DASH Q2 2021 Earnings

Call Details

• Call Title: DoorDash, Inc. Q2 2021 Earnings Call
• Date: August 12, 2021 at 9:00 PM UTC
• Management Team:
  • Tony Xu (Co-founder, Chair, and CEO)
  • Andy Hargreaves (VP Finance)
  • Kabir Radhaka (CFO)

Call Summary

Financial Performance

• The company disclosed that approximately 7% of the business was coming from orders outside of restaurants as of Q1 and that mix has grown sequentially into Q2.
• DoorDash reported achieving its two billionth order in Q2, noting it took over seven years to reach the first billion and nine months to reach the second billion.
• Order frequency for both DashPass subscribers and non-DashPass users reached all-time highs according to the commentary.
• The international business grew faster than the U.S. business both quarter-over-quarter and year-over-year, as stated on the call.
• The majority of restaurants selected the premium or plus pricing packages, with the premium mix outperforming internal expectations.
• The company emphasized non-GAAP measures will be discussed for results and that reconciliations are available in the investor letter on the Investor Relations website.

Guidance

• The company provided commentary explaining that second-half outlook embeds ordinary summer seasonality and conservatism due to reopening uncertainty.
• Q1 was described as elevated due to reopening dynamics and stimulus impacts, which informed a more conservative posture for the second half of the year.
• The firm emphasized it provides GOV and EBITDA guidance rather than revenue guidance to retain flexibility in P&L investment allocation.
• Guidance assumptions include expectations of lower consumer acquisition pace in Q3 due to seasonality and increased outdoor activity.
• No specific numeric revenue or GOV guidance changes were disclosed on the call.
• The company stated it expects elevated dasher advertising rates to normalize over the long term, but made no near-term numerical guidance on that normalization.