DoorDash Q1 2021 Earnings Report
Key Takeaways
DoorDash's Q1 2021 earnings revealed significant year-over-year growth in revenue, total orders, and marketplace GOV. The company experienced a GAAP net loss but achieved positive adjusted EBITDA. While facing challenges related to Dasher supply and price controls, DoorDash saw strong consumer retention and growth in non-restaurant categories.
Revenue increased by 198% year-over-year to $1.1 billion, driven by a 219% increase in total orders to 329 million and a 222% increase in Marketplace GOV to $9.9 billion.
GAAP gross profit grew by 233% year-over-year to $493 million.
The company generated Adjusted EBITDA of $43 million, a significant improvement compared to the Adjusted EBITDA loss of $70 million in Q1 2020.
Orders from non-restaurant categories grew by over 40% quarter-over-quarter, representing over 7% of total orders.
DoorDash
DoorDash
Forward Guidance
DoorDash expects Q2 Marketplace GOV to be in the range of $9.4 billion to $9.9 billion, with Adjusted EBITDA between $0 million and $100 million. For the full year 2021, Marketplace GOV is projected to be between $35.0 billion and $38.0 billion, with Adjusted EBITDA between $0 million and $300 million.
Positive Outlook
- Successful rollout of COVID-19 vaccines
- Associated increase in in-store dining rates
- Sequential increase in Take Rate in Q2
- Strong growth in Drive orders
- Anticipated increase in consumer demand
Challenges Ahead
- Seasonal decline in order rates associated with the warmer summer months
- Potential deviation of consumer behavior from expectations due to uncertainty
- Impact of stimulus wearing off
- Price controls negatively impacting revenue
- Potential negative impact on new consumer growth, order rates, and average order value due to market reopenings