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Dec 31, 2020
DoorDash Q4 2020 Earnings Report
DoorDash's Q4 2020 performance reflected strong growth and market leadership.
Key Takeaways
DoorDash's Q4 2020 saw revenue increase by 226% year-over-year to $970 million, with total orders growing 233% to 273 million and Marketplace GOV growing 227% to $8.2 billion. The company reported a GAAP net loss of $312 million and an Adjusted EBITDA of $94 million.
Gained share in the U.S. category.
Drove strong growth in new verticals, both on Marketplace and in Drive.
Expanded platform services business with outsized order growth in Drive.
Established new quarterly records for Total Orders, Marketplace GOV, and Adjusted EBITDA.
Forward Guidance
DoorDash expects Q1 2021 Marketplace GOV to be in the range of $8.6 billion to $9.1 billion, with Adjusted EBITDA in the range of $0 million to $45 million. For the full year 2021, Marketplace GOV is expected to be in the range of $30.0 billion to $33.0 billion, with Adjusted EBITDA in the range of $0 million to $200 million.
Positive Outlook
- Successful rollout of COVID-19 vaccines anticipated.
- Continued focus on reducing friction on the Marketplace.
- Execution against factors that will drive long-term consumer adoption: selection, experience, and value.
- Expansion of potential in local economies.
- Commitment to operating at the lowest level of detail and responding to demands.
Challenges Ahead
- Anticipates headwinds to growth in total orders and average order values due to vaccine rollout.
- Expects increasing consumer churn.
- Reduced order frequency at the cohort level.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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