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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, 2023
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 370,743,647 shares of Class A common stock, 27,465,063 shares of Class B common stock, and no shares of Class C common stock as of October 27, 2023.
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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.



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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 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 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 Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect
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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.”
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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,
2022		September 30,
2023
Assets
Current assets:
Cash and cash equivalents$1,977 $2,344 
Short-term marketable securities1,544 1,477 
Funds held at payment processors441 385 
Accounts receivable, net400 417 
Prepaid expenses and other current assets358 519 
Total current assets4,720 5,142 
Long-term restricted cash211 11 
Long-term marketable securities397 474 
Operating lease right-of-use assets436 406 
Property and equipment, net637 690 
Intangible assets, net765 663 
Goodwill2,370 2,345 
Non-marketable equity securities124 142 
Other assets129 140 
Total assets$9,789 $10,013 
Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity
Current liabilities:
Accounts payable$157 $149 
Operating lease liabilities55 63 
Accrued expenses and other current liabilities2,332 2,774 
Total current liabilities2,544 2,986 
Operating lease liabilities456 430 
Other liabilities21 29 
Total liabilities3,021 3,445 
Commitments and contingencies (Note 8)
Redeemable non-controlling interests14 9 
Stockholders’ equity:
Common stock, $0.00001 par value, 6,000,000 Class A shares authorized as of December 31, 2022 and September 30, 2023, 363,299 and 370,921 Class A shares issued and outstanding as of December 31, 2022 and September 30, 2023, respectively; 200,000 Class B shares authorized as of December 31, 2022 and September 30, 2023, 28,172 and 27,465 Class B shares issued and outstanding as of December 31, 2022 and September 30, 2023, respectively; 2,000,000 Class C shares authorized as of December 31, 2022 and September 30, 2023, zero Class C shares issued and outstanding as of December 31, 2022 and September 30, 2023
— — 
Additional paid-in capital10,633 11,576 
Accumulated other comprehensive loss(33)(68)
Accumulated deficit(3,846)(4,949)
Total stockholders’ equity6,754 6,559 
Total liabilities, redeemable non-controlling interests and stockholders’ equity$9,789 $10,013 
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,
 2022202320222023
Revenue$1,701 $2,164 $4,765 $6,332 
Costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below931 1,156 2,574 3,360 
Sales and marketing418 449 1,253 1,416 
Research and development226 250 579 750 
General and administrative311 289 847 915 
Depreciation and amortization118 128 258 379 
Restructuring charges5 — 8 2 
Total costs and expenses2,009 2,272 5,519 6,822 
Loss from operations(308)(108)(754)(490)
Interest income, net9 40 14 101 
Other expense, net(2)(1)— (6)
Loss before income taxes(301)(69)(740)(395)
Provision for (benefit from) income taxes(5)6 (14)14 
Net loss including redeemable non-controlling interests(296)(75)(726)(409)
Less: net loss attributable to redeemable non-controlling interests(1)(2)(1)(5)
Net loss attributable to DoorDash, Inc. common stockholders$(295)$(73)$(725)$(404)
Net loss per share attributable to DoorDash, Inc. common stockholders, basic and diluted$(0.77)$(0.19)$(1.98)$(1.03)
Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, basic and diluted384,756 393,217 366,107 390,794 
The accompanying notes are an integral part of these condensed consolidated financial statements.

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DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In millions)
(Unaudited)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202320222023
Net loss including redeemable non-controlling interests$(296)$(75)$(726)$(409)
Other comprehensive (loss) income, net of tax:
Change in foreign currency translation adjustments(180)(80)(267)(46)
Change in unrealized loss on marketable securities(6)3 (22)11 
Total other comprehensive (loss) income, net of tax(186)(77)(289)(35)
Comprehensive loss including redeemable non-controlling interests(482)(152)(1,015)(444)
Less: Comprehensive loss attributable to redeemable non-controlling interests(2)(2)(2)(5)
Comprehensive loss attributable to DoorDash, Inc. common stockholders$(480)$(150)$(1,013)$(439)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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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
(Loss) Income 		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.
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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
(Loss) Income		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, 202313 389,756 — 10,900 (4,400)18 6,518 
Issuance of common stock upon settlement of restricted stock units— 5,489 — — — — — 
Issuance of common stock upon exercise of stock options— 1,848 — 1 — — 1 
Stock-based compensation— — — 356 — — 356 
Other comprehensive loss— — — — — (9)(9)
Repurchase and retirement of common stock— (4,441)— — (300)— (300)
Net loss(2)— — — (170)— (170)
Balances as of June 30, 202311 392,652 — 11,257 (4,870)9 6,396 
Issuance of common stock upon settlement of restricted stock units— 4,079 — — — — — 
Issuance of common stock upon exercise of stock options— 1,733 — 2 — — 2 
Stock-based compensation— — — 317 — — 317 
Other comprehensive loss— — — — — (77)(77)
Repurchase and retirement of common stock— (78)— — (6)— (6)
Net loss(2)— — — (73)— (73)
Balances as of September 30, 2023$9 398,386 $— $11,576 $(4,949)$(68)$6,559 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Nine Months Ended September 30,
 20222023
Cash flows from operating activities
Net loss including redeemable non-controlling interests$(726)$(409)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization258 379 
Stock-based compensation609 819 
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities58 84 
Other24 23 
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions:
Funds held at payment processors103 52 
Accounts receivable, net41 (26)
Prepaid expenses and other current assets(109)(84)
Other assets(66)(45)
Accounts payable66 6 
Accrued expenses and other current liabilities156 469 
Payments for operating lease liabilities(53)(88)
Other liabilities(17)8 
Net cash provided by operating activities344 1,188 
Cash flows from investing activities
Purchases of property and equipment(131)(94)
Capitalized software and website development costs(119)(143)
Purchases of marketable securities(1,581)(1,555)
Maturities of marketable securities1,330 1,581 
Sales of marketable securities311 6 
Purchases of non-marketable equity securities— (16)
Net cash acquired in acquisitions71 — 
Other investing activities— (2)
Net cash used in investing activities(119)(223)
Cash flows from financing activities
Proceeds from exercise of stock options10 5 
Repurchase of common stock(400)(699)
Other financing activities14 (8)
Net cash used in financing activities(376)(702)
Foreign currency effect on cash, cash equivalents, and restricted cash(28)(16)
Net (decrease) increase in cash, cash equivalents, and restricted cash(179)247 
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash, beginning of period2,506 2,188 
Cash, cash equivalents, and restricted cash, end of period$2,327 $2,435 
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents$2,320 $2,344 
Restricted cash included in prepaid expenses and other current assets— 80 
Long-term restricted cash7 11 
Total cash, cash equivalents, and restricted cash$2,327 $2,435 
Non-cash investing and financing activities
Purchases of property and equipment not yet settled$42 $18 
Stock-based compensation included in capitalized software and website development costs$99 $119 
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 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 25 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 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 (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 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, 2022. 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, valuation of stock-based compensation, valuation of investments and other financial instruments
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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. 
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, 2022.
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 September 30,Nine Months Ended September 30,
 2022202320222023
United States$1,580 $1,953 $4,586 $5,738 
International121 211 179 594 
Total revenue$1,701 $2,164 $4,765 $6,332 
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, 2023 was as follows (in millions):
 Nine Months Ended September 30, 2023
Beginning balance$251 
Addition to contract liabilities1,629 
Reduction of contract liabilities(1)(2)
(1,617)
Ending balance$263 
(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 $129 million associated with unearned prepayments received by the Company, of which $114 million was recognized as revenue during the nine months ended September 30, 2023. The ending balance of unearned prepayments is expected to be recognized as revenue in 12 months or less.
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
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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,
 20222023
Beginning balance$62 $100 
Addition to deferred contract costs46 60 
Amortization of deferred contract costs(22)(33)
Ending balance$86 $127 
Deferred contract costs, current$32 $46 
Deferred contract costs, non-current54 81 
Total deferred contract costs$86 $127 
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,
20222023
Beginning balance$39 $20 
Current-period provision for expected credit losses— 7 
Write-offs charged against the allowance(12)(8)
Ending balance$27 $19 
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 were $48 million and 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 $2,838 million, which consisted of the following (in millions):
Fair Value
DoorDash Class A common stock$2,705 
Stock-based compensation awards (DoorDash options, restricted stock units ("RSUs"), and revesting common stock) attributable to pre-combination services133 
Total consideration$2,838 
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.
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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 $1,997 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, with the assistance of an independent third-party valuation firm.
The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date (in millions):
May 31, 2022
Current assets$272 
Intangible assets772 
Goodwill1,997 
Other non-current assets82 
Current liabilities(204)
Deferred tax liability, net(34)
Other non-current liabilities(47)
Total purchase price$2,838 
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 the existing technology and trademarks were determined using a relief from royalty method. The fair values of the merchant, 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 Company’s fiscal 2021. 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 on January 1, 2021, nor are they indicative of future results of operations. The unaudited pro forma results are as follows (in millions):
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Three Months Ended September 30,Nine Months Ended September 30,
20222022
Revenue $1,701 $4,917 
Net loss(283)(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, 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 settled during the three month period ended June 30, 2023.
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, with the assistance of an independent third-party valuation firm.
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, 2023 were as follows (in millions):
Total
Balance as of December 31, 2022$2,370 
Goodwill measurement period adjustment3 
Effects of foreign currency translation(28)
Balance as of September 30, 2023$2,345 
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Intangible assets, net consisted of the following as of December 31, 2022 (in millions):
Weighted-average
Remaining Useful
Life (in years)		Gross Carrying
Value		Accumulated
Amortization		Net Carrying
Value
Existing technology5.3$236 $(88)$148 
Merchant relationships10.0294 (26)268 
Courier relationships0.412 (7)5 
Customer relationships2.4119 (30)89 
Trade name and trademarks9.4277 (22)255 
Balance as of December 31, 2022$938 $(173)$765 
Intangible assets, net consisted of the following as of September 30, 2023 (in millions):
Weighted-average
Remaining Useful
Life (in years)		Gross Carrying
Value		Accumulated
Amortization		Net Carrying
Value
Existing technology4.6$234 $(109)$125 
Merchant relationships9.4291 (47)244 
Courier relationships—12 (12)— 
Customer relationships1.7119 (57)62 
Trade name and trademarks8.6274 (42)232 
Balance as of September 30, 2023$930 $(267)$663 
Amortization expense associated with intangible assets was $45 million and $30 million for the three months ended September 30, 2022 and 2023, respectively. Amortization expense associated with intangible assets was $67 million and $97 million for the nine months ended September 30, 2022 and 2023, respectively.
The estimated future amortization expense of intangible assets as of September 30, 2023 was as follows (in millions):
Year Ending December 31,Amortization
Expense
Remainder of 2023$30 
2024120 
202597 
202680 
202776 
Thereafter260 
Total estimated future amortization expense$663 
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6. 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, 2022
 Level 1Level 2Level 3Total
Cash equivalents
Money market funds$886 $— $— $886 
Commercial paper— 3 — 3 
Short-term marketable securities
Commercial paper— 306 — 306 
Corporate bonds— 205 — 205 
U.S. government agency securities— 76 — 76 
U.S. Treasury securities— 957 — 957 
Long-term marketable securities
Corporate bonds— 145 — 145 
U.S. government agency securities— 44 — 44 
U.S. Treasury securities— 208 — 208 
Total$886 $1,944 $— $2,830 
 September 30, 2023
 Level 1Level 2Level 3Total
Cash equivalents
Money market funds$1,239 $— $— $1,239 
Commercial paper— 9 — 9 
U.S. Treasury securities— 17 — 17 
Short-term marketable securities
Certificates of deposit— 27 — 27 
Commercial paper— 278 — 278 
Corporate bonds— 228 — 228 
U.S. government agency securities— 176 — 176 
U.S. Treasury securities— 768 — 768 
Long-term marketable securities
Corporate bonds— 339 — 339 
U.S. government agency securities— 30 — 30 
U.S. Treasury securities— 105 — 105 
Total$1,239 $1,977 $— $3,216 
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.
During the nine months ended September 30, 2023, the Company made investments in non-marketable equity securities of $19 million. The Company's investments in non-marketable equity securities were accounted for using the
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measurement alternative, where the Company adjusts the value of the investments based on changes in value due to observable price changes for identical or similar securities of the investee or impairment. In the three and nine months ended September 30, 2022 and 2023, the Company did not record any material 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, 2022 and September 30, 2023, including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other income (expense), net in the condensed consolidated statements of operations during the period in which they were incurred (in millions):
December 31,
2022		September 30,
2023
Initial cost basis$427 $446 
Upward adjustments9 9 
Downward adjustments (including impairment)(312)(313)
Total carrying value at the end of reporting period$124 $142 
7. 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, 2022
 Cost or
Amortized
Cost		UnrealizedEstimated
Fair
Value
 GainsLosses
Cash equivalents
Money market funds$886 $— $— $886 
Commercial paper3 — — 3 
Short-term marketable securities
Commercial paper306 — — 306 
Corporate bonds207 — (2)205 
U.S. government agency securities78 — (2)76 
U.S. Treasury securities970 — (13)957 
Long-term marketable securities
Corporate bonds146 — (1)145 
U.S. government agency securities44 — — 44 
U.S. Treasury securities210 — (2)208 
Total$2,850 $— $(20)$2,830 
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 September 30, 2023
 Cost or
Amortized
Cost		UnrealizedEstimated
Fair
Value
 GainsLosses
Cash equivalents
Money market funds$1,239 $— $— $1,239 
Commercial paper9 — — 9 
U.S. Treasury securities17 — — 17 
Short-term marketable securities
Certificates of deposit27 — — 27 
Commercial paper278 — — 278 
Corporate bonds229 — (1)228 
U.S. government agency securities177 — (1)176 
U.S. Treasury securities770 — (2)768 
Long-term marketable securities
Corporate bonds343 — (4)339 
U.S. government agency securities30 — — 30 
U.S. Treasury securities106 — (1)105 
Total$3,225 $— $(9)$3,216 
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, 2022, and September 30, 2023.
Property and Equipment, net
Property and equipment, net consisted of the following (in millions):
December 31,
2022		September 30,
2023
Equipment for merchants$156 $163 
Computer equipment and software68 74 
Capitalized software and website development costs591 855 
Leasehold improvements164 190 
Office equipment52 61 
Construction in progress74 60 
Total1,105 1,403 
Less: Accumulated depreciation and amortization(468)(713)
Property and equipment, net$637 $690 
Depreciation expenses were $29 million and $31 million for the three months ended September 30, 2022 and 2023, respectively. Depreciation expenses were $83 million and $97 million for the nine months ended September 30, 2022 and 2023, respectively.
The Company capitalized $78 million and $88 million in capitalized software and website development costs during the three months ended September 30, 2022 and 2023, respectively. The Company capitalized $223 million and $264 million in capitalized software and website development costs during the nine months ended September 30, 2022 and 2023, 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 $44 million and $67 million for the three months ended September 30, 2022 and 2023, respectively. Amortization of capitalized software and website development costs was $108 million and $185 million for nine months ended September 30, 2022 and 2023, 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,
2022		September 30,
2023
Litigation reserves$37 $43 
Sales tax payable and accrued sales and indirect taxes194 260 
Accrued operations related expenses220 223 
Accrued advertising124 135 
Dasher and merchant payable702 858 
Insurance reserves418 674 
Contract liabilities251 263 
Other386 318 
Total$2,332 $2,774 
8. 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 has been and continues to be involved in numerous legal proceedings related to Dasher classification, and such proceedings have increased in volume since the California Supreme Court’s 2018 ruling in Dynamex Operations West, Inc. v. Superior Court (“Dynamex”). The California Legislature passed legislation (“AB 5”), that was signed into law in September 2019 and became effective on January 1, 2020. AB 5 codified the Dynamex standard regarding contractor classification, expanded its application and created numerous carve-outs, which may have an adverse effect on the Company’s business, financial condition, and results of operations, and may lead to increased legal proceedings and related expenses and may require the Company to significantly alter its existing business model and operations. Further, some jurisdictions are considering implementing standards similar to the test set forth in Dynamex to determine worker classification.
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 model, 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 September 30, 2023. Results of audits and related governmental action are inherently unpredictable and, as such, there is always the risk of an audit 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.
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Indemnification
The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless, and agrees to 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 its technology. The terms of these indemnification agreements are generally perpetual any time after the execution of the agreement. 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.
The Company has entered into or will enter 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, other than liabilities arising from willful misconduct of the individual.
No liability associated with such indemnifications was recorded as of December 31, 2022 and September 30, 2023.
Non-cancelable Purchase Commitments
In May 2023, the Company amended a third-party platform service agreement under which the Company has a non-cancellable purchase commitment of $892 million through May 2028.
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 September 30, 2023, the Company had $335 million of collateral outstanding in the form of surety bonds and letters of credit in connection with the insurance collateral requirement. The Company is required to provide the remaining collateral amount in 2024.
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 (the "IPO"), 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, 2022 and September 30, 2023, the Company was in compliance with the covenants under the credit agreement. As of December 31, 2022 and September 30, 2023, 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, 2022 and September 30, 2023, the Company had $132 million and $154 million of issued letters of credit outstanding, respectively, of which $99 million and $116 million, respectively, were issued from the revolving credit and guaranty agreement.
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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.
9. Common Stock
Stock Repurchase Program
In February 2023, the Company authorized the repurchase of shares of Class A common stock, in an aggregate amount of up to $750 million. During the three months ended September 30, 2023, the Company repurchased 78 thousand shares of its Class A common stock at a weighted average price of $76.54 per share for a total amount of $6 million. During the nine months ended September 30, 2023, the Company repurchased 11.3 million shares of its Class A common stock at a weighted average price of $61.95 per share for a total amount of $699 million. The shares were retired immediately upon repurchase.
Restricted Stock
In 2022, the Company granted restricted stock to certain continuing employees in connection with the Wolt acquisition. 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, 2022472 
Granted— $— 
Vested(140)$76.91 
Forfeited— $— 
Unvested restricted stock as of September 30, 2023332 
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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, 202216,021 $2.84 3.48$737 
Granted— $— 
Exercised(5,305)$0.94 $358 
Cancelled and forfeited— $— 
Balance as of September 30, 202310,716 $3.79 3.29$811 
Exercisable as of September 30, 202310,434 $3.78 3.29$790 
Vested and expected to vest as of September 30, 202310,716 $3.79 3.29$811 
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 securities exchange on which such shares were listed as of the respective period-end dates. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2022, and 2023 was $430 million and $358 million, respectively. The weighted-average grant date fair value of stock assumed via acquisition during the nine months ended September 30, 2022 was $72.99. There were no stock options granted during the nine months ended September 30, 2023.
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 units as of December 31, 202244,805 $2,167 
Granted12,924 $61.78 
Vested(41)$75.83 
Vested and settled(12,581)$75.95 
Forfeited(4,555)$86.85 
Unvested units as of September 30, 202340,552 $3,221 
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 securities exchange on which such shares were listed as of the respective period-end dates. The weighted-average fair value per share of RSUs granted during the nine months ended September 30, 2022 and 2023 was $81.52 and $61.78, respectively.
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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 September 30,Nine Months Ended September 30,
2022202320222023
Cost of revenue, exclusive of depreciation and amortization$30 $36 $72 $103 
Sales and marketing26 30 69 90 
Research and development99 119 249 350 
General and administrative94 93 219 276 
Total stock-based compensation expense$249 $278 $609 $819 
As of September 30, 2023, there was $8 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.2 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 September 30, 2023, unrecognized stock-based compensation expense related to the CEO Performance Award was $98 million, which is expected to be recognized over a period of 1.57 years.
As of September 30, 2023, there was $2.1 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 2.44 years.
10. 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 differences between the effective tax rate and the federal statutory tax rate are due to the valuation allowance on the Company’s deferred tax assets in certain jurisdictions.
Specifically, the Company recorded a $5 million benefit from and $6 million of provision for income taxes for the three months ended September 30, 2022 and 2023, respectively. The Company recorded $14 million of benefit from and $14 million of provision for income taxes for the nine months ended September 30, 2022 and 2023, respectively. The benefit from income taxes for 2022 is primarily driven by the losses generated in non-U.S. jurisdictions for which a tax benefit can be realized. The provision for income taxes for 2023 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. The Company will continue to regularly assess the realizability of its deferred tax assets. 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 September 30, 2023, 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.
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11. 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 and nine months ended September 30, 2022 and 2023 (in millions, except share amounts which are reflected in thousands, and per share data):
Three Months Ended September 30,Nine Months Ended September 30,
2022202320222023
Class AClass BClass AClass BClass AClass B