DoorDash(DASH) - 2025 Q1 - Quarterly Results

Financial Performance - Total Orders increased 18% year-over-year (Y/Y) to 732 million, and Marketplace GOV increased 20% Y/Y to $23.1 billion[7] - Revenue increased 21% Y/Y to $3.0 billion, with a Net Revenue Margin of 13.1%, flat compared to Q1 2024[19] - GAAP net income attributable to common stockholders rose to $193 million from a loss of $(23) million in Q1 2024[24] - Adjusted EBITDA reached $590 million, up 59% from $371 million in Q1 2024[25] - GAAP gross profit was $1.5 billion, up 31% Y/Y, with gross profit as a percentage of Marketplace GOV at 6.4%[21] - Revenue for Q1 2025 was $3,032 million, up from $2,513 million in Q1 2024, representing a growth of approximately 20.7%[47] - Net income attributable to DoorDash, Inc. common stockholders for Q1 2025 was $193 million, compared to a net loss of $23 million in Q1 2024[47] - Net income for the three months ended March 31, 2025, was $192 million, a significant recovery from a net loss of $25 million in the same period of 2024[49] - Gross profit margin improved to 48.7% in Q1 2025, compared to 44.9% in Q1 2024, showcasing enhanced profitability[52] - Adjusted gross profit for Q1 2025 is expected to be $1,574 million, up from $1,224 million in Q1 2024, reflecting a growth of 28.6%[52] - The company reported a contribution profit of $1,020 million for Q1 2025, an increase from $751 million in Q1 2024, representing a growth of 36%[52] Cash Flow and Assets - Free Cash Flow increased to $494 million in Q1 2025, up from $487 million in Q1 2024[25] - Operating cash flow increased to $635 million in Q1 2025, up from $553 million in Q1 2024, reflecting improved operational efficiency[49] - Cash, cash equivalents, and restricted cash at the end of the period increased to $4,714 million, up from $3,247 million at the end of Q1 2024[49] - Net cash provided by operating activities for Q1 2024 was $1.829 billion, expected to rise to $2.214 billion in Q1 2025[57] Expenses and Projections - GAAP sales and marketing expense was $586 million, up 16% Y/Y, representing 2.5% of Marketplace GOV[22] - Stock-based compensation expense for 2025 is expected to be between $1.1 billion and $1.2 billion[33] - Depreciation and amortization expense for 2025 is projected to be between $600 million and $640 million[33] - Stock-based compensation expenses for Q1 2025 are projected to be $235 million, slightly down from $252 million in Q1 2024, indicating cost management efforts[49] - The company incurred $35 million in legal, tax, and regulatory settlements in Q1 2024, with a forecast of $30 million for Q1 2025[53] - Interest income, net for Q1 2024 was a loss of $45 million, with a similar loss projected for Q1 2025 at $49 million[53] - The company expects to incur $2 million in transaction-related costs in Q2 2024, increasing to $5 million in Q1 2025[53] Acquisitions and Strategic Initiatives - DoorDash announced an agreement to acquire SevenRooms for approximately $1.2 billion, enhancing its hospitality technology capabilities[16] - A formal offer to acquire Deliveroo for £2.9 billion was announced, expected to close in Q4 2025[13] - DoorDash is pursuing acquisitions of Deliveroo and SevenRooms, with expectations regarding their impact on future operations and growth[35] - The company plans to invest in new product development and market expansion, with a focus on enhancing user experience and operational capabilities[50] - The company anticipates continued growth in user data and engagement metrics, supporting its long-term strategic objectives[50] Future Outlook - The company expects Q2 2025 Marketplace GOV to be between $23.3 billion and $23.7 billion, with Adjusted EBITDA projected at $600 million to $650 million[27] - Adjusted EBITDA outlook for 2025 is not provided due to uncertainties, but historical reconciliations are available[29] - Total assets increased from $12,845 million as of December 31, 2024, to $13,572 million as of March 31, 2025[46] - Total liabilities rose from $5,035 million as of December 31, 2024, to $5,177 million as of March 31, 2025[46] - The CEO performance award for 2024 is estimated at $67 million, with a total stock-based compensation of $1.099 billion[55] - Capitalized software and website development costs for Q1 2024 were $208 million, projected to increase to $244 million in Q1 2025[57]