estimated future amortization expense$64 
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5. Fair Value Measurements
The following tables set forth the Company’s cash equivalents and marketable securities that were measured at fair value on a recurring basis by level within the fair value hierarchy (in millions):
 December 31, 2020
 Level 1Level 2Level 3Total
Cash equivalents
U.S. Treasury securities$ $3 $ $3 
Short-term marketable securities
Commercial paper 76  76 
Corporate bonds 51  51 
U.S. government agency securities 23  23 
U.S. Treasury securities 364  364 
Total$ $517 $ $517 
 September 30, 2021
 Level 1Level 2Level 3Total
Cash equivalents
Money market funds$996 $ $ $996 
U.S. Treasury securities 148  148 
Short-term marketable securities
Commercial paper 414  414 
Corporate bonds 118  118 
U.S. government agency securities 69  69 
U.S. Treasury securities 698  698 
Long-term marketable securities
Corporate bonds 158  158 
U.S. government agency securities 10  10 
U.S. Treasury securities 386  386 
Total$996 $2,001 $ $2,997 
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 an independent pricing service, 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.
There were no Level 3 assets or liabilities as of December 31, 2020 and September 30, 2021.
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, 2020
 Cost or
Amortized
Cost
UnrealizedEstimated
Fair
Value
 GainsLosses
Cash equivalents
U.S. Treasury securities$3 $ $ $3 
Short-term marketable securities
Commercial paper76   76 
Corporate bonds51   51 
U.S. government agency securities23   23 
U.S. Treasury securities364   364 
Total$517 $ $ $517 
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 September 30, 2021
 Cost or
Amortized
Cost
UnrealizedEstimated
Fair
Value
 GainsLosses
Cash equivalents
Money market funds$996 $ $ $996 
U.S. Treasury securities148   148 
Short-term marketable securities
Commercial paper414   414 
Corporate bonds118   118 
U.S. government agency securities69   69 
U.S. Treasury securities698   698 
Long-term marketable securities
Corporate bonds158   158 
U.S. government agency securities10   10 
U.S. Treasury securities386   386 
Total$2,997 $ $ $2,997 
No individual security incurred continuous unrealized losses for greater than twelve months as of December 31, 2020 and September 30, 2021.
Property and Equipment, net
Property and equipment, net consisted of the following (in millions):
December 31,
2020
September 30,
2021
Equipment for merchants$111 $147 
Capitalized software and website development costs86 226 
Leasehold improvements57 83 
Computer equipment and software22 39 
Office equipment11 19 
Construction in progress27 42 
Total314 556 
Less: Accumulated depreciation and amortization(104)(201)
Property and equipment, net$210 $355 
Depreciation expenses were $14 million and $20 million for the three months ended September 30, 2020 and 2021, respectively. Depreciation expenses were $35 million and $58 million for the nine months ended September 30, 2020 and 2021, respectively.
The Company capitalized $15 million and $50 million in capitalized software and website development costs during the three months ended September 30, 2020 and 2021, respectively. The Company capitalized $38 million and $140 million in capitalized software and website development costs during the nine months ended September 30, 2020 and 2021, 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 $5 million and $18 million for the three months ended September 30, 2020 and 2021, respectively. Amortization of capitalized software and website development costs was $10 million and $39 million for the nine months ended September 30, 2020 and 2021, 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.
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Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
December 31,
2020
September 30,
2021
Litigation reserves$178 $114 
Sales tax payable and accrued sales and indirect taxes149 152 
Accrued operations related expenses139 145 
Dasher and merchant payable