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Dec 31, 2023
DoorDash Q4 2023 Earnings Report
DoorDash's Q4 2023 financial results were released, showcasing growth in total orders, marketplace GOV, and revenue, alongside a reduced net loss and increased Adjusted EBITDA.
Key Takeaways
DoorDash reported a 23% year-over-year increase in total orders, reaching 574 million, and a 22% increase in Marketplace GOV, totaling $17.6 billion. Revenue grew by 27% year-over-year to $2.3 billion. The company's GAAP net loss was reduced to $156 million, and Adjusted EBITDA increased to $363 million.
Total Orders increased 23% Y/Y to 574 million.
Marketplace GOV increased 22% Y/Y to $17.6 billion.
Revenue increased 27% Y/Y to $2.3 billion.
GAAP net loss was $156 million, an improvement from $642 million in Q4 2022.
Forward Guidance
DoorDash anticipates Marketplace GOV to be in the range of $18.5 billion to $18.9 billion and Adjusted EBITDA to be between $320 million and $380 million for Q1 2024. For the full year 2024, Marketplace GOV is expected to be $74.0 billion to $78.0 billion, with Adjusted EBITDA between $1.5 billion and $1.9 billion.
Positive Outlook
- Adjusted EBITDA as a percentage of Marketplace GOV to be similar in Q1 and Q2.
- Adjusted EBITDA as a percentage of Marketplace GOV to increase from Q2 to Q3, primarily due to increases in Net Revenue Margin and leverage on sales and marketing expenses.
- 2024 stock-based compensation to be in a range of $1.1 billion to $1.2 billion.
- 2024 RSU issuances of 8.5 million to 9.5 million, net of expected forfeitures.
- 2024 depreciation and amortization expense of approximately $560 million to $590 million.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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