DOORDASH, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)
(Unaudited)

December 31, December 31,

2021 2022
Assets
Current assets:
Cash and cash equivalents $ 2,504 $ 1,977
Short-term marketable securities 1,253 1,544
Funds held at payment processors 320 441
Accounts receivable, net 349 400
Prepaid expenses and other current assets 139 358
Total current assets 4,565 4,720
Restricted cash 2 211
Long-term marketable securities 650 397
Operating lease right-of-use assets 336 436
Property and equipment, net 402 637
Intangible assets, net 61 765
Goodwill 316 2,370
Non-marketable equity securities 409 124
Other assets 68 129
Total assets $ 6,809 $ 9,789
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 161 $ 157
Operating lease liabilities 26 55
Accrued expenses and other current liabilities 1,573 2,332
Total current liabilities 1,760 2,544
Operating lease liabilities 373 456
Other liabilities 9 21
Total liabilities 2,142 3,021
Redeemable non-controlling interests — 14
Stockholders’ equity:
Common stock — —
Additional paid-in capital 6,752 10,633
Accumulated other comprehensive loss (4) (33)
Accumulated deficit (2,081) (3,846)
Total stockholders’ equity 4,667 6,754
Total liabilities, redeemable non-controlling interests and stockholders’ equity $ 6,809 $ 9,789

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 DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share amounts which are reflected in thousands, and per share data)
(Unaudited)

Three Months Ended Year Ended

December 31, December 31,
2021 2022 2021 2022
Revenue $ 1,300 $ 1,818 $ 4,888 $ 6,583
Costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown
separately below 635 1,014 2,338 3,588
Sales and marketing 413 429 1,619 1,682
Research and development 133 250 430 829
General and administrative 224 300 797 1,147
Depreciation and amortization 49 111 156 369
Restructuring charges — 84 — 92
Total costs and expenses 1,454 2,188 5,340 7,707
Loss from operations (154) (370) (452) (1,124)
Interest income 1 17 3 32
Interest expense (1) (1) (14) (2)
Other income (expense), net 1 (305) — (305)
Loss before income taxes (153) (659) (463) (1,399)
Provision for (benefit from) income taxes 2 (17) 5 (31)
Net loss including redeemable non-controlling interests (155) (642) (468) (1,368)
Less: net loss attributable to redeemable non-controlling interests, net of tax — (2) — (3)
Net loss attributable to DoorDash, Inc. common stockholders $ (155) $ (640) $ (468) $ (1,365)
Net loss per share attributable to DoorDash, Inc. common stockholders,
basic and diluted $ (0.45) $ (1.65) $ (1.39) $ (3.68)
Weighted-average number of shares outstanding used to compute net loss
per share attributable to DoorDash, Inc. common stockholders, basic and
diluted 344,469 387,162 336,847 371,413

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 DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Year Ended December 31,
2020 2021 2022
Cash flows from operating activities
Net loss including redeemable non-controlling interests $ (461) $ (468) $ (1,368)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 120 156 369
Stock-based compensation 322 486 889
Bad debt expense 16 36 —
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities 40 52 81
Adjustments to non-marketable equity securities, including impairment, net — — 303
Non-cash interest expense 31 11 —
Other 18 28 20
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions:
Funds held at payment processors (96) (174) (86)
Accounts receivable, net (248) (94) (33)
Prepaid expenses and other current assets (96) 85 (165)
Other assets (20) (51) (90)
Accounts payable 54 79 (15)
Accrued expenses and other current liabilities 587 595 566
Payments for operating lease liabilities (26) (44) (75)
Other liabilities 11 (5) (29)
Net cash provided by operating activities 252 692 367
Cash flows from investing activities
Purchases of property and equipment (106) (129) (176)
Capitalized software and website development costs (53) (108) (170)
Purchases of marketable securities (593) (2,344) (1,948)
Sales of marketable securities 4 224 387
Maturities of marketable securities 583 720 1,552
Purchases of non-marketable equity securities — (409) (15)
Net cash acquired (used) in acquisitions (28) — 71
Other investing activities 1 (1) (1)
Net cash used in investing activities (192) (2,047) (300)
Cash flows from financing activities
Proceeds from issuance of common stock upon initial public offering, net of underwriter discounts 3,289 — —
Proceeds from issuance of preferred stock, net of issuance costs 382 — —
Proceeds from issuance of convertible notes, net of issuance costs 333 — —
Proceeds from exercise of stock options 5 32 11
Deferred offering costs paid (6) (10) —
Repayment of convertible notes — (333) —
Taxes paid related to net share settlement of equity awards (7) (172) —
Repurchase of common stock — — (400)
Other financing activities — — 14
Net cash provided by (used in) financing activities 3,996 (483) (375)
Foreign currency effect on cash, cash equivalents, and restricted cash 2 (1) (10)
Net increase (decrease) in cash, cash equivalents, and restricted cash 4,058 (1,839) (318)
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash, beginning of period 287 4,345 2,506
Cash, cash equivalents, and restricted cash, end of period $ 4,345 $ 2,506 $ 2,188
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents $ 4,345 $ 2,504 $ 1,977
Restricted cash — 2 211
Total cash, cash equivalents, and restricted cash $ 4,345 $ 2,506 $ 2,188
Supplemental disclosure of cash flow information
Cash paid for interest $ — $ 42 $ —
Non-cash investing and financing activities
Conversion of redeemable convertible preferred stock to common stock upon initial public offering $ 2,646 $ — $ —
Purchases of property and equipment not yet settled $ 17 $ 23 $ 34
Unrealized loss on marketable securities $ — $ (4) $ (20)
Stock-based compensation included in capitalized software and website development costs $ 8 $ 93 $ 132
Holdback consideration for acquisitions $ 3 $ — $ 8

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 DOORDASH, INC.
NON-GAAP FINANCIAL MEASURES
(Unaudited)

Three Months Ended

Dec. 31, Mar. 31, Jun. 30, Sept. 30, Dec. 31,
(In millions) 2021 2022 2022 2022 2022
Cost of revenue, exclusive of depreciation and amortization $ 635 $ 763 $ 880 $ 931 $ 1,014
Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax
expense (14) (12) (31) (29) (31)
Allocated overhead (7) (9) (8) (7) (8)
Inventory write-off related to restructuring — — (2) — —
Adjusted cost of revenue $ 614 $ 742 $ 839 $ 895 $ 975

Sales and marketing $ 413 $ 414 $ 421 $ 418 $ 429

Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax
expense (14) (14) (29) (27) (28)
Allocated overhead (4) (5) (4) (5) (5)
Adjusted sales and marketing $ 395 $ 395 $ 388 $ 386 $ 396

Research and development $ 133 $ 148 $ 205 $ 226 $ 250

Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax
expense (54) (56) (95) (99) (116)
Allocated overhead (3) (4) (4) (5) (3)
Adjusted research and development $ 76 $ 88 $ 106 $ 122 $ 131

General and administrative $ 224 $ 245 $ 291 $ 311 $ 300

Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax
expense (51) (48) (76) (96) (93)
Certain legal, tax, and regulatory settlements, reserves, and
expenses(1) (11) (24) (15) (14) (19)
Transaction-related costs(2) (8) (14) (44) (7) (3)
Impairment expenses(3) — — — — (2)
Allocated overhead from cost of revenue, sales and marketing,
and research and development 14 18 16 17 16
Adjusted general and administrative $ 168 $ 177 $ 172 $ 211 $ 199

(1) We exclude certain costs and expenses from our calculation of adjusted general and administrative expense because management believes
that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business,
and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker
classification matters, (ii) reserves for the collection of sales and indirect taxes that we do not expect to incur on a recurring basis, (iii) costs
related to the settlement of an intellectual property matter, (iv) expenses related to supporting various policy matters, including those related to
worker classification and price controls, and (v) donations as part of our relief efforts in connection with the COVID-19 pandemic and Russia's
invasion of Ukraine. We believe it is appropriate to exclude the foregoing matters from our calculation of adjusted general and administrative
expense because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting
process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results
of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22
in California and similar legislation.
(2) Consists of acquisition, integration, and investment related costs, primarily related to the Wolt acquisition.
(3) Consists of impairment expense related to an operating lease right-of-use asset associated with our former headquarters.

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 Three Months Ended
Dec. 31, Mar. 31, Jun. 30, Sept. 30, Dec. 31,
(In millions, except percentages) 2021 2022 2022 2022 2022

Revenue $ 1,300 $ 1,456 $ 1,608 $ 1,701 $ 1,818

Less: Cost of revenue, exclusive of depreciation and amortization (635) (763) (880) (931) (1,014)
Less: Depreciation and amortization related to cost of revenue (28) (31) (42) (56) (42)
Gross profit $ 637 $ 662 $ 686 $ 714 $ 762
Gross Margin 49.0 % 45.5 % 42.7 % 42.0 % 41.9 %
Less: Sales and marketing (413) (414) (421) (418) (429)
Add: Depreciation and amortization related to cost of revenue 28 31 42 56 42
Add: Stock-based compensation expense and certain payroll tax
expense included in cost of revenue and sales and marketing 28 26 60 56 59
Add: Allocated overhead included in cost of revenue and sales and
marketing 11 14 12 12 13
Add: Inventory write-off related to restructuring — — 2 — —
Contribution Profit $ 291 $ 319 $ 381 $ 420 $ 447
Contribution Margin 22.4 % 21.9 % 23.7 % 24.7 % 24.6 %

Three Months Ended

Dec. 31, Mar. 31, Jun. 30, Sept. 30, Dec. 31,
(In millions, except percentages) 2021 2022 2022 2022 2022

Gross profit $ 637 $ 662 $ 686 $ 714 $ 762

Add: Depreciation and amortization related to cost of revenue 28 31 42 56 42
Add: Stock-based compensation expense and certain payroll tax
expense included in cost of revenue 14 12 31 29 31
Add: Allocated overhead included in cost of revenue 7 9 8 7 8
Add: Inventory write-off related to restructuring — — 2 — —
Adjusted Gross Profit $ 686 $ 714 $ 769 $ 806 $ 843
Adjusted Gross Margin 52.8 % 49.0 % 47.8 % 47.4 % 46.4 %

Three Months Ended

Dec. 31, Mar. 31, Jun. 30, Sept. 30, Dec. 31,
(In millions, except percentages) 2021 2022 2022 2022 2022

Net loss including redeemable non-controlling interests $ (155) $ (167) $ (263) $ (296) $ (642)
Certain legal, tax, and regulatory settlements, reserves, and
expenses(1) 11 24 15 14 19
Transaction-related costs(2) 8 14 44 7 3
Impairment expenses(3) — — — — 2
Restructuring charges — — 3 5 84
Inventory write-off related to restructuring — — 2 — —
Provision for (benefit from) income taxes 2 — (9) (5) (17)
Interest (income) expense, net — (1) (4) (9) (16)
Other (income) expense, net(4) (1) (5) 3 2 305
Stock-based compensation expense and certain payroll tax
expense(5) 133 130 231 251 268
Depreciation and amortization expense 49 59 81 118 111
Adjusted EBITDA $ 47 $ 54 $ 103 $ 87 $ 117

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 (1) We exclude certain costs and expenses from our calculation of Adjusted EBITDA because management believes that these costs and expenses
are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate
our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, (ii) reserves
for the collection of sales and indirect taxes that we do not expect to incur on a recurring basis, (iii) costs related to the settlement of an
intellectual property matter, (iv) expenses related to supporting various policy matters, including those related to worker classification and price
controls, and (v) donations as part of our relief efforts in connection with the COVID-19 pandemic and Russia's invasion of Ukraine. We believe
it is appropriate to exclude the foregoing matters from our calculation of Adjusted EBITDA because (1) the timing and magnitude of such
expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification
matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of
increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in California and similar legislation.
(2) Consists of acquisition, integration, and investment related costs, primarily related to the Wolt acquisition.
(3) Consists of impairment expense related to an operating lease right-of-use asset associated with our former headquarters.
(4) Consists primarily of adjustments to non-marketable equity securities, including impairment, for the three months ended December 31, 2022.
(5) Excludes stock-based compensation related to restructuring, which is included in restructuring charges in the table above.

Trailing Twelve Months Ended

(in millions) Dec. 31, Mar. 31, Jun. 30, Sept. 30, Dec. 31,
2021 2022 2022 2022 2022
Net cash provided by operating activities $ 692 $ 506 $ 419 $ 511 $ 367
Purchases of property and equipment (129) (129) (143) (166) (176)
Capitalized software and website development costs (108) (125) (136) (154) (170)
Free Cash Flow $ 455 $ 252 $ 140 $ 191 $ 21

The following table presents certain financial information derived from our consolidated financial statements related to our
subsidiary, Wolt Enterprises Oy, a limited liability company incorporated and existing under the laws of Finland (“Wolt”), as
well as certain Wolt key business metrics. The financial information presented below is presented in accordance with
GAAP. Such financial statements have not been audited. Wolt’s historical financial information is not necessarily indicative
of the results that may be expected in the future and the results of a particular quarter or other interim period are not
necessarily indicative of the results for a full year. For more information on potential risks and uncertainties that could
cause actual results to differ from the results predicted, please see our Annual Report on Form 10-K for the year ended
December 31, 2021 and subsequent Form 10-Qs or Form 8-Ks filed with the Securities and Exchange Commission.

Three Months Ended

Dec. 31, Mar. 31, Jun. 30, Sept. 30, Dec. 31,
(In millions, except percentages) 2021 2022 2022 2022 2022
Total Orders 31 34 36 37 43
Y/Y % Change(1) 91 % 53 % 43 % 46 % 39 %
Marketplace GOV € 682 € 791 € 821 € 888 € 1,022
Y/Y % Change(1) 83 % 55 % 52 % 60 % 50 %
Revenue € 59 € 78 € 93 € 103 € 121
Net Revenue Margin(1) 8.7 % 9.9 % 11.4 % 11.6 % 11.8 %
(1) Percentages are calculated on unrounded numbers.

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