Shulou(Shulou.com)11/24 Report--

On the morning of February 17, Beijing time, DoorDash, an American catering takeout company, today released its fourth quarter and full-year results of fiscal year 2022. According to the report, DoorDash's fourth-quarter revenue was $1.818 billion, up 40% from $1.3 billion a year earlier. The company's common shareholders posted a net loss of $640 million, compared with a year-on-year net loss of $155 million.

DoorDash's fourth-quarter revenue beat Wall Street analysts' expectations, and total orders for the quarter also exceeded expectations. At the same time, the company's outlook for the value of total orders for Marketplace applications in the first quarter of fiscal 2023 exceeded analysts' expectations, sending its shares up nearly 8 per cent in after-hours trading.

In addition, DoorDash announced in its financial results that Christopher Payne, the company's president and chief operating officer, will retire and that its chief operating officer will be replaced by Prabir Adarkar, the company's chief financial officer, who will take over from March 1. Accordingly, Ravi Inukunda (Ravi Inukonda), vice president of finance and strategy at DoorDash, will take over as CFO.

Summary of fourth-quarter results: for the quarter ended December 31, 2022, DoorDash's revenue was $1.818 billion, up 40% from $1.3 billion a year earlier, beating analysts' expectations; net revenue margin (defined as revenue as a percentage of total orders for Marketplace apps) was 12.6%, compared with 11.6% a year earlier. On average, 26 analysts had expected DoorDash's fourth-quarter revenue to reach $1.77 billion, according to Yahoo Finance.

DoorDash's fourth-quarter net loss attributable to common shareholders was $640 million, compared with a year-on-year net loss of $155 million, which expanded; diluted loss per share attributable to common shareholders was $1.65 and diluted loss per share attributable to common shareholders was $0.45 in the same period last year, which fell short of analysts' expectations. On average, 22 analysts had expected DoorDash to lose 68 cents a share in the fourth quarter, according to data provided by Yahoo Finance.

DoorDash's total orders reached 467 million in the fourth quarter, up 27% from 369 million in the same period last year and exceeding Wall Street analysts' expectations. Analysts had on average expected total orders for DoorDash to reach about 458 million in the fourth quarter, according to data provided by analyst firm StreetAccount.

DoorDash's Marketplace app had a total order value of $14.446 billion in the fourth quarter, up 29% from $11.159 billion in the same period last year.

DoorDash's fourth-quarter gross profit was $762 million, accounting for 5.3% of the total order value of the Marketplace app, compared with $637 million in the same period last year and 5.7% of the total order value of the Marketplace app.

DoorDash's "contribution profit" (Contribution Profit) in the fourth quarter was $447 million, accounting for 3.1 per cent of the total order value of Marketplace apps, compared with $291 million in the same period last year and 2.6 per cent of the total order value of Marketplace apps.

DoorDash's adjusted EBITDA (net profit before interest, tax, depreciation and amortization) was $117 million in the fourth quarter, accounting for 0.8% of the total order value of the Marketplace app, compared with an adjusted EBITDA of $47 million in the same period last year and 0.4% of the total order value of the Marketplace app.

DoorDash's total costs and expenses were $2.188 billion in the fourth quarter, compared with $1.454 billion in the same period last year. Of this total, DoorDash's fourth quarter revenue cost was $1.014 billion, compared with $635 million in the same period last year; sales and marketing expenses were $429 million, compared with $413 million in the same period last year; R & D expenditure was $250 million, compared with $133 million in the same period last year; and general and administrative expenses were $300 million, compared with $224m in the same period last year. Depreciation and amortization expenses were $111 million, compared with $49 million in the same period last year, and restructuring charges were $84 million, which were not incurred in the same period last year.

DoorDash posted an operating loss of $370 million in the fourth quarter, compared with an operating loss of $154 million in the same period a year earlier.

DoorDash's monthly active users (MAU) exceeded 32 million in the fourth quarter, compared with more than 25 million in the same period last year, while the DoorDash platform itself and Wolt, a food delivery platform acquired in 2021, recorded year-on-year growth in the number of monthly active users.

By the end of 2022, the number of DashPass and Wolt + members had increased to more than 15 million, compared with more than 10 million in the same period last year.

DoorDash had operating cash flow of $23 million and free cash flow of-$73 million in the fourth quarter. Total cash and cash equivalents held by DoorDash as of December 31, 2022 were $1.977 billion and $2.504 billion as of December 31, 2021.

Summary of full-year results: for the entire fiscal year 2022, DoorDash's revenue was $6.583 billion, compared with $4.888 billion in the previous fiscal year, which slightly exceeded analysts' expectations. On average, 32 analysts had expected DoorDash's full-year revenue to reach $6.53 billion, according to Yahoo Finance.

DoorDash's net loss attributable to common shareholders for the full year was $1.365 billion, compared with a net loss of $4.68 for the previous fiscal year.

DoorDash's diluted loss per share attributable to common shareholders for the full year was $3.68, compared with $1.39 a share for common shareholders in the same period last year, which fell short of analysts' expectations. On average, 26 analysts had expected a full-year loss of $2.64 per share for DoorDash, according to Yahoo Finance.

DoorDash's full-year operating cash flow was $367 million and its free cash flow was $21 million.

Performance outlook: performance outlook for the first quarter of fiscal 2023

DoorDash expects total orders for Marketplace apps to be worth between $15.1 billion and $15.5 billion in the first quarter of fiscal 2023, exceeding analysts' expectations; adjusted EBITDA is expected to be between $120 million and $170 million. Analysts on average expect total orders for Marketplace apps to reach $15 billion in the first quarter of DoorDash, according to data provided by analyst firm StreetAccount.

Performance outlook for fiscal year 2023

DoorDash estimates that total orders for Marketplace applications in fiscal year 2023 will be between $60 billion and $63 billion, with an adjusted EBITDA of between $500 million and $800 million.

Share price movements: DoorDash shares fell $1.89, or 1.89%, to $66.89 in regular trading on the New York Stock Exchange. In after-hours trading as of 05:12 EDT on the 16th (06:12 Beijing time on the 17th), DoorDash shares rose sharply, or 7.86 per cent, to $66.89. In the past 52 weeks, the price of DoorDash has been as high as $130.20 and as low as $41.37.

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