DoorDash(US:DASH)2024-08-01 20:06Financial Performance - Total Orders increased 19% year-over-year (Y/Y) to 635 million, and Marketplace Gross Order Value (GOV) increased 20% Y/Y to $19.7 billion[3]. - Revenue rose 23% Y/Y to $2.6 billion, with a Net Revenue Margin of 13.3%, up from 13.0% in Q2 2023[3][8]. - GAAP net loss was $158 million in Q2 2024, an improvement from a loss of $172 million in Q2 2023[11]. - Adjusted EBITDA reached an all-time high of $430 million, compared to $279 million in Q2 2023[11]. - Revenue for Q2 2024 was $2,630 million, up from $2,133 million in Q2 2023, representing a 23.3% increase[32]. - Net loss attributable to DoorDash, Inc. common stockholders for Q2 2024 was $157 million, compared to a net loss of $170 million in Q2 2023, showing an improvement of 7.6%[32]. - Free cash flow for Q2 2023 was $653 million, projected to increase to $1,660 million by Q2 2024[41]. Cash Flow and Investments - The company generated net cash provided by operating activities of $530 million and Free Cash Flow of $451 million, both up from the previous year[11]. - Net cash provided by operating activities for the six months ended June 30, 2023, was $790 million, compared to $1,083 million for the same period in 2024, indicating a decrease of approximately 27%[33]. - Net cash used in investing activities for the six months ended June 30, 2023, was $(145) million, compared to $(219) million for the same period in 2024, showing an improvement[33]. - The board authorized a stock repurchase of up to $1.1 billion, with $219 million spent on repurchasing 2.1 million shares year-to-date[12]. Expenses - GAAP research and development expense was $303 million, up 13% Y/Y, driven by increased personnel-related expenses[10]. - GAAP general and administrative expense was $494 million, a 45% increase Y/Y, primarily due to office lease impairment and legal expenses[10]. - Total costs and expenses for Q2 2024 were $2,831 million, compared to $2,344 million in Q2 2023, an increase of 20.8%[32]. - Legal, tax, and regulatory settlements accounted for $49 million in Q2 2023, with expectations of $102 million by Q2 2024[37]. - The company is actively managing its office lease impairments, with expenses projected at $83 million in Q2 2024[37]. Future Outlook - For Q3 2024, the company expects Marketplace GOV between $19.4 billion and $19.8 billion, and Adjusted EBITDA between $470 million and $540 million[13]. - The company plans to invest significantly in new categories and international markets, while cautioning about potential risks from consumer spending and foreign market operations[14]. - The company expects to continue investing in new geographies and products to drive future growth[20]. - The company plans to continue its market expansion and product development strategies, focusing on new technologies and services[38]. Assets and Equity - Total assets increased from $10,839 million as of December 31, 2023, to $11,837 million as of June 30, 2024[29]. - Cash and cash equivalents rose from $2,656 million to $3,430 million during the same period[29]. - DoorDash's stockholders' equity increased from $6,806 million to $7,162 million from December 31, 2023, to June 30, 2024[31]. - The company reported a weighted-average number of shares outstanding of 410,482 thousand for Q2 2024, up from 388,737 thousand in Q2 2023[32]. Profitability Metrics - Gross profit margin for the quarter ended June 30, 2023, was 44.6%, with an expected increase to 45.4% by June 30, 2024[35]. - Adjusted gross margin is expected to stabilize around 48.7% for the upcoming quarters, with a slight increase to 49.2% by Q2 2024[36]. - Contribution profit for the quarter ended June 30, 2023, was $620 million, with an anticipated rise to $825 million by June 30, 2024, indicating a growth of about 33%[35]. - Stock-based compensation expense for the quarter ended June 30, 2023, was $43 million, with projections of $41 million by June 30, 2024[34].