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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, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from   to  
Commission File Number: 001-39759
______________________________________
DOORDASH, INC.
______________________________________
(Exact name of registrant as specified in its charter)
Delaware
46-2852392
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
303 2nd Street, South Tower, 8th Floor
San Francisco, California 94107
(Address of principal executive offices) (Zip code)
(650) 487-3970
(Registrant’s telephone number, including area code)
_____________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value of $0.00001 per shareDASH
The Nasdaq Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒    No ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒   No  ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer  
☐
Smaller reporting company
☐
Emerging growth company
☐
                
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes ☐   No  ☒
The registrant had outstanding 388,981,171 shares of Class A common stock, 26,415,068 shares of Class B common stock, and no shares of Class C common stock as of October 25, 2024.
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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 maintain or increase long-term profitability;
•our business and growth strategy and plans, including our ability to successfully execute on such strategy and plans;
•the sufficiency of our cash, cash equivalents, and marketable securities to meet our liquidity needs;
•the demand for our platform or for local commerce platforms in general;
•our ability to attract and retain merchants, consumers, and Dashers;
•our ability to effectively manage costs related to Dashers;
•our ability to develop new offerings, services, and features, and bring them to market in a timely and cost-effective manner and make enhancements to our platform;
•our ability to compete with existing and new competitors in existing and new markets and offerings;
•our expectations regarding outstanding litigation and legal, tax, 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
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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."
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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,
2023		September 30,
2024
Assets
Current assets:
Cash and cash equivalents$2,656 $3,664 
Short-term marketable securities1,422 1,300 
Funds held at payment processors356 335 
Accounts receivable, net533 622 
Prepaid expenses and other current assets630 839 
Total current assets5,597 6,760 
Long-term restricted cash11 13 
Long-term marketable securities583 795 
Operating lease right-of-use assets436 380 
Property and equipment, net712 733 
Intangible assets, net659 577 
Goodwill2,432 2,460 
Non-marketable equity securities46 40 
Other assets363 519 
Total assets$10,839 $12,277 
Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity
Current liabilities:
Accounts payable$216 $191 
Operating lease liabilities68 66 
Accrued expenses and other current liabilities3,126 3,837 
Total current liabilities3,410 4,094 
Operating lease liabilities454 466 
Other liabilities162 139 
Total liabilities4,026 4,699 
Commitments and contingencies (Note 7)
Redeemable non-controlling interests7 9 
Stockholders’ equity:
Common stock, $0.00001 par value, 6,000,000 Class A shares authorized as of December 31, 2023 and September 30, 2024, 375,987 and 388,547 Class A shares issued and outstanding as of December 31, 2023 and September 30, 2024, respectively; 200,000 Class B shares authorized as of December 31, 2023 and September 30, 2024, 27,241 and 26,615 Class B shares issued and outstanding as of December 31, 2023 and September 30, 2024, respectively; 2,000,000 Class C shares authorized as of December 31, 2023 and September 30, 2024, zero Class C shares issued and outstanding as of December 31, 2023 and September 30, 2024
— — 
Additional paid-in capital11,887 12,843 
Accumulated other comprehensive income73 122 
Accumulated deficit(5,154)(5,396)
Total stockholders’ equity6,806 7,569 
Total liabilities, redeemable non-controlling interests and stockholders’ equity$10,839 $12,277 
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,
 2023202420232024
Revenue$2,164 $2,706 $6,332 $7,849 
Costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below1,156 1,374 3,360 4,089 
Sales and marketing449 483 1,416 1,496 
Research and development250 289 750 871 
General and administrative289 315 915 1,128 
Depreciation and amortization128 138 379 420 
Restructuring charges— — 2 — 
Total costs and expenses2,272 2,599 6,822 8,004 
Income (loss) from operations(108)107 (490)(155)
Interest income, net40 54 101 148 
Other expense, net(1)(6)(6)(13)
Income (loss) before income taxes(69)155 (395)(20)
Provision for (benefit from) income taxes6 (6)14 2 
Net income (loss) including redeemable non-controlling interests(75)161 (409)(22)
Less: net loss attributable to redeemable non-controlling interests(2)(1)(5)(4)
Net income (loss) attributable to DoorDash, Inc. common stockholders$(73)$162 $(404)$(18)
Net income (loss) per share attributable to DoorDash, Inc. Class A and Class B common stockholders
Basic$(0.19)$0.39 $(1.03)$(0.04)
Diluted$(0.19)$0.38 $(1.03)$(0.04)
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to DoorDash, Inc. Class A and Class B common stockholders
Basic393,217 413,106 390,794 409,703 
Diluted393,217 427,962 390,794 409,703 
The accompanying notes are an integral part of these condensed consolidated financial statements.

6
DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(Unaudited)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202420232024
Net income (loss) including redeemable non-controlling interests$(75)$161 $(409)$(22)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments(80)134 (46)41 
Change in unrealized gains and losses on marketable securities3 13 11 8 
Total other comprehensive income (loss)(77)147 (35)49 
Comprehensive income (loss) including redeemable non-controlling interests(152)308 (444)27 
Less: Comprehensive loss attributable to redeemable non-controlling interests(2)(1)(5)(4)
Comprehensive income (loss) attributable to DoorDash, Inc. common stockholders$(150)$309 $(439)$31 
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 Income
(Loss)		Total
Stockholders’
Equity
SharesAmount
Balances as of December 31, 2022$14 391,471 $— $10,633 $(3,846)$(33)$6,754 
Issuance of common stock upon settlement of restricted stock units— 3,322 — — — — — 
Issuance of common stock upon exercise of stock options— 1,724 — 2 — — 2 
Stock-based compensation— — — 265 — — 265 
Other comprehensive income— — — — — 51 51 
Repurchase and retirement of common stock— (6,761)— — (393)— (393)
Net loss(1)— — — (161)— (161)
Balances as of March 31, 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 REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
(in millions, except share amounts which are reflected in thousands)
(Unaudited)
 Redeemable
Non-Controlling
Interests		Common StockAdditional
Paid-in
Capital		Accumulated
Deficit		Accumulated
Other
Comprehensive Income
(Loss)		Total
Stockholders’
Equity
 SharesAmount
Balances as of December 31, 2023$7 403,228 $— $11,887 $(5,154)$73 $6,806 
Issuance of common stock upon settlement of restricted stock units— 3,710 — — — — — 
Issuance of common stock upon exercise of stock options— 1,574 — 1 — — 1 
Stock-based compensation— — — 289 — — 289 
Recognition of redeemable non-controlling interest upon additional capital investment6 — — — — — — 
Other comprehensive loss— — — — — (74)(74)
Net loss(2)— — — (23)— (23)
Balances as of March 31, 202411 408,512 — 12,177 (5,177)(1)6,999 
Issuance of common stock upon settlement of restricted stock units— 3,626 — — — — — 
Issuance of common stock upon exercise of stock options— 1,016 — 2 — — 2 
Stock-based compensation— — — 344 — — 344 
Other comprehensive loss— — — — — (24)(24)
Repurchase and retirement of common stock— (14)— — (2)— (2)
Net loss(1)— — — (157)— (157)
Balances as of June 30, 202410 413,140 — 12,523 (5,336)(25)7,162 
Issuance of common stock upon settlement of restricted stock units— 3,410 — — — — — 
Issuance of common stock upon exercise of stock options— 726 — 4 — — 4 
Stock-based compensation— — — 316 — — 316 
Other comprehensive income— — — — — 147 147 
Repurchase and retirement of common stock— (2,114)— — (222)— (222)
Net income (loss)(1)— — — 162 — 162 
Balances as of September 30, 2024$9 415,162 $— $12,843 $(5,396)$122 $7,569 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
 Nine Months Ended September 30,
 20232024
Cash flows from operating activities
Net loss including redeemable non-controlling interests$(409)$(22)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization379 420 
Stock-based compensation819 828 
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities84 77 
Office lease impairment expenses— 83 
Other23 26 
Changes in operating assets and liabilities:
Funds held at payment processors52 24 
Accounts receivable, net(26)(102)
Prepaid expenses and other current assets(84)(209)
Other assets(45)89 
Accounts payable6 (31)
Accrued expenses and other current liabilities469 494 
Payments for operating lease liabilities(88)(83)
Other liabilities8 20 
Net cash provided by operating activities1,188 1,614 
Cash flows from investing activities
Purchases of property and equipment(94)(72)
Capitalized software and website development costs(143)(160)
Purchases of marketable securities(1,555)(1,527)
Maturities of marketable securities1,581 1,481 
Sales of marketable securities6 4 
Purchases of non-marketable equity securities(16)— 
Other investing activities(2)(7)
Net cash used in investing activities(223)(281)
Cash flows from financing activities
Proceeds from exercise of stock options5 7 
Repurchase of common stock(699)(224)
Other financing activities(8)6 
Net cash used in financing activities(702)(211)
Foreign currency effect on cash, cash equivalents, and restricted cash(16)4 
Net increase in cash, cash equivalents, and restricted cash247 1,126 
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash, beginning of period2,188 2,772 
Cash, cash equivalents, and restricted cash, end of period$2,435 $3,898 
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents$2,344 $3,664 
Restricted cash included in prepaid expenses and other current assets80 221 
Long-term restricted cash11 13 
Total cash, cash equivalents, and restricted cash$2,435 $3,898 
Non-cash investing and financing activities
Purchases of property and equipment not yet settled$18 $29 
Stock-based compensation included in capitalized software and website development costs$119 $121 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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DOORDASH, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Organization and Description of Business
DoorDash, Inc. (the “Company”) is incorporated in Delaware with headquarters in San Francisco, California. The Company provides a local commerce platform that enables local businesses to address consumers’ expectations of ease and immediacy and thrive in today’s convenience economy.
The Company operates a local commerce platform that connects merchants, consumers, and Dashers. The Company's primary offerings are the DoorDash Marketplace and the Wolt Marketplace (together, the "Marketplaces"), which together operate in over 30 countries across the globe. The Marketplaces provide a suite of services that enable merchants to establish an online presence, generate demand, seamlessly transact with consumers, and fulfill orders primarily through independent contractors who use the Company’s platform to deliver orders (“Dashers”). 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 its Commerce Platform, 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. The Commerce Platform also includes other services including Online Ordering, 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.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and entities consolidated under the variable interest entity model, and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. All intercompany balances and transactions have been eliminated in consolidation.
These unaudited condensed consolidated interim financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. They should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Interim results are not necessarily indicative of the results for a full year.
Use of Estimates
The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Estimates include, but are not limited to, revenue recognition, allowances for credit losses, gift card breakage, estimated useful lives of property and equipment, capitalized software and website development costs, intangible assets, valuation of stock-based compensation, valuation of investments and other financial instruments including valuation of investments without readily determinable fair values, valuation of acquired intangible assets and goodwill, the incremental borrowing rate applied in lease accounting, impairment of long-lived assets, insurance reserves, loss contingencies, and income and indirect taxes. Actual results could differ from these estimates.
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In June 2024, the Company ceased use of and made available for sublease certain corporate office spaces. As a result, the Company determined that the asset groups which primarily consist of the related operating lease right-of-use assets and leasehold improvements were impaired, and recognized an impairment charge of $83 million recorded as general and administrative expenses during the nine months ended September 30, 2024. The fair value of the asset groups was estimated using an income-approach based on estimated future cash flows expected to be derived from the office spaces based on current sublease market rent. As of September 30, 2024, the Company was continuing its efforts to sublease the spaces.
Significant Accounting Policies
There have been no material changes to the Company's significant accounting policies from its Annual Report on Form 10-K for the year ended December 31, 2023.
Recent Accounting Pronouncements Issued
In November 2023, the Financial Accounting Standards Board (“FASB") issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements. ASU 2023-07 expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. Additionally, the amendments require disclosure of the title and position of the Chief Operating Decision Maker ("CODM") and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. This ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company will apply the guidance starting with its consolidated financial statements included in the Annual Report on Form 10-K for the year ending December 31, 2024.
3. Revenue
Disaggregated Revenue Information
All revenue recognized during the periods presented was related to the Company's core business, which is primarily composed of the Company's Marketplaces and Commerce Platform.
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,
 2023202420232024
United States$1,953 $2,361 $5,738 $6,901 
International211 345 594 948 
Total revenue$2,164 $2,706 $6,332 $7,849 
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 composed 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, 2024 was as follows (in millions):
12
 Nine Months Ended September 30, 2024
Beginning balance$308 
Addition to contract liabilities1,975 
Reduction of contract liabilities(1)(2)
(1,961)
Ending balance$322 
(1) Gift cards and certain consumer credits can be redeemed through the Marketplaces. When they are redeemed, revenue is recognized on a net basis as the difference between the amounts collected from consumers less amounts remitted to merchants and Dashers for those transactions. Therefore, the amount recognized as revenue related to the reduction of gift cards and certain consumer credits is less than the amount presented in the table above. Net revenue associated with gift cards and certain consumer credits is not tracked by the Company as it is impracticable to do so.
(2) Included in the beginning balance of contract liabilities was $181 million associated with unearned prepayments received by the Company, of which $163 million was recognized as revenue during the nine months ended September 30, 2024. 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 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,
 20232024
Beginning balance$100 $137 
Addition to deferred contract costs60 61 
Amortization of deferred contract costs(33)(43)
Ending balance$127 $155 
Deferred contract costs, current$46 $62 
Deferred contract costs, non-current81 93 
Total deferred contract costs$127 $155 
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,
20232024
Beginning balance$20 $17 
Current-period provision for expected credit losses7 11 
Write-offs charged against the allowance(8)(6)
Ending balance$19 $22 
13
4. Goodwill and Intangible Assets, Net
The changes in the carrying amount of goodwill during the nine months ended September 30, 2024 were as follows (in millions):
Total
Balance as of December 31, 2023$2,432 
Effects of foreign currency translation28 
Balance as of September 30, 2024$2,460 
Intangible assets, net consisted of the following as of December 31, 2023 (in millions):
Weighted-average
Remaining Useful
Life (in years)		Gross Carrying
Value		Accumulated
Amortization		Net Carrying
Value
Existing technology4.3$241 $(117)$124 
Merchant relationships9.1302 (56)246 
Courier relationships—12 (12)— 
Customer relationships1.4123 (69)54 
Trade name and trademarks8.4286 (51)235 
Balance as of December 31, 2023$964 $(305)$659 
Intangible assets, net consisted of the following as of September 30, 2024 (in millions):
Weighted-average
Remaining Useful
Life (in years)		Gross Carrying
Value		Accumulated
Amortization		Net Carrying
Value
Existing technology3.6$242 $(139)$103 
Merchant relationships8.5304 (79)225 
Customer relationships0.7124 (99)25 
Trade name and trademarks7.6289 (73)216 
Assembled workforce in asset acquisition2.510 (2)8 
Balance as of September 30, 2024$969 $(392)$577 
Amortization expense associated with intangible assets was $30 million and $32 million for the three months ended September 30, 2023 and 2024, respectively. Amortization expense associated with intangible assets was $97 million and $94 million for the nine months ended September 30, 2023 and 2024, respectively.
The estimated future amortization expense of intangible assets as of September 30, 2024 is as follows (in millions):
Year Ending December 31,Amortization
Expense
Remainder of 2024$32 
2025105 
202686 
202781 
202865 
Thereafter208 
Total estimated future amortization expense$577 
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5. Fair Value Measurements
Assets Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s cash equivalents and marketable securities that were measured at fair value on a recurring basis by level within the fair value hierarchy (in millions):
 December 31, 2023
 Level 1Level 2Level 3Total
Cash equivalents
Money market funds$1,349 $— $— $1,349 
U.S. Treasury securities— 35 — 35 
Short-term marketable securities
Certificates of deposit— 38 — 38 
Commercial paper— 216 — 216 
Corporate bonds— 289 — 289 
U.S. government agency securities— 162 — 162 
U.S. Treasury securities— 717 — 717 
Long-term marketable securities
Corporate bonds— 383 — 383 
U.S. government agency securities— 55 — 55 
U.S. Treasury securities— 145 — 145 
Total$1,349 $2,040 $— $3,389 
 September 30, 2024
 Level 1Level 2Level 3Total
Cash equivalents
Money market funds$2,433 $— $— $2,433 
Commercial paper— 24 — 24 
Certificates of deposit— 2 — 2 
U.S. Treasury securities— 7 — 7 
Short-term marketable securities
Certificates of deposit— 40 — 40 
Commercial paper— 101 — 101 
Corporate bonds— 462 — 462 
U.S. government agency securities— 46 — 46 
U.S. Treasury securities— 606 — 606 
Mutual funds45 — — 45 
Long-term marketable securities
Corporate bonds— 467 — 467 
U.S. government agency securities— 69 — 69 
U.S. Treasury securities— 259 — 259 
Total$2,478 $2,083 $— $4,561 
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.
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During the nine months ended September 30, 2023, the Company made investments in non-marketable equity securities of $19 million. In the three and nine months ended September 30, 2023 and 2024, 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, 2023 and September 30, 2024, including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other expense, net in the condensed consolidated statements of operations during the period in which they were incurred (in millions):
December 31,
2023		September 30,
2024
Initial cost basis$450 $450 
Upward adjustments9 9 
Downward adjustments (including impairment)(413)(419)
Total carrying value at the end of reporting period$46 $40 
6. Balance Sheet Components
Cash Equivalents and Marketable Securities
The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss, and fair value of the Company’s cash equivalents and marketable securities (in millions):
 December 31, 2023
 Cost or
Amortized
Cost		UnrealizedEstimated
Fair
Value
 GainsLosses
Cash equivalents
Money market funds$1,349 $— $— $1,349 
U.S. Treasury securities35 — — 35 
Short-term marketable securities
Certificates of deposit38 — — 38 
Commercial paper216 — — 216 
Corporate bonds290 — (1)289 
U.S. government agency securities162 — — 162 
U.S. Treasury securities717 1 (1)717 
Long-term marketable securities
Corporate bonds382 2 (1)383 
U.S. government agency securities55 — — 55 
U.S. Treasury securities144 1 — 145 
Total$3,388 $4 $(3)$3,389 
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 September 30, 2024
 Cost or
Amortized
Cost		UnrealizedEstimated
Fair
Value
 GainsLosses
Cash equivalents
Money market funds$2,433 $— $— $2,433 
Commercial paper24 — — 24 
Certificates of deposit2 — — 2 
U.S. Treasury securities7 — — 7 
Short-term marketable securities
Certificates of deposit40 — — 40 
Commercial paper101 — — 101 
Corporate bonds461 1 — 462 
U.S. government agency securities46 — — 46 
U.S. Treasury securities605 1 — 606 
Mutual funds45 — — 45 
Long-term marketable securities
Corporate bonds463 4 — 467 
U.S. government agency securities68 1 — 69 
U.S. Treasury securities257 2 — 259 
Total$4,552 $9 $— $4,561 
For marketable securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. No allowance for credit losses was recorded for these securities as of December 31, 2023, and September 30, 2024.
Property and Equipment, net
Property and equipment, net consisted of the following (in millions):
December 31,
2023		September 30,
2024
Equipment for merchants$167 $180 
Computer equipment and software77 91 
Capitalized software and website development costs953 1,233 
Leasehold improvements217 209 
Office equipment66 73 
Construction in progress40 42 
Total1,520 1,828 
Less: Accumulated depreciation and amortization(808)(1,095)
Property and equipment, net$712 $733 
Depreciation expenses were $31 million and $27 million for the three months ended September 30, 2023 and 2024, respectively. Depreciation expenses were $97 million and $90 million for the nine months ended September 30, 2023 and 2024, respectively.
The Company capitalized $88 million and $98 million in capitalized software and website development costs during the three months ended September 30, 2023 and 2024, respectively. The Company capitalized $264 million and $280 million in capitalized software and website development costs during the nine months ended September 30, 2023 and 2024, respectively. Capitalized software and website development costs are included in property and equipment, net on the condensed consolidated balance sheets. Amortization of capitalized software and website development costs was $67 million and $79 million for the three months ended September 30, 2023 and 2024, respectively. Amortization of capitalized software and website development costs was $185 million and $236 million for the nine months ended September 30, 2023 and 2024, respectively. Construction in progress primarily included leasehold improvements on premises that are not ready for use and equipment for merchants that are not placed in service.
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Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
December 31,
2023		September 30,
2024
Litigation reserves$75 $155 
Sales tax payable and accrued sales and indirect taxes245 310 
Accrued operations related expenses331 423 
Accrued advertising112 136 
Dasher and merchant payable950 1,073 
Insurance reserves758 1,023 
Contract liabilities308 322 
Other347 395 
Total$3,126 $3,837 
7. Commitments and Contingencies
Legal Proceedings
From time to time, the Company may be a party to litigation and subject to claims incidental to its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these matters will not have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of judgment, defense and settlement costs, diversion of management resources, and other factors. At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable, requiring recognition of a loss accrual, or whether the potential loss is reasonably possible, requiring potential disclosure. Legal fees are expensed as incurred.
The Company is currently the subject of regulatory and administrative investigations, audits, demands, and inquiries conducted by federal, state, or local governmental agencies concerning the Company’s business practices, the classification and compensation of Dashers, the DoorDash Dasher pay models, compliance with consumer protection laws, privacy, data security, tax issues, unemployment insurance, workers' compensation insurance, and other matters. For example, the Company is currently under audit by the Employment Development Department, State of California (the “CA EDD”) for payroll tax liabilities. In January 2023, the CA EDD issued an assessment for certain amounts that it found to be owed by the Company on behalf of Dashers due to their being classified as independent contractors. The Company believes that Dashers are, and have been, properly classified as independent contractors. Accordingly, the Company believes that it has meritorious defenses and intends to vigorously appeal such adverse assessment. However, the ultimate resolution of the audit is uncertain and, accordingly, the Company has recorded an accrual for this matter within accrued expenses and other current liabilities on the condensed consolidated balance sheets as of September 30, 2024. The results of investigations, audits, demands, and inquiries and related governmental action are inherently unpredictable and, as such, there is always the risk of an investigation, audit, demand, or inquiry having a material impact on the Company's business, financial condition, and results of operations.
In June 2020, the San Francisco District Attorney filed an action in the Superior Court of California, County of San Francisco, alleging that the Company misclassified California Dashers as independent contractors as opposed to employees in violation of the California Labor Code and the California Unfair Competition Law, among other allegations. This action is seeking both restitutionary damages and a permanent injunction that would bar the Company from continuing to classify California Dashers as independent contractors. It is a reasonable possibility that a loss may be incurred; however, the possible range of losses is not estimable given the status of the case.
Indemnification
The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent, or other intellectual property infringement claim by any third party with respect to the Company's technology. The terms of these indemnification agreements are generally perpetual any time after the execution of the agreement.
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In addition, the Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers of the Company, other than liabilities arising from willful misconduct of the individual.
The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. No liability associated with such indemnifications was recorded as of December 31, 2023 and September 30, 2024.
Insurance Collateral
The Company is required to maintain $692 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, 2024, the Company had $692 million of collateral outstanding in the form of surety bonds and letters of credit in connection with the insurance collateral requirement.
Revolving Credit Facility and Letters of Credit
In November 2019, the Company entered into a revolving credit and guaranty agreement, which, as most recently amended and restated on April 26, 2024, provides for an unsecured revolving credit facility of up to $800 million, with a letter of credit sublimit of $600 million, maturing on April 26, 2029. Loans under the revolving 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 Company's obligations under the revolving credit facility are guaranteed by certain of its domestic subsidiaries meeting materiality thresholds set forth in the credit agreement. The credit agreement contains customary affirmative covenants and customary negative covenants that restrict the Company's ability and its subsidiaries’ ability to, among other things, incur subsidiary indebtedness, grant liens, declare cash dividends or make certain other distributions, repurchase stock, merge or consolidate with other companies or sell substantially all of the assets of the Company and its subsidiaries, taken as a whole, make investments and loans, and engage in certain transactions with affiliates. The Company must also maintain compliance with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the credit agreement.
As of December 31, 2023 and September 30, 2024, the Company was in compliance with the covenants under the credit agreement. As of December 31, 2023 and September 30, 2024, no revolving loans were outstanding under the credit facility.
In addition to the letters of credit maintained in connection with the insurance collateral requirement, the Company also maintains letters of credit established primarily for real estate leases and insurance policies. As of December 31, 2023 and September 30, 2024, the Company had $138 million and $140 million of issued letters of credit outstanding, respectively, of which $115 million and $112 million, respectively, were issued from the revolving credit and guaranty agreement.
Sales and Indirect Tax Matters
The Company is under audit by various state, local, and foreign tax authorities with regard to sales and indirect tax matters. The Company records sales and indirect tax reserves as they become probable and the amount can be reasonably estimated. These reserves are included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The timing of the resolution of indirect tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the tax authorities may differ from the amounts accrued.
8. Common Stock
Share Repurchase Program
In February 2024, the Company authorized the repurchase of its Class A common stock, in an aggregate amount of up to $1.1 billion. During the three months ended September 30, 2024, the Company repurchased 2.1 million shares of its Class A common stock at a weighted average price of $105.09 per share for a total amount of $222 million. During the nine
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months ended September 30, 2024, the Company repurchased 2.1 million shares of its Class A common stock at a weighted average price of $105.12 per share for a total amount of $224 million. The shares were retired immediately upon repurchase.
Restricted Stock
The Company had granted restricted stock to certain continuing employees in connection with the acquisition of Wolt Enterprises Oy ("Wolt") on May 31, 2022. Vesting of this stock is dependent on the respective employee’s continued employment at the Company during the requisite service period, which is generally up to four years from the issuance date. The fair value of the restricted stock issued to employees that is subject to post-acquisition employment is recorded as compensation expense on a straight-line basis over the requisite service period.
The activities for the restricted stock issued to employees was as follows (in thousands, except per share data):
Number of
Shares		Weighted-
Average
Grant Date
Fair Value Per Share
Unvested restricted stock as of December 31, 2023285 
Granted— $— 
Vested(140)$76.91 
Forfeited— $— 
Unvested restricted stock as of September 30, 2024145 
Stock Award Activities
A summary of stock option activity under the 2014 Equity Incentive Plan, 2020 Equity Incentive Plan, and 2022 Inducement Equity Incentive Plan was as follows (in millions, except share amounts which are reflected in thousands, and per share data):
Options Outstanding
Shares
subject to
Options
Outstanding		Weighted-
Average
Exercise
Price Per Share		Weighted-
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
Balance as of December 31, 20239,022 $4.38 3.41$853 
Granted— $— 
Exercised(3,316)$2.05 $388 
Cancelled and forfeited(2)$2.31 
Balance as of September 30, 20245,704 $5.73 3.45$781 
Exercisable as of September 30, 20245,452 $5.81 3.51$746 
Vested and expected to vest as of September 30, 20245,704 $5.73 3.45$781 
The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and the closing stock price of the Company's Class A common stock on the Nasdaq Stock Market as of the respective period-end dates. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2023 and 2024 was $358 million and $388 million, respectively. There were no stock options granted during the nine months ended September 30, 2023 and 2024.
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A summary of RSU activity was as follows (in millions, except share amounts which are reflected in thousands, and per share data):
Number of
Shares		Weighted-
Average
Grant Date
Fair Value Per Share		Aggregate
Intrinsic
Value
Unvested RSUs as of December 31, 202337,792 $3,645 
Granted7,492 $123.47 
Vested(14)$79.36 
Vested and settled(10,736)$83.32 
Forfeited(2,269)$82.78 
Unvested RSUs as of September 30, 202432,265 $4,605 
The aggregate intrinsic value disclosed in the above table is based on the closing stock price of the Company's Class A common stock on the Nasdaq Stock Market as of the respective period-end dates. The weighted-average fair value per share of RSUs granted during the nine months ended September 30, 2023 and 2024 was $61.78 and $123.47, respectively.
Stock-Based Compensation Expense
The Company recorded stock-based compensation expense in the condensed consolidated statements of operations as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2023202420232024
Cost of revenue, exclusive of depreciation and amortization$36 $36 $103 $109 
Sales and marketing30 30 90 87 
Research and development119 126 350 379 
General and administrative93 82 276 253 
Total stock-based compensation expense$278 $274 $819 $828 
As of September 30, 2024, there was $5 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.01 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, 2024, unrecognized stock-based compensation expense related to the CEO Performance Award was $18 million, which is expected to be recognized over a period of 0.57 years.
As of September 30, 2024, there was $1.8 billion of unrecognized stock-based compensation expense related to unvested restricted stock and RSUs, excluding the unrecognized stock-based compensation expense associated with the CEO Performance Award. The Company expects to recognize this expense over the remaining weighted-average period of 2.12 years.
9. Income Taxes
The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate and, if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment to tax expense or benefit in the period. The primary difference between the effective tax rate and the federal statutory tax rate is due to the valuation allowance on the Company’s deferred tax assets in certain jurisdictions.
The Company recorded $6 million of provision for income taxes and $6 million of benefit from income taxes for the three months ended September 30, 2023 and 2024, respectively. The Company recorded $14 million and $2 million of provision
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for income taxes for the nine months ended September 30, 2023 and 2024, respectively. The provision for income taxes for 2023 was primarily attributable to positive pre-tax book income in the United States resulting in federal and state income taxes. The benefit from income taxes for the three months ended September 30, 2024, was primarily driven by 2023 losses generated in non-U.S. jurisdictions for which a tax benefit can be realized.
The Company regularly assesses the realizability of its deferred tax assets and establishes a valuation allowance if it is more-likely-than-not that some, or all, of its deferred tax assets will not be realized in the future. The Company evaluates and weighs all available evidence, both positive and negative, including its historic operating results, future reversals of existing deferred tax liabilities, as well as projected future taxable income. Changes in earnings performance and future earnings projections, among other factors, may cause the Company to adjust the valuation allowance on deferred tax assets, which could materially impact the income tax expense in the period the Company determines that these factors have changed. As of September 30, 2024, the Company maintains a full valuation allowance on its deferred tax assets except for certain foreign jurisdictions.
The Company is subject to income tax audits in the United States and foreign jurisdictions. The Company recorded liabilities related to uncertain tax positions and believes that the Company has provided adequate reserves for income tax uncertainties in all open tax years. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the federal, state, or foreign tax authorities to the extent utilized in a future period.
10. Net Income (Loss) per Share Attributable to DoorDash, Inc. Common Stockholders
The Company computes net income (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 income and losses. The computation of diluted net income per share of Class A common stock for the three months ended September 30, 2024 does not assume the conversion of Class B common stock to Class A common stock because including such shares would have an anti-dilutive effect.
The following table sets forth the calculation of basic and diluted net income (loss) per share attributable to DoorDash, Inc. common stockholders during the periods presented (in millions, except share amounts which are reflected in thousands, and per share data):
Three Months Ended September 30,Nine Months Ended September 30,
2023202420232024
Class AClass BClass AClass BClass AClass BClass AClass B
Basic net income (loss) per share
Numerator
Net income (loss) including redeemable non-controlling interests(70)(5)151 10 (380)(29)(21)(1)
Less: Net loss attributable to redeemable non-controlling interests(2)— (1)— (5)— (4)— 
Net income (loss) attributable to DoorDash, Inc. common stockholders(68)(5)152 10 (375)(29)(17)(1)
Denominator
Weighted-average number of shares outstanding used to compute basic net income (loss) per share attributable to DoorDash, Inc. common stockholders365,749 27,468 386,278 26,828 363,111 27,683 382,625 27,078 
Basic net income (loss) per share attributable to DoorDash, Inc. common stockholders$(0.19)$(0.19)$0.39 $0.39 $(1.03)$(1.03)$(0.04)$(0.04)
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Three Months Ended September 30,Nine Months Ended September 30,
2023202420232024
Class AClass BClass AClass BClass AClass BClass AClass B