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

On the morning of May 5, Beijing time, DoorDash, an American food and beverage delivery company, today announced its results for the first quarter of fiscal year 2023. According to the report, DoorDash's first-quarter revenue was $2.035 billion, up 40% from $1.456 billion in the same period last year. The net loss attributable to the company's common shareholders was $161 million, compared with a net loss of $167 million for the same period last year, narrowing year-on-year. The diluted loss per share attributable to the company's common shareholders was $0.41, compared with a diluted loss per share attributable to the company's common shareholders of $0.48 in the same period last year.

DoorDash's first-quarter revenue beat Wall Street analysts' expectations and diluted losses per share of the company's common shareholders narrowed year-on-year and beat analysts' expectations, sending its shares up more than 3 per cent in after-hours trading.

Summary of first quarter results:

For the quarter ended March 31, 2023, DoorDash's revenue was $2.035 billion, up 40% from $1.456 billion a year earlier, which beat analysts' expectations; net revenue margin (defined as revenue as a percentage of total orders for Marketplace apps) was 12.8%, compared with 11.8% a year earlier. On average, 27 analysts had expected DoorDash's first-quarter revenue to reach $1.93 billion, according to Yahoo Finance.

DoorDash's net loss attributable to the company's common shareholders in the first quarter was $161 million, compared with $167 million in the same period last year, narrowing year-on-year. The diluted loss per share attributable to the company's common shareholders was $0.41, compared with the diluted loss per share attributable to the company's common shareholders at $0.48 in the same period last year, which also beat analysts' expectations. On average, 20 analysts had expected DoorDash to lose 58 cents a share in the first quarter, according to data provided by Yahoo Finance.

DoorDash's total orders reached 512 million in the first quarter, up 27% from 404 million in the same period last year.

Total order value (GOV) of DoorDash's Marketplace app was $15.913 billion in the first quarter, up 29% from $12.353 billion in the same period last year.

DoorDash's first-quarter gross profit was $921 million, compared with $662 million a year earlier. DoorDash's first-quarter gross profit accounted for 5.8 per cent of the total order value of Marketplace apps, compared with 5.4 per cent a year earlier.

DoorDash's "contribution profit" (Contribution Profit) in the first quarter was $533 million, accounting for 3.3 per cent of the total order value of Marketplace apps, compared with $319 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 $204 million in the first quarter, accounting for 1.3 per cent of the total order value of Marketplace apps, compared with an adjusted EBITDA of $54 million in the same period last year and 0.4 per cent of the total order value of Marketplace apps.

DoorDash's total costs and expenses were $2.206 billion in the first quarter, compared with $1.629 billion in the same period last year. Of this total, DoorDash's revenue and cost in the first quarter was $1.069 billion, compared with $763 million in the same period last year; sales and marketing expenses were $496 million, compared with $414 million in the same period last year; R & D expenditure was $231 million, compared with $148 million in the same period last year; and general and administrative expenses were $285 million, compared with $245m in the same period last year. Depreciation and amortization expenses were $123 million, compared with $59 million in the same period last year, while restructuring expenses were $2 million, compared with no such expenses in the same period last year.

DoorDash posted an operating loss of $171 million in the first quarter, compared with an operating loss of $173 million a year earlier.

DoorDash's operating cash flow was $397 million in the first quarter, compared with-$20 million in the same period a year earlier. DoorDash's free cash flow was $316 million in the first quarter. Over the past 12 months, the company's operating cash flow was $784 million and its free cash flow was $428 million.

Total cash and cash equivalents and restricted cash held by DoorDash at the end of the first quarter of fiscal 2023 were $2.186 billion, compared with $2.246 billion at the end of the first quarter of fiscal 2022.

Performance outlook:

DoorDash expects total orders for Marketplace applications to be between $15.9 billion and $16.2 billion in the second quarter of fiscal 2023, with an adjusted EBITDA of between $180 million and $230 million.

DoorDash also estimates that total orders for Marketplace applications for fiscal 2023 will be between $63 billion and $64.5 billion, with an adjusted EBITDA of between $600 million and $900 million.

Changes in stock prices:

DoorDash shares rose 47 cents, or 0.75%, to close at $62.83 in regular trading on the New York Stock Exchange. DoorDash shares rose another $2.23, or 3.55 per cent, to $65.06 in after-hours trading as of 06:13 est (06:13 Beijing time on the 5th). In the past 52 weeks, the highest price for DoorDash is $87.00 and the lowest price is $41.37.

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