DoorDash(DASH) - 2024 Q4 - Annual Results

Financial Performance - Revenue for Q4 2024 was $2.9 billion, reflecting a 25% Y/Y increase, driven primarily by growth in Marketplace GOV and advertising revenue[10] - Total revenue for the year ended December 31, 2024, reached $10,722 million, up from $8,635 million in 2023, representing a 24% year-over-year growth[40] - GAAP net income attributable to DoorDash, Inc. common stockholders was $141 million in Q4 2024, compared to a loss of $(154) million in Q4 2023[16] - Net income for 2022 was $(1,368) million, projected to improve to $(565) million in 2023 and reach $117 million in 2024[42] - Net income attributable to DoorDash, Inc. common stockholders for Q4 2024 is $141 million, a significant recovery from a net loss of $154 million in Q4 2023[48] User Engagement - Total Orders increased 19% year-over-year (Y/Y) to 685 million, and Marketplace Gross Order Value (GOV) increased 21% Y/Y to $21.3 billion[4] - Monthly Active Users (MAUs) reached over 42 million in December 2024, up from over 37 million in December 2023, indicating strong user engagement[7] Profitability Metrics - Adjusted EBITDA reached an all-time high of $566 million in Q4 2024, up from $363 million in Q4 2023, representing a 56% Y/Y increase[16] - Adjusted EBITDA for Q4 2024 is projected to be $566 million, up from $363 million in Q4 2023, indicating a growth of 56% year-over-year[48] - Gross profit margin improved from 44.6% in Q4 2023 to a projected 47.8% in Q4 2024[47] - Contribution profit for Q4 2023 is expected to be $689 million, rising to $968 million by Q4 2024[47] Cash Flow and Assets - The company generated operating cash flow of $518 million and Free Cash Flow of $420 million in Q4 2024[17] - Total current assets increased from $5,597 million in 2023 to $7,386 million in 2024, reflecting a 32% growth[39] - Cash and cash equivalents increased from $2,656 million in 2023 to $4,019 million in 2024, a growth of 51%[39] - Net cash provided by operating activities increased significantly from $367 million in 2022 to $1,673 million in 2023, with a further increase to $2,132 million projected for 2024[42] - Free Cash Flow for Q4 2024 is expected to reach $1,802 million, an increase from $1,349 million in Q4 2023, representing a growth of 33.5%[52] Future Projections - For Q1 2025, the company expects Marketplace GOV to be between $22.6 billion and $23.0 billion, with Adjusted EBITDA projected between $550 million and $600 million[20] - The company expects stock-based compensation expense for 2025 to be approximately $1.1 billion to $1.2 billion[25] - The company anticipates depreciation and amortization expense for 2025 to be approximately $580 million to $600 million[25] Operational Strategy - The company plans to continue focusing on operational efficiency and reinvesting in the business to expand long-term profit potential[8] - DoorDash is focusing on expanding its international business and platform innovation as part of its overall business strategy[24] - The company plans to continue its market expansion and product development strategies, focusing on enhancing user experience and operational efficiency[49] Stock and Shareholder Actions - The company repurchased a total of 2.1 million shares of its Class A common stock for $224 million in 2024, with a new authorization for up to $5.0 billion in February 2025[18] - Total stock-based compensation expense for 2024 is estimated at $1,099 million, slightly up from $1,088 million in 2023[50] Legal and Regulatory Matters - The company incurred $102 million in certain legal, tax, and regulatory settlements in Q2 2024, which is a significant increase from $50 million in Q4 2023[48]