Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39759 | |
Entity Registrant Name | DOORDASH, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-2852392 | |
Entity Address, Address Line One | 303 2nd Street, South Tower, 8th Floor | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94107 | |
City Area Code | 650 | |
Local Phone Number | 487-3970 | |
Title of 12(b) Security | Class A common stock, par value of $0.00001 per share | |
Trading Symbol | DASH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001792789 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 365,828,952 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 27,468,845 | |
Class C Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,904 | $ 1,977 |
Short-term marketable securities | 1,552 | 1,544 |
Funds held at payment processors | 297 | 441 |
Accounts receivable, net | 383 | 400 |
Prepaid expenses and other current assets | 469 | 358 |
Total current assets | 4,605 | 4,720 |
Long-term restricted cash | 144 | 211 |
Long-term marketable securities | 381 | 397 |
Operating lease right-of-use assets | 417 | 436 |
Property and equipment, net | 677 | 637 |
Intangible assets, net | 708 | 765 |
Goodwill | 2,396 | 2,370 |
Non-marketable equity securities | 142 | 124 |
Other assets | 131 | 129 |
Total assets | 9,601 | 9,789 |
Current liabilities: | ||
Accounts payable | 173 | 157 |
Operating lease liabilities | 58 | 55 |
Accrued expenses and other current liabilities | 2,495 | 2,332 |
Total current liabilities | 2,726 | 2,544 |
Operating lease liabilities | 440 | 456 |
Other liabilities | 28 | 21 |
Total liabilities | 3,194 | 3,021 |
Commitments and contingencies (Note 8) | ||
Redeemable non-controlling interests | 11 | 14 |
Stockholders’ equity: | ||
Common stock, par value, Class A, Class B and Class C shares authorized, issued and outstanding | 0 | 0 |
Additional paid-in capital | 11,257 | 10,633 |
Accumulated other comprehensive (loss) income | 9 | (33) |
Accumulated deficit | (4,870) | (3,846) |
Total stockholders’ equity | 6,396 | 6,754 |
Total liabilities, redeemable non-controlling interests and stockholders’ equity | $ 9,601 | $ 9,789 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||
Common stock, par value ($ per share) | $ 0.00001 | $ 0.00001 |
Class A Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, authorized (shares) | 6,000,000,000 | 6,000,000,000 |
Common stock, issued (shares) | 365,183,000 | 363,299,000 |
Common stock, outstanding (shares) | 365,183,000 | 363,299,000 |
Class B Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, authorized (shares) | 200,000,000 | 200,000,000 |
Common stock, issued (shares) | 27,469,000 | 28,172,000 |
Common stock, outstanding (shares) | 27,469,000 | 28,172,000 |
Class C Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, authorized (shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, issued (shares) | 0 | 0 |
Common stock, outstanding (shares) | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 2,133 | $ 1,608 | $ 4,168 | $ 3,064 |
Costs and expenses: | ||||
Cost of revenue, exclusive of depreciation and amortization shown separately below | 1,135 | 880 | 2,204 | 1,643 |
Sales and marketing | 471 | 421 | 967 | 835 |
Research and development | 269 | 205 | 500 | 353 |
General and administrative | 341 | 291 | 626 | 536 |
Depreciation and amortization | 128 | 81 | 251 | 140 |
Restructuring charges | 0 | 3 | 2 | 3 |
Total costs and expenses | 2,344 | 1,881 | 4,550 | 3,510 |
Loss from operations | (211) | (273) | (382) | (446) |
Interest income, net | 34 | 4 | 61 | 5 |
Other income (expense), net | (4) | (3) | (5) | 2 |
Loss before income taxes | (181) | (272) | (326) | (439) |
Provision for (benefit from) income taxes | (9) | (9) | 8 | (9) |
Net loss including redeemable non-controlling interests | (172) | (263) | (334) | (430) |
Less: net loss attributable to redeemable non-controlling interests | (2) | 0 | (3) | 0 |
Net loss attributable to DoorDash, Inc. common stockholders | $ (170) | $ (263) | $ (331) | $ (430) |
Earnings Per Share | ||||
Net loss per share attributable to DoorDash, Inc. common stockholders, basic (in $ per share) | $ (0.44) | $ (0.72) | $ (0.85) | $ (1.21) |
Net loss attributable to DoorDash, Inc. common stockholders, diluted (in $ per share) | $ (0.44) | $ (0.72) | $ (0.85) | $ (1.21) |
Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, basic (in shares) | 388,737 | 363,961 | 389,563 | 356,630 |
Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, diluted (in shares) | 388,737 | 363,961 | 389,563 | 356,630 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss including redeemable non-controlling interests | $ (172) | $ (263) | $ (334) | $ (430) |
Other comprehensive (loss) income, net of tax: | ||||
Change in foreign currency translation adjustments | (8) | (87) | 34 | (87) |
Change in unrealized loss on marketable securities | (1) | (6) | 8 | (16) |
Total other comprehensive (loss) income, net of tax | (9) | (93) | 42 | (103) |
Comprehensive loss including redeemable non-controlling interests | (181) | (356) | (292) | (533) |
Less: Comprehensive loss attributable to redeemable non-controlling interests | (2) | 0 | (3) | 0 |
Comprehensive loss attributable to DoorDash, Inc. common stockholders | $ (179) | $ (356) | $ (289) | $ (533) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Non-Controlling Interests and Stockholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Redeemable Non-Controlling Interests | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income |
Redeemable non-controlling interests, beginning at Dec. 31, 2021 | $ 0 | |||||
Redeemable non-controlling interests, ending at Mar. 31, 2022 | 0 | |||||
Beginning balance (shares) at Dec. 31, 2021 | 346,512 | |||||
Beginning balance at Dec. 31, 2021 | 4,667 | $ 0 | $ 6,752 | $ (2,081) | $ (4) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon settlement of RSUs (shares) | 1,915 | |||||
Issuance of common stock upon exercise of stock options (shares) | 2,686 | |||||
Issuance of common stock upon exercise of stock options | 5 | 5 | ||||
Stock-based compensation | 157 | 157 | ||||
Other comprehensive income (loss) | (10) | (10) | ||||
Net loss | (167) | (167) | ||||
Ending balance (shares) at Mar. 31, 2022 | 351,113 | |||||
Ending balance at Mar. 31, 2022 | 4,652 | $ 0 | 6,914 | (2,248) | (14) | |
Redeemable non-controlling interests, beginning at Dec. 31, 2021 | 0 | |||||
Redeemable non-controlling interests, ending at Jun. 30, 2022 | 0 | |||||
Beginning balance (shares) at Dec. 31, 2021 | 346,512 | |||||
Beginning balance at Dec. 31, 2021 | 4,667 | $ 0 | 6,752 | (2,081) | (4) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (430) | |||||
Ending balance (shares) at Jun. 30, 2022 | 390,416 | |||||
Ending balance at Jun. 30, 2022 | 7,410 | $ 0 | 10,028 | (2,511) | (107) | |
Redeemable non-controlling interests, beginning at Mar. 31, 2022 | 0 | |||||
Redeemable non-controlling interests, ending at Jun. 30, 2022 | 0 | |||||
Beginning balance (shares) at Mar. 31, 2022 | 351,113 | |||||
Beginning balance at Mar. 31, 2022 | 4,652 | $ 0 | 6,914 | (2,248) | (14) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon settlement of RSUs (shares) | 2,492 | |||||
Shares issued related to the acquisition of Wolt (shares) | 35,780 | |||||
Shares issued related to the acquisition of Wolt | 2,842 | 2,842 | ||||
Issuance of common stock upon exercise of stock options (shares) | 1,031 | |||||
Issuance of common stock upon exercise of stock options | 3 | 3 | ||||
Stock-based compensation | 269 | 269 | ||||
Other comprehensive income (loss) | (93) | (93) | ||||
Net loss | (263) | (263) | ||||
Ending balance (shares) at Jun. 30, 2022 | 390,416 | |||||
Ending balance at Jun. 30, 2022 | 7,410 | $ 0 | 10,028 | (2,511) | (107) | |
Redeemable non-controlling interests, beginning at Dec. 31, 2022 | 14 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Net loss | $ (1) | |||||
Redeemable non-controlling interests, ending at Mar. 31, 2023 | 13 | |||||
Beginning balance (shares) at Dec. 31, 2022 | 391,471 | |||||
Beginning balance at Dec. 31, 2022 | 6,754 | $ 0 | 10,633 | (3,846) | (33) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon settlement of RSUs (shares) | 3,322 | |||||
Issuance of common stock upon exercise of stock options (shares) | 1,724 | |||||
Issuance of common stock upon exercise of stock options | 2 | 2 | ||||
Stock-based compensation | 265 | 265 | ||||
Other comprehensive income (loss) | 51 | 51 | ||||
Repurchase and retirement of common stock (shares) | (6,761) | |||||
Repurchase and retirement of common stock | (393) | (393) | ||||
Net loss | (161) | (161) | ||||
Ending balance (shares) at Mar. 31, 2023 | 389,756 | |||||
Ending balance at Mar. 31, 2023 | 6,518 | $ 0 | 10,900 | (4,400) | 18 | |
Redeemable non-controlling interests, beginning at Dec. 31, 2022 | 14 | |||||
Redeemable non-controlling interests, ending at Jun. 30, 2023 | 11 | |||||
Beginning balance (shares) at Dec. 31, 2022 | 391,471 | |||||
Beginning balance at Dec. 31, 2022 | $ 6,754 | $ 0 | 10,633 | (3,846) | (33) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options (shares) | 3,572 | |||||
Net loss | $ (331) | |||||
Ending balance (shares) at Jun. 30, 2023 | 392,652 | |||||
Ending balance at Jun. 30, 2023 | 6,396 | $ 0 | 11,257 | (4,870) | 9 | |
Redeemable non-controlling interests, beginning at Mar. 31, 2023 | 13 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Net loss | $ (2) | |||||
Redeemable non-controlling interests, ending at Jun. 30, 2023 | 11 | |||||
Beginning balance (shares) at Mar. 31, 2023 | 389,756 | |||||
Beginning balance at Mar. 31, 2023 | 6,518 | $ 0 | 10,900 | (4,400) | 18 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon settlement of RSUs (shares) | 5,489 | |||||
Issuance of common stock upon exercise of stock options (shares) | 1,848 | |||||
Issuance of common stock upon exercise of stock options | 1 | 1 | ||||
Stock-based compensation | 356 | 356 | ||||
Other comprehensive income (loss) | (9) | (9) | ||||
Repurchase and retirement of common stock (shares) | (4,441) | |||||
Repurchase and retirement of common stock | (300) | (300) | ||||
Net loss | (170) | (170) | ||||
Ending balance (shares) at Jun. 30, 2023 | 392,652 | |||||
Ending balance at Jun. 30, 2023 | $ 6,396 | $ 0 | $ 11,257 | $ (4,870) | $ 9 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss including redeemable non-controlling interests | $ (334) | $ (430) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 251 | 140 |
Stock-based compensation | 541 | 360 |
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities | 60 | 35 |
Other | 19 | 14 |
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions: | ||
Funds held at payment processors | 142 | 109 |
Accounts receivable, net | 12 | 20 |
Prepaid expenses and other current assets | (27) | (51) |
Other assets | (23) | (44) |
Accounts payable | 20 | 38 |
Accrued expenses and other current liabilities | 181 | (6) |
Payments for operating lease liabilities | (59) | (32) |
Other liabilities | 7 | (8) |
Net cash provided by operating activities | 790 | 145 |
Cash flows from investing activities | ||
Purchases of property and equipment | (66) | (77) |
Capitalized software and website development costs | (97) | (73) |
Purchases of marketable securities | (930) | (1,078) |
Maturities of marketable securities | 962 | 992 |
Sales of marketable securities | 3 | 245 |
Purchases of non-marketable equity securities | (16) | 0 |
Net cash acquired in acquisitions | 0 | 71 |
Other investing activities | (1) | 0 |
Net cash provided by (used in) investing activities | (145) | 80 |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 3 | 8 |
Repurchase of common stock | (693) | 0 |
Other financing activities | (8) | 0 |
Net cash provided by (used in) financing activities | (698) | 8 |
Foreign currency effect on cash, cash equivalents, and restricted cash | (2) | (8) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (55) | 225 |
Cash, cash equivalents, and restricted cash, beginning of period | 2,188 | 2,506 |
Cash, cash equivalents, and restricted cash, end of period | $ 2,133 | $ 2,731 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 1,904 | $ 2,727 |
Restricted cash included in prepaid expenses and other current assets | 85 | 0 |
Long-term restricted cash | 144 | 4 |
Total cash, cash equivalents, and restricted cash | 2,133 | 2,731 |
Non-cash investing and financing activities | ||
Purchases of property and equipment not yet settled | 20 | 39 |
Stock-based compensation included in capitalized software and website development costs | $ 80 | $ 66 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business DoorDash, Inc. (the “Company”) is incorporated in Delaware with headquarters in San Francisco, California. The Company operates a local commerce platform that enables local businesses to address consumers’ expectations of ease and immediacy and thrive in today’s convenience economy. The Company operates a local commerce platform that connects merchants, consumers, and Dashers. The Company's primary offerings are the DoorDash Marketplace and the Wolt Marketplace (together, the "Marketplaces"), which together operate in over 25 countries across the globe. The Marketplaces provide a suite of services that enable merchants to establish an online presence, generate demand, seamlessly transact with consumers, and fulfill orders primarily through independent contractors who use the Company’s platform to deliver orders (“Dashers”). As part of the Marketplaces, the Company also offers Pickup, which allows consumers to place advance orders, skip lines, and pick up their orders conveniently with no consumer fees, as well as DoorDash for Work, which provides merchants on the Company’s platform with large group orders and catering orders for businesses and events. The DoorDash Marketplace also includes DashPass and the Wolt Marketplace includes Wolt+. DashPass and Wolt+ are the Company’s 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 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 generated consumer demand through their own channels to fulfill this demand using the Company’s platform. Platform Services also includes DoorDash Storefront ("Storefront"), which enables merchants to create their own branded online ordering experience, providing them with a turnkey solution to offer consumers on-demand access to e-commerce without investing in in-house engineering or fulfillment capabilities, and Bbot, which offers merchants solutions for their in-store and online channels, including in-store digital ordering and payments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of DoorDash, Inc., its wholly-owned subsidiaries and entities consolidated under the variable interest entity model, and have been prepared in accordance with accounting principles generally 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 intercompany 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 of management, necessary to fairly present the information set forth herein. They should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Interim results are not necessarily indicative of the results for a full year. Reclassifications Certain amounts from prior periods have been reclassified to conform to the current period presentation. Use of Estimates The preparation of condensed consolidated 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 financial statements, as well as the reported amounts of revenue and expenses 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 and website development costs, intangible assets, valuation of stock-based compensation, valuation of investments and other financial instruments including valuation of investments without readily determinable fair values, valuation of acquired intangible assets and goodwill, the incremental borrowing rate applied in lease accounting, insurance reserves, loss contingencies, and income and indirect taxes. Actual results could differ from these estimates. Significant Accounting Policies There have been no material changes to the Company's significant accounting policies from its Annual Report on Form 10-K for the year ended December 31, 2022. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregated Revenue Information All revenue recognized during the periods presented was related to the Company's core business, which is primarily comprised of the Company's Marketplaces and Platform Services. Revenue by geographic area is determined based on the address of the merchant, or in the case of the Company's membership products, the address of the consumer. Revenue by geographic area was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2023 2022 2023 United States $ 1,561 $ 1,939 $ 3,006 $ 3,785 International 47 194 58 383 Total revenue $ 1,608 $ 2,133 $ 3,064 $ 4,168 Contract Liabilities The timing of revenue recognition may differ from the timing of invoicing to or collections from customers. The Company’s contract liabilities balance, which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets, is primarily comprised of unredeemed gift cards, prepayments received from consumers and merchants, certain consumer credits as well as other transactions for which the revenue is recognized over time. A summary of activities related to contract liabilities for the six months ended June 30, 2023 was as follows (in millions): Six Months Ended June 30, 2023 Beginning balance $ 251 Addition to contract liabilities 1,070 Reduction of contract liabilities (1)(2) (1,081) Ending balance $ 240 (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 between the amounts collected from consumers less amounts remitted to merchants and Dashers for those transactions. Therefore, the amount recognized as revenue related to the reduction of gift cards and certain consumer credits is less than the amount presented in the table above. Net revenue associated with gift cards and certain consumer credits is not tracked by the Company as it is impracticable to do so. (2) Included in the beginning balance of contract liabilities was $129 million associated with unearned prepayments received by the Company, of which $96 million was recognized as revenue during the six months ended June 30, 2023. The ending balance of unearned prepayments is expected to be recognized as revenue in 12 months or less. Deferred Contract Costs Deferred contract costs represent direct and incremental costs incurred to acquire or fulfill the Company’s contracts, consisting of sales commissions and costs related to merchant onboarding, which the Company expects to recover. Deferred contract costs are amortized on a straight-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 prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets. Amortization of deferred contract costs related to sales commissions is recognized in sales and marketing expense and amortization of deferred contract costs related to merchant onboarding is recognized in cost of revenue, exclusive of depreciation and amortization in the condensed consolidated statements of operations. A summary of activities related to deferred contract costs was as follows (in millions): Six Months Ended June 30, 2022 2023 Beginning balance $ 62 $ 100 Addition to deferred contract costs 27 38 Amortization of deferred contract costs (14) (21) Ending balance $ 75 $ 117 Deferred contract costs, current $ 29 $ 42 Deferred contract costs, non-current 46 75 Total deferred contract costs $ 75 $ 117 Allowance for Credit Losses The allowance for credit losses related to accounts receivable and changes were as follows (in millions): Six Months Ended June 30, 2022 2023 Beginning balance $ 39 $ 20 Current-period provision for expected credit losses (5) 4 Write-offs charged against the allowance (7) (5) Ending balance $ 27 $ 19 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Wolt Acquisition On May 31, 2022, the Company completed the acquisition of 100 percent of the outstanding equity interests of Wolt Enterprise Oy (“Wolt”). The Company's aim is to accelerate its product development, increase its international scale, bring greater focus to its markets outside the United States, and improve the value provided to consumers, merchants, as well as Dashers around the world. The Company’s acquisition-related costs were $48 million and all costs were recorded as general and administrative expenses on the Company’s condensed consolidated statements of operations during the period in which they were incurred. The acquisition date fair value of the consideration transferred for Wolt was $2,838 million, which consisted of the following (in millions): Fair Value DoorDash Class A common stock $ 2,705 Stock-based compensation awards (DoorDash options, restricted stock units ("RSUs"), and revesting common stock) attributable to pre-combination services 133 Total consideration $ 2,838 The fair value of 36 million shares of Class A common stock issued was determined on the basis of the closing market price of the Company’s Class A common stock on the acquisition date. The Company also issued certain stock-based compensation awards and their fair value was determined using a Black-Scholes option pricing model with the applicable assumptions as of the acquisition date for options (1.7 million DoorDash options) and using the closing market price of the Company's Class A common stock on the acquisition date for RSUs (1.4 million DoorDash RSUs). For certain Wolt employees, a portion of their total consideration transferred was restricted subject to revesting over a service period, including 568 thousand shares of the Company's Class A common stock. This restricted equity consideration is considered compensation for post-combination services and will be recognized as stock-based compensation expense over the next four years, based on the fair value of the shares using the closing market price of the Company's Class A common stock on the acquisition date. The total purchase consideration of the Wolt acquisition was allocated to the tangible and intangible assets acquired, and liabilities assumed, based upon their respective fair values as of the date of the acquisition. The Company recorded $1,997 million of goodwill which represents the excess of the purchase price over the net assets acquired. Goodwill is primarily attributed to the assembled workforce of Wolt and anticipated synergies from the future growth and strategic advantages in the global local commerce industry. The goodwill recorded in connection with the acquisition of Wolt is not deductible for tax purposes. The fair value of assets acquired and liabilities assumed are based on management’s best estimate and assumptions, with the assistance of an independent third-party valuation firm. The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date (in millions): May 31, 2022 Current assets $ 272 Intangible assets 772 Goodwill 1,997 Other non-current assets 82 Current liabilities (204) Deferred tax liability, net (34) Other non-current liabilities (47) Total purchase price $ 2,838 The following table sets forth the components of intangible assets acquired (in millions) and their estimated useful life as of the date of acquisition (in years): Estimated Useful Life May 31, 2022 Merchant relationships 11 $ 236 Trademark 10 268 Existing technology 6 150 Customer relationships 3 107 Courier relationships 1 11 Total acquired intangible assets $ 772 Existing technology represents the existing online and mobile Wolt platform for restaurant and grocery delivery and pickup orders. The merchant, customer, and courier relationships represent the fair value of the underlying relationships with merchants, such as restaurants and grocery stores, users of Wolt’s food and delivery services, and courier partners. The estimated fair values of the existing technology and trademarks were determined using a relief from royalty method. The fair values of the merchant, courier and customer relationships were determined using a replacement cost method. The Company expects to amortize the fair value of these intangible assets on a straight-line basis over their respective estimated useful lives. The amount of revenue and net loss from Wolt included in the condensed consolidated statements of operations for the month of June 2022 were $32 million and $45 million, respectively. The following unaudited pro forma results presents the combined revenue and net loss as if the Wolt acquisition had been completed on January 1, 2021, the beginning of the Company’s fiscal 2021. The unaudited pro forma information is based on estimates and assumptions which the Company believes are reasonable and primarily reflects adjustments for the pro forma impact of additional amortization related to the fair value of acquired intangible assets and transaction costs. The unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred on January 1, 2021, nor are they indicative of future results of operations. The unaudited pro forma results are as follows (in millions): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Revenue $ 1,672 $ 3,216 Net loss (340) (645) Bbot Acquisition On March 1, 2022, the Company acquired Bbot, Inc., a hospitality technology company. The addition of Bbot's products and technology to the Company's platform will offer merchants more solutions for their in-store and online channels, including in-store digital ordering and payments. The acquisition was accounted for under the acquisition method of accounting. The total purchase consideration was approximately $88 million in cash, including a $9 million indemnification holdback, which was settled during the three months period ended June 30, 2023. The total purchase consideration was allocated to the tangible and intangible assets acquired, and liabilities assumed, based upon their respective fair values as of the date of the acquisition. The excess of the purchase price over the net assets acquired was recorded as goodwill. Goodwill is primarily attributable to the anticipated synergies from the future growth opportunities from the adoption of Bbot’s technology by the Company’s merchants. The fair value of assets acquired and liabilities assumed are based on management’s best estimate and assumptions, with the assistance of an independent third-party valuation firm. The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date (in millions): March 1, 2022 Current assets $ 11 Intangible assets 18 Goodwill 60 Other liabilities (1) Total purchase price $ 88 The intangible assets acquired consisted of existing technology and customer relationships, which had estimated remaining useful lives of 5 and 3 years as of the date of the acquisition, respectively. The acquisition was not material to the Company for the periods presented and therefore, pro forma information has not been presented. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net The changes in the carrying amount of goodwill during the six months ended June 30, 2023 were as follows (in millions): Total Balance as of December 31, 2022 $ 2,370 Goodwill measurement period adjustment 3 Effects of foreign currency translation 23 Balance as of June 30, 2023 $ 2,396 Intangible assets, net consisted of the following as of December 31, 2022 (in millions): Weighted-average Gross Carrying Accumulated Net Carrying Existing technology 5.3 $ 236 $ (88) $ 148 Merchant relationships 10.0 294 (26) 268 Courier relationships 0.4 12 (7) 5 Customer relationships 2.4 119 (30) 89 Trade name and trademarks 9.4 277 (22) 255 Balance as of December 31, 2022 $ 938 $ (173) $ 765 Intangible assets, net consisted of the following as of June 30, 2023 (in millions): Weighted-average Gross Carrying Accumulated Net Carrying Existing technology 4.8 $ 237 $ (102) $ 135 Merchant relationships 9.6 298 (41) 257 Courier relationships — 12 (12) — Customer relationships 1.9 121 (49) 72 Trade name and trademarks 8.9 280 (36) 244 Balance as of June 30, 2023 $ 948 $ (240) $ 708 Amortization expense associated with intangible assets was $19 million and $34 million for the three months ended June 30, 2022 and 2023, respectively. Amortization expense associated with intangible assets was $22 million and $67 million for the six months ended June 30, 2022 and 2023, respectively. The estimated future amortization expense of intangible assets as of June 30, 2023 was as follows (in millions): Year Ending December 31, Amortization Remainder of 2023 $ 61 2024 123 2025 98 2026 82 2027 78 Thereafter 266 Total estimated future amortization expense $ 708 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets Measured at Fair Value on a Recurring Basis The following tables set forth the Company’s cash equivalents and marketable securities that were measured at fair value on a recurring basis by level within the fair value hierarchy (in millions): December 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 886 $ — $ — $ 886 Commercial paper — 3 — 3 Short-term marketable securities Commercial paper — 306 — 306 Corporate bonds — 205 — 205 U.S. government agency securities — 76 — 76 U.S. Treasury securities — 957 — 957 Long-term marketable securities Corporate bonds — 145 — 145 U.S. government agency securities — 44 — 44 U.S. Treasury securities — 208 — 208 Total $ 886 $ 1,944 $ — $ 2,830 June 30, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 996 $ — $ — $ 996 Short-term marketable securities Commercial paper — 289 — 289 Corporate bonds — 196 — 196 U.S. government agency securities — 199 — 199 U.S. Treasury securities — 868 — 868 Long-term marketable securities Corporate bonds — 260 — 260 U.S. government agency securities — 26 — 26 U.S. Treasury securities — 95 — 95 Total $ 996 $ 1,933 $ — $ 2,929 The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments in active markets. The fair value of the Company’s Level 2 fixed income securities is obtained from independent pricing services, which may use quoted market prices for identical or comparable instruments in less active markets or model driven valuations using observable market data or inputs corroborated by observable market data. Assets Measured at Fair Value on a Non-Recurring Basis The Company’s non-marketable equity securities accounted for using the measurement alternative are recorded at fair value on a non-recurring basis. When indicators of impairment exist or observable price changes in a same or similar security from the same issuer occur, the respective non-marketable equity security would be classified within Level 3 of the fair value hierarchy because the valuation methods include a combination of the observable transaction price at the transaction date and other unobservable inputs. During the three and six months ended June 30, 2023, the Company made investments in non-marketable equity securities of $18 million and $19 million, respectively. The Company's investments in non-marketable equity securities were accounted for using the measurement alternative, where the Company adjusts the value of the investments based on changes in value due to observable price changes for identical or similar securities of the investee or impairment. In the three and six months ended June 30, 2022 and 2023, the Company did not record any material upward or downward adjustments or impairments on its non-marketable equity securities. Estimating the fair value of the Company’s 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 value of the Company's non-marketable equity securities as of December 31, 2022 and June 30, 2023, including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other income (expenses), net in the condensed consolidated statements of operations during the period in which they were incurred (in millions): December 31, June 30, Initial cost basis $ 427 $ 446 Upward adjustments 9 9 Downward adjustments (including impairment) (312) (313) Total carrying value at the end of reporting period $ 124 $ 142 |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Balance Sheet Components Cash Equivalents and Marketable Securities The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss, and fair value of the Company’s cash equivalents and marketable securities (in millions): December 31, 2022 Cost or Unrealized Estimated Gains Losses Cash equivalents Money market funds $ 886 $ — $ — $ 886 Commercial paper 3 — — 3 Short-term marketable securities Commercial paper 306 — — 306 Corporate bonds 207 — (2) 205 U.S. government agency securities 78 — (2) 76 U.S. Treasury securities 970 — (13) 957 Long-term marketable securities Corporate bonds 146 — (1) 145 U.S. government agency securities 44 — — 44 U.S. Treasury securities 210 — (2) 208 Total $ 2,850 $ — $ (20) $ 2,830 June 30, 2023 Cost or Unrealized Estimated Gains Losses Cash equivalents Money market funds $ 996 $ — $ — $ 996 Short-term marketable securities Commercial paper 289 — — 289 Corporate bonds 198 — (2) 196 U.S. government agency securities 200 — (1) 199 U.S. Treasury securities 873 — (5) 868 Long-term marketable securities Corporate bonds 263 — (3) 260 U.S. government agency securities 26 — — 26 U.S. Treasury securities 96 — (1) 95 Total $ 2,941 $ — $ (12) $ 2,929 For marketable securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. No allowance for credit losses was recorded for these securities as of December 31, 2022, and June 30, 2023. Property and Equipment, net Property and equipment, net consisted of the following (in millions): December 31, June 30, Equipment for merchants $ 156 $ 158 Computer equipment and software 68 71 Capitalized software and website development costs 591 767 Leasehold improvements 164 185 Office equipment 52 58 Construction in progress 74 64 Total 1,105 1,303 Less: Accumulated depreciation and amortization (468) (626) Property and equipment, net $ 637 $ 677 Depreciation expenses were $27 million and $33 million for the three months ended June 30, 2022 and 2023, respectively. Depreciation expenses were $54 million and $66 million for the six months ended June 30, 2022 and 2023, respectively. The Company capitalized $78 million and $93 million in capitalized software and website development costs during the three months ended June 30, 2022 and 2023, respectively. The Company capitalized $145 million and $176 million in capitalized software and website development costs during the six months ended June 30, 2022 and 2023, respectively. Capitalized software and website development costs are included in property and equipment, net on the condensed consolidated balance sheets. Amortization of capitalized software and website development costs was $35 million and $61 million for the three months ended June 30, 2022 and 2023, respectively. Amortization of capitalized software and website development costs was $64 million and $118 million for six months ended June 30, 2022 and 2023, respectively. Construction in progress primarily included leasehold improvements on premises that are not ready for use and equipment for merchants that are not placed in service. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in millions): December 31, June 30, Litigation reserves $ 37 $ 77 Sales tax payable and accrued sales and indirect taxes 194 243 Accrued operations related expenses 220 234 Accrued advertising 124 113 Dasher and merchant payable 702 710 Insurance reserves 418 568 Contract liabilities 251 240 Other 386 310 Total $ 2,332 $ 2,495 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings From time to time, the Company may be a party to litigation and subject to claims incidental to its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these matters will not have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of judgment, defense and settlement costs, diversion of management resources, and other factors. At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable, requiring recognition of a loss accrual, or whether the potential loss is reasonably possible, requiring potential disclosure. Legal fees are expensed as incurred. The Company has been and continues to be involved in numerous legal proceedings related to Dasher classification, and such proceedings have increased in volume since the California Supreme Court’s 2018 ruling in Dynamex Operations West, Inc. v. Superior Court (“Dynamex”). The California Legislature passed legislation (“AB 5”), that was signed into law in September 2019 and became effective on January 1, 2020. AB 5 codified the Dynamex standard regarding contractor classification, expanded its application and created numerous carve-outs, which may have an adverse effect on the Company’s business, financial condition, and results of operations, and may lead to increased legal proceedings and related expenses and may require the Company to significantly alter its existing business model and operations. Further, some jurisdictions are considering implementing standards similar to the test set forth in Dynamex to determine worker classification. 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 Company’s business practices, the classification and compensation of Dashers, the DoorDash Dasher pay model, and other matters. For example, the Company is currently under audit by the Employment Development Department, State of California (the “CA EDD”) for payroll tax liabilities. In January 2023, the CA EDD issued an assessment for certain amounts that it found to be owed by the Company on behalf of Dashers due to their being classified as independent contractors. The Company believes that Dashers are, and have been, properly classified as independent contractors. Accordingly, the Company believes that it has meritorious defenses and intends to vigorously appeal such adverse assessment. However, the ultimate resolution of the audit is uncertain and, accordingly, the Company has recorded an accrual for this matter within accrued expenses and other current liabilities on the condensed consolidated balance sheets as of June 30, 2023. Results of audits and related governmental action are inherently unpredictable and, as such, there is always the risk of an audit having a material impact on the Company's business, financial condition, 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 the Company misclassified California Dashers as independent contractors as opposed to employees in violation of the California Labor Code and the California Unfair Competition Law, among other allegations. This action is seeking both restitutionary damages and a permanent injunction that would bar the Company from continuing to classify California Dashers as independent contractors. It is a reasonable possibility that a loss may be incurred; however, the possible range of losses is not estimable given the status of the case. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent, or other intellectual property infringement claim by any third-party with respect to its technology. The terms of these indemnification agreements are generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. The Company has entered into or will enter into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. No liability associated with such indemnifications was recorded as of December 31, 2022 and June 30, 2023. Non-cancelable Purchase Commitments In May 2023, the Company amended a third-party platform service agreement under which the Company has a non-cancellable purchase commitment of $892 million through May 2028. Revolving Credit Facility and Letters of Credit In November 2019, the Company entered into a revolving credit and guaranty agreement which provided for a $300 million unsecured revolving credit facility maturing on November 19, 2024. In August 2020, the Company amended and restated the revolving credit and guaranty agreement to provide for $100 million of incremental revolving loan commitments, effective upon consummation of the Company's initial public offering (the "IPO"), for total revolving commitments of $400 million. The amendment and restatement also extended the maturity date for the revolving credit facility from November 19, 2024 to August 7, 2025. As further amended on October 31, 2022, loans under the credit facility bear interest at the Company’s option, at (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted SOFR rate for a one-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 margin equal to 1.00%. The Company is also obligated to pay other customary fees for a credit facility of this size and type, including letter of credit fees, an upfront fee, and an unused commitment fee of 0.10%. The credit agreement contains customary affirmative covenants, such as financial statement reporting requirements and restrictions on the use of proceeds, as well as customary negative covenants that restrict its ability and its subsidiaries’ ability to, among other things, incur additional indebtedness, incur liens, declare cash dividends or make certain other distributions, merge or consolidate with other companies or sell substantially all of its assets, make investments, loans and acquisitions, and engage in transactions with affiliates. As of December 31, 2022 and June 30, 2023, the Company was in compliance with the covenants under the credit agreement. As of December 31, 2022 and June 30, 2023, no revolving loans were outstanding under the credit facility. The Company maintains letters of credit established primarily for real estate leases and insurance policies. As of December 31, 2022 and June 30, 2023, the Company had $132 million and $134 million of issued letters of credit outstanding, respectively, of which $99 million and $99 million, respectively, were issued from the revolving credit and guaranty agreement. Surety Bonds The Company is required to maintain a $265 million collateral in connection with one of its insurance policies, which can be held in a specified combination of cash, surety bonds, and letters of credit. In order to meet that requirement, the Company has set aside $133 million in an escrow account which is restricted from general use, and the remainder of the collateral requirement is covered in the form of surety bonds with third parties. As of June 30, 2023, the Company had $132 million of surety bonds outstanding. As of December 31, 2022, the Company had no surety bonds outstanding. Sales and Indirect Tax Matters The Company is under audit by various state, local, and foreign tax authorities with regard to sales and indirect tax matters. The Company records sales and indirect tax reserves as they become probable and the amount can be reasonably estimated. These reserves are included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The timing of the resolution of indirect tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the tax authorities may differ from the amounts accrued. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Common Stock | Common Stock Stock Repurchase Program In February 2023, the Company authorized the repurchase of shares of Class A common stock, in an aggregate amount of up to $750 million. During the three months ended June 30, 2023, the Company repurchased 4.4 million shares of its Class A common stock at a weighted average price of $67.66 per share for a total amount of $301 million. During the six months ended June 30, 2023, the Company repurchased 11.2 million shares of its Class A common stock at a weighted average price of $61.85 per share for a total amount of $693 million. The shares were retired immediately upon repurchase. Restricted Stock In 2022, the Company granted restricted stock to certain continuing employees in connection with the Wolt acquisition. Vesting of this stock is dependent on the respective employee’s continued employment at the Company during the requisite service period, which is generally up to four years from the issuance date. The fair value of the restricted stock issued to employees that is subject 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 issued to employees was as follows (in thousands, except per share data): Number of Weighted- Unvested restricted stock as of December 31, 2022 472 Granted — $ — Vested (93) $ 76.91 Forfeited — $ — Unvested restricted stock as of June 30, 2023 379 Stock Award Activities A summary of stock option activity under the 2014 Equity Incentive Plan, 2020 Equity Incentive Plan and 2022 Inducement Equity Incentive Plan was as follows (in millions, except share amounts which are reflected in thousands, and per share data): Options Outstanding Shares Weighted- Weighted- Aggregate Balance as of December 31, 2022 16,021 $ 2.84 3.48 $ 737 Granted — $ — Exercised (3,572) $ 0.96 $ 219 Cancelled and forfeited — $ — Balance as of June 30, 2023 12,449 $ 3.38 3.27 $ 909 Exercisable as of June 30, 2023 12,158 $ 3.37 3.26 $ 888 Vested and expected to vest as of June 30, 2023 12,449 $ 3.38 3.27 $ 909 The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and the closing stock price of the Company's Class A common stock on the New York Stock Exchange (the "NYSE") as of the respective period-end dates. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2022, and 2023 was $388 million and $219 million, respectively. The weighted-average grant date fair value of stock assumed via acquisition during the six months ended June 30, 2022 was $72.99. There were no stock options granted during the six months ended June 30, 2023. The summary of RSU activity was as follows (in millions, except share amounts which are reflected in thousands, and per share data): Number of Weighted- Aggregate Unvested units as of December 31, 2022 44,805 $ 2,167 Granted 11,695 $ 59.94 Vested (28) $ 75.88 Vested and settled (8,507) $ 76.67 Forfeited (3,727) $ 88.96 Unvested units as of June 30, 2023 44,238 $ 3,381 The aggregate intrinsic value disclosed in the above table is based on the closing stock price of the Company's Class A common stock on the NYSE as of the respective period-end dates. The weighted-average fair value per share of RSUs granted during the six months ended June 30, 2022 and 2023 was $86.84 and $59.94, respectively. Stock-Based Compensation Expense The Company recorded stock-based compensation expense in the condensed consolidated statements of operations as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2023 2022 2023 Cost of revenue, exclusive of depreciation and amortization $ 30 $ 43 $ 42 $ 67 Sales and marketing 29 36 43 60 Research and development 95 133 150 231 General and administrative 77 99 125 183 Total stock-based compensation expense $ 231 $ 311 $ 360 $ 541 As of June 30, 2023, there was $9 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.44 years. In November 2020, the Company’s board of directors approved the grant of 10,379,000 RSUs to the Company's Chief Executive Officer (the “CEO Performance Award”). The CEO Performance Award vests upon the satisfaction of a service condition and achievement of certain stock price goals. As of June 30, 2023, unrecognized stock-based compensation expense related to the CEO Performance Award was $123 million, which is expected to be recognized over a period of 1.82 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate and, if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment to tax expense or benefit in the period. The primary differences between the effective tax rate and the federal statutory tax rate are due to the valuation allowance on the Company’s deferred tax assets in certain jurisdictions. Specifically, the Company recorded $9 million and $9 million of benefit from income taxes for the three months ended June 30, 2022 and 2023, respectively. The Company recorded $9 million of benefit from and $8 million of provision for income taxes for the six months ended June 30, 2022 and 2023, respectively. The benefit from income taxes for 2022 is primarily driven by the losses generated in non-U.S. jurisdictions for which a tax benefit can be realized. The provision for income taxes for 2023 is primarily attributable to positive pre-tax book income in the United States resulting in federal and state income taxes. The Company regularly assesses the realizability of its deferred tax assets and establishes a valuation allowance if it is more-likely-than-not that some, or all, of its deferred tax assets will not be realized in the future. The Company evaluates and weighs all available evidence, both positive and negative, including its historic operating results, future reversals of existing deferred tax liabilities, as well as projected future taxable income. The Company will continue to regularly assess the realizability of its deferred tax assets. Changes in earnings performance and future earnings projections, among other factors, may cause the Company to adjust the valuation allowance on deferred tax assets, which could materially impact the income tax expense in the period the Company determines that these factors have changed. As of June 30, 2023, the Company maintains a full valuation allowance on its deferred tax assets except for certain foreign jurisdictions. The Company is subject to income tax audits in the United States and foreign jurisdictions. The Company recorded liabilities related to uncertain tax positions and believes that the Company has provided adequate reserves for income tax uncertainties in all open tax years. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the federal, state, or foreign tax authorities to the extent utilized in a future period. |
Net Loss per Share Attributable
Net Loss per Share Attributable to DoorDash, Inc. Common Stockholders | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to DoorDash, Inc. Common Stockholders | Net Loss per Share Attributable to DoorDash, Inc. Common Stockholders The Company computes net loss per share attributable to DoorDash, Inc. common stockholders using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock share equally in the Company’s net losses. The following table sets forth the calculation of basic and diluted net loss per share attributable to DoorDash, Inc. common stockholders during the periods presented. RSUs that vested but have not been settled are included in the denominator in calculating net loss per share f or the three and six months ended June 30, 2022 and 2023 ( in millions, except share amounts which are reflected in thousands, and per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2023 2022 2023 Class A Class B Class A Class B Class A Class B Class A Class B Net loss including redeemable non-controlling interests $ (241) $ (22) $ (160) $ (12) $ (393) $ (37) $ (310) $ (24) Less: Net loss attributable to redeemable non-controlling interests — — (2) — — — (3) — Net loss attributable to DoorDash, Inc. common stockholders $ (241) $ (22) $ (158) $ (12) $ (393) $ (37) $ (307) $ (24) Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, basic and diluted 333,738 30,223 361,141 27,596 325,955 30,675 361,771 27,792 Net loss per share attributable to DoorDash, Inc. common stockholders, basic and diluted $ (0.72) $ (0.72) $ (0.44) $ (0.44) $ (1.21) $ (1.21) $ (0.85) $ (0.85) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied at the end of the respective periods (in thousands): As of June 30, 2022 2023 Stock options to purchase common stock 17,090 12,449 Unvested restricted stock and restricted stock units 40,570 44,512 Escrow shares 2,361 2,010 Total 60,021 58,971 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net loss | $ (170) | $ (161) | $ (263) | $ (167) | $ (331) | $ (430) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 shares | Jun. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Prabir Adarkar [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On June 7, 2023, Prabir Adarkar, our Chief Operating Officer and President, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 104,000 shares of our Class A common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until September 30, 2024, or earlier if all transactions under the trading arrangement are completed. | |
Name | Prabir Adarkar | |
Title | Chief Operating Officer and President | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | June 7, 2023 | |
Arrangement Duration | 481 days | |
Aggregate Available | 104,000 | 104,000 |
Gordon Lee [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On June 7, 2023, Gordon Lee, our Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 4,000 shares of our Class A common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until August 13, 2024, or earlier if all transactions under the trading arrangement are completed. | |
Name | Gordon Lee | |
Title | Chief Accounting Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | June 7, 2023 | |
Arrangement Duration | 433 days | |
Aggregate Available | 4,000 | 4,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of DoorDash, Inc., its wholly-owned subsidiaries and entities consolidated under the variable interest entity model, and have been prepared in accordance with accounting principles generally 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 intercompany 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 of management, necessary to fairly present the information set forth herein. They should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Interim results are not necessarily indicative of the results for a full year. |
Reclassifications | Reclassifications Certain amounts from prior periods have been reclassified to conform to the current period presentation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated 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 financial statements, as well as the reported amounts of revenue and expenses 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 and website development costs, intangible assets, valuation of stock-based compensation, valuation of investments and other financial instruments |
Contract Liabilities | Contract LiabilitiesThe timing of revenue recognition may differ from the timing of invoicing to or collections from customers. The Company’s contract liabilities balance, which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets, is primarily comprised of unredeemed gift cards, prepayments received from consumers and merchants, certain consumer credits as well as other transactions for which the revenue is recognized over time. Deferred Contract Costs Deferred contract costs represent direct and incremental costs incurred to acquire or fulfill the Company’s contracts, consisting of sales commissions and costs related to merchant onboarding, which the Company expects to recover. Deferred contract costs are amortized on a straight-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 prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets. Amortization of deferred contract costs related to sales commissions is recognized in sales and marketing expense and amortization of deferred contract costs related to merchant onboarding is recognized in cost of revenue, exclusive of depreciation and |
Fair Value | The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments in active markets. The fair value of the Company’s Level 2 fixed income securities is obtained from independent pricing services, which may use quoted market prices for identical or comparable instruments in less active markets or model driven valuations using observable market data or inputs corroborated by observable market data. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue by geographic area is determined based on the address of the merchant, or in the case of the Company's membership products, the address of the consumer. Revenue by geographic area was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2023 2022 2023 United States $ 1,561 $ 1,939 $ 3,006 $ 3,785 International 47 194 58 383 Total revenue $ 1,608 $ 2,133 $ 3,064 $ 4,168 |
Contract Liabilities | A summary of activities related to contract liabilities for the six months ended June 30, 2023 was as follows (in millions): Six Months Ended June 30, 2023 Beginning balance $ 251 Addition to contract liabilities 1,070 Reduction of contract liabilities (1)(2) (1,081) Ending balance $ 240 (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 between the amounts collected from consumers less amounts remitted to merchants and Dashers for those transactions. Therefore, the amount recognized as revenue related to the reduction of gift cards and certain consumer credits is less than the amount presented in the table above. Net revenue associated with gift cards and certain consumer credits is not tracked by the Company as it is impracticable to do so. (2) Included in the beginning balance of contract liabilities was $129 million associated with unearned prepayments received by the Company, of which $96 million was recognized as revenue during the six months ended June 30, 2023. The ending balance of unearned prepayments is expected to be recognized as revenue in 12 months or less. |
Deferred Contract Costs | A summary of activities related to deferred contract costs was as follows (in millions): Six Months Ended June 30, 2022 2023 Beginning balance $ 62 $ 100 Addition to deferred contract costs 27 38 Amortization of deferred contract costs (14) (21) Ending balance $ 75 $ 117 Deferred contract costs, current $ 29 $ 42 Deferred contract costs, non-current 46 75 Total deferred contract costs $ 75 $ 117 |
Allowance for Credit Losses | The allowance for credit losses related to accounts receivable and changes were as follows (in millions): Six Months Ended June 30, 2022 2023 Beginning balance $ 39 $ 20 Current-period provision for expected credit losses (5) 4 Write-offs charged against the allowance (7) (5) Ending balance $ 27 $ 19 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The acquisition date fair value of the consideration transferred for Wolt was $2,838 million, which consisted of the following (in millions): Fair Value DoorDash Class A common stock $ 2,705 Stock-based compensation awards (DoorDash options, restricted stock units ("RSUs"), and revesting common stock) attributable to pre-combination services 133 Total consideration $ 2,838 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date (in millions): May 31, 2022 Current assets $ 272 Intangible assets 772 Goodwill 1,997 Other non-current assets 82 Current liabilities (204) Deferred tax liability, net (34) Other non-current liabilities (47) Total purchase price $ 2,838 The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date (in millions): March 1, 2022 Current assets $ 11 Intangible assets 18 Goodwill 60 Other liabilities (1) Total purchase price $ 88 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table sets forth the components of intangible assets acquired (in millions) and their estimated useful life as of the date of acquisition (in years): Estimated Useful Life May 31, 2022 Merchant relationships 11 $ 236 Trademark 10 268 Existing technology 6 150 Customer relationships 3 107 Courier relationships 1 11 Total acquired intangible assets $ 772 |
Pro Forma Information | The unaudited pro forma results are as follows (in millions): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Revenue $ 1,672 $ 3,216 Net loss (340) (645) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill during the six months ended June 30, 2023 were as follows (in millions): Total Balance as of December 31, 2022 $ 2,370 Goodwill measurement period adjustment 3 Effects of foreign currency translation 23 Balance as of June 30, 2023 $ 2,396 |
Schedule of Intangible Assets | Intangible assets, net consisted of the following as of December 31, 2022 (in millions): Weighted-average Gross Carrying Accumulated Net Carrying Existing technology 5.3 $ 236 $ (88) $ 148 Merchant relationships 10.0 294 (26) 268 Courier relationships 0.4 12 (7) 5 Customer relationships 2.4 119 (30) 89 Trade name and trademarks 9.4 277 (22) 255 Balance as of December 31, 2022 $ 938 $ (173) $ 765 Intangible assets, net consisted of the following as of June 30, 2023 (in millions): Weighted-average Gross Carrying Accumulated Net Carrying Existing technology 4.8 $ 237 $ (102) $ 135 Merchant relationships 9.6 298 (41) 257 Courier relationships — 12 (12) — Customer relationships 1.9 121 (49) 72 Trade name and trademarks 8.9 280 (36) 244 Balance as of June 30, 2023 $ 948 $ (240) $ 708 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense of intangible assets as of June 30, 2023 was as follows (in millions): Year Ending December 31, Amortization Remainder of 2023 $ 61 2024 123 2025 98 2026 82 2027 78 Thereafter 266 Total estimated future amortization expense $ 708 |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following tables set forth the Company’s cash equivalents and marketable securities that were measured at fair value on a recurring basis by level within the fair value hierarchy (in millions): December 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 886 $ — $ — $ 886 Commercial paper — 3 — 3 Short-term marketable securities Commercial paper — 306 — 306 Corporate bonds — 205 — 205 U.S. government agency securities — 76 — 76 U.S. Treasury securities — 957 — 957 Long-term marketable securities Corporate bonds — 145 — 145 U.S. government agency securities — 44 — 44 U.S. Treasury securities — 208 — 208 Total $ 886 $ 1,944 $ — $ 2,830 June 30, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 996 $ — $ — $ 996 Short-term marketable securities Commercial paper — 289 — 289 Corporate bonds — 196 — 196 U.S. government agency securities — 199 — 199 U.S. Treasury securities — 868 — 868 Long-term marketable securities Corporate bonds — 260 — 260 U.S. government agency securities — 26 — 26 U.S. Treasury securities — 95 — 95 Total $ 996 $ 1,933 $ — $ 2,929 |
Schedule of Other Nonoperating Income (Expense) | The following table summarizes the carrying value of the Company's non-marketable equity securities as of December 31, 2022 and June 30, 2023, including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other income (expenses), net in the condensed consolidated statements of operations during the period in which they were incurred (in millions): December 31, June 30, Initial cost basis $ 427 $ 446 Upward adjustments 9 9 Downward adjustments (including impairment) (312) (313) Total carrying value at the end of reporting period $ 124 $ 142 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Cash Equivalents and Marketable Securities | The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss, and fair value of the Company’s cash equivalents and marketable securities (in millions): December 31, 2022 Cost or Unrealized Estimated Gains Losses Cash equivalents Money market funds $ 886 $ — $ — $ 886 Commercial paper 3 — — 3 Short-term marketable securities Commercial paper 306 — — 306 Corporate bonds 207 — (2) 205 U.S. government agency securities 78 — (2) 76 U.S. Treasury securities 970 — (13) 957 Long-term marketable securities Corporate bonds 146 — (1) 145 U.S. government agency securities 44 — — 44 U.S. Treasury securities 210 — (2) 208 Total $ 2,850 $ — $ (20) $ 2,830 June 30, 2023 Cost or Unrealized Estimated Gains Losses Cash equivalents Money market funds $ 996 $ — $ — $ 996 Short-term marketable securities Commercial paper 289 — — 289 Corporate bonds 198 — (2) 196 U.S. government agency securities 200 — (1) 199 U.S. Treasury securities 873 — (5) 868 Long-term marketable securities Corporate bonds 263 — (3) 260 U.S. government agency securities 26 — — 26 U.S. Treasury securities 96 — (1) 95 Total $ 2,941 $ — $ (12) $ 2,929 |
Schedule of Property and Equipment, net | Property and equipment, net consisted of the following (in millions): December 31, June 30, Equipment for merchants $ 156 $ 158 Computer equipment and software 68 71 Capitalized software and website development costs 591 767 Leasehold improvements 164 185 Office equipment 52 58 Construction in progress 74 64 Total 1,105 1,303 Less: Accumulated depreciation and amortization (468) (626) Property and equipment, net $ 637 $ 677 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in millions): December 31, June 30, Litigation reserves $ 37 $ 77 Sales tax payable and accrued sales and indirect taxes 194 243 Accrued operations related expenses 220 234 Accrued advertising 124 113 Dasher and merchant payable 702 710 Insurance reserves 418 568 Contract liabilities 251 240 Other 386 310 Total $ 2,332 $ 2,495 |
Common Stock (Tables)
Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Activities for the Restricted Stock Issued to Employees | The activities for the restricted stock issued to employees was as follows (in thousands, except per share data): Number of Weighted- Unvested restricted stock as of December 31, 2022 472 Granted — $ — Vested (93) $ 76.91 Forfeited — $ — Unvested restricted stock as of June 30, 2023 379 |
Schedule of Activity under the 2014 and 2020 Plans | A summary of stock option activity under the 2014 Equity Incentive Plan, 2020 Equity Incentive Plan and 2022 Inducement Equity Incentive Plan was as follows (in millions, except share amounts which are reflected in thousands, and per share data): Options Outstanding Shares Weighted- Weighted- Aggregate Balance as of December 31, 2022 16,021 $ 2.84 3.48 $ 737 Granted — $ — Exercised (3,572) $ 0.96 $ 219 Cancelled and forfeited — $ — Balance as of June 30, 2023 12,449 $ 3.38 3.27 $ 909 Exercisable as of June 30, 2023 12,158 $ 3.37 3.26 $ 888 Vested and expected to vest as of June 30, 2023 12,449 $ 3.38 3.27 $ 909 |
Summary of RSU Activity | The summary of RSU activity was as follows (in millions, except share amounts which are reflected in thousands, and per share data): Number of Weighted- Aggregate Unvested units as of December 31, 2022 44,805 $ 2,167 Granted 11,695 $ 59.94 Vested (28) $ 75.88 Vested and settled (8,507) $ 76.67 Forfeited (3,727) $ 88.96 Unvested units as of June 30, 2023 44,238 $ 3,381 |
Schedule of Stock-based compensation Expense | The Company recorded stock-based compensation expense in the condensed consolidated statements of operations as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2022 2023 2022 2023 Cost of revenue, exclusive of depreciation and amortization $ 30 $ 43 $ 42 $ 67 Sales and marketing 29 36 43 60 Research and development 95 133 150 231 General and administrative 77 99 125 183 Total stock-based compensation expense $ 231 $ 311 $ 360 $ 541 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to DoorDash, Inc. Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the calculation of basic and diluted net loss per share attributable to DoorDash, Inc. common stockholders during the periods presented. RSUs that vested but have not been settled are included in the denominator in calculating net loss per share f or the three and six months ended June 30, 2022 and 2023 ( in millions, except share amounts which are reflected in thousands, and per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2023 2022 2023 Class A Class B Class A Class B Class A Class B Class A Class B Net loss including redeemable non-controlling interests $ (241) $ (22) $ (160) $ (12) $ (393) $ (37) $ (310) $ (24) Less: Net loss attributable to redeemable non-controlling interests — — (2) — — — (3) — Net loss attributable to DoorDash, Inc. common stockholders $ (241) $ (22) $ (158) $ (12) $ (393) $ (37) $ (307) $ (24) Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, basic and diluted 333,738 30,223 361,141 27,596 325,955 30,675 361,771 27,792 Net loss per share attributable to DoorDash, Inc. common stockholders, basic and diluted $ (0.72) $ (0.72) $ (0.44) $ (0.44) $ (1.21) $ (1.21) $ (0.85) $ (0.85) |
Schedule of Antidilutive Securities | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied at the end of the respective periods (in thousands): As of June 30, 2022 2023 Stock options to purchase common stock 17,090 12,449 Unvested restricted stock and restricted stock units 40,570 44,512 Escrow shares 2,361 2,010 Total 60,021 58,971 |
Organization and Description _2
Organization and Description of Business - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 country | |
Wolf Marketplace | |
Franchisor Disclosure [Line Items] | |
Number of operating countries | 25 |
Revenue - Disaggregated Revenue
Revenue - Disaggregated Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 2,133 | $ 1,608 | $ 4,168 | $ 3,064 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,939 | 1,561 | 3,785 | 3,006 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 194 | $ 47 | $ 383 | $ 58 |
Revenue - Contract Liabilities
Revenue - Contract Liabilities (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Contract Liabilities [Roll Forward] | |
Beginning balance | $ 251 |
Addition to contract liabilities | 1,070 |
Reduction of contract liabilities | (1,081) |
Ending balance | 240 |
Unearned prepayments received | 129 |
Revenue recognized | $ 96 |
Revenue - Rollforward of Deferr
Revenue - Rollforward of Deferred Contract Costs (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Capitalized Contract Cost [Roll Forward] | ||
Beginning balance | $ 100 | $ 62 |
Addition to deferred contract costs | 38 | 27 |
Amortization of deferred contract costs | (21) | (14) |
Ending balance | $ 117 | $ 75 |
Revenue - Deferred Contract Cos
Revenue - Deferred Contract Costs (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||||
Deferred contract costs, current | $ 42 | $ 29 | ||
Deferred contract costs, non-current | 75 | 46 | ||
Total deferred contract costs | $ 117 | $ 100 | $ 75 | $ 62 |
Revenue - Allowance for Credit
Revenue - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 20 | $ 39 |
Current-period provision for expected credit losses | 4 | (5) |
Write-offs charged against the allowance | (5) | (7) |
Ending balance | $ 19 | $ 27 |
Acquisitions - Wolt Acquisition
Acquisitions - Wolt Acquisition Narrative (Details) - USD ($) shares in Thousands, $ in Millions | 1 Months Ended | 6 Months Ended | ||
May 31, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||||
Assumed via acquisition (in shares) | 1,700 | |||
Restricted equity interests (in shares) | 568 | |||
Goodwill | $ 2,396 | $ 2,370 | ||
Restricted Stock Units (RSUs) | ||||
Business Acquisition [Line Items] | ||||
Assumed via acquisition (in shares) | 1,400 | |||
Unrecognized stock-based compensation expense related to unvested stock options, remaining period for recognition | 2 years 6 months 18 days | |||
Wolt Enterprises OY | ||||
Business Acquisition [Line Items] | ||||
Interests acquired | 100% | |||
Acquisition-related costs | $ 48 | |||
Unrecognized stock-based compensation expense related to unvested stock options, remaining period for recognition | 4 years | |||
Goodwill | $ 1,997 | |||
Revenue included in consolidated statements of operations | $ 32 | |||
Net loss included in consolidated statements of operations | $ (45) | |||
Wolt Enterprises OY | Class A Common Stock | ||||
Business Acquisition [Line Items] | ||||
Fair value of shares issued (in shares) | 36,000 |
Acquisitions - Fair Value of Co
Acquisitions - Fair Value of Consideration (Details) - Wolt Enterprises OY $ in Millions | May 31, 2022 USD ($) |
Business Acquisition [Line Items] | |
Total consideration | $ 2,838 |
Class A Common Stock | |
Business Acquisition [Line Items] | |
DoorDash class a common stock / Stock based compensation awards | 2,705 |
Options, RSUs and Revesting Common Stock | |
Business Acquisition [Line Items] | |
DoorDash class a common stock / Stock based compensation awards | $ 133 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | May 31, 2022 | Mar. 01, 2022 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,396 | $ 2,370 | ||
Total purchase price | $ 2,838 | |||
Wolt Enterprises OY | ||||
Business Acquisition [Line Items] | ||||
Current assets | 272 | |||
Intangible assets | 772 | |||
Goodwill | 1,997 | |||
Other non-current assets | 82 | |||
Current liabilities | (204) | |||
Deferred tax liability, net | (34) | |||
Other liabilities | $ (47) | |||
Bbot | ||||
Business Acquisition [Line Items] | ||||
Current assets | $ 11 | |||
Intangible assets | 18 | |||
Goodwill | 60 | |||
Other liabilities | (1) | |||
Total purchase price | $ 88 |
Acquisitions - Identifiable Int
Acquisitions - Identifiable Intangible Assets Acquired (Details) - Wolt Enterprises OY $ in Millions | May 31, 2022 USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets | $ 772 |
Merchant relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated Useful Life | 11 years |
Intangible assets | $ 236 |
Trademark | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated Useful Life | 10 years |
Intangible assets | $ 268 |
Existing technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated Useful Life | 6 years |
Intangible assets | $ 150 |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated Useful Life | 3 years |
Intangible assets | $ 107 |
Courier relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated Useful Life | 1 year |
Intangible assets | $ 11 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - Wolt Enterprises OY - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Revenue | $ 1,672 | $ 3,216 |
Net loss | $ (340) | $ (645) |
Acquisitions - Bbot Acquisition
Acquisitions - Bbot Acquisition Narrative (Details) - Bbot $ in Millions | Mar. 01, 2022 USD ($) |
Business Acquisition [Line Items] | |
Total consideration | $ 88 |
Consideration recorded in accrued expenses and other current liabilities | $ 9 |
Existing technology | |
Business Acquisition [Line Items] | |
Estimated Useful Life | 5 years |
Customer relationships | |
Business Acquisition [Line Items] | |
Estimated Useful Life | 3 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Goodwill (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning Balance | $ 2,370 |
Goodwill measurement period adjustment | 3 |
Effects of foreign currency translation | 23 |
Ending Balance | $ 2,396 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Value | $ 948 | $ 948 | $ 938 | ||
Accumulated Amortization | (240) | (240) | (173) | ||
Net carrying value / total estimated amortization expense | 708 | 708 | $ 765 | ||
Amortization of intangible assets | $ 34 | $ 19 | $ 67 | $ 22 | |
Existing technology | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted-average Remaining Useful Life (in years) | 4 years 9 months 18 days | 4 years 9 months 18 days | 5 years 3 months 18 days | ||
Gross Carrying Value | $ 237 | $ 237 | $ 236 | ||
Accumulated Amortization | (102) | (102) | (88) | ||
Net carrying value / total estimated amortization expense | $ 135 | $ 135 | $ 148 | ||
Merchant relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted-average Remaining Useful Life (in years) | 9 years 7 months 6 days | 9 years 7 months 6 days | 10 years | ||
Gross Carrying Value | $ 298 | $ 298 | $ 294 | ||
Accumulated Amortization | (41) | (41) | (26) | ||
Net carrying value / total estimated amortization expense | 257 | 257 | $ 268 | ||
Courier relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted-average Remaining Useful Life (in years) | 4 months 24 days | ||||
Gross Carrying Value | 12 | 12 | $ 12 | ||
Accumulated Amortization | (12) | (12) | (7) | ||
Net carrying value / total estimated amortization expense | $ 0 | $ 0 | $ 5 | ||
Customer relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted-average Remaining Useful Life (in years) | 1 year 10 months 24 days | 1 year 10 months 24 days | 2 years 4 months 24 days | ||
Gross Carrying Value | $ 121 | $ 121 | $ 119 | ||
Accumulated Amortization | (49) | (49) | (30) | ||
Net carrying value / total estimated amortization expense | $ 72 | $ 72 | $ 89 | ||
Trade name and trademarks | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted-average Remaining Useful Life (in years) | 8 years 10 months 24 days | 8 years 10 months 24 days | 9 years 4 months 24 days | ||
Gross Carrying Value | $ 280 | $ 280 | $ 277 | ||
Accumulated Amortization | (36) | (36) | (22) | ||
Net carrying value / total estimated amortization expense | $ 244 | $ 244 | $ 255 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2023 | $ 61 | |
2024 | 123 | |
2025 | 98 | |
2026 | 82 | |
2027 | 78 | |
Thereafter | 266 | |
Net carrying value / total estimated amortization expense | $ 708 | $ 765 |
Fair Value Measures and Discl_2
Fair Value Measures and Disclosures - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | $ 1,552 | $ 1,544 |
Long-term marketable securities | 381 | 397 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3 | |
Short-term marketable securities | 289 | 306 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 196 | 205 |
Long-term marketable securities | 260 | 145 |
U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 199 | 76 |
Long-term marketable securities | 26 | 44 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 868 | 957 |
Long-term marketable securities | 95 | 208 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 2,929 | 2,830 |
Fair Value, Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 996 | 886 |
Fair Value, Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3 | |
Short-term marketable securities | 289 | 306 |
Fair Value, Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 196 | 205 |
Long-term marketable securities | 260 | 145 |
Fair Value, Recurring | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 199 | 76 |
Long-term marketable securities | 26 | 44 |
Fair Value, Recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 868 | 957 |
Long-term marketable securities | 95 | 208 |
Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 996 | 886 |
Level 1 | Fair Value, Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 996 | 886 |
Level 1 | Fair Value, Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Short-term marketable securities | 0 | 0 |
Level 1 | Fair Value, Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 0 | 0 |
Long-term marketable securities | 0 | 0 |
Level 1 | Fair Value, Recurring | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 0 | 0 |
Long-term marketable securities | 0 | 0 |
Level 1 | Fair Value, Recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 0 | 0 |
Long-term marketable securities | 0 | 0 |
Level 2 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,933 | 1,944 |
Level 2 | Fair Value, Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 2 | Fair Value, Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3 | |
Short-term marketable securities | 289 | 306 |
Level 2 | Fair Value, Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 196 | 205 |
Long-term marketable securities | 260 | 145 |
Level 2 | Fair Value, Recurring | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 199 | 76 |
Long-term marketable securities | 26 | 44 |
Level 2 | Fair Value, Recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 868 | 957 |
Long-term marketable securities | 95 | 208 |
Level 3 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Fair Value, Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 3 | Fair Value, Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Short-term marketable securities | 0 | 0 |
Level 3 | Fair Value, Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 0 | 0 |
Long-term marketable securities | 0 | 0 |
Level 3 | Fair Value, Recurring | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 0 | 0 |
Long-term marketable securities | 0 | 0 |
Level 3 | Fair Value, Recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | 0 | 0 |
Long-term marketable securities | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Purchases of non-marketable equity securities | $ 16 | $ 0 | |
Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Purchases of non-marketable equity securities | $ 18 | $ 19 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value of our Non-Marketable Equity Securities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Initial cost basis | $ 446 | $ 427 |
Upward adjustments | 9 | 9 |
Downward adjustments (including impairment) | (313) | (312) |
Total carrying value at the end of reporting period | $ 142 | $ 124 |
Balance Sheet Components - Cash
Balance Sheet Components - Cash Equivalents and Marketable Securities (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Cash equivalents | |||
Cash equivalents, cost or amortized cost | $ 1,904,000,000 | $ 1,977,000,000 | $ 2,727,000,000 |
Short-term marketable securities | |||
Short-term marketable securities, estimated fair value | 1,552,000,000 | 1,544,000,000 | |
Long-term marketable securities | |||
Long-term marketable securities, estimated fair value | 381,000,000 | 397,000,000 | |
Total | 2,941,000,000 | 2,850,000,000 | |
Total, unrealized gains | 0 | 0 | |
Total, unrealized losses | (12,000,000) | (20,000,000) | |
Total, estimated fair value | 2,929,000,000 | 2,830,000,000 | |
Allowance for credit losses | 0 | 0 | |
Money market funds | |||
Cash equivalents | |||
Cash equivalents, cost or amortized cost | 996,000,000 | 886,000,000 | |
Cash equivalents, unrealized gain | 0 | 0 | |
Cash equivalents paper, unrealized loss | 0 | 0 | |
Cash equivalents, estimated fair value | 996,000,000 | 886,000,000 | |
Commercial paper | |||
Cash equivalents | |||
Cash equivalents, cost or amortized cost | 3,000,000 | ||
Cash equivalents, unrealized gain | 0 | ||
Cash equivalents paper, unrealized loss | 0 | ||
Cash equivalents, estimated fair value | 3,000,000 | ||
Short-term marketable securities | |||
Short-term marketable securities, cost or amortized cost | 289,000,000 | 306,000,000 | |
Short-term marketable securities, unrealized gains | 0 | 0 | |
Short-term marketable securities, unrealized losses | 0 | 0 | |
Short-term marketable securities, estimated fair value | 289,000,000 | 306,000,000 | |
Corporate bonds | |||
Short-term marketable securities | |||
Short-term marketable securities, cost or amortized cost | 198,000,000 | 207,000,000 | |
Short-term marketable securities, unrealized gains | 0 | 0 | |
Short-term marketable securities, unrealized losses | (2,000,000) | (2,000,000) | |
Short-term marketable securities, estimated fair value | 196,000,000 | 205,000,000 | |
Long-term marketable securities | |||
Long-term marketable securities, cost or amortized cost | 263,000,000 | 146,000,000 | |
Long-term marketable securities, unrealized gains | 0 | 0 | |
Long-term marketable securities, unrealized losses | (3,000,000) | (1,000,000) | |
Long-term marketable securities, estimated fair value | 260,000,000 | 145,000,000 | |
U.S. government agency securities | |||
Short-term marketable securities | |||
Short-term marketable securities, cost or amortized cost | 200,000,000 | 78,000,000 | |
Short-term marketable securities, unrealized gains | 0 | 0 | |
Short-term marketable securities, unrealized losses | (1,000,000) | (2,000,000) | |
Short-term marketable securities, estimated fair value | 199,000,000 | 76,000,000 | |
Long-term marketable securities | |||
Long-term marketable securities, cost or amortized cost | 26,000,000 | 44,000,000 | |
Long-term marketable securities, unrealized gains | 0 | 0 | |
Long-term marketable securities, unrealized losses | 0 | 0 | |
Long-term marketable securities, estimated fair value | 26,000,000 | 44,000,000 | |
U.S. Treasury securities | |||
Short-term marketable securities | |||
Short-term marketable securities, cost or amortized cost | 873,000,000 | 970,000,000 | |
Short-term marketable securities, unrealized gains | 0 | 0 | |
Short-term marketable securities, unrealized losses | (5,000,000) | (13,000,000) | |
Short-term marketable securities, estimated fair value | 868,000,000 | 957,000,000 | |
Long-term marketable securities | |||
Long-term marketable securities, cost or amortized cost | 96,000,000 | 210,000,000 | |
Long-term marketable securities, unrealized gains | 0 | 0 | |
Long-term marketable securities, unrealized losses | (1,000,000) | (2,000,000) | |
Long-term marketable securities, estimated fair value | $ 95,000,000 | $ 208,000,000 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Total | $ 1,303 | $ 1,303 | $ 1,105 | ||
Less: Accumulated depreciation and amortization | (626) | (626) | (468) | ||
Property and equipment, net | 677 | 677 | 637 | ||
Depreciation expense | 33 | $ 27 | 66 | $ 54 | |
Capitalized software and website development costs | 93 | 78 | 176 | 145 | |
Amortization of capitalized software and website development costs | 61 | $ 35 | 118 | $ 64 | |
Equipment for merchants | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | 158 | 158 | 156 | ||
Computer equipment and software | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | 71 | 71 | 68 | ||
Capitalized software and website development costs | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | 767 | 767 | 591 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | 185 | 185 | 164 | ||
Office equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | 58 | 58 | 52 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Total | $ 64 | $ 64 | $ 74 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Litigation reserves | $ 77 | $ 37 |
Sales tax payable and accrued sales and indirect taxes | 243 | 194 |
Accrued operations related expenses | 234 | 220 |
Accrued advertising | 113 | 124 |
Dasher and merchant payable | 710 | 702 |
Insurance reserves | 568 | 418 |
Contract liabilities | 240 | 251 |
Other | 310 | 386 |
Total | $ 2,495 | $ 2,332 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Millions | Jun. 30, 2023 | May 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | |||
Indemnification liability | $ 0 | $ 0 | |
Purchase obligation | $ 892 |
Commitment and Contingencies -
Commitment and Contingencies - Credit Agreements (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Nov. 30, 2019 | Jun. 30, 2023 | Dec. 31, 2022 | Aug. 31, 2020 | |
Line of Credit Facility [Line Items] | ||||
Letters of credit outstanding | $ 134,000,000 | $ 132,000,000 | ||
Long-term restricted cash | 144,000,000 | 211,000,000 | ||
Surety Bond | ||||
Line of Credit Facility [Line Items] | ||||
Collateralized agreements | 265,000,000 | |||
Escrow deposit | 133,000,000 | |||
Long-term restricted cash | 132,000,000 | 0 | ||
Unsecured Revolving Credit Facility Maturing November 19, 2024 | Higher of Federal Funds Rate or Composite Overnight Bank Borrowing Rate | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate (percent) | 0.50% | |||
Unsecured Revolving Credit Facility Maturing November 19, 2024 | Adjusted One-month LIBOR | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate (percent) | 1% | |||
Unsecured Revolving Credit Facility Maturing November 19, 2024 | LIBOR Rate | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate (percent) | 1% | |||
Revolving Credit Facility | Unsecured Revolving Credit Facility Maturing November 19, 2024 | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility, maximum borrowing capacity | $ 300,000,000 | |||
Unused commitment fee (percent) | 0.10% | |||
Revolving Credit Facility | Amended and Restated Revolving Credit and Guaranty Agreement Maturing August 7, 2025 | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility, maximum borrowing capacity | $ 400,000,000 | |||
Incremental revolving loan commitments | $ 100,000,000 | |||
Drawn from the revolving credit facility | 0 | 0 | ||
Letters of credit outstanding | $ 99,000,000 | $ 99,000,000 |
Common Stock - Narrative (Detai
Common Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Feb. 28, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchase program, authorized amount | $ 750 | |||
Number of shares repurchased (in shares) | 4,400,000 | 11,200,000 | ||
Shares repurchased (in dollars per share) | $ 67.66 | $ 61.85 | ||
Total consideration for shares repurchased | $ 301 | $ 693 | ||
Options exercised, aggregate intrinsic value | $ 219 | $ 388 | ||
Weighted average grant date fair value (in dollars per share) | $ 72.99 | |||
Options granted (in shares) | 0 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted and assumed in period (in dollars per share) | $ 59.94 | $ 86.84 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Derived service period of award | 4 years |
Common Stock - Restricted Stock
Common Stock - Restricted Stock (Details) - Restricted Stock shares in Thousands | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Number of Shares | |
Unvested units, beginning balance (in shares) | 472 |
Granted (in shares) | 0 |
Vested (in shares) | (93) |
Forfeited (in shares) | 0 |
Unvested units, ending balance (in shares) | 379 |
Weighted- Average Grant Date Fair Value Per Share | |
Granted (in dollars per share) | $ / shares | $ 0 |
Vested (in dollars per share) | $ / shares | 76.91 |
Forfeited (in dollars per share) | $ / shares | $ 0 |
Common Stock - Options Outstand
Common Stock - Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Shares subject to Options Outstanding | |||
Shares subject to options outstanding, beginning balance (in shares) | 16,021,000 | ||
Options granted (in shares) | 0 | ||
Options exercised (in shares) | (3,572,000) | ||
Options forfeited (in shares) | 0 | ||
Shares subject to options outstanding, ending balance (in shares) | 12,449,000 | 16,021,000 | |
Exercisable (in shares) | 12,158,000 | ||
Vested and expected to vest (in shares) | 12,449,000 | ||
Weighted- Average Exercise Price Per Share | |||
Shares subject to options outstanding, weighted-average exercise price (in dollars per share) | $ 3.38 | $ 2.84 | |
Options granted (in dollars per share) | 0 | ||
Options exercised (in dollars per share) | 0.96 | ||
Options forfeited (in dollars per share) | 0 | ||
Exercisable (in dollars per share) | 3.37 | ||
Vested and expected to vest (in dollars per share) | $ 3.38 | ||
Weighted- Average Remaining Contractual Term (in years) | |||
Options outstanding, weighted-average remaining contractual term (in years) | 3 years 3 months 7 days | 3 years 5 months 23 days | |
Exercisable, weighted-average remaining contractual term (in years) | 3 years 3 months 3 days | ||
Vested and expected to vest, weighted-average remaining contractual term (in years) | 3 years 3 months 7 days | ||
Aggregate Intrinsic Value | |||
Options outstanding, aggregate intrinsic value | $ 909 | $ 737 | |
Options exercised, aggregate intrinsic value | 219 | $ 388 | |
Exercisable, aggregate intrinsic value | 888 | ||
Vested and expected to vest, aggregate intrinsic value | $ 909 |
Common Stock - Restricted Sto_2
Common Stock - Restricted Stock unit Activity (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Number of Shares | ||
Unvested units, beginning balance (in shares) | 44,805 | |
Granted (in shares) | 11,695 | |
Vested (in shares) | (28) | |
Vested and settled (in shares) | (8,507) | |
Restricted stock units forfeited (in shares) | (3,727) | |
Unvested units, ending balance (in shares) | 44,238 | |
Weighted- Average Grant Date Fair Value Per Share | ||
Granted (in dollars per share) | $ 59.94 | |
Vested (in dollars per share) | 75.88 | |
Vested and settled (in dollars per share) | 76.67 | |
Forfeited (in dollars per share) | $ 88.96 | |
Aggregate Intrinsic Value | ||
Aggregate intrinsic value | $ 3,381 | $ 2,167 |
Common Stock - Stock-based Comp
Common Stock - Stock-based Compensation Expense (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Total stock-based compensation expense | $ 311 | $ 231 | $ 541 | $ 360 | |
Stock options to purchase common stock | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Unrecognized stock-based compensation expense related to unvested stock options | 9 | $ 9 | |||
Unrecognized stock-based compensation expense related to unvested stock options, remaining period for recognition | 2 years 5 months 8 days | ||||
CEO Performance Award | Chief Executive Officer | 2014 Equity Incentive Plan | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Unrecognized stock-based compensation expense related to unvested stock options | 123 | $ 123 | |||
Unrecognized stock-based compensation expense related to unvested stock options, remaining period for recognition | 1 year 9 months 25 days | ||||
Granted (in shares) | 10,379,000 | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Unrecognized stock-based compensation expense related to unvested stock options | 2,400 | $ 2,400 | |||
Unrecognized stock-based compensation expense related to unvested stock options, remaining period for recognition | 2 years 6 months 18 days | ||||
Granted (in shares) | 11,695,000 | ||||
Cost of revenue, exclusive of depreciation and amortization | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Total stock-based compensation expense | 43 | 30 | $ 67 | 42 | |
Sales and marketing | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Total stock-based compensation expense | 36 | 29 | 60 | 43 | |
Research and development | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Total stock-based compensation expense | 133 | 95 | 231 | 150 | |
General and administrative | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Total stock-based compensation expense | $ 99 | $ 77 | $ 183 | $ 125 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Provision for (benefit from) income taxes | $ (9) | $ (9) | $ 8 | $ (9) |
Net Loss per Share Attributab_3
Net Loss per Share Attributable to DoorDash, Inc. Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Class of Stock [Line Items] | ||||||
Net loss including redeemable non-controlling interests | $ (172) | $ (263) | $ (334) | $ (430) | ||
Less: net loss attributable to redeemable non-controlling interests | (2) | 0 | (3) | 0 | ||
Net loss attributable to DoorDash, Inc. common stockholders | $ (170) | $ (161) | $ (263) | $ (167) | $ (331) | $ (430) |
Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, basic (in shares) | 388,737 | 363,961 | 389,563 | 356,630 | ||
Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, diluted (in shares) | 388,737 | 363,961 | 389,563 | 356,630 | ||
Net loss per share attributable to DoorDash, Inc. common stockholders, basic (in $ per share) | $ (0.44) | $ (0.72) | $ (0.85) | $ (1.21) | ||
Net loss attributable to DoorDash, Inc. common stockholders, diluted (in $ per share) | $ (0.44) | $ (0.72) | $ (0.85) | $ (1.21) | ||
Common Stock | Class A Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Net loss including redeemable non-controlling interests | $ (160) | $ (241) | $ (310) | $ (393) | ||
Less: net loss attributable to redeemable non-controlling interests | (2) | 0 | (3) | 0 | ||
Net loss attributable to DoorDash, Inc. common stockholders | $ (158) | $ (241) | $ (307) | $ (393) | ||
Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, basic (in shares) | 361,141 | 333,738 | 361,771 | 325,955 | ||
Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, diluted (in shares) | 361,141 | 333,738 | 361,771 | 325,955 | ||
Net loss per share attributable to DoorDash, Inc. common stockholders, basic (in $ per share) | $ (0.44) | $ (0.72) | $ (0.85) | $ (1.21) | ||
Net loss attributable to DoorDash, Inc. common stockholders, diluted (in $ per share) | $ (0.44) | $ (0.72) | $ (0.85) | $ (1.21) | ||
Common Stock | Class B Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Net loss including redeemable non-controlling interests | $ (12) | $ (22) | $ (24) | $ (37) | ||
Less: net loss attributable to redeemable non-controlling interests | 0 | 0 | 0 | 0 | ||
Net loss attributable to DoorDash, Inc. common stockholders | $ (12) | $ (22) | $ (24) | $ (37) | ||
Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, basic (in shares) | 27,596 | 30,223 | 27,792 | 30,675 | ||
Weighted-average number of shares outstanding used to compute net loss per share attributable to DoorDash, Inc. common stockholders, diluted (in shares) | 27,596 | 30,223 | 27,792 | 30,675 | ||
Net loss per share attributable to DoorDash, Inc. common stockholders, basic (in $ per share) | $ (0.44) | $ (0.72) | $ (0.85) | $ (1.21) | ||
Net loss attributable to DoorDash, Inc. common stockholders, diluted (in $ per share) | $ (0.44) | $ (0.72) | $ (0.85) | $ (1.21) |
Net Loss per Share Attributab_4
Net Loss per Share Attributable to DoorDash, Inc. Common Stockholders - Antidilutive Securities (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities (shares) | 58,971 | 60,021 |
Stock options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities (shares) | 12,449 | 17,090 |
Unvested restricted stock and restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities (shares) | 44,512 | 40,570 |
Escrow shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities (shares) | 2,010 | 2,361 |