San Francisco / CA. (ddi) DoorDash Inc. announced its financial results for the quarter ended March 31, 2023. The company continued to execute extremely well in Q1-2023 and we are proud of our team’s outstanding performance in service of our stakeholders. In Q1-2023, our focus on inputs and deep attention to detail drove strong and stable growth in our U.S. restaurant category, outsized growth in our non-restaurant categories and international markets, improved operating efficiency in many areas of our business, and disciplined expense management. First Quarter 2023 key financial metrics:
- Total Orders increased 27 percent year-over-year (Y/Y) to 512 million and Marketplace GOV increased 29 percent Y/Y to USD 15.9 billion.
- Revenue increased 40 percent Y/Y to USD 2.0 billion and Net Revenue Margin increased to 12.8 percent from 11.8 percent in Q1 2022.
- GAAP Net Loss including redeemable non-controlling interests was USD 162 million versus USD 167 million in Q1-2022, and Adjusted Ebitda increased to USD 204 million from USD 54 million in Q1-2022.
| (in millions, except percentages) | Q1-2022 | Q2-2022 | Q3-2022 | Q4-2022 | Q1-2023 | |||||
| Total Orders | 404 | 426 | 439 | 467 | 512 | |||||
| Total Orders Y/Y growth | 23 | % | 23 | % | 27 | % | 27 | % | 27 | % |
| Marketplace GOV | 12,353 | USD | 13,081 | USD | 13,534 | USD | 14,446 | USD | 15,913 | USD |
| Marketplace GOV Y/Y growth | 25 | % | 25 | % | 30 | % | 29 | % | 29 | % |
| Revenue | 1,456 | USD | 1,608 | USD | 1,701 | USD | 1,818 | USD | 2,035 | USD |
| Revenue Y/Y growth | 35 | % | 30 | % | 33 | % | 40 | % | 40 | % |
| Net Revenue Margin | 11.8 | % | 12.3 | % | 12.6 | % | 12.6 | % | 12.8 | % |
| GAAP Gross Profit | 662 | USD | 686 | USD | 714 | USD | 762 | USD | 921 | USD |
| GAAP Gross Profit as a percent of Marketplace GOV | 5.4 | % | 5.2 | % | 5.3 | % | 5.3 | % | 5.8 | % |
| Contribution Profit | 319 | USD | 381 | USD | 420 | USD | 447 | USD | 533 | USD |
| Contribution Profit as a % of Marketplace GOV | 2.6 | % | 2.9 | % | 3.1 | % | 3.1 | % | 3.3 | % |
| GAAP Net Loss with redeemable non-controlling interests | (167 | )USD | (263 | )USD | (296 | )USD | (642 | )USD | (162 | )USD |
| GAAP Net Loss with redeemable non-controlling interests as a percent of Marketplace GOV | (1.4 | )% | (2.0 | )% | (2.2 | )% | (4.4 | )% | (1.0 | )% |
| Adjusted Ebitda | 54 | USD | 103 | USD | 87 | USD | 117 | USD | 204 | USD |
| Adjusted Ebitda as a percent of Marketplace GOV | 0.4 | % | 0.8 | % | 0.6 | % | 0.8 | % | 1.3 | % |
| Basic shares, options and RSUs outstanding as of period end | 395 | 448 | 446 | 452 | 444 | |||||
For additional information please read the Company’s PDF file below (77 KB):
20230509-DOORDASH-Q1-2023.