DoorDash Q1 2023 Earnings Report
Key Takeaways
DoorDash's Q1 2023 results showed a 27% increase in Total Orders to 512 million and a 29% increase in Marketplace GOV to $15.9 billion. Revenue increased by 40% to $2.0 billion. The company reported a GAAP net loss of $162 million, and Adjusted EBITDA increased to $204 million.
Total Orders increased 27% year-over-year to 512 million.
Marketplace GOV increased 29% year-over-year to $15.9 billion.
Revenue increased 40% year-over-year to $2.0 billion with Net Revenue Margin increasing to 12.8%.
Adjusted EBITDA increased to $204 million from $54 million in Q1 2022.
DoorDash
DoorDash
Forward Guidance
DoorDash anticipates Marketplace GOV between $15.9 billion and $16.2 billion and Adjusted EBITDA between $180 million and $230 million for Q2. For the full year 2023, DoorDash expects Marketplace GOV between $63.0 billion and $64.5 billion and Adjusted EBITDA between $600 million and $900 million.
Positive Outlook
- Key foreign currency rates remain relatively stable at current levels.
- Significant levels of ongoing investment in new categories.
- Significant levels of ongoing investment in international markets.
- Stock repurchase is an attractive use of capital.
- Net dilution in 2023 to be around 1%, prior to any additional potential stock repurchases.
Challenges Ahead
- Consumer spending in any of our geographies could deteriorate relative to our outlook, which could drive results below our expectations.
- Increasing international exposure heightens risks associated with operating in foreign markets, including geopolitical and currency risks.
- Changes in the international operating environment could negatively impact results versus our current outlook.
- Uncertainty regarding reconciling items such as stock-based compensation.
- Uncertainty regarding reconciling items such as taxes.