Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

DoorDash, Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss) including redeemable non-controlling interests	117)	(565)	(1,368)	(468)	(461)
Depreciation and amortization	561)	509)	369)	156)	120)
Stock-based compensation	1,099)	1,088)	889)	486)	322)
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities	103)	108)	81)	52)	40)
Office lease impairment expenses	83)	—)	2)	—)	—)
Adjustments to non-marketable equity securities, including impairment, net	4)	101)	303)	—)	—)
Other	29)	15)	18)	75)	65)
Funds held at payment processors	(87)	86)	(86)	(174)	(96)
Accounts receivable, net	(222)	(141)	(33)	(94)	(248)
Prepaid expenses and other current assets	(146)	(105)	(165)	85)	(96)
Other assets	(279)	(96)	(90)	(51)	(20)
Accounts payable	82)	70)	(15)	79)	54)
Accrued expenses and other current liabilities	943)	702)	566)	595)	587)
Payments for operating lease liabilities	(116)	(113)	(75)	(44)	(26)
Other liabilities	(39)	14)	(29)	(5)	11)
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions	136)	417)	73)	391)	166)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	2,015)	2,238)	1,735)	1,160)	713)
Net cash provided by operating activities	2,132)	1,673)	367)	692)	252)
Purchases of property and equipment	(104)	(123)	(176)	(129)	(106)
Capitalized software and website development costs	(226)	(201)	(170)	(108)	(53)
Purchases of marketable securities	(1,951)	(1,946)	(1,948)	(2,344)	(593)
Maturities of marketable securities	1,774)	1,940)	1,552)	720)	583)
Sales of marketable securities	70)	7)	387)	224)	4)
Purchases of non-marketable equity securities	—)	(17)	(15)	(409)	—)
Net cash acquired (used) in acquisitions	—)	—)	71)	—)	(28)
Other investing activities	(7)	(2)	(1)	(1)	1)
Net cash used in investing activities	(444)	(342)	(300)	(2,047)	(192)
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	14)	6)	11)	32)	5)
Deferred offering costs paid	—)	—)	—)	(10)	(6)
Repayment of convertible notes	—)	—)	—)	(333)	—)
Taxes paid related to net share settlement of equity awards	—)	—)	—)	(172)	(7)
Repurchase of common stock	(224)	(750)	(400)	—)	—)
Other financing activities	6)	(8)	14)	—)	—)
Net cash provided by (used in) financing activities	(204)	(752)	(375)	(483)	3,996)
Foreign currency effect on cash, cash equivalents, and restricted cash	(35)	5)	(10)	(1)	2)
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,449)	584)	(318)	(1,839)	4,058)
Cash, cash equivalents, and restricted cash, beginning of period	2,772)	2,188)	2,506)	4,345)	287)
Cash, cash equivalents, and restricted cash, end of period	4,221)	2,772)	2,188)	2,506)	4,345)

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).

The financial data exhibits notable fluctuations across the reviewed periods, reflecting varying operational and financing dynamics.

Profitability and Income: Net income has shown significant volatility. The company experienced losses throughout most periods, with the largest loss recorded at the end of 2022. A positive turnaround appears in 2024 with net income reaching a positive figure, indicating an improvement in profitability after consecutive years of losses.
Depreciation and Stock-Based Compensation: Depreciation and amortization expenses have increased steadily, more than quadrupling from 2020 to 2024, which suggests greater investment in fixed assets or intangible assets over time. Stock-based compensation also rose substantially, more than tripling over the five-year span, reflecting potentially increasing employee incentive costs or broader employee stock plans.
Operating Lease and Impairment Expenses: There is a rising trend in operating lease right-of-use asset reductions and accretion of lease liabilities, indicating expanding lease obligations. Office lease impairment expenses appear sporadically with a notable spike in 2024, possibly linked to strategic restructuring or asset write-downs. Adjustments related to non-marketable equity securities show a peak impairment in 2022 followed by a decline, indicating fluctuating valuations in investments.
Working Capital Components: Current asset accounts including funds held at payment processors, accounts receivable, prepaid expenses, and other assets demonstrate varying decreases and increases, reflecting changes in cash flow timing and asset utilization. Accounts payable and accrued expenses generally increased, suggesting a growth in operational liabilities or extended payment terms. Notably, accrued expenses and other current liabilities show a consistent upward trend reaching the highest value in 2024.
Cash Flow from Operations: Adjustments to reconcile net income to net cash from operating activities have increased consistently, indicating heavier non-cash charges or working capital changes. Despite net losses, operating cash flow rose significantly in 2023 and 2024, suggesting improved cash generation capabilities, possibly driven by better working capital management or operational performance.
Investing Activities: Capital expenditures including purchases of property and equipment and capitalized software steadily increased until 2022 then slightly declined, pointing to ongoing investment with some moderation in recent years. Significant purchases of marketable securities were seen in 2021 and subsequent years, partially offset by proceeds from maturities and sales, indicating active management of investment portfolios. Non-marketable equity securities purchases were large in 2021 but decreased afterward. Overall, net cash used in investing activities peaked in 2021 and remained materially negative, highlighting consistent cash outflows for investments.
Financing Activities: Financing cash flows revealed a large influx of cash in 2020, primarily from the initial public offering and related equity and debt issuances. Thereafter, net cash used in financing activities turned negative, with increasing repurchases of common stock in 2022 and 2023 reflecting share buyback programs. Financing outflows lessened in 2024 but remained negative, indicating ongoing capital return or debt repayment efforts.
Liquidity Position: The cash, cash equivalents, and restricted cash balance peaked after the IPO year but decreased significantly over the next two years before recovering notably in 2023 and 2024. The net increase in cash was negative in 2021 and 2022, aligning with heavy investing and financing outflows, but became substantially positive in the latter periods, demonstrating improvement in liquidity status.

In summary, the analysis highlights a company that has experienced substantial losses but showed signs of profitability in the most recent year. Operational efficiencies seem to have improved, leading to stronger cash flow generation. Investment and financing activities have been aggressive, with large fluctuations reflecting strategic business decisions such as acquisitions, share repurchases, and capital raises. The liquidity position improved considerably after a period of contraction, positioning the company with a more robust cash base towards the end of the timeline.

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DoorDash, Inc. (NASDAQ:DASH)

Cash Flow Statement