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1、Table of ContentsUNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549_FORM 10-Q_(Mark One)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended June 30,2024ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITI

2、ES EXCHANGE ACT OF 1934For the transition period from to Commission File Number:001-39759_DOORDASH,INC._(Exact name of registrant as specified in its charter)Delaware46-2852392(State or other jurisdiction of incorporationor organization)(I.R.S.Employer Identification No.)303 2nd Street,South Tower,8

3、th FloorSan Francisco,California 94107(Address of principal executive offices)(Zip code)(650)487-3970(Registrants 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 registeredClass A commo

4、n stock,par value of$0.00001 per shareDASHThe Nasdaq Stock MarketIndicate 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 12months(or for such shorter period that the registrant was re

5、quired 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 ofthis chapter)du

6、ring 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

7、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 filerAccelerated filerNon-accelerated filer Smaller reporting companyEmerging growth company If an emerging growth company,indic

8、ate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting 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-

9、2 of the Exchange Act).Yes No The registrant had outstanding 384,626,260 shares of Class A common stock,26,915,068 shares of Class B common stock,and no shares of Class C common stock as of July 26,2024.1Table of ContentsTABLE OF CONTENTSPagePart IFINANCIAL INFORMATION5Item 1.Financial Statements(Un

10、audited)5Condensed Consolidated Balance Sheets5Condensed Consolidated Statements of Operations6Condensed Consolidated Statements of Comprehensive Loss7Condensed Consolidated Statements of Redeemable Non-Controlling Interests and StockholdersEquity8Condensed Consolidated Statements of Cash Flows10Not

11、es to Condensed Consolidated Financial Statements11Item 2.Managements Discussion and Analysis of Financial Condition and Results of Operations24Item 3.Quantitative and Qualitative Disclosures About Market Risk37Item 4.Controls and Procedures38Part IIOTHER INFORMATION40Item 1.Legal Proceedings40Item

12、1A.Risk Factors42Item 2.Unregistered Sales of Equity Securities and Use of Proceeds83Item 3.Defaults Upon Senior Securities83Item 4.Mine Safety Disclosures83Item 5.Other Information83Item 6.Exhibits84Signatures852Table of ContentsSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTSThis Quarterly Report

13、 on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws,which statementsinvolve substantial risks and uncertainties.Forward-looking statements generally relate to future events or our future financial or operatingperformance.In some cases,you can identify

14、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 thenegative of these words or other similar terms or expressions that co

15、ncern our expectations,strategy,plans,or intentions.Forward-lookingstatements 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

16、 andoperational metrics,our ability to determine reserves,and our ability to achieve,maintain,or increase long-term future 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,an

17、d 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 fe

18、atures,and bring them to market in a timely and cost-effective manner and makeenhancements 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 and regulatory matters;our expecta

19、tions regarding the effects of existing and developing laws and regulations,including with respect to independent contractorclassification,merchant pricing and commissions,consumer fees,taxation,and privacy and data protection;our ability to manage and insure auto-related and operations-related risk

20、 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 p

21、arties;our ability to maintain,protect and enhance our intellectual property;andour 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 state

22、ments 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 inthis Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events a

23、nd trends that we believe mayaffect our business,financial condition,results of operations,and prospects.The outcome of the events described in these forward-lookingstatements is subject to risks,uncertainties,and other factors,including those described in the section titled“Risk Factors”and elsewhe

24、re in thisQuarterly Report on Form 10-Q.Moreover,we operate in a very competitive and rapidly changing environment.New risks and uncertaintiesemerge 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-lookingstatements conta

25、ined in this Quarterly Report on Form 10-Q.We cannot assure you that the results,events,and circumstances reflected in theforward-looking statements will be achieved or occur,and actual results,events,or circumstances could differ materially from those described inthe forward-looking statements.The

26、forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements aremade.We undertake no obligation to update any forward-looking statements made in this Quarterly3Table of ContentsReport on Form 10-Q to reflect events or circumstance

27、s after the date of this Quarterly Report on Form 10-Q or to reflect new information or theoccurrence of unanticipated events,except as required by law.We may not actually achieve the plans,intentions,or expectations disclosed inour forward-looking statements and you should not place undue reliance

28、on our forward-looking statements.Our forward-looking statements donot 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

29、 subject.These statements arebased upon information available to us as of the date of this Quarterly Report on Form 10-Q,and while we believe such information forms areasonable basis for such statements,such information may be limited or incomplete,and our statements should not be read to indicate t

30、hat wehave conducted an exhaustive inquiry into,or review of,all potentially available relevant information.These statements are inherently uncertainand investors are cautioned not to unduly rely upon these statements.Unless the context requires otherwise,we are referring to DoorDash,Inc.together wi

31、th its subsidiaries when we use the terms DoorDash,theCompany,we,our,or us.4Table of ContentsPart I-FINANCIAL INFORMATIONItem 1.Financial StatementsDOORDASH,INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in millions,except share amounts which are reflected in thousands,and per share data)(Unaudited)Decem

32、ber 31,2023June 30,2024AssetsCurrent assets:Cash and cash equivalents$2,656$3,430 Short-term marketable securities1,422 1,424 Funds held at payment processors356 396 Accounts receivable,net533 585 Prepaid expenses and other current assets630 782 Total current assets5,597 6,617 Long-term restricted c

33、ash11 12 Long-term marketable securities583 669 Operating lease right-of-use assets436 381 Property and equipment,net712 701 Intangible assets,net659 586 Goodwill2,432 2,371 Non-marketable equity securities46 42 Other assets363 458 Total assets$10,839$11,837 Liabilities,Redeemable Non-controlling In

34、terests and Stockholders EquityCurrent liabilities:Accounts payable$216$163 Operating lease liabilities68 64 Accrued expenses and other current liabilities3,126 3,801 Total current liabilities3,410 4,028 Operating lease liabilities454 470 Other liabilities162 167 Total liabilities4,026 4,665 Commitm

35、ents and contingencies(Note 7)Redeemable non-controlling interests7 10 Stockholders equity:Common stock,$0.00001 par value,6,000,000 Class A shares authorized as of December 31,2023 andJune 30,2024,375,987 and 386,173 Class A shares issued and outstanding as of December 31,2023 andJune 30,2024,respe

36、ctively;200,000 Class B shares authorized as of December 31,2023 and June 30,2024,27,241 and 26,967 Class B shares issued and outstanding as of December 31,2023 and June 30,2024,respectively;2,000,000 Class C shares authorized as of December 31,2023 and June 30,2024,zero Class C shares issued and ou

37、tstanding as of December 31,2023 and June 30,2024 Additional paid-in capital11,887 12,523 Accumulated other comprehensive income(loss)73(25)Accumulated deficit(5,154)(5,336)Total stockholders equity6,806 7,162 Total liabilities,redeemable non-controlling interests and stockholders equity$10,839$11,8

38、37 The accompanying notes are an integral part of these condensed consolidated financial statements.5Table of ContentsDOORDASH,INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in millions,except share amounts which are reflected in thousands,and per share data)(Unaudited)Three Months Ended June 3

39、0,Six Months Ended June 30,2023202420232024Revenue$2,133$2,630$4,168$5,143 Costs and expenses:Cost of revenue,exclusive of depreciation and amortizationshown separately below1,135 1,385 2,204 2,715 Sales and marketing471 509 967 1,013 Research and development269 303 500 582 General and administrativ

40、e341 494 626 813 Depreciation and amortization128 140 251 282 Restructuring charges 2 Total costs and expenses2,344 2,831 4,550 5,405 Loss from operations(211)(201)(382)(262)Interest income,net34 49 61 94 Other expense,net(4)(5)(5)(7)Loss before income taxes(181)(157)(326)(175)Provision for(benefit

41、from)income taxes(9)1 8 8 Net loss including redeemable non-controlling interests(172)(158)(334)(183)Less:net loss attributable to redeemable non-controlling interests(2)(1)(3)(3)Net loss attributable to DoorDash,Imon stockholders$(170)$(157)$(331)$(180)Net loss per share attributable to DoorDash,Im

42、onstockholders,basic and diluted$(0.44)$(0.38)$(0.85)$(0.44)Weighted-average number of shares outstanding used to computenet loss per share attributable to DoorDash,Imonstockholders,basic and diluted388,737 410,482 389,563 407,982 The accompanying notes are an integral part of these condensed consol

43、idated financial statements.6Table of ContentsDOORDASH,INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(in millions)(Unaudited)Three Months Ended June 30,Six Months Ended June 30,2023202420232024Net loss including redeemable non-controlling interests$(172)$(158)$(334)$(183)Other comprehen

44、sive income(loss),net of tax:Change in foreign currency translation adjustments(8)(23)34(93)Change in unrealized gains and losses on marketablesecurities(1)(1)8(5)Total other comprehensive income(loss)(9)(24)42(98)Comprehensive loss including redeemable non-controlling interests(181)(182)(292)(281)L

45、ess:Comprehensive loss attributable to redeemable non-controlling interests(2)(1)(3)(3)Comprehensive loss attributable to DoorDash,Imonstockholders$(179)$(181)$(289)$(278)The accompanying notes are an integral part of these condensed consolidated financial statements.7Table of ContentsDOORDASH,INC.C

46、ONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS EQUITY(in millions,except share amounts which are reflected in thousands)(Unaudited)RedeemableNon-ControllingInterestsCommon StockAdditionalPaid-inCapitalAccumulatedDeficitAccumulatedOtherComprehensiveIncome(Lo

47、ss)TotalStockholdersEquitySharesAmountBalances as of December 31,2022$14 391,471$10,633$(3,846)$(33)$6,754 Issuance of common stock uponsettlement of restricted stock units 3,322 Issuance of common stock upon exerciseof stock options 1,724 2 2 Stock-based compensation 265 265 Other comprehensive inc

48、ome 51 51 Repurchase and retirement of commonstock(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 uponsettlement of restricted stock units 5,489 Issuance of common stock upon exerciseof stock options 1,848 1 1 Stock-based co

49、mpensation 356 356 Other comprehensive loss (9)(9)Repurchase and retirement of commonstock(4,441)(300)(300)Net loss(2)(170)(170)Balances as of June 30,2023$11 392,652$11,257$(4,870)$9$6,396 The accompanying notes are an integral part of these condensed consolidated financial statements.8Table of Con

50、tentsDOORDASH,INC.CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS EQUITY(in millions,except share amounts which are reflected in thousands)(Unaudited)RedeemableNon-ControllingInterestsCommon StockAdditionalPaid-inCapitalAccumulatedDeficitAccumulatedOtherCom

51、prehensiveIncome(Loss)TotalStockholdersEquity SharesAmountBalances as of December 31,2023$7 403,228$11,887$(5,154)$73$6,806 Issuance of common stock upon settlementof restricted stock units 3,710 Issuance of common stock upon exerciseof stock options 1,574 1 1 Stock-based compensation 289 289 Recogn

52、ition of redeemable non-controllinginterest upon additional capitalinvestment6 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 settlementof restricted stock units 3,626 Issuance of common stock upon exerci

53、seof stock options 1,016 2 2 Stock-based compensation 344 344 Other comprehensive loss (24)(24)Repurchase and retirement of commonstock(14)(2)(2)Net loss(1)(157)(157)Balances as of June 30,2024$10 413,140$12,523$(5,336)$(25)$7,162 The accompanying notes are an integral part of these condensed consol

54、idated financial statements.9Table of ContentsDOORDASH,INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)(Unaudited)Six Months Ended June 30,20232024Cash flows from operating activitiesNet loss including redeemable non-controlling interests$(334)$(183)Adjustments to reconcile net loss

55、to net cash provided by operating activities:Depreciation and amortization251 282 Stock-based compensation541 554 Reduction of operating lease right-of-use assets and accretion of operating lease liabilities60 52 Office lease impairment expenses 83 Other19 41 Changes in operating assets and liabilit

56、ies:Funds held at payment processors142(43)Accounts receivable,net12(63)Prepaid expenses and other current assets(27)(35)Other assets(23)(81)Accounts payable20(52)Accrued expenses and other current liabilities181 571 Payments for operating lease liabilities(59)(54)Other liabilities7 11 Net cash prov

57、ided by operating activities790 1,083 Cash flows from investing activitiesPurchases of property and equipment(66)(40)Capitalized software and website development costs(97)(105)Purchases of marketable securities(930)(969)Maturities of marketable securities962 899 Sales of marketable securities3 4 Pur

58、chases of non-marketable equity securities(16)Other investing activities(1)(8)Net cash used in investing activities(145)(219)Cash flows from financing activitiesProceeds from exercise of stock options3 3 Repurchase of common stock(693)(7)Other financing activities(8)6 Net cash provided by(used in)fi

59、nancing activities(698)2 Foreign currency effect on cash,cash equivalents,and restricted cash(2)(18)Net increase(decrease)in cash,cash equivalents,and restricted cash(55)848 Cash,cash equivalents,and restricted cashCash,cash equivalents,and restricted cash,beginning of period2,188 2,772 Cash,cash eq

60、uivalents,and restricted cash,end of period$2,133$3,620 Reconciliation of cash,cash equivalents,and restricted cash to the condensed consolidatedbalance sheetsCash and cash equivalents$1,904$3,430 Restricted cash included in prepaid expenses and other current assets85 178 Long-term restricted cash14

61、4 12 Total cash,cash equivalents,and restricted cash$2,133$3,620 Non-cash investing and financing activitiesPurchases of property and equipment not yet settled$20$18 Stock-based compensation included in capitalized software and website development costs$80$79 The accompanying notes are an integral p

62、art of these condensed consolidated financial statements.10Table of ContentsDOORDASH,INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)1.Organization and Description of BusinessDoorDash,Inc.(the“Company”)is incorporated in Delaware with headquarters in San Francisco,California.The C

63、ompany operates a localcommerce platform that enables local businesses to address consumers expectations of ease and immediacy and thrive in todays convenienceeconomy.The Company operates a local commerce platform that connects merchants,consumers,and Dashers.The Companys primary offerings are theDo

64、orDash 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 withconsumers,and fulfill orders

65、primarily through independent contractors who use the Companys platform to deliver orders(“Dashers”).TheDoorDash Marketplace also includes DashPass and the Wolt Marketplace includes Wolt+.DashPass and Wolt+are the Companys membershipproducts,which provide members with unlimited access to eligible me

66、rchants with zero delivery fees and reduced service fees on eligible orders.In addition to the Marketplaces,the Company offers Platform Services,which primarily includes DoorDash Drive and Wolt Drive(together,Drive),which are white-label delivery fulfillment services that enable merchants that have

67、generated consumer demand through their ownchannels to fulfill this demand using the Companys platform.Platform Services also includes DoorDash Storefront(Storefront),which enablesmerchants to create their own branded online ordering experience,providing them with a turnkey solution to offer consume

68、rs on-demand accessto e-commerce without investing in in-house engineering or fulfillment capabilities.2.Summary of Significant Accounting PoliciesBasis of PresentationThe accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-ownedsubsi

69、diaries and entities consolidated under the variable interest entity model,and have been prepared in accordance with accounting principlesgenerally 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 in

70、tercompany 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 ofmanagement,necessary to fairly present the information set forth herein.They should be rea

71、d in conjunction with the audited consolidatedfinancial statements and related notes included in the Companys Annual Report on Form 10-K for the year ended December 31,2023.Interimresults are not necessarily indicative of the results for a full year.Use of EstimatesThe preparation of condensed conso

72、lidated 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 financialstatements,as well as the reported amounts of revenue and ex

73、penses 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 andwebsite development costs,intangible assets,valuation of stock-based compensation,

74、valuation of investments and other financial instrumentsincluding valuation of investments without readily determinable fair values,valuation of acquired intangible assets and goodwill,the incrementalborrowing rate applied in lease accounting,impairment of long-lived assets,insurance reserves,loss c

75、ontingencies,and income and indirecttaxes.Actual results could differ from these estimates.11Table of ContentsIn June 2024,the Company ceased use of and made available for sublease certain corporate office spaces.As a result,the Companydetermined that the asset groups which primarily consist of the

76、related operating lease right-of-use assets and leasehold improvements wereimpaired,and recognized an impairment charge of$83 million recorded as general and administrative expenses during the three months endedJune 30,2024.The fair value of the asset groups was estimated using an income-approach ba

77、sed on estimated future cash flows expected tobe derived from the office spaces based on current sublease market rent.As of June 30,2024,the Company was continuing its efforts tosublease the spaces.Significant Accounting PoliciesThere have been no material changes to the Companys significant account

78、ing policies from its Annual Report on Form 10-K for the year endedDecember 31,2023.Recent Accounting Pronouncements IssuedIn November 2023,the Financial Accounting Standards Board(“FASB)issued Accounting Standards Update No.2023-07,“Segment Reporting(Topic 280):Improvements to Reportable Segment Di

79、sclosures”(“ASU 2023-07”),which is intended to improve reportable segment disclosurerequirements.ASU 2023-07 expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided tothe chief operating decision maker and included within each reported measure

80、of segment profit or loss,an amount and description of itscomposition for other segment items,and interim disclosures of a reportable segments profit or loss and assets.Additionally,the amendmentsrequire disclosure of the title and position of the Chief Operating Decision Maker(CODM)and an explanati

81、on of how the CODM uses thereported measure(s)of segment profit or loss in assessing segment performance and deciding how to allocate resources.All disclosurerequirements of ASU 2023-07 are required for entities with a single reportable segment.This ASU 2023-07 is effective for fiscal years beginnin

82、gafter December 15,2023,and interim periods within fiscal years beginning after December 15,2024.The Company will apply the guidancestarting with its consolidated financial statements included in the Annual Report on Form 10-K for the year ending December 31,2024.3.RevenueDisaggregated Revenue Infor

83、mationAll revenue recognized during the periods presented was related to the Companys core business,which is primarily comprised of theCompanys Marketplaces and Platform Services.Revenue by geographic area is determined based on the address of the merchant,or in the case of the Companys membership p

84、roducts,theaddress of the consumer.Revenue by geographic area was as follows(in millions):Three Months Ended June 30,Six Months Ended June 30,2023202420232024United States$1,939$2,318$3,785$4,540 International194 312 383 603 Total revenue$2,133$2,630$4,168$5,143 Contract LiabilitiesThe timing of rev

85、enue recognition may differ from the timing of invoicing to or collections from customers.The Companys contract liabilitiesbalance,which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets,is primarilycomprised of unredeemed gift cards,prepaymen

86、ts received from consumers and merchants,certain consumer credits as well as othertransactions for which the revenue is recognized over time.A summary of activities related to contract liabilities for the six months ended June30,2024 was as follows(in millions):12Table of Contents Six Months Ended J

87、une30,2024Beginning balance$308 Addition to contract liabilities1,258 Reduction of contract liabilities(1,268)Ending balance$298(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 betweenthe

88、 amounts collected from consumers less amounts remitted to merchants and Dashers for those transactions.Therefore,the amount recognized as revenue related to thereduction of gift cards and certain consumer credits is less than the amount presented in the table above.Net revenue associated with gift

89、cards and certain consumer credits is nottracked 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$136 million was recognizedas revenue during the six month

90、s ended June 30,2024.The ending balance of unearned prepayments is expected to be recognized as revenue in 12 months or less.Deferred Contract CostsDeferred contract costs represent direct and incremental costs incurred to acquire or fulfill the Companys contracts,consisting of salescommissions and

91、costs related to merchant onboarding,which the Company expects to recover.Deferred contract costs are amortized on astraight-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

92、 prepaid expenses and other current assets and other assets on the condensed consolidated balancesheets.Amortization of deferred contract costs related to sales commissions is recognized in sales and marketing expense and amortization ofdeferred contract costs related to merchant onboarding is recog

93、nized in cost of revenue,exclusive of depreciation and amortization in thecondensed consolidated statements of operations.A summary of activities related to deferred contract costs was as follows(in millions):Six Months Ended June 30,20232024Beginning balance$100$137 Addition to deferred contract co

94、sts38 40 Amortization of deferred contract costs(21)(28)Ending balance$117$149 Deferred contract costs,current$42$58 Deferred contract costs,non-current75 91 Total deferred contract costs$117$149 Allowance for Credit LossesThe allowance for credit losses related to accounts receivable and changes we

95、re as follows(in millions):Six Months Ended June 30,20232024Beginning balance$20$17 Current-period provision for expected credit losses4 5 Write-offs charged against the allowance(5)(4)Ending balance$19$18(1)(2)13Table of Contents4.Goodwill and Intangible Assets,NetThe changes in the carrying amount

96、 of goodwill during the six months ended June 30,2024 were as follows(in millions):TotalBalance as of December 31,2023$2,432 Effects of foreign currency translation(61)Balance as of June 30,2024$2,371 Intangible assets,net consisted of the following as of December 31,2023(in millions):Weighted-avera

97、geRemaining UsefulLife(in years)Gross CarryingValueAccumulatedAmortizationNet CarryingValueExisting technology4.3$241$(117)$124 Merchant relationships9.1302(56)246 Courier relationships12(12)Customer relationships1.4123(69)54 Trade name and trademarks8.4286(51)235 Balance as of December 31,2023$964$

98、(305)$659 Intangible assets,net consisted of the following as of June 30,2024(in millions):Weighted-averageRemaining UsefulLife(in years)Gross CarryingValueAccumulatedAmortizationNet CarryingValueExisting technology3.8$236$(130)$106 Merchant relationships8.7293(69)224 Customer relationships0.9119(85

99、)34 Trade name and trademarks7.9277(64)213 Assembled workforce in asset acquisition2.710(1)9 Balance as of June 30,2024$935$(349)$586 Amortization expense associated with intangible assets was$34 million and$31 million for the three months ended June 30,2023 and 2024,respectively.Amortization expens

100、e associated with intangible assets was$67 million and$62 million for the six months ended June 30,2023and 2024,respectively.The estimated future amortization expense of intangible assets as of June 30,2024 is as follows(in millions):Year Ending December 31,AmortizationExpenseRemainder of 2024$62 20

101、25101 202683 202778 202862 Thereafter200 Total estimated future amortization expense$586 14Table of Contents5.Fair Value MeasurementsAssets Measured at Fair Value on a Recurring BasisThe following tables set forth the Companys cash equivalents and marketable securities that were measured at fair val

102、ue on a recurring basisby level within the fair value hierarchy(in millions):December 31,2023 Level 1Level 2Level 3TotalCash equivalentsMoney market funds$1,349$1,349 U.S.Treasury securities 35 35 Short-term marketable securitiesCertificates of deposit 38 38 Commercial paper 216 216 Corporate bonds

103、289 289 U.S.government agency securities 162 162 U.S.Treasury securities 717 717 Long-term marketable securitiesCorporate bonds 383 383 U.S.government agency securities 55 55 U.S.Treasury securities 145 145 Total$1,349$2,040$3,389 June 30,2024 Level 1Level 2Level 3TotalCash equivalentsMoney market f

104、unds$2,178$2,178 Commercial paper 10 10 Corporate bonds 7 7 U.S.Treasury securities 12 12 Short-term marketable securitiesCertificates of deposit 65 65 Commercial paper 202 202 Corporate bonds 361 361 U.S.government agency securities 43 43 U.S.Treasury securities 710 710 Mutual funds43 43 Long-term

105、marketable securitiesCorporate bonds 406 406 U.S.government agency securities 72 72 U.S.Treasury securities 191 191 Total$2,221$2,079$4,300 The fair value of the Companys Level 1 financial instruments is based on quoted market prices for identical instruments in active markets.Thefair value of the C

106、ompanys Level 2 fixed income securities is obtained from independent pricing services,which may use quoted market pricesfor identical or comparable instruments in less active markets or model driven valuations using observable market data or inputs corroborated byobservable market data.Assets Measur

107、ed at Fair Value on a Non-Recurring BasisThe Companys non-marketable equity securities accounted for using the measurement alternative are recorded at fair value on a non-recurringbasis.When indicators of impairment exist or observable price changes in a same or similar security from the same issuer

108、 occur,the respectivenon-marketable equity security would be classified within Level 3 of the fair value hierarchy because the valuation methods include acombination of the observable transaction price at the transaction date and other unobservable inputs.15Table of ContentsDuring the three and six

109、months ended June 30,2023,the Company made investments in non-marketable equity securities of$18 million and$19 million,respectively.In the three and six months ended June 30,2023 and 2024,the Company did not record any material upward ordownward adjustments or impairments on its non-marketable equi

110、ty securities.Estimating the fair value of the Companys 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

111、value of the Companys non-marketable equity securities as of December 31,2023 and June 30,2024,including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities,which wererecorded in other expense,net in the condensed consolidated statements of ope

112、rations during the period in which they were incurred(inmillions):December 31,2023June 30,2024Initial cost basis$450$450 Upward adjustments9 9 Downward adjustments(including impairment)(413)(417)Total carrying value at the end of reporting period$46$42 6.Balance Sheet ComponentsCash Equivalents and

113、Marketable SecuritiesThe following tables summarize the cost or amortized cost,gross unrealized gain,gross unrealized loss,and fair value of the Companys cashequivalents and marketable securities(in millions):December 31,2023 Cost orAmortizedCostUnrealizedEstimatedFairValue GainsLossesCash equivalen

114、tsMoney market funds$1,349$1,349 U.S.Treasury securities35 35 Short-term marketable securitiesCertificates 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 securitiesCorporate bonds382 2(

115、1)383 U.S.government agency securities55 55 U.S.Treasury securities144 1 145 Total$3,388$4$(3)$3,389 16Table of Contents June 30,2024 Cost orAmortizedCostUnrealizedEstimatedFairValue GainsLossesCash equivalentsMoney market funds$2,178$2,178 Commercial paper10 10 Corporate bonds7 7 U.S.Treasury secur

116、ities12 12 Short-term marketable securitiesCertificates of deposit65 65 Commercial paper202 202 Corporate bonds362 (1)361 U.S.government agency securities43 43 U.S.Treasury securities711 (1)710 Mutual funds43 43 Long-term marketable securitiesCorporate bonds407 (1)406 U.S.government agency securitie

117、s72 72 U.S.Treasury securities192 (1)191 Total$4,304$(4)$4,300 For marketable securities with unrealized loss positions,the Company does not intend to sell these securities and it is more likely than not thatthe Company will hold these securities until maturity or a recovery of the cost basis.No all

118、owance for credit losses was recorded for thesesecurities as of December 31,2023,and June 30,2024.Property and Equipment,netProperty and equipment,net consisted of the following(in millions):December 31,2023June 30,2024Equipment for merchants$167$170 Computer equipment and software77 86 Capitalized

119、software and website development costs953 1,135 Leasehold improvements217 205 Office equipment66 68 Construction in progress40 32 Total1,520 1,696 Less:Accumulated depreciation and amortization(808)(995)Property and equipment,net$712$701 Depreciation expenses were$33 million and$31 million for the t

120、hree months ended June 30,2023 and 2024,respectively.Depreciationexpenses were$66 million and$63 million for the six months ended June 30,2023 and 2024,respectively.The Company capitalized$93 million and$94 million in capitalized software and website development costs during the three months endedJu

121、ne 30,2023 and 2024,respectively.The Company capitalized$176 million and$182 million in capitalized software and website developmentcosts during the six months ended June 30,2023 and 2024,respectively.Capitalized software and website development costs are included inproperty and equipment,net on the

122、 condensed consolidated balance sheets.Amortization of capitalized software and website developmentcosts was$61 million and$78 million for the three months ended June 30,2023 and 2024,respectively.Amortization of capitalized software andwebsite development costs was$118 million and$157 million for t

123、he six months ended June 30,2023 and 2024,respectively.Construction inprogress primarily included leasehold improvements on premises that are not ready for use and equipment for merchants that are not placed inservice.17Table of ContentsAccrued Expenses and Other Current LiabilitiesAccrued expenses

124、and other current liabilities consisted of the following(in millions):December 31,2023June 30,2024Litigation reserves$75$195 Sales tax payable and accrued sales and indirect taxes245 295 Accrued operations related expenses331 420 Accrued advertising112 127 Dasher and merchant payable950 1,107 Insura

125、nce reserves758 972 Contract liabilities308 298 Other347 387 Total$3,126$3,801 7.Commitments and ContingenciesLegal ProceedingsFrom time to time,the Company may be a party to litigation and subject to claims incidental to its business.Although the results of litigation andclaims cannot be predicted

126、with certainty,the Company currently believes that the final outcome of these matters will not have a materialadverse effect on its business.Regardless of the outcome,litigation can have an adverse impact on the Company because of judgment,defenseand settlement costs,diversion of management resource

127、s,and other factors.At each reporting period,the Company evaluates whether or not apotential loss amount or a potential range of loss is probable and reasonably estimable,requiring recognition of a loss accrual,or whether thepotential loss is reasonably possible,requiring potential disclosure.Legal

128、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 Companys business practices,the classification and compensation of Dashers,the Door

129、DashDasher pay models,compliance with consumer protection laws,privacy,data security,tax issues,unemployment insurance,workerscompensation 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

130、 tax liabilities.In January 2023,the CA EDD issued an assessment for certain amounts that it foundto be owed by the Company on behalf of Dashers due to their being classified as independent contractors.The Company believes that Dashersare,and have been,properly classified as independent contractors.

131、Accordingly,the Company believes that it has meritorious defenses andintends to vigorously appeal such adverse assessment.However,the ultimate resolution of the audit is uncertain and,accordingly,the Companyhas recorded an accrual for this matter within accrued expenses and other current liabilities

132、 on the condensed consolidated balance sheets as ofJune 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 Com

133、panys business,financialcondition,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 theCompany misclassified California Dashers as independent contractors as opposed to employees in vio

134、lation of the California Labor Code andthe California Unfair Competition Law,among other allegations.This action is seeking both restitutionary damages and a permanent injunctionthat would bar the Company from continuing to classify California Dashers as independent contractors.It is a reasonable po

135、ssibility that a lossmay be incurred;however,the possible range of losses is not estimable given the status of the case.IndemnificationThe Company enters into standard indemnification arrangements in the ordinary course of business.Pursuant to these arrangements,theCompany agrees to indemnify,hold h

136、armless,and reimburse the indemnified parties for losses suffered or incurred by the indemnified party,inconnection with any trade secret,copyright,patent,or other intellectual property infringement claim by any third party with respect to theCompanys technology.The terms of these indemnification ag

137、reements are generally perpetual any time after the execution of the agreement.18Table of ContentsIn addition,the Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnifyits directors and officers against liabilities that may arise

138、 by reason of their status or service as directors or officers of the Company,other thanliabilities 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 determinablebecause it involves cl

139、aims that may be made against the Company in the future,but have not yet been made.The Company has not incurredcosts to defend lawsuits or settle claims related to these indemnification agreements.No liability associated with such indemnifications wasrecorded as of December 31,2023 and June 30,2024.

140、Insurance CollateralThe Company is required to maintain$465 million in collateral in connection with certain insurance policies,which can be held in a combinationof cash,surety bonds,and letters of credit.As of June 30,2024,the Company had$465 million of collateral outstanding in the form of suretyb

141、onds and letters of credit in connection with the insurance collateral requirement.Revolving Credit Facility and Letters of CreditIn November 2019,the Company entered into a revolving credit and guaranty agreement,which,as most recently amended and restated onApril 26,2024,provides for an unsecured

142、revolving credit facility of up to$800 million,with a letter of credit sublimit of$600 million,maturing onApril 26,2029.Loans under the revolving credit facility bear interest at the Companys option,at(i)a base rate equal to the highest of(A)theprime rate,(B)the higher of the federal funds rate or a

143、 composite overnight bank borrowing rate plus 0.50%,or(C)an adjusted SOFR rate for aone-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 marginequal to 1.00%.The Company is also obligated to pay other customary fees for a cred

144、it facility of this size and type,including letter of creditfees,an upfront fee,and an unused commitment fee of 0.10%.The Companys obligations under the revolving credit facility are guaranteed bycertain of its domestic subsidiaries meeting materiality thresholds set forth in the credit agreement.Th

145、e credit agreement contains customaryaffirmative covenants and customary negative covenants that restrict the Companys ability and its subsidiaries ability to,among other things,incur subsidiary indebtedness,grant liens,declare cash dividends or make certain other distributions,repurchase stock,merg

146、e or consolidatewith 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

147、quarterly,determined in accordance with the terms of the credit agreement.As of December 31,2023 and June 30,2024,the Company was in compliance with the covenants under the credit agreement.As ofDecember 31,2023 and June 30,2024,no revolving loans were outstanding under the credit facility.In additi

148、on to the letters of credit maintained in connection with the insurance collateral requirement,the Company also maintains letters of creditestablished primarily for real estate leases and insurance policies.As of December 31,2023 and June 30,2024,the Company had$138 millionand$135 million of issued

149、letters of credit outstanding,respectively,of which$115 million and$112 million,respectively,were issued from therevolving credit and guaranty agreement.Sales and Indirect Tax MattersThe Company is under audit by various state,local,and foreign tax authorities with regard to sales and indirect tax m

150、atters.The Companyrecords sales and indirect tax reserves as they become probable and the amount can be reasonably estimated.These reserves are included inaccrued expenses and other current liabilities on the condensed consolidated balance sheets.The timing of the resolution of indirect taxexaminati

151、ons is highly uncertain,and the amounts ultimately paid,if any,upon resolution of the issues raised by the tax authorities may differfrom the amounts accrued.8.Common StockShare Repurchase ProgramIn February 2024,the Company authorized the repurchase of its Class A common stock,in an aggregate amoun

152、t of up to$1.1 billion.During thethree months ended June 30,2024,the Company repurchased 14 thousand shares of its Class A common stock at a weighted average price of$109.92 per share for a total amount of approximately$2 million.The shares were retired immediately upon repurchase.19Table of Content

153、sRestricted StockThe Company had granted restricted stock to certain continuing employees in connection with the acquisition of Wolt Enterprises Oy(Wolt)onMay 31,2022.Vesting of this stock is dependent on the respective employees continued employment at the Company during the requisiteservice period

154、,which is generally up to four years from the issuance date.The fair value of the restricted stock issued to employees that issubject 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

155、issued to employees was as follows(in thousands,except per share data):Number ofSharesWeighted-AverageGrant DateFair Value Per ShareUnvested restricted stock as of December 31,2023285 Granted$Vested(93)$76.91 Forfeited$Unvested restricted stock as of June 30,2024192 Stock Award ActivitiesA summary o

156、f stock option activity under the 2014 Equity Incentive Plan,2020 Equity Incentive Plan,and 2022 Inducement Equity Incentive Planwas as follows(in millions,except share amounts which are reflected in thousands,and per share data):Options OutstandingSharessubject toOptionsOutstandingWeighted-AverageE

157、xercisePrice Per ShareWeighted-AverageRemainingContractualTerm(in years)AggregateIntrinsicValueBalance as of December 31,20239,022$4.38 3.41$853 Granted$Exercised(2,590)$1.17$302 Cancelled and forfeited(2)$2.30 Balance as of June 30,20246,430$5.67 3.69$661 Exercisable as of June 30,20246,171$5.74 3.

158、74$634 Vested and expected to vest as of June 30,20246,430$5.67 3.69$661 The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and theclosing stock price of the Companys Class A common stock on the Nasdaq Stock Market as

159、of the respective period-end dates.The aggregateintrinsic value of stock options exercised during the six months ended June 30,2023,and 2024 was$219 million and$302 million,respectively.There were no stock options granted during the six months ended June 30,2023 and 2024.20Table of ContentsThe summa

160、ry of RSU activity was as follows(in millions,except share amounts which are reflected in thousands,and per share data):Number ofSharesWeighted-AverageGrant DateFair Value Per ShareAggregateIntrinsicValueUnvested RSUs as of December 31,202337,792$3,645 Granted6,471$123.00 Vested(9)$76.22 Vested and

161、settled(7,327)$81.44 Forfeited(1,529)$81.26 Unvested RSUs as of June 30,202435,398$3,841 The aggregate intrinsic value disclosed in the above table is based on the closing stock price of the Companys Class A common stock on theNasdaq Stock Market as of the respective period-end dates.The weighted-av

162、erage fair value per share of RSUs granted during the six monthsended June 30,2023 and 2024 was$59.94 and$123.00,respectively.Stock-Based Compensation ExpenseThe Company recorded stock-based compensation expense in the condensed consolidated statements of operations as follows(in millions):Three Mon

163、ths Ended June 30,Six Months Ended June 30,2023202420232024Cost of revenue,exclusive of depreciation and amortization$43$41$67$73 Sales and marketing36 32 60 57 Research and development133 140 231 253 General and administrative99 89 183 171 Total stock-based compensation expense$311$302$541$554 As o

164、f June 30,2024,there was$7 million of unrecognized stock-based compensation expense related to unvested stock options,which isexpected to be recognized over a weighted-average period of 1.18 years.In November 2020,the Companys board of directors approved the grant of 10,379,000 RSUs to the Companys

165、Chief Executive Officer(the“CEO Performance Award”).The CEO Performance Award vests upon the satisfaction of a service condition and achievement of certain stockprice goals.As of June 30,2024,unrecognized stock-based compensation expense related to the CEO Performance Award was$33 million,which is e

166、xpected to be recognized over a period of 0.82 years.As of June 30,2024,there was$2.0 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 Compa

167、ny expects torecognize this expense over the remaining weighted-average period of 2.21 years.9.Income TaxesThe Companys tax provision for interim periods is determined using an estimate of its annual effective tax rate,adjusted for discrete items,ifany,that arise during the period.Each quarter,the C

168、ompany updates its estimate of the annual effective tax rate and,if the estimated annualeffective tax rate changes,the Company makes a cumulative adjustment to tax expense or benefit in the period.The primary difference betweenthe effective tax rate and the federal statutory tax rate is due to the v

169、aluation allowance on the Companys deferred tax assets in certainjurisdictions.The Company recorded$9 million of benefit from and$1 million of provision for income taxes for the three months ended June 30,2023 and2024,respectively.The Company recorded$8 million of provision for income taxes in each

170、of the six21Table of Contentsmonths ended June 30,2023 and 2024.The provision for income taxes is primarily attributable to positive pre-tax book income in the UnitedStates resulting in federal and state income taxes.The Company regularly assesses the realizability of its deferred tax assets and est

171、ablishes a valuation allowance if it is more-likely-than-not thatsome,or all,of its deferred tax assets will not be realized in the future.The Company evaluates and weighs all available evidence,both positiveand negative,including its historic operating results,future reversals of existing deferred

172、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 valuationallowance on deferred tax assets,which could materially impact the income tax expense in the period the Company

173、determines that thesefactors have changed.As of June 30,2024,the Company maintains a full valuation allowance on its deferred tax assets except for certainforeign jurisdictions.The Company is subject to income tax audits in the United States and foreign jurisdictions.The Company recorded liabilities

174、 related to uncertaintax positions and believes that the Company has provided adequate reserves for income tax uncertainties in all open tax years.To the extent theCompany has tax attribute carryforwards,the tax years in which the attribute was generated may still be adjusted upon examination by the

175、federal,state,or foreign tax authorities to the extent utilized in a future period.10.Net Loss per Share Attributable to DoorDash,Inc.Common StockholdersThe Company computes net loss per share attributable to DoorDash,Imon stockholders using the two-class method required for multipleclasses of commo

176、n stock and participating securities.The rights,including the liquidation and dividend rights,of the Class A common stock andClass B common stock are identical,other than voting rights.Accordingly,the Class A common stock and Class B common stock share equallyin the Companys net losses.The following

177、 table sets forth the calculation of basic and diluted net loss per share attributable to DoorDash,Imon stockholders duringthe periods presented.RSUs that vested but have not been settled are included in the denominator in calculating net loss per share for the threeand six months ended June 30,2023

178、 and 2024(in millions,except share amounts which are reflected in thousands,and per share data):Three Months Ended June 30,Six Months Ended June 30,2023202420232024Class AClass BClass AClass BClass AClass BClass AClass BNet loss including redeemable non-controllinginterests$(160)$(12)$(148)$(10)$(31

179、0)$(24)$(171)$(12)Less:Net loss attributable to redeemable non-controlling interests(2)(1)(3)(3)Net loss attributable to DoorDash,Imonstockholders$(158)$(12)$(147)$(10)$(307)$(24)$(168)$(12)Weighted-average number of shares outstandingused to compute net loss per share attributableto DoorDash,Imon s

180、tockholders,basicand diluted361,141 27,596 383,316 27,166 361,771 27,792 380,778 27,204 Net loss per share attributable to DoorDash,Imon stockholders,basic and diluted$(0.44)$(0.44)$(0.38)$(0.38)$(0.85)$(0.85)$(0.44)$(0.44)The following outstanding shares of potentially dilutive securities were excl

181、uded from the computation of diluted net loss per share becauseincluding them would have had an anti-dilutive effect,or issuance of such shares is contingent upon the satisfaction of certain conditions whichwere not satisfied at the end of the respective periods(in thousands):As of June 30,20232024S

182、tock options to purchase common stock12,449 6,430 Unvested restricted stock and restricted stock units44,512 35,585 Escrow shares2,010 72 Total58,971 42,087 22Table of Contents11.Subsequent EventsIn July 2024,the Company repurchased an additional 2.1 million shares of its Class A common stock at a w

183、eighted average price of$105.02 pershare for a total amount of approximately$217 million.The shares were retired immediately upon repurchase.23Table of ContentsItem 2.Managements Discussion and Analysis of Financial Condition and Results of OperationsThe following discussion and analysis of our fina

184、ncial condition and results of operations should be read in conjunction with our condensedconsolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and our auditedconsolidated financial statements included in our Annual Report on Form 10-K f

185、or the year ended December 31,2023.This discussion containsforward-looking statements that are based on current plans,expectations,and beliefs that involve risks and uncertainties.Our actual results maydiffer materially from those anticipated in these forward-looking statements as a result of variou

186、s factors,including,but not limited to,thoseidentified below and those discussed in the section titled“Risk Factors”and other sections of this Quarterly Report on Form 10-Q.Our historicalresults are not necessarily indicative of the results that may be expected for any period in the future.OverviewD

187、oorDash,Inc.is incorporated in Delaware with headquarters in San Francisco,California.We provide a local commerce platform that enableslocal businesses to address consumers expectations of ease and immediacy and thrive in todays convenience economy.We operate a local commerce platform that connects

188、merchants,consumers,and Dashers.Our primary offerings are the DoorDash Marketplaceand the Wolt Marketplace(our Marketplaces),which together operate in over 30 countries across the globe.Our Marketplaces provide a suiteof services that enable merchants to establish an online presence,generate demand,

189、seamlessly transact with consumers,and fulfill ordersprimarily through independent contractors who use our platform to deliver orders(Dashers).Dashers that use our DoorDash Marketplace andWolt Marketplace are referred to as DoorDash Dashers and Wolt courier partners,respectively,in this Quarterly Re

190、port on Form 10-Q.TheDoorDash Marketplace also includes DashPass and the Wolt Marketplace includes Wolt+.DashPass and Wolt+are our 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

191、our Marketplaces,we offer Platform Services,which primarily includes DoorDash Drive and Wolt Drive,which are white-labeldelivery fulfillment services that enable merchants that have generated consumer demand through their own channels to fulfill this demand usingour platform.Platform Services also i

192、ncludes DoorDash Storefront,which enables merchants to create their own branded online orderingexperience,providing them with a turnkey solution to offer consumers on-demand access to e-commerce without investing in in-houseengineering or fulfillment capabilities.Financial and Operational Highlights

193、We use the following financial and operational metrics to help us evaluate our business,identify trends affecting our business,formulatebusiness plans,and make strategic decisions:Three Months Ended June 30,(in millions,except percentages)20232024Total Orders532 635 Total Orders Y/Y growth25%19%Mark

194、etplace GOV$16,468$19,711 Marketplace GOV Y/Y growth26%20%Revenue$2,133$2,630 Revenue Y/Y growth33%23%Net Revenue Margin13.0%13.3%GAAP gross profit$951$1,195 GAAP gross profit as a%of Marketplace GOV5.8%6.1%Contribution Profit$620$825 Contribution Profit as a%of Marketplace GOV3.8%4.2%GAAP net loss

195、including redeemable non-controlling interests$(172)$(158)GAAP net loss including redeemable non-controlling interests as a%of Marketplace GOV(1.0)%(0.8)%Adjusted EBITDA$279$430 Adjusted EBITDA as a%of Marketplace GOV1.7%2.2%Basic shares,options and RSUs outstanding as of period end449 455(1)(1)24Ta

196、ble of Contents(1)Contribution Profit and Adjusted EBITDA are non-GAAP financial measures.For more information regarding our use of these measures and reconciliations to the mostdirectly comparable financial measures calculated in accordance with GAAP,see the section titled“Non-GAAP Financial Measur

197、es.Total Orders.We define Total Orders as all orders completed through our Marketplaces and Platform Services businesses over the period ofmeasurement.In the second quarter of 2024,Total Orders increased to 635 million,or 19%growth compared to the same quarter of 2023.The increase in TotalOrders was

198、 driven primarily by growth in consumers and increased consumer engagement.Marketplace GOV.We define Marketplace GOV as the total dollar value of orders completed on our Marketplaces,including taxes,tips,andany applicable consumer fees,including membership fees related to DashPass and Wolt+.Marketpl

199、ace GOV does not include the dollar value oforders,taxes and tips,or fees charged to merchants,for orders fulfilled through Drive and Storefront.In the second quarter of 2024,Marketplace GOV increased to$19.7 billion,or 20%growth compared to the same quarter of 2023,drivenprimarily by growth in Tota

200、l Orders.Net Revenue Margin.We define Net Revenue Margin as revenue expressed as a percentage of Marketplace GOV.In the second quarter of 2024,Net Revenue Margin increased to 13.3%from 13.0%in the same quarter of 2023,primarily due to increasingcontribution from advertising revenue.Contribution Prof

201、it.We define Contribution Profit as our gross profit less sales and marketing expense plus(i)depreciation and amortizationexpense related to cost of revenue,(ii)stock-based compensation expense and certain payroll tax expense included in cost of revenue andsales and marketing expenses,(iii)allocated

202、 overhead included in cost of revenue and sales and marketing expenses,and(iv)inventory write-off related to restructuring.Gross profit is defined as revenue less(i)cost of revenue,exclusive of depreciation and amortization and(ii)depreciation and amortization related to cost of revenue.We use Contr

203、ibution Profit to evaluate our operating performance and trends.We believe that Contribution Profit is a useful indicator of theeconomic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfillingorders.In the second quarter of 2

204、024,Contribution Profit increased to$825 million,compared to$620 million in the same quarter of 2023,drivenprimarily by growth in revenue,partially offset by increases in cost of revenue and sales and marketing.Adjusted EBITDA.We define Adjusted EBITDA as net income(loss)including redeemable non-con

205、trolling interests,adjusted to exclude(i)certain legal,tax,and regulatory settlements,reserves,and expenses,(ii)loss on disposal of property and equipment,(iii)transaction-relatedcosts(primarily consists of acquisition,integration,and investment related costs),(iv)impairment expenses,(v)restructurin

206、g charges,(vi)inventory write-off related to restructuring,(vii)provision for(benefit from)income taxes,(viii)interest income,net,(ix)other expense,net,(x)stock-based compensation expense and certain payroll tax expense,and(xi)depreciation and amortization expense.Adjusted EBITDA is a performance me

207、asure that we use to assess our operating performance and the operating leverage in our business.In the second quarter of 2024,Adjusted EBITDA increased to$430 million from$279 million in the same quarter of 2023,driven primarily bygrowth in Contribution Profit.Free Cash Flow.We define Free Cash Flo

208、w as cash flows from operating activities less purchases of property and equipment and capitalizedsoftware and website development costs.In the second quarter of 2024,Free Cash Flow increased to$451 million,compared to Free Cash Flow of$311 million in the same quarter of2023,driven primarily by an i

209、ncrease in net cash provided by operating activities.Dashers receive 100%of tips1125Table of ContentsResults of OperationsThe following table summarizes our historical condensed consolidated statements of operations data:Three Months Ended June 30,Six Months Ended June 30,(in millions)20232024202320

210、24Revenue$2,133$2,630$4,168$5,143 Costs and expenses:Cost of revenue,exclusive of depreciation and amortization shownseparately below1,135 1,385 2,204 2,715 Sales and marketing471 509 967 1,013 Research and development269 303 500 582 General and administrative341 494 626 813 Depreciation and amortiz

211、ation128 140 251 282 Restructuring charges 2 Total costs and expenses2,344 2,831 4,550 5,405 Loss from operations(211)(201)(382)(262)Interest income,net34 49 61 94 Other expense,net(4)(5)(5)(7)Loss before income taxes(181)(157)(326)(175)Provision for(benefit from)income taxes(9)1 8 8 Net loss includ

212、ing redeemable non-controlling interests(172)(158)(334)(183)Less:net loss attributable to redeemable non-controlling interests(2)(1)(3)(3)Net loss attributable to DoorDash,Imon stockholders$(170)$(157)$(331)$(180)(1)Costs and expenses included stock-based compensation expense as follows:Three Months

213、 Ended June 30,Six Months Ended June 30,(in millions)2023202420232024Cost of revenue,exclusive of depreciation and amortization$43$41$67$73 Sales and marketing36 32 60 57 Research and development133 140 231 253 General and administrative99 89 183 171 Total stock-based compensation expense$311$302$54

214、1$554(2)Depreciation and amortization related to the following:Three Months Ended June 30,Six Months Ended June 30,(in millions)2023202420232024Cost of revenue$47$50$92$104 Sales and marketing33 30 66 60 Research and development44 55 86 108 General and administrative4 5 7 10 Total depreciation and a

215、mortization$128$140$251$282(1)(2)26Table of ContentsThe following table sets forth the components of our condensed consolidated statements of operations data as a percentage of revenue:Three Months Ended June 30,Six Months Ended June 30,2023202420232024Revenue100%100%100%100%Costs and expenses:Cost

216、of revenue,exclusive of depreciation and amortization shownseparately below53%53%53%53%Sales and marketing22%19%23%20%Research and development13%12%12%11%General and administrative16%19%15%16%Depreciation and amortization6%5%6%5%Restructuring charges%Total costs and expenses110%108%109%105%Loss from

217、 operations(10)%(8)%(9)%(5)%Interest income,net2%2%1%2%Other expense,net%Loss before income taxes(8)%(6)%(8)%(3)%Provision for(benefit from)income taxes%Net loss including redeemable non-controlling interests(8)%(6)%(8)%(3)%Less:net loss attributable to redeemable non-controlling interests%Net loss

218、attributable to DoorDash,Imon stockholders(8)%(6)%(8)%(3)%Comparison of the Three and Six Months Ended June 30,2023 and 2024RevenueWe generate a substantial majority of our revenue from orders completed through our Marketplaces and the related commissions charged topartner merchants and fees charged

219、 to consumers.Commissions from partner merchants are based on an agreed-upon rate applied to the totaldollar value of goods ordered in exchange for using our Marketplaces to sell the partner merchants products.Fees from consumers are for theuse of our Marketplaces and to arrange for delivery service

220、s.Our revenue reflects commissions charged to partner merchants and fees chargedto consumers less(i)Dasher payout and(ii)refunds,credits,and promotions,which includes certain discounts and incentives provided toconsumers,including those for referring a new consumer.We also generate revenue from memb

221、ership fees paid by consumers for DashPass and Wolt+,and our advertising products,which arerecognized as part of our Marketplaces revenue.In addition,we generate revenue from other sources,including our Platform Services,which primarily consists of our Drive and Storefrontofferings.We generate reven

222、ue from Drive by collecting per-order fees from merchants to arrange for delivery services that fulfill demandgenerated through their own channels.Three Months Ended June 30,Six Months Ended June 30,(in millions,except percentages)20232024%Change20232024%ChangeRevenue$2,133$2,630 23%$4,168$5,143 23%

223、Revenue increased by$497 million,or 23%,during the second quarter of 2024,compared to the same quarter of 2023.The increase wasprimarily driven by a 20%increase in Marketplace GOV.During the second quarter of 2024,revenue grew at a faster rate than MarketplaceGOV during the same period primarily due

224、 to an increasing contribution from advertising revenue.Revenue increased by$975 million,or 23%,during the first six months of 2024,compared to the same period of 2023.The increase wasprimarily driven by a 20%increase in Marketplace GOV.For the first six months of 2024,revenue grew at a faster rate

225、than Marketplace GOVduring the same period primarily due to an increasing contribution from advertising revenue.27Table of ContentsCost of Revenue,Exclusive of Depreciation and AmortizationCost of revenue primarily consists of(i)order management costs,which include payment processing charges,net of

226、rebates issued frompayment processors,costs associated with cancelled orders,insurance expenses,costs related to placing orders with non-partner merchants,and costs related to first party product sales,for which we take control of inventory,(ii)platform costs,which include costs for onboardingmercha

227、nts and Dashers,costs for providing support for consumers,merchants,and Dashers,and technology platform infrastructure costs,and(iii)personnel costs,which include personnel-related compensation expenses related to our local operations,support,and other teams,andallocated overhead.Personnel-related c

228、ompensation expenses primarily include salary,bonus,benefits,and stock-based compensationexpense.Allocated overhead is determined based on an allocation of shared costs,such as facilities(including rent and utilities)and informationtechnology costs,among all departments based on employee headcount.T

229、hree Months Ended June 30,Six Months Ended June 30,(in millions,except percentages)20232024%Change20232024%ChangeCost of revenue,exclusive ofdepreciation and amortization$1,135$1,385 22%$2,204$2,715 23%Cost of revenue,exclusive of depreciation and amortization,increased by$250 million,or 22%,for the

230、 second quarter of 2024,compared to thesame quarter of 2023.The increase was primarily attributable to an increase of$215 million in order management costs,driven primarily bygrowth in Total Orders.Order management costs also increased due to an increase in insurance reserves and costs associated wi

231、th our first-party distribution business.Cost of revenue,exclusive of depreciation and amortization,increased by$511 million,or 23%,during the first six months of 2024,compared tothe same period of 2023.The increase was primarily attributable to an increase of$452 million in order management costs,d

232、riven primarily bygrowth in Total Orders.Order management costs also increased due to an increase in insurance reserves and costs associated with our first-party distribution business.Sales and MarketingSales and marketing expenses primarily consist of advertising and other ancillary expenses relate

233、d to merchant,consumer,and Dasheracquisition,including certain consumer referral credits and Dasher referral fees paid to the referrers to the extent they represent fair value ofacquiring a new consumer or a new Dasher,brand marketing expenses,personnel-related compensation expenses for sales and ma

234、rketingemployees,and commissions expense including amortization of deferred contract costs,as well as allocated overhead.Three Months Ended June 30,Six Months Ended June 30,(in millions,except percentages)20232024%Change20232024%ChangeSales and marketing$471$509 8%$967$1,013 5%Sales and marketing ex

235、penses increased by$38 million,or 8%,for the second quarter of 2024,compared to the same quarter of 2023.Theincrease was primarily driven by an increase of$17 million in advertising expenses and an increase of$13 million in personnel-relatedcompensation expenses.Sales and marketing expenses increase

236、d by$46 million,or 5%,during the first six months of 2024,compared to the same period of 2023.Theincrease was primarily driven by an increase of$30 million in personnel-related compensation expenses,and an increase of$7 million inadvertising expenses.Research and DevelopmentResearch and development

237、expenses primarily consist of personnel-related compensation expenses related to data analytics and the design of,product development of,and improvements to our platform,as well as expenses associated with the licensing of third-party software andallocated overhead.Three Months Ended June 30,Six Mon

238、ths Ended June 30,(in millions,except percentages)20232024%Change20232024%ChangeResearch and development$269$303 13%$500$582 16%28Table of ContentsResearch and development expenses increased by$34 million,or 13%,for the second quarter of 2024,compared to the same quarter of 2023.The increase was pri

239、marily driven by an increase of$30 million in personnel-related compensation expenses and allocated overhead.Research and development expenses increased by$82 million,or 16%,during the first six months of 2024,compared to the same period of2023.The increase was primarily driven by an increase of$78

240、million in personnel-related compensation expenses and allocated overhead.General and AdministrativeGeneral and administrative expenses primarily consist of legal,tax,and regulatory expenses,which include litigation settlement expenses andsales and indirect taxes,personnel-related compensation expen

241、ses related to administrative employees,which include finance and accounting,human resources and legal,chargebacks associated with fraudulent credit card transactions,professional services fees,transaction-relatedcosts,impairment expenses,bad debt expense,and allocated overhead.Three Months Ended Ju

242、ne 30,Six Months Ended June 30,(in millions,except percentages)20232024%Change20232024%ChangeGeneral and administrative$341$494 45%$626$813 30%General and administrative expenses increased by$153 million,or 45%,for the second quarter of 2024,compared to the same quarter of 2023.The increase was prim

243、arily driven by an increase of$83 million in office lease impairment expenses and an increase of$44 million in legal,tax,and regulatory expenses.General and administrative expenses increased by$187 million,or 30%,during the first six months of 2024,compared to the same period of2023.The increase was

244、 primarily driven by an increase of$83 million in office lease impairment expenses,an increase of$60 million in legal,tax,and regulatory expenses,and an increase of$8 million in personnel-related compensation expenses and allocated overhead.Depreciation and AmortizationDepreciation and amortization

245、expenses primarily consist of depreciation and amortization expenses associated with our property andequipment and intangible assets.Depreciation primarily includes expenses associated with equipment for merchants,computer equipment andsoftware,office equipment,and leasehold improvements.Amortizatio

246、n includes expenses associated with our capitalized software and websitedevelopment costs,as well as acquired intangible assets.Three Months Ended June 30,Six Months Ended June 30,(in millions,except percentages)20232024%Change20232024%ChangeDepreciation and amortization$128$140 9%$251$282 12%Deprec

247、iation and amortization expenses increased by$12 million,or 9%,for the second quarter of 2024,compared to the same quarter of 2023.The increase was primarily driven by an increase of$17 million in amortization expense related to increased capitalized software and websitedevelopment costs.Depreciatio

248、n and amortization expenses increased by$31 million,or 12%,during the first six months of 2024,compared to the same period of2023.The increase was primarily driven by an increase of$39 million in amortization expense related to increased capitalized software andwebsite development costs.29Table of C

249、ontentsRestructuring ChargesRestructuring charges primarily consist of separation-related payments and other termination benefit costs associated with restructuringactivities.Three Months Ended June 30,Six Months Ended June 30,(in millions,except percentages)20232024%Change20232024%ChangeRestructuri

250、ng charges$*$2$*Percentage not meaningfulRestructuring charges were not material in the periods presented.Interest Income,NetInterest income,net primarily consists of interest earned on our cash,cash equivalents,and marketable securities,net of interest costs.Three Months Ended June 30,Six Months En

251、ded June 30,(in millions,except percentages)20232024%Change20232024%ChangeInterest income,net$34$49 44%$61$94 54%Interest income,net increased by$15 million for the second quarter of 2024,compared to the same quarter of 2023.The increase was primarilydriven by an increase in average interest rates d

252、uring 2023,resulting in higher interest income earned on marketable securities in the secondquarter of 2024.Interest income,net increased by$33 million during the first six months of 2024,compared to the same period of 2023.The increase wasprimarily driven by an increase in average interest rates du

253、ring 2023,resulting in higher interest income earned on marketable securities in thefirst six months of 2024.Other Expense,NetOther expense,net primarily consists of adjustments to non-marketable equity securities,including impairment,as well as gains and losses fromtransactions denominated in a cur

254、rency other than the functional currency.Three Months Ended June 30,Six Months Ended June 30,(in millions,except percentages)20232024%Change20232024%ChangeOther expense,net$(4)$(5)25%$(5)$(7)40%Other expense,net was not material in the periods presented.Provision for Income TaxesWe are subject to in

255、come taxes in the United States and foreign jurisdictions in which we do business.Foreign jurisdictions have differentstatutory tax rates than those in the United States.Additionally,certain of our foreign earnings may also be taxable in the United States.Accordingly,our effective tax rate is subjec

256、t to significant variation due to several factors,including variability in our pre-tax and taxable incomeand loss and the mix of jurisdictions to which they relate,changes in our stock price,intercompany transactions,changes in how we dobusiness,acquisitions,investments,tax audit developments,change

257、s in our deferred tax assets and liabilities and their valuation,foreigncurrency gains and losses,changes in statutes,regulations,case law,administrative practices,principles,and interpretations related to tax,including changes to the global tax framework,competition,and other laws and accounting ru

258、les in various jurisdictions,and relative changes ofexpenses or losses for which tax benefits are not recognized.Additionally,the impact of discrete items and non-deductible expenses variesdepending on the amount of pre-tax income or loss.For example,the impact of any particular item is greater when

259、 the amount of our pre-taxincome or loss is smaller.30Table of ContentsWe have a valuation allowance for our net deferred tax assets in the United States and Finland.We expect to maintain these valuationallowances until it becomes more-likely-than-not that the benefit of our deferred tax assets will

260、 be realized by way of expected future taxableincome in the United States and Finland.Three Months Ended June 30,Six Months Ended June 30,(in millions,except percentages)20232024%Change20232024%ChangeProvision for(benefit from)income taxes$(9)$1*$8$8*Percentage not meaningfulThe provision for income

261、 taxes for the second quarter of 2024 was$1 million,compared to a benefit from income taxes of$9 million for the samequarter of 2023.The change was primarily attributable to variability in our quarterly and full-year forecasted pre-tax book income as of the end ofthe second quarter.The provision for

262、 income taxes for the first six months of 2024 is comparable to that in the same period of 2023.The provision for income taxesis primarily attributable to positive pre-tax book income in the United States resulting in federal and state income taxes.For additional information,see Note 9-Income Taxes

263、included in Part I,Item 1,Notes to Condensed Consolidated Financial Statements ofthis Quarterly Report on Form 10-Q.Non-GAAP Financial MeasuresWe use adjusted cost of revenue,adjusted sales and marketing expense,adjusted research and development expense,adjusted general andadministrative expense,Con

264、tribution Profit,Contribution Margin,Adjusted Gross Profit,Adjusted Gross Margin,Adjusted EBITDA,and FreeCash Flow in conjunction with GAAP measures as part of our overall assessment of our performance,including the preparation of our annualoperating budget and quarterly forecasts,to evaluate the ef

265、fectiveness of our business strategies and to communicate with our board of directorsconcerning our business and financial performance.We believe that these non-GAAP financial measures provide useful information to investorsabout our business and financial performance,enhance their overall understan

266、ding of our past performance and future prospects,and allow forgreater transparency with respect to metrics used by our management in their financial and operational decision making.We are presentingthese non-GAAP financial measures to assist investors in seeing our business and financial performanc

267、e through the eyes of management,andbecause we believe that these non-GAAP financial measures provide an additional tool for investors to use in comparing results of operations ofour business over multiple periods and with other companies in our industry.Our definitions may differ from the definitio

268、ns used by other companies and therefore comparability may be limited.In addition,other companiesmay not publish these or similar metrics.Further,these metrics have certain limitations in that they do not include the impact of certain expensesthat are reflected in our condensed consolidated statemen

269、ts of operations.Thus,our adjusted cost of revenue,adjusted sales and marketingexpense,adjusted research and development expense,adjusted general and administrative expense,Contribution Profit,Contribution Margin,Adjusted Gross Profit,Adjusted Gross Margin,Adjusted EBITDA,and Free Cash Flow should b

270、e considered in addition to,not as substitutes for,or in isolation from,measures prepared in accordance with GAAP.We compensate for these limitations by providing a reconciliation of adjusted cost of revenue,adjusted sales and marketing expense,adjustedresearch and development expense,adjusted gener

271、al and administrative expense,Contribution Profit,Contribution Margin,Adjusted GrossProfit,Adjusted Gross Margin,Adjusted EBITDA,and Free Cash Flow to their respective related GAAP financial measures.We encourageinvestors and others to review our business,results of operations,and financial informat

272、ion in its entirety,not to rely on any single financialmeasure,and to view adjusted cost of revenue,adjusted sales and marketing expense,adjusted research and development expense,adjustedgeneral and administrative expense,Contribution Profit,Contribution Margin,Adjusted Gross Profit,Adjusted Gross M

273、argin,Adjusted EBITDA,and Free Cash Flow in conjunction with their respective related GAAP financial measures.Adjusted Cost of RevenueWe define adjusted cost of revenue as cost of revenue,exclusive of depreciation and amortization,excluding stock-based compensationexpense and certain payroll tax exp

274、ense,allocated overhead,and inventory write-off related to restructuring.We exclude stock-basedcompensation as it is non-cash in nature and we exclude allocated overhead as it31Table of Contentsis generally a fixed cost and is not directly impacted by Total Orders.We believe excluding such expenses

275、provides a better period-to-periodcomparison of the core operating performance of our business.The following table provides a reconciliation of cost of revenue,exclusive of depreciation and amortization,to adjusted cost of revenue:Three Months Ended June 30,Six Months Ended June 30,(in millions)2023

276、202420232024Cost of revenue,exclusive of depreciation and amortization$1,135$1,385$2,204$2,715 Adjusted to exclude the following:Stock-based compensation expense and certain payroll tax expense(43)(41)(67)(74)Allocated overhead(8)(9)(17)(17)Adjusted cost of revenue$1,084$1,335$2,120$2,624 Adjusted S

277、ales and Marketing ExpenseWe define adjusted sales and marketing expense as sales and marketing expenses excluding stock-based compensation expense and certainpayroll tax expense,and allocated overhead.We exclude stock-based compensation as it is non-cash in nature and we exclude allocatedoverhead a

278、s it is generally a fixed cost and is not directly impacted by Total Orders.We believe excluding such expenses provides a betterperiod-to-period comparison of the core operating performance of our business.The following table provides a reconciliation of sales and marketing expense to adjusted sales

279、 and marketing expense:Three Months Ended June 30,Six Months Ended June 30,(in millions)2023202420232024Sales and marketing$471$509$967$1,013 Adjusted to exclude the following:Stock-based compensation expense and certain payroll tax expense(36)(33)(60)(58)Allocated overhead(6)(6)(12)(12)Adjusted sal

280、es and marketing$429$470$895$943 Adjusted Research and Development ExpenseWe define adjusted research and development expense as research and development expenses excluding stock-based compensation expenseand certain payroll tax expense,and allocated overhead.We exclude stock-based compensation as i

281、t is non-cash in nature and we excludeallocated overhead as it is generally a fixed cost and is not directly impacted by Total Orders.We believe excluding such expenses provides abetter period-to-period comparison of the core operating performance of our business.The following table provides a recon

282、ciliation of research and development expense to adjusted research and development expense:Three Months Ended June 30,Six Months Ended June 30,(in millions)2023202420232024Research and development$269$303$500$582 Adjusted to exclude the following:Stock-based compensation expense and certain payroll

283、tax expense(134)(141)(232)(255)Allocated overhead(5)(6)(9)(11)Adjusted research and development$130$156$259$316 32Table of ContentsAdjusted General and Administrative ExpenseWe define adjusted general and administrative expense as general and administrative expenses excluding stock-based compensatio

284、n expenseand certain payroll tax expense,certain legal,tax,and regulatory settlements,reserves,and expenses,transaction-related costs(primarilyconsists of acquisition,integration,and investment related costs),impairment expenses,and including allocated overhead from cost of revenue,sales and marketi

285、ng,and research and development.We exclude stock-based compensation as it is non-cash in nature and we exclude certainlegal,tax,and regulatory settlements,reserves,and expenses,transaction-related costs,as well as impairment expenses,as these costs arenot indicative of our operating performance.We b

286、elieve excluding such expenses provides a better period-to-period comparison of the coreoperating performance of our business.The following table provides a reconciliation of general and administrative expense to adjusted general and administrative expense:Three Months Ended June 30,Six Months Ended

287、 June 30,(in millions)2023202420232024General and administrative$341$494$626$813 Adjusted to exclude the following:Stock-based compensation expense and certain payroll tax expense(99)(89)(183)(172)Certain legal,tax,and regulatory settlements,reserves,and expenses(49)(102)(68)(137)Transaction-related

288、 costs(1)(2)(2)(2)Office lease impairment expenses(83)(83)Allocated overhead from cost of revenue,sales and marketing,andresearch and development19 21 38 40 Adjusted general and administrative$211$239$411$459(1)We exclude certain costs and expenses from our calculation of adjusted general and admini

289、strative expense because management believes that these costs and expensesare not indicative of our core operating performance,do not reflect the underlying economics of our business,and are not necessary to operate our business.Theseexcluded costs and expenses consist of(i)certain legal costs prima

290、rily related to worker classification matters,our historical Dasher pay model,and a settlement enteredinto in connection with an initiative to serve underrepresented communities,(ii)reserves and settlements or other resolutions for or related to the collection of sales,indirect,and other taxes that

291、we do not expect to incur on a recurring basis,(iii)expenses related to supporting various policy matters,including those related to workerclassification,other labor law matters,and price controls,and(iv)donations as part of our relief efforts in connection with the COVID-19 pandemic.We believe it i

292、sappropriate to exclude the foregoing matters from our calculation of adjusted general and administrative expense because(1)the timing and magnitude of such expensesare unpredictable and thus not part of managements budgeting or forecasting process,and(2)with respect to worker classification matters

293、,management currently expectssuch expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area,including as aresult of Proposition 22 in California and similar legislation.(2)Consists of impairment expenses

294、associated with certain corporate office spaces which we have ceased use of and made available for sublease during the three monthsended June 30,2024.Contribution ProfitWe use Contribution Profit to evaluate our operating performance and trends.We believe that Contribution Profit is a useful indicat

295、or of theeconomic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfillingorders.It is not a financial measure of total company profitability and it is neither intended to be used as a proxy for total company profitability nor

296、does it imply profitability for our business.We define Contribution Profit as our gross profit less sales and marketing expense plus(i)depreciationand amortization expense related to cost of revenue,(ii)stock-based compensation expense and certain payroll tax expense included in cost ofrevenue and s

297、ales and marketing expenses,(iii)allocated overhead included in cost of revenue and sales and marketing expenses,and(iv)inventory write-off related to restructuring.We define gross margin as gross profit as a percentage of revenue for the same period and we defineContribution Margin as Contribution

298、Profit as a percentage of revenue for the same period.(1)(2)33Table of ContentsGross profit is the most directly comparable financial measure to Contribution Profit.The following table provides a reconciliation of gross profitto Contribution Profit:Three Months Ended June 30,Six Months Ended June 30

299、,(in millions,except percentages)2023202420232024Revenue$2,133$2,630$4,168$5,143 Less:Cost of revenue,exclusive of depreciation and amortization(1,135)(1,385)(2,204)(2,715)Less:Depreciation and amortization related to cost of revenue(47)(50)(92)(104)Gross profit$951$1,195$1,872$2,324 Gross Margin44.

300、6%45.4%44.9%45.2%Less:Sales and marketing$(471)$(509)$(967)$(1,013)Add:Depreciation and amortization related to cost of revenue47 50 92 104 Add:Stock-based compensation expense and certain payroll taxexpense included in cost of revenue and sales and marketing79 74 127 132 Add:Allocated overhead incl

301、uded in cost of revenue and sales andmarketing14 15 29 29 Contribution Profit$620$825$1,153$1,576 Contribution Margin29.1%31.4%27.7%30.6%Adjusted Gross ProfitWe define Adjusted Gross Profit as gross profit plus(i)depreciation and amortization expense related to cost of revenue,(ii)stock-basedcompens

302、ation expense and certain payroll tax expense included in cost of revenue,(iii)allocated overhead included in cost of revenue,and(iv)inventory write-off related to restructuring.Gross profit is defined as revenue less(i)cost of revenue,exclusive of depreciation and amortizationand(ii)depreciation an

303、d amortization related to cost of revenue.Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage ofrevenue for the same period.The following table provides a reconciliation of gross profit to Adjusted Gross Profit:Three Months Ended June 30,Six Months Ended June 30,(in millions,ex

304、cept percentages)2023202420232024Gross profit$951$1,195$1,872$2,324 Add:Depreciation and amortization related to cost of revenue47 50 92 104 Add:Stock-based compensation expense and certain payroll taxexpense included in cost of revenue43 41 67 74 Add:Allocated overhead included in cost of revenue8

305、9 17 17 Adjusted Gross Profit$1,049$1,295$2,048$2,519 Adjusted Gross Margin49.2%49.2%49.1%49.0%Adjusted EBITDAAdjusted EBITDA is a measure that we use to assess our operating performance and the operating leverage in our business.We defineAdjusted EBITDA as net income(loss)including redeemable non-c

306、ontrolling interests,adjusted to exclude(i)certain legal,tax,and regulatorysettlements,reserves,and expenses,(ii)loss on disposal of property and equipment,(iii)transaction-related costs(primarily consists ofacquisition,integration,and investment related costs),(iv)impairment expenses,(v)restructuri

307、ng charges,(vi)inventory write-off related torestructuring,(vii)provision for(benefit from)income taxes,(viii)interest income,net,(ix)other expense,net,(x)stock-based compensationexpense and certain payroll tax expense,and(xi)depreciation and amortization expense.The following table provides a recon

308、ciliation of net loss including redeemable non-controlling interests to Adjusted EBITDA:34Table of ContentsThree Months Ended June 30,Six Months Ended June 30,(in millions)2023202420232024Net loss including redeemable non-controlling interests$(172)$(158)$(334)$(183)Certain legal,tax,and regulatory

309、settlements,reserves,and expenses49 102 68 137 Transaction-related costs1 2 2 2 Office lease impairment expenses 83 83 Restructuring charges 2 Provision for(benefit from)income taxes(9)1 8 8 Interest income,net(34)(49)(61)(94)Other expense,net4 5 5 7 Stock-based compensation expense and certain payr

310、oll tax expense312 304 542 559 Depreciation and amortization expense128 140 251 282 Adjusted EBITDA$279$430$483$801(1)We exclude certain costs and expenses from our calculation of Adjusted EBITDA because management believes that these costs and expenses are not indicative of ourcore operating perfor

311、mance,do not reflect the underlying economics of our business,and are not necessary to operate our business.These excluded costs and expensesconsist of(i)certain legal costs primarily related to worker classification matters,our historical Dasher pay model,and a settlement entered into in connection

312、 with aninitiative to serve underrepresented communities,(ii)reserves and settlements or other resolutions for or related to the collection of sales,indirect,and other taxes that wedo not expect to incur on a recurring basis,(iii)expenses related to supporting various policy matters,including those

313、related to worker classification,other labor lawmatters,and price controls,and(iv)donations as part of our relief efforts in connection with the COVID-19 pandemic.We believe it is appropriate to exclude the foregoingmatters from our calculation of Adjusted EBITDA because(1)the timing and magnitude o

314、f such expenses are unpredictable and thus not part of managements budgetingor forecasting process,and(2)with respect to worker classification matters,management currently expects such expenses will not be material to our results of operationsover the long term as a result of increasing legislative

315、and regulatory certainty in this area,including as a result of Proposition 22 in California and similar legislation.(2)Consists of impairment expenses associated with certain corporate office spaces which we have ceased use of and made available for sublease during the three monthsended June 30,2024

316、.Free Cash FlowWe define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software andwebsite development costs.The following table provides a reconciliation of net cash provided by operating activities to Free Cash Flow:Six Months Ended

317、 June 30,(in millions)20232024Net cash provided by operating activities$790$1,083 Purchases of property and equipment(66)(40)Capitalized software and website development costs(97)(105)Free Cash Flow$627$938 Credit FacilityOn November 19,2019,we entered into a revolving credit and guaranty agreement

318、with certain lenders,which,as most recently amended andrestated on April 26,2024,provides for an$800 million unsecured revolving credit facility maturing on April 26,2029,with a sublimit for theissuance of letters of credit in an aggregate face amount of up to$600 million.As of June 30,2024,we were

319、in compliance with the covenantsunder the revolving credit and guaranty agreement.As amended and restated,the credit agreement contains customary affirmative covenants,as well as customary negative covenants that restrict our ability and our subsidiaries ability to,among other things,incur subsidiar

320、yindebtedness,grant liens,declare cash dividends or make certain other distributions,repurchase stock,merge or consolidate with othercompanies or sell substantially all of our and our subsidiaries assets,taken as a whole,make investments and loans,and engage in certaintransactions with affiliates.Th

321、e 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 June 30,2024,no revolving loans wereoutstanding and$115 million and$112 million of letters of credit were iss

322、ued under our revolving credit facility,respectively.(1)(2)35Table of ContentsLiquidity and Capital ResourcesAs of June 30,2024,our principal sources of liquidity were cash,cash equivalents,and marketable securities of$5.5 billion,which consisted ofcash and cash equivalents of$3.4 billion,short-term

323、 marketable securities of$1.4 billion,and long-term marketable securities of$669 million.Additionally,funds held at payment processors of$396 million represent cash due from our payment processors for cleared transactions withmerchants and consumers,as well as funds remitted to payment processors fo

324、r Dasher payout.Cash and cash equivalents consisted of cash ondeposit with banks,as well as institutional money market funds,commercial paper,corporate bonds and U.S.Treasury securities.Marketablesecurities consisted of certificates of deposit,commercial paper,corporate bonds,U.S.government agency s

325、ecurities,U.S.Treasury securities,and mutual funds.We have generated significant operating losses from our operations as reflected in our accumulated deficit of$5.3 billion as of June 30,2024.We have historically funded our operations from cash from operations as well as the issuance of equity secur

326、ities,including in our initial publicoffering in December 2020.To execute on our strategic initiatives to continue to grow our business,we may incur operating losses and generatenegative cash flows from operations in the future,and as a result,we may require additional capital resources.We believe o

327、ur existing cash,cash equivalents,and marketable securities,along with the available borrowings under our revolving credit facility,will be sufficient to meet ourworking capital and capital expenditures needs for at least the next 12 months and beyond.In February 2024,we announced the authorization

328、of a share repurchase program for the repurchase of shares of our Class A common stock,inan aggregate amount up to$1.1 billion.Repurchases may be made from time to time through open market purchases or through privatelynegotiated transactions subject to market conditions,applicable legal requirement

329、s,and other relevant factors.Open market repurchases maybe structured to occur in accordance with the requirements of Rule 10b-18 of the Exchange Act.We may also,from time to time,enter into Rule10b5-1 plans to facilitate repurchases of our Class A common stock under this authorization.The timing an

330、d actual number of sharesrepurchased may depend on a variety of factors,including price,general business and market conditions,and alternative investmentopportunities.Our future capital requirements will depend on many factors,including,but not limited to our growth,our ability to attract and retain

331、 merchants,consumers,and Dashers that utilize our platform,the continuing market acceptance of our offerings,the timing and extent of spending to supportour efforts to develop our platform,and the expansion of sales and marketing activities,the timing and extent of spending for policy and workerclas

332、sification initiatives.Further,we may in the future enter into arrangements to acquire or invest in businesses,products,services,andtechnologies.We may be required to seek additional equity or debt financing.In the event that additional financing is required from outsidesources,we may not be able to

333、 raise it on terms acceptable to us or at all.If we are unable to raise additional capital when desired,ourbusiness,financial condition,and results of operations could be adversely affected.The following table summarizes our cash flows for the periods indicated:Six Months Ended June 30,(in millions)20232024Net cash provided by operating activities$790$1,083 Net cash used in investing activities(14