DoorDash, Inc. (NASDAQ:DASH)

The analysis of the financial data reveals several notable trends in the composition of assets over the five-year period.

Cash and Cash Equivalents

The proportion of cash and cash equivalents relative to total assets experienced a significant decline from 68.39% in 2020 to a low of 20.2% in 2022. This was followed by a moderate recovery in 2023 and 2024, reaching 31.29%. This trend indicates a reduction in liquid assets initially, but a partial replenishment later.

Restricted Cash

Restricted cash emerged in 2023 at 0.97% of total assets and rose slightly to 1.48% in 2024, suggesting a new category of cash with limited availability was established during the latter years.

Marketable Securities

Short-term marketable securities showed an increase from 8.09% in 2020 to 18.4% in 2021, followed by a steady decline to 10.29% in 2024. Conversely, long-term marketable securities appeared from 2021 onwards, declining initially but then increasing to 6.5% by 2024. This pattern may reflect strategic shifts in the investment portfolio between short-term and long-term securities.

Funds Held at Payment Processors

This category increased from 2.3% in 2020 to a peak of 4.7% in 2021, after which it gradually declined to 3.39% in 2024, indicating fluctuating amounts held in payment systems.

Receivables and Related Assets

Accounts receivable as a percentage of total assets displayed minor fluctuations, decreasing from 4.58% in 2020 to 4.09% in 2022, then rising to 5.7% in 2024. Other related receivable items, such as other receivables and prepaid expenses, were introduced or increased in recent years, contributing to overall slightly higher proportions in related current assets.

Prepaid Expenses and Other Current Assets

There was a noticeable increase in prepaid expenses and other current assets from 3.48% in 2020 down to 2.04% in 2021, followed by a rise to 5.35% in 2024. This suggests growing advance payments or other short-term assets in recent years.

Current Assets

The overall portion of current assets dropped sharply from 86.84% in 2020 to 48.22% in 2022, but then increased to 57.5% in 2024. This signifies a structural shift away from short-term assets initially, with a partial reversion thereafter.

Non-Current Assets

Non-current assets rose substantially from 13.16% in 2020 to a peak of 51.78% in 2022, then declined to 42.5% in 2024. This indicates significant growth in long-term investments and assets within the middle period, followed by moderate downsizing.

Specific Non-Current Asset Categories

Operating Lease Right-of-Use Assets

These assets increased from 3.2% in 2020 to 4.93% in 2021 and then steadily decreased to 3.03% in 2024, indicating a reduction in leased asset rights over time.

Property and Equipment, Net

There was a rising trend from 3.31% in 2020 to a peak of 6.57% in 2023, with a slight decrease to 6.06% in 2024, showing gradual growth in owned physical assets.

Intangible Assets, Net

Intangible assets grew modestly from 1.16% in 2020 to 7.81% in 2022, then declined to 3.97% by 2024, indicating possible amortization or impairment over time.

Goodwill

Goodwill surged dramatically from 4.97% in 2020 to 24.21% in 2022 before decreasing to 18.02% in 2024. This reflects significant acquisitions or revaluations, followed by partial write-downs or disposals.

Other Assets

Other assets increased from 0.52% in 2020 to 7.03% in 2021, then declined to under 5% in subsequent years, indicating a temporary accumulation that was partially reduced later.

Overall, the data reveal a strategic shift from a predominantly liquid asset base in 2020 towards greater investment in long-term and intangible assets by 2022. Subsequent years show a consolidation phase with some reversal in cash holdings and goodwill values. The mix of current and non-current assets has become more balanced by 2024, reflecting possible changes in operational strategy or investment focus.