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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, 2022
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 360,077,866 shares of Class A common stock, 28,139,489 shares of Class B common stock, and no shares of Class C common stock as of October 31, 2022.
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 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 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 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, 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 successfully integrate and realize the benefits of acquisitions, strategic partnerships, joint ventures and investments, including in the case of our May 2022 acquisition of Wolt Enterprises Oy ("Wolt");
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-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.
3

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.
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,
2021
September 30,
2022
Assets
Current assets:
Cash and cash equivalents$2,504 $2,320 
Short-term marketable securities1,253 1,492 
Funds held at payment processors320 251 
Accounts receivable, net349 325 
Prepaid expenses and other current assets139 302 
Total current assets4,565 4,690 
Long-term marketable securities650 365 
Operating lease right-of-use assets336 436 
Property and equipment, net402 588 
Intangible assets, net61 735 
Goodwill316 2,198 
Non-marketable equity securities409 415 
Other assets70 125 
Total assets$6,809 $9,552 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$161 $238 
Operating lease liabilities26 45 
Accrued expenses and other current liabilities1,573 1,933 
Total current liabilities1,760 2,216 
Operating lease liabilities373 460 
Other liabilities9 35 
Total liabilities2,142 2,711 
Commitments and contingencies (Note 8)
Redeemable non-controlling interests 16 
Stockholders’ equity:
Common stock, $0.00001 par value, 6,000,000 Class A shares authorized as of December 31, 2021 and September 30, 2022, 315,266 and 359,998 Class A shares issued and outstanding as of December 31, 2021 and September 30, 2022, respectively; 200,000 Class B shares authorized as of December 31, 2021 and September 30, 2022, 31,246 and 28,139 Class B shares issued and outstanding as of December 31, 2021 and September 30, 2022, respectively; 2,000,000 Class C shares authorized as of December 31, 2021 and September 30, 2022, zero Class C shares issued and outstanding as of December 31, 2021 and September 30, 2022
  
Additional paid-in capital6,752 10,323 
Accumulated other comprehensive loss(4)(292)
Accumulated deficit(2,081)(3,206)
Total stockholders’ equity4,667 6,825 
Total liabilities, redeemable non-controlling interests and stockholders’ equity$6,809 $9,552 
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 September 30,Nine Months Ended September 30,
 2021202220212022
Revenue$1,275 $1,701 $3,588 $4,765 
Costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below585 931 1,703 2,574 
Sales and marketing446 418 1,206 1,253 
Research and development115 226 297 579 
General and administrative188 316 573 855 
Depreciation and amortization41 118 107 258 
Total costs and expenses1,375 2,009 3,886 5,519 
Loss from operations(100)(308)(298)(754)
Interest income 9 2 15 
Interest expense  (13)(1)
Other expense, net(1)(2)(1) 
Loss before income taxes(101)(301)(310)(740)
Provision for (benefit from) income taxes (5)3 (14)
Net loss including redeemable non-controlling interests$(101)$(296)$(313)$(726)
Less: net loss attributable to redeemable non-controlling interests, net of tax (1) (1)
Net loss attributable to DoorDash, Inc. common stockholders$(101)$(295)$(313)$(725)
Net loss per share attributable to DoorDash, Inc. common stockholders, basic and diluted$(0.30)$(0.77)$(0.94)$(1.98)
Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, basic and diluted340,169 384,756 334,277 366,107 
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,
 2021202220212022
Net loss including redeemable non-controlling interests$(101)$(296)$(313)$(726)
Other comprehensive loss, net of tax:
Change in foreign currency translation adjustments (180) (267)
Change in unrealized loss on marketable securities (6) (22)
Total other comprehensive loss (186) (289)
Comprehensive loss including redeemable non-controlling interests(101)(482)(313)(1,015)
Less: Comprehensive loss attributable to redeemable non-controlling interests (2) (2)
Comprehensive loss attributable to DoorDash, Inc. common stockholders$(101)$(480)$(313)$(1,013)
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, 2020$ 318,503 $ $6,313 $(1,613)$ $4,700 
Issuance of common stock upon settlement of restricted stock units— 1,836 — — — — — 
Shares withheld related to net share settlement— (802)— (166)— — (166)
Issuance of common stock upon exercise of stock options— 5,989 — 13 — — 13 
Stock-based compensation— — — 118 — — 118 
Net loss— — — — (110)— (110)
Balances as of March 31, 2021 325,526  6,278 (1,723) 4,555 
Issuance of common stock upon settlement of restricted stock units— 8,056 — — — — — 
Shares withheld related to net share settlement— (44)— (6)— — (6)
Issuance of common stock upon exercise of stock options— 3,986 — 10 — — 10 
Stock-based compensation— — — 162 — — 162 
Net loss— — — — (102)— (102)
Balances as of June 30, 2021 337,524  6,444 (1,825) 4,619 
Issuance of common stock upon settlement of restricted stock units— 2,528 — — — — — 
Issuance of common stock upon exercise of stock options— 2,371 — 5 — — 5 
Stock-based compensation— — — 143 — — 143 
Net loss— — — — (101)— (101)
Balances as of September 30, 2021$ 342,423 $ $6,592 $(1,926)$ $4,666 

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, 2021$ 346,512 $ $6,752 $(2,081)$(4)$4,667 
Issuance of common stock upon settlement of restricted stock units— 1,915 — — — — — 
Issuance of common stock upon exercise of stock options— 2,686 — 5 — — 5 
Stock-based compensation— — — 157 — — 157 
Other comprehensive loss— — — — — (10)(10)
Net loss— — — — (167)— (167)
Balances as of March 31, 2022 351,113  6,914 (2,248)(14)4,652 
Issuance of common stock upon settlement of restricted stock units— 2,492 — — — — — 
Shares issued related to the acquisition of Wolt— 35,780 — 2,842 — — 2,842 
Issuance of common stock upon exercise of stock options— 1,031 — 3 — — 3 
Stock-based compensation— — — 269 — — 269 
Other comprehensive loss— — — — — (93)(93)
Net loss— — — — (263)— (263)
Balances as of June 30, 2022 390,416  10,028 (2,511)(107)7,410 
Issuance of common stock upon settlement of restricted stock units— 2,655 — — — — — 
Issuance of common stock upon exercise of stock options— 634 — 2 — — 2 
Stock-based compensation— — — 282 — — 282 
Other comprehensive loss(1)— — — — (185)(185)
Repurchase and retirement of common stock— (5,568)— — (400)— (400)
Recognition of redeemable non-controlling interest upon capital investment18 — — 11 — — 11 
Net loss(1)— — — (295)— (295)
Balances as of September 30, 2022$16 388,137 $ $10,323 $(3,206)$(292)$6,825 

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,
 20212022
Cash flows from operating activities
Net loss including redeemable non-controlling interests$(313)$(726)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization107 258 
Stock-based compensation357 609 
Bad debt expense31 1 
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities37 58 
Non-cash interest expense11  
Other18 23 
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions:
Funds held at payment processors27 103 
Accounts receivable, net(26)41 
Prepaid expenses and other current assets86 (109)
Other assets(32)(66)
Accounts payable8 66 
Accrued expenses and other current liabilities241 156 
Payments for operating lease liabilities(29)(53)
Other liabilities2 (17)
Net cash provided by operating activities525 344 
Cash flows from investing activities
Purchases of property and equipment(94)(131)
Capitalized software and website development costs(73)(119)
Purchases of marketable securities(1,968)(1,581)
Maturities of marketable securities502 1,330 
Sales of marketable securities121 311 
Other investing activities(8) 
Net cash acquired in acquisitions 71 
Net cash used in investing activities(1,520)(119)
Cash flows from financing activities
Proceeds from exercise of stock options28 10 
Deferred offering costs paid(10) 
Repayment of convertible notes(333) 
Taxes paid related to net share settlement of equity awards(172) 
Repurchase of common stock (400)
Other financing activities 14 
Net cash used in financing activities(487)(376)
Foreign currency effect on cash, cash equivalents, and restricted cash(1)(28)
Net decrease in cash, cash equivalents, and restricted cash(1,483)(179)
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash, beginning of period4,345 2,506 
Cash, cash equivalents, and restricted cash, end of period$2,862 $2,327 
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents$2,861 $2,320 
Restricted cash1 7 
Total cash, cash equivalents, and restricted cash$2,862 $2,327 
Supplemental disclosure of cash flow information
Cash paid for interest$42 $ 
Non-cash investing and financing activities
Purchases of property and equipment not yet settled$24 $42 
Stock-based compensation included in capitalized software and website development costs $66 $99 
Holdback consideration for acquisition$ $9 
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, which operates in four countries including the United States, and the Wolt Marketplace, which operates in 23 countries, most of which are in Europe. Both the DoorDash Marketplace and the Wolt Marketplace ("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 Work, 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 ("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 DoorDash, Inc., 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, 2021. 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, 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, 2021, other than the accounting policy discussed below.
Variable Interest Entities
The Company evaluates its ownership, contractual and other interests in entities to determine if it has a variable interest in an entity and if it is the primary beneficiary. These evaluations are complex and involve judgment and the use of estimates and assumptions based on available historical and prospective information, among other factors. If the Company determines that entities for which the Company holds a contractual or ownership interest in are variable interest entities ("VIE") and that the Company is the primary beneficiary, the Company consolidates such entities in the consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance of the VIE and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, the Company determines whether any changes in the interest or relationship with the entity impacts the determination of whether the Company is still the primary beneficiary. If the Company is not deemed to be the primary beneficiary in a VIE, the Company accounts for the investment or other variable interests in a VIE in accordance with applicable GAAP.
Joint Venture
On July 1, 2022, the Company formed a joint venture with a retail partner in Canada with the objective of providing on-demand delivery of grocery and convenience items to customers in Canada (the "JV"). The Company owns a majority interest in the JV.
In connection with the formation of the JV, the Company has committed to contribute cash and certain assets worth $98 million Canadian dollars (approximately $74 million US dollars) over three years. Upon the closing of the transaction, the Company contributed cash and certain assets of $41 million Canadian dollars (approximately $32 million US dollars). Additional capital contributions will be made in a manner that preserves the ownership percentage of each shareholder.
The common units held by the Company in the JV were determined to be a variable interest. The Company is the primary beneficiary because the Company has the power to direct the activities that most significantly impact the performance of the JV. As a result, the Company consolidates the assets and liabilities of the JV.
As of September 30, 2022, the minority shareholder’s ownership in the JV is classified as redeemable non-controlling interest, because it is redeemable on an event that is not solely in the Company’s control. The redeemable non-controlling interest is not accreted to redemption value because it is currently not probable that the non-controlling interest will become redeemable. Total redeemable non-controlling interest was $16 million as of September 30, 2022. Net loss attributable to redeemable non-controlling interest was $1 million for the three months ended September 30, 2022.
Recently Adopted Accounting Pronouncements
In October 2021, the Financial Accounting Standards Board (the "FASB") issued Accounting Standard Update ("ASU") 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification ("ASC") Topic 606, as if it had originated the contracts. Under the current business combinations guidance, such assets and liabilities are recognized by the acquirer at fair value on the acquisition date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. The Company early adopted the guidance in 2022 and the impact of the adoption was not material.
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.
12

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 September 30,Nine Months Ended September 30,
 2021202220212022
United States$1,275 $1,580 $3,577 $4,586 
International 121 11 179 
Total revenue$1,275 $1,701 $3,588 $4,765 
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, 2022 was as follows (in millions):
 Contract Liabilities
Beginning balance$183 
Addition to contract liabilities1,256 
Reduction of contract liabilities(1)(2)
(1,240)
Ending balance$199 
(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 $68 million associated with unearned prepayments received by the Company, of which $60 million was recognized as revenue during the nine months ended September 30, 2022.
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,
 20212022
Beginning balance$43 $62 
Addition to deferred contract costs26 46 
Amortization of deferred contract costs(15)(22)
Ending balance$54 $86 
Deferred contract costs, current$22 $32 
Deferred contract costs, non-current32 54 
Total deferred contract costs$54 $86 
13

Allowance for Credit Losses
The allowance for credit losses related to accounts receivable and changes were as follows (in millions):
Nine Months Ended September 30,
20212022
Beginning balance$13 $39 
Current-period provision for expected credit losses31  
Writeoffs charged against the allowance(5)(12)
Ending balance$39 $27 
4. Acquisitions
Wolt Acquisition
On May 31, 2022, the Company completed the acquisition of 100 percent of the outstanding equity interests of Wolt Enterprise Oy (“Wolt”). The Company's aim is to accelerate its product development, increase its international scale, bring greater focus to its markets outside the United States, and improve the value provided to consumers, merchants, as well as Dashers around the world. The Company’s acquisition-related costs for the nine months ended September 30, 2022 were $48 million. All costs were recorded as general and administrative expenses on the Company’s condensed consolidated statements of operations during the period in which they were incurred. The acquisition date fair value of the consideration transferred for Wolt was $2,842 million, which consisted of the following (in millions):
Fair Value
DoorDash Class A common stock$2,709 
Stock-based compensation awards (DoorDash options, restricted stock units ("RSUs"), and revesting common stock) attributable to pre-combination services133
Total consideration$2,842 
The fair value of 36 million shares of Class A common stock issued was determined on the basis of the closing market price of the Company’s Class A common stock on the acquisition date. The Company also issued certain stock-based compensation awards and their fair value was determined using a Black-Scholes option pricing model with the applicable assumptions as of the acquisition date for options (1.7 million DoorDash options) and using the closing market price of the Company's Class A common stock on the acquisition date for RSUs (1.4 million DoorDash RSUs).
For certain Wolt employees, a portion of their total consideration transferred was restricted subject to revesting over a service period, including 568 thousand shares of the Company's Class A common stock. This restricted equity consideration is considered compensation for post-combination services and will be recognized as stock-based compensation expense over the next four years, based on the fair value of the shares using the closing market price of the Company's Class A common stock on the acquisition date.
The total purchase consideration of the Wolt acquisition was allocated to the tangible and intangible assets acquired, and liabilities assumed, based upon their respective fair values as of the date of the acquisition. The Company recorded $1,993 million of goodwill which represents the excess of the purchase price over the net assets acquired. Goodwill is primarily attributed to the assembled workforce of Wolt and anticipated synergies from the future growth and strategic advantages in the global local commerce industry. The goodwill recorded in connection with the acquisition of Wolt is not deductible for tax purposes. The fair value of assets acquired and liabilities assumed are based on management’s best estimate and assumptions, and are considered preliminary pending finalization of the valuation analysis pertaining to assets acquired and liabilities assumed, which primarily relate to acquired intangible assets. The Company expects to finalize the valuation as soon as practicable, but no later than one year from the acquisition date when the measurement period ends.
14

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date (in millions):
May 31, 2022
Current assets$274 
Intangible assets772 
Goodwill1,993 
Other non-current assets82 
Current liabilities(198)
Deferred tax liability, net(32)
Other non-current liabilities(49)
Total purchase price$2,842 
The following table sets forth the components of intangible assets acquired (in millions) and their estimated useful life as of the date of acquisition (in years):
Estimated Useful LifeMay 31, 2022
Merchant relationships11$236 
Trademark10268
Existing technology6150
Customer relationships3107
Courier relationships111
Total acquired intangible assets$772 
Existing technology represents the existing online and mobile Wolt platform for restaurant and grocery delivery and pickup orders. The merchant, customer, and courier relationships represent the fair value of the underlying relationships with merchants, such as restaurants and grocery stores, users of Wolt’s food and delivery services, and courier partners. The estimated fair values of merchant relationships, existing technology and trademarks were determined based on the present value of cash flows to be generated by those existing intangible assets. The fair values of the courier and customer relationships were determined using a replacement cost method. The Company expects to amortize the fair value of these intangible assets on a straight-line basis over their respective estimated useful lives.
From the date of acquisition through September 30, 2022, the amount of revenue and net loss from Wolt included in the condensed consolidated statements of operations were $136 million and $189 million, respectively.
The following unaudited pro forma results presents the combined revenue and net loss as if the Wolt acquisition had been completed on January 1, 2021, the beginning of the comparable annual reporting period. The unaudited pro forma information is based on estimates and assumptions which the Company believes are reasonable and primarily reflects adjustments for the pro forma impact of additional amortization related to the fair value of acquired intangible assets and transaction costs. The unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the periods presented, nor are they indicative of future results of operations. The unaudited pro forma results are as follows (in millions):
Three Months Ended September 30,Nine months ended September 30,
2021202220212022
Revenue $1,336 $1,701 $3,760 $4,917 
Net loss(220)(283)(719)(928)
Bbot Acquisition
On March 1, 2022, the Company acquired Bbot, Inc., a hospitality technology company. The addition of Bbot's products and technology to the Company's platform will offer merchants more solutions for their in-store and online channels,
15

including in-store digital ordering and payments. The acquisition was accounted for under the acquisition method of accounting. The total purchase consideration was approximately $88 million in cash, including a $9 million indemnification holdback, which was recorded in other liabilities.
The total purchase consideration was allocated to the tangible and intangible assets acquired, and liabilities assumed, based upon their respective fair values as of the date of the acquisition. The excess of the purchase price over the net assets acquired was recorded as goodwill. Goodwill is primarily attributable to the anticipated synergies from the future growth opportunities from the adoption of Bbot’s technology by the Company’s merchants. The fair value of assets acquired and liabilities assumed are based on management’s best estimate and assumptions, and are considered preliminary pending finalization of the valuation analyses pertaining to assets acquired and liabilities assumed, which primarily relate to acquired intangible assets. The measurement period will end no later than one-year from the acquisition date.
The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date (in millions):
March 1, 2022
Current assets$11 
Intangible assets18 
Goodwill60 
Other liabilities(1)
Total purchase price$88 
The intangible assets acquired consisted of existing technology and customer relationships, which had estimated remaining useful lives of 5 and 3 years as of the date of the acquisition, respectively.
The acquisition was not material to the Company for the periods presented and therefore, pro forma information has not been presented.
5. Goodwill and Intangible Assets, Net
The changes in the carrying amount of goodwill during the nine months ended September 30, 2022 were as follows (in millions):
Total
Balance as of December 31, 2021$316 
Acquisitions2,053 
Effects of foreign currency translation(171)
Balance as of September 30, 2022$2,198 
Intangible assets, net consisted of the following as of December 31, 2021 (in millions):
Weighted-average
Remaining Useful
Life (in years)
Gross Carrying
Value
Accumulated
Amortization
Net Carrying
Value
Existing technology7.0$71 $(52)$19 
Merchant relationships10.845 (8)37 
Courier relationships1 (1) 
Customer relationships0.89 (6)3 
Trade name and trademarks0.86 (4)2 
Balance as of December 31, 2021$132 $(71)$61 
16

Intangible assets, net consisted of the following as of September 30, 2022 (in millions):
Weighted-average
Remaining Useful
Life (in years)
Gross Carrying
Value
Accumulated
Amortization
Net Carrying
Value
Existing technology5.6$223 $(80)$143 
Merchant relationships10.2273 (18)255 
Courier relationships0.711 (4)7 
Customer relationships2.7110 (20)90 
Trade name and trademarks9.6254 (14)240 
Balance as of September 30, 2022$871 $(136)$735 
Amortization expense associated with intangible assets was $3 million and $45 million for the three months ended September 30, 2021 and 2022, respectively. Amortization expense associated with intangible assets was $10 million and $67 million for the nine months ended September 30, 2021 and 2022, respectively.
The estimated future amortization expense of intangible assets as of September 30, 2022 was as follows (in millions):
Year Ending December 31,Amortization
Expense
Remainder of 2022$31 
2023116 
2024112 
202590 
202673 
Thereafter313 
Total estimated future amortization expense$735 
17

6. 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, 2021
 Level 1Level 2Level 3Total
Cash equivalents
Money market funds$544 $ $ $544 
U.S. Treasury securities 50  50 
Short-term marketable securities
Commercial paper 373  373 
Corporate bonds 141  141 
U.S. government agency securities 69  69 
U.S. Treasury securities 670  670 
Long-term marketable securities
Corporate bonds 114  114 
U.S. government agency securities 49  49 
U.S. Treasury securities 487  487 
Total$544 $1,953 $