DoorDash(US:DASH)2024-05-01 20:07Financial Performance - Total Orders increased 21% year-over-year (Y/Y) to 620 million, and Marketplace GOV increased 21% Y/Y to $19.2 billion[5] - Revenue increased 23% Y/Y to $2.5 billion, with Net Revenue Margin rising to 13.1% from 12.8% in Q1 2023[5] - GAAP net loss including redeemable non-controlling interests was $25 million, significantly improved from $162 million in Q1 2023[5] - Adjusted EBITDA reached an all-time high of $371 million, up from $204 million in Q1 2023[14] - Revenue for Q1 2024 was $2,513 million, an increase of 23.5% compared to $2,035 million in Q1 2023[36] - Net loss attributable to DoorDash, Inc. common stockholders for Q1 2024 was $23 million, significantly reduced from a loss of $161 million in Q1 2023[36] - Adjusted EBITDA for Q1 2024 improved to a loss of $61 million, compared to a loss of $171 million in Q1 2023[36] - For the three months ended March 31, 2024, the company reported a net loss of $25 million, a significant improvement from a net loss of $162 million in the same period of 2023[38] - The contribution margin improved to 29.9% in Q1 2024, up from 26.2% in Q1 2023, indicating enhanced operational efficiency[43] Cost and Expenses - GAAP cost of revenue was $1.3 billion, up 24% Y/Y, primarily due to increases in Total Orders and Marketplace GOV[8] - GAAP sales and marketing expense was $504 million, up 2% Y/Y, with a decrease in advertising expenses offsetting personnel-related costs[10] - GAAP research and development expense was $279 million, up 21% Y/Y, driven by personnel-related expenses[11] - Cost of revenue for Q1 2024 was $1,330 million, up from $1,069 million in Q1 2023, reflecting a 24.4% increase[36] - The cost of revenue, exclusive of depreciation and amortization, is expected to rise to $1,330 million in Q1 2024, compared to $1,069 million in Q1 2023, reflecting a 24.4% increase[41] - The company incurred $272 million in stock-based compensation expense in Q1 2024, slightly down from $280 million in Q3 2023[44] Cash Flow and Assets - The company generated net cash provided by operating activities of $553 million and Free Cash Flow of $487 million, both up from Q1 2023[15] - Net cash provided by operating activities increased to $553 million in Q1 2024, compared to $397 million in Q1 2023, reflecting a 39.2% increase[38] - Cash, cash equivalents, and restricted cash at the end of Q1 2024 totaled $3,247 million, a substantial increase from $2,186 million at the end of Q1 2023[38] - Net cash provided by operating activities for Q1 2024 was $1,829 million, compared to $1,673 million in Q4 2023, showing robust operational cash flow[48] - Free Cash Flow for Q1 2024 was $1,520 million, an increase from $1,349 million in Q4 2023, reflecting strong cash generation capabilities[48] Future Projections - For Q2 2024, the company expects Marketplace GOV between $19.0 billion and $19.4 billion, with Adjusted EBITDA projected between $325 million and $425 million[19] - Stock-based compensation for 2024 is projected to be in the range of $1.1 billion to $1.2 billion[24] - The company expects RSU issuances of 6.0 million to 7.0 million for 2024, net of expected forfeitures[24] Stock and Shareholder Returns - The company repurchased $392 million of common stock in Q1 2023, indicating a commitment to returning value to shareholders[38] - Total stock-based compensation for 2023 was $1,088 million, with projections for 2024 ranging between $1,100 million and $1,200 million[46] Legal and Regulatory - The company expects to incur $35 million in legal, tax, and regulatory settlements in Q1 2024, down from $50 million in Q4 2023[44]