Analysis of Property, Plant and Equipment
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DoorDash, Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Price to Operating Profit (P/OP) since 2020
- Price to Book Value (P/BV) since 2020
- Price to Sales (P/S) since 2020
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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Property, Plant and Equipment Disclosure
DoorDash, Inc., balance sheet: property, plant and equipment
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Equipment for merchants
- There is a general upward trend in the value of equipment for merchants, increasing from $111 million in 2020 to $190 million in 2024. A slight dip is observed in 2022, followed by a recovery and continued growth.
- Computer equipment and software
- This category shows consistent growth over the period, rising from $22 million in 2020 to $96 million in 2024, with steady increments each year.
- Capitalized software and website development costs
- Significant and rapid growth is evident here, with values escalating from $86 million in 2020 to $1,339 million in 2024. The increase accelerates notably from 2021 onwards, indicating substantial investment in this area.
- Leasehold improvements
- Values increase consistently from $57 million in 2020 to a peak of $217 million in 2023, followed by a slight decrease to $211 million in 2024.
- Office equipment
- There is a steady upward trend in office equipment, growing from $11 million in 2020 to $77 million in 2024. The increases are relatively moderate and consistent year over year.
- Construction in progress
- This category shows variability, starting at $27 million in 2020, peaking at $74 million in 2022, then decreasing to $40 million in 2023 before rising again to $61 million in 2024. The pattern suggests fluctuating levels of ongoing capital projects.
- Property and equipment, gross
- The gross property and equipment value displays a strong upward trajectory, increasing from $314 million in 2020 to $1,974 million in 2024. This marked growth reflects overall expansion in fixed assets.
- Accumulated depreciation and amortization
- Accumulated depreciation and amortization steadily increase in magnitude (negative values), from -$104 million in 2020 to -$1,196 million in 2024. This indicates growing amortization charges consistent with the rising asset base.
- Property and equipment, net
- Net property and equipment show significant growth from $210 million in 2020 to $778 million in 2024. The rate of increase slows after 2022, reflecting a combination of asset additions and depreciation impact.
Asset Age Ratios (Summary)
DoorDash, Inc., asset age ratios
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Average Age Ratio
- The average age ratio has shown a consistent upward trend over the five-year period, increasing from 33.12% in 2020 to 60.59% in 2024. This indicates that the property's assets, plant, and equipment are aging progressively, with a significant acceleration observed particularly between 2022 and 2024.
- Estimated Total Useful Life
- The estimated total useful life of the assets was maintained at 5 years in 2020 and 2021 but declined to 4 years in 2022 and 2023 before returning to 5 years in 2024. This fluctuation suggests adjustments in the company's asset lifespan assessments, possibly reflecting changes in technology or asset utilization policies.
- Estimated Age, Time Elapsed Since Purchase
- The estimated age of the assets remained stable at 2 years from 2020 through 2023 and increased to 3 years in 2024. This stability followed by an increase corresponds with the aging asset base but indicates no rapid turnover or replacement during most of the observed period, except a slight increase in the final year.
- Estimated Remaining Life
- The estimated remaining life of the assets declined from 3 years in 2020 and 2021 to 2 years in 2022, maintaining that level through 2024. This reduction reflects the impact of both the aging assets and the revised total useful life estimates and suggests that the company expects the assets to be near the end of their serviceable period during the latter years.
Average Age
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Average age = 100 × Accumulated depreciation and amortization ÷ Property and equipment, gross
= 100 × ÷ =
The analysis of the property, plant, and equipment data reveals several key trends over the five-year period ending December 31, 2024.
- Accumulated Depreciation and Amortization
- There is a consistent and substantial increase in accumulated depreciation and amortization, from US$104 million in 2020 to US$1,196 million in 2024. This reflects a steady accumulation of expense related to the wear and usage of assets, indicating the company’s growing asset base and the passage of time impacting older assets.
- Property and Equipment, Gross
- Gross property and equipment values have also risen steadily, increasing from US$314 million in 2020 to US$1,974 million by 2024. This growth suggests continued investment in fixed assets. The rate of increase, while significant, is somewhat outpaced by the increase in accumulated depreciation, indicating the existence of aging assets on the balance sheet.
- Average Age Ratio
- The average age ratio demonstrates a rising trend from 33.12% in 2020 to 60.59% in 2024. This metric indicates that the asset base is aging substantially, with the average asset being used for a longer period. The sharp increase between 2022 and 2024 particularly highlights a maturing asset base which may require replacement or refurbishment in the near future.
Overall, the data portrays a company expanding its physical asset base while simultaneously recognizing increasing depreciation expenses. The rising average age ratio suggests a growing proportion of older assets, which might influence future capital expenditure planning and maintenance strategies.
Estimated Total Useful Life
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Estimated total useful life = Property and equipment, gross ÷ Depreciation expenses and amortization of capitalized software and website development costs
= ÷ =
- Gross Property and Equipment
- The gross value of property and equipment has shown a consistent and substantial increase over the analyzed period. It grew from US$314 million at the end of 2020 to US$1,974 million by the end of 2024. This represents a more than sixfold increase, indicating significant investment in fixed assets each year.
- Depreciation Expenses and Amortization
- Depreciation and amortization expenses followed an upward trajectory in line with the asset growth. Starting at US$69 million in 2020, these expenses nearly doubled to US$143 million in 2021, and then continued to rise sharply to US$436 million by 2024. This implies the company is recognizing increasing wear and tear or usage of its capitalized software, websites, and physical assets, correlating with the asset base expansion.
- Estimated Total Useful Life
- The estimated total useful life of the assets remained stable at 5 years in 2020 and 2021, decreased to 4 years for the next two periods, and then reverted back to 5 years in 2024. This fluctuation suggests that there were changes, possibly in asset composition or depreciation policy, impacting the expected lifespan of the assets during 2022 and 2023 before returning to the previous estimate.
- Overall Trends and Insights
- The data indicates aggressive asset accumulation over the five-year span, reflecting strategic expansion or reinvestment in property and equipment. The increasing depreciation expenses align with this growth, evidencing a proportional rise in asset consumption expense recognized annually.
- The variation in estimated useful life points to adjustments in accounting estimates or shifts in asset types, which could affect depreciation scheduling and expense recognition. The return to a 5-year useful life in 2024 might suggest a stabilization in asset policies or asset mix.
Estimated Age, Time Elapsed since Purchase
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Time elapsed since purchase = Accumulated depreciation and amortization ÷ Depreciation expenses and amortization of capitalized software and website development costs
= ÷ =
The analysis of the property, plant, and equipment financial data reveals a consistent and substantial increase in accumulated depreciation and amortization over the five-year period. Starting from US$104 million at the end of 2020, the accumulated depreciation more than doubled each subsequent year, reaching US$1,196 million by the end of 2024. This trend indicates a growing base of depreciable assets over time, potentially reflecting continued investment in property and equipment or capitalized software and website development costs.
Depreciation expenses and amortization of capitalized software and website development costs also followed a rising trajectory. They increased from US$69 million in 2020 to US$436 million in 2024, with a notable sharp increase particularly between 2021 and 2022, where the expense nearly doubled. The steady growth in these expenses suggests ongoing asset acquisition and capitalization of software development, which is subject to systematic amortization.
The time elapsed since purchase remained consistently around two years from 2020 to 2023, then increased slightly to three years by the end of 2024. This relatively stable time span indicates that the assets contributing to depreciation were recently acquired and that their depreciation schedules are likely aligned with these timelines.
Overall, the data depict a company experiencing significant asset growth and corresponding increases in depreciation and amortization expenses. The marked escalation in accumulated depreciation suggests substantial capital investments or capitalized expenditures, with a systematic approach to amortizing these costs over asset useful lives averaging about two to three years.
- Accumulated Depreciation and Amortization
- Consistent and strong upward trend, increasing more than tenfold from US$104 million in 2020 to US$1,196 million in 2024.
- Depreciation Expenses and Amortization
- Increasing nearly sixfold over the five years, indicating active capitalization and amortization of new assets, with a significant acceleration between 2021 and 2022.
- Time Elapsed Since Purchase
- Remained stable at approximately two years before increasing to three years in 2024, implying relatively recent asset acquisitions supporting the depreciation figures.
Estimated Remaining Life
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Estimated remaining life = Property and equipment, net ÷ Depreciation expenses and amortization of capitalized software and website development costs
= ÷ =
- Property and equipment, net
- The net value of property and equipment shows a consistent upward trend over the five-year period. Starting at $210 million in 2020, the figure nearly doubles to $402 million in 2021, followed by continued growth to $637 million in 2022. The increase slows slightly but remains positive, reaching $712 million in 2023 and $778 million in 2024. This pattern indicates ongoing investments in property and equipment, contributing to the expansion of the company’s asset base.
- Depreciation expenses and amortization of capitalized software and website development costs
- Depreciation and amortization expenses have increased significantly over the analyzed period. The expenses rise from $69 million in 2020 to $143 million in 2021, almost doubling. In 2022, a sharp increase is observed, with expenses reaching $270 million. The upward trajectory continues, with $382 million in 2023 and $436 million in 2024. This growth in depreciation and amortization corresponds with the increase in property and equipment, reflecting the greater capital investment and associated consumption of these assets over time.
- Estimated remaining life
- The estimated remaining life of the property and equipment remains stable at three years in 2020 and 2021. It then declines to two years in 2022 and stays steady at that level through 2023 and 2024. This reduction could suggest a shortening asset lifespan, potentially due to faster wear and tear, a shift in asset composition towards shorter-lived assets, or a reassessment of useful life estimates.