DoorDash, Inc(NASDAQ:DASH) 
DoorDash, Inc. operates a logistics platform that connects merchants, consumers, and dashers in the United States and internationally. It operates DoorDash marketplace, which provides an array of services that enable merchants to solve mission-critical challenges, such as customer acquisition, deliv...
Website: https://www.doordash.com/
Founded: 2013
IPO Price: $102 (Dec 09, 2020)
Full Time Employees: 3,279
CEO: Tony Xu
Sector: Communication Services
Industry: Internet Content & Information
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At a glance:
- Scale and Market Leadership in U.S. Food Delivery: DoorDash remains a leading on-demand delivery platform in the U.S., benefiting from broad merchant selection, dense driver networks, and strong consumer mindshare that support order frequency and unit economics.
- Growth Expanding Beyond Restaurants (New Verticals): The company continues to diversify into grocery, convenience, alcohol, and retail categories, which can increase addressable market and reduce reliance on restaurant delivery demand cycles.
- Improving Profitability Profile with Operating Leverage: As order volume and marketplace efficiency improve, DoorDash has opportunities for better contribution margins and adjusted profitability through lower per-order costs and more efficient logistics.
- Competitive and Regulatory Pressures Remain Key Risks: Intense competition, potential changes to courier classification rules, fee caps, and local regulations can impact take rates, costs, and overall marketplace dynamics.
- Focus on Platform Monetization and Merchant Tools: DoorDash is expanding advertising, subscriptions (e.g., DashPass), and merchant services to deepen engagement and grow higher-margin revenue streams over time.
Bull Thesis:
- Dominant Market Share and Network Effect: DoorDash maintains a leading market share in the U.S. food delivery sector, creating a powerful network effect that attracts more consumers, restaurants, and dashers, making it difficult for competitors to gain significant traction and fostering customer loyalty.
- Expansion into New Verticals Beyond Food: The company is successfully diversifying its business by expanding into high-growth verticals such as grocery, convenience, alcohol, and other retail categories (e.g., Sephora, Macy's), significantly expanding its total addressable market (TAM) and reducing reliance on food delivery.
- Improving Unit Economics and Path to Profitability: DoorDash has demonstrated consistent improvement in its unit economics and adjusted EBITDA, indicating a clear operational leverage and a credible path towards sustained GAAP net income profitability in the future as the business scales.
- Growth in High-Margin Advertising Revenue: The increasing adoption of DoorDash's advertising platform by merchants represents a significant high-margin revenue stream that can further boost overall profitability and provide a diversified income source beyond transaction fees, enhancing overall financial health.
Bear Thesis:
- Intense Competition and Pressure on Take Rates: The food delivery market remains highly competitive with major players like Uber Eats, leading to ongoing price wars, promotional spending, and pressure on DoorDash's take rates and overall profitability as companies vie for market share.
- Increasing Regulatory Scrutiny and Labor Costs: DoorDash faces growing regulatory risks from cities and states imposing caps on commission fees, mandating minimum pay for gig workers, and requiring benefits, which could significantly increase operating costs and impact margins across its key markets.
- Challenging Path to Sustained GAAP Profitability and Free Cash Flow: Despite positive adjusted EBITDA, DoorDash continues to struggle with consistent GAAP net income profitability and generating positive free cash flow, raising concerns about its long-term financial sustainability and valuation in a higher interest rate environment.
- Macroeconomic Headwinds and Discretionary Spending Sensitivity: Consumer spending on food delivery is discretionary and highly sensitive to macroeconomic factors such as inflation, interest rates, and potential economic downturns, which could lead to reduced order volumes and slower growth as consumers cut back on non-essential spending.
Main Competitors:
- Uber Technologies, Inc. ($UBER) (Uber Eats), A primary direct competitor in restaurant food delivery, leveraging Uber's extensive ride-sharing network and brand. Uber Eats also competes in grocery and convenience delivery, mirroring DoorDash's expansion strategy.
- Just Eat Takeaway.com N.V. ($JET) (Grubhub), A long-standing direct competitor in the restaurant food delivery market, with a significant presence in many US cities. Grubhub competes for restaurant partnerships, customer orders, and driver supply.
- Instacart (Maplebear Inc.) ($CART) (Instacart), Primarily competes in on-demand grocery delivery, a segment DoorDash is aggressively expanding into with its DashMart and grocery partnerships. Both platforms vie for consumer spend on convenience and household essentials.
- GoPuff (GoPuff), Specializes in rapid delivery of convenience store items, snacks, and household essentials from its own micro-fulfillment centers. This directly competes with DoorDash's DashMart and its partnerships with convenience stores for quick commerce.
Moat:
DoorDash's primary moat stems from its strong network effects, where a large base of customers attracts more merchants and drivers, creating a virtuous cycle. Its market leadership and brand recognition in many key markets also contribute. However, the company faces intense competition across multiple fronts: direct rivals like Uber Eats and Grubhub constantly vie for market share through promotions and exclusive partnerships; specialized players like Instacart and GoPuff challenge its expansion into grocery and convenience; and many restaurants are increasingly investing in their own direct ordering and delivery channels to reduce reliance on third-party platforms. The competition for driver supply and the inherent low-margin nature of the delivery business further intensify the competitive landscape, putting constant pressure on profitability and operational efficiency.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 3,955,000,000 | 3,446,000,000 | 3,284,000,000 | 3,032,000,000 | 2,873,000,000 | 2,706,000,000 | 2,630,000,000 | 2,513,000,000 | 2,303,000,000 | 2,164,000,000 | 2,133,000,000 | 2,035,000,000 | 1,818,000,000 | 1,701,000,000 | 1,608,000,000 | 1,456,000,000 | 1,300,000,000 | 1,275,000,000 | 1,236,000,000 | 1,077,000,000 | |
yoy | 37.66% | 27.35% | 24.87% | 20.65% | 24.75% | 25.05% | 23.30% | 23.49% | 26.68% | 27.22% | 32.65% | 39.77% | 39.85% | 33.41% | 30.10% | 35.19% | |||||
qoq | 14.77% | 4.93% | 8.31% | 5.53% | 6.17% | 2.89% | 4.66% | 9.12% | 6.42% | 1.45% | 4.82% | 11.94% | 6.88% | 5.78% | 10.44% | 12.00% | 1.96% | 3.16% | 14.76% | ||
costs and expenses: | |||||||||||||||||||||
cost of revenue, exclusive of depreciation and amortization shown separately below | 1,935,000,000 | 1,687,000,000 | 1,616,000,000 | 1,500,000,000 | 1,453,000,000 | 1,374,000,000 | 1,385,000,000 | 1,330,000,000 | 1,229,000,000 | 1,156,000,000 | 1,135,000,000 | 1,069,000,000 | 1,014,000,000 | 931,000,000 | 880,000,000 | 763,000,000 | 635,000,000 | 585,000,000 | 555,000,000 | 563,000,000 | |
gross profit | 2,020,000,000 | 1,759,000,000 | 1,668,000,000 | 1,532,000,000 | 1,420,000,000 | 1,332,000,000 | 1,245,000,000 | 1,183,000,000 | 1,074,000,000 | 1,008,000,000 | 998,000,000 | 966,000,000 | 804,000,000 | 770,000,000 | 728,000,000 | 693,000,000 | 665,000,000 | 690,000,000 | 681,000,000 | 514,000,000 | |
yoy | 42.25% | 32.06% | 33.98% | 29.50% | 32.22% | 32.14% | 24.75% | 22.46% | 33.58% | 30.91% | 37.09% | 39.39% | 20.90% | 11.59% | 6.90% | 34.82% | |||||
qoq | 14.84% | 5.46% | 8.88% | 7.89% | 6.61% | 6.99% | 5.24% | 10.15% | 6.55% | 1.00% | 3.31% | 20.15% | 4.42% | 5.77% | 5.05% | 4.21% | -3.62% | 1.32% | 32.49% | ||
gross margin % | 51.07% | 51.04% | 50.79% | 50.53% | 49.43% | 49.22% | 47.34% | 47.08% | 46.63% | 46.58% | 46.79% | 47.47% | 44.22% | 45.27% | 45.27% | 47.60% | 51.15% | 54.12% | 55.10% | 47.73% | |
sales and marketing | 707,000,000 | 576,000,000 | 607,000,000 | 586,000,000 | 541,000,000 | 483,000,000 | 509,000,000 | 504,000,000 | 460,000,000 | 449,000,000 | 471,000,000 | 496,000,000 | 429,000,000 | 418,000,000 | 421,000,000 | 414,000,000 | 413,000,000 | 446,000,000 | 427,000,000 | 333,000,000 | |
research and development | 419,000,000 | 355,000,000 | 351,000,000 | 306,000,000 | 297,000,000 | 289,000,000 | 303,000,000 | 279,000,000 | 253,000,000 | 250,000,000 | 269,000,000 | 231,000,000 | 250,000,000 | 226,000,000 | 205,000,000 | 148,000,000 | 133,000,000 | 115,000,000 | 100,000,000 | 82,000,000 | |
general and administrative | 480,000,000 | 400,000,000 | 388,000,000 | 332,000,000 | 324,000,000 | 315,000,000 | 494,000,000 | 319,000,000 | 320,000,000 | 289,000,000 | 341,000,000 | 285,000,000 | 292,000,000 | 316,000,000 | 294,000,000 | 245,000,000 | 224,000,000 | 188,000,000 | 216,000,000 | 169,000,000 | |
depreciation and amortization | 267,000,000 | 169,000,000 | 159,000,000 | 152,000,000 | 141,000,000 | 138,000,000 | 140,000,000 | 142,000,000 | 130,000,000 | 128,000,000 | 128,000,000 | 123,000,000 | 111,000,000 | 118,000,000 | 81,000,000 | 59,000,000 | 49,000,000 | 41,000,000 | 37,000,000 | 29,000,000 | |
restructuring charges | 1,000,000 | 1,000,000 | 2,000,000 | ||||||||||||||||||
total costs and expenses | 3,808,000,000 | 3,188,000,000 | 3,121,000,000 | 2,877,000,000 | 2,756,000,000 | 2,599,000,000 | 2,831,000,000 | 2,574,000,000 | 2,392,000,000 | 2,272,000,000 | 2,344,000,000 | 2,206,000,000 | 2,188,000,000 | 2,009,000,000 | 1,881,000,000 | 1,629,000,000 | 1,454,000,000 | 1,375,000,000 | 1,335,000,000 | 1,176,000,000 | |
income from operations | 147,000,000 | 258,000,000 | 163,000,000 | 155,000,000 | 117,000,000 | 107,000,000 | -201,000,000 | -61,000,000 | -89,000,000 | -108,000,000 | -211,000,000 | -171,000,000 | -370,000,000 | -308,000,000 | -273,000,000 | -173,000,000 | -154,000,000 | -100,000,000 | -99,000,000 | -99,000,000 | |
yoy | 25.64% | 141.12% | -181.09% | -354.10% | -231.46% | -199.07% | -4.74% | -64.33% | -75.95% | -64.94% | -22.71% | -1.16% | 140.26% | 208.00% | 175.76% | 74.75% | |||||
qoq | -43.02% | 58.28% | 5.16% | 32.48% | 9.35% | -153.23% | 229.51% | -31.46% | -17.59% | -48.82% | 23.39% | -53.78% | 20.13% | 12.82% | 57.80% | 12.34% | 54.00% | 1.01% | 0.00% | ||
operating margin % | 3.72% | 7.49% | 4.96% | 5.11% | 4.07% | 3.95% | -7.64% | -2.43% | -3.86% | -4.99% | -9.89% | -8.40% | -20.35% | -18.11% | -16.98% | -11.88% | -11.85% | -7.84% | -8.01% | -9.19% | |
interest income | 42,000,000 | 71,000,000 | 49,000,000 | 49,000,000 | 51,000,000 | 54,000,000 | 49,000,000 | 45,000,000 | 51,000,000 | 40,000,000 | 34,000,000 | 28,000,000 | 17,000,000 | 9,000,000 | 5,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | |||
other expense | -7,000,000 | -81,000,000 | -6,000,000 | 8,000,000 | -6,000,000 | -5,000,000 | -2,000,000 | -101,000,000 | -1,000,000 | -2,000,000 | |||||||||||
income before income taxes | 222,000,000 | 248,000,000 | 271,000,000 | 198,000,000 | 176,000,000 | 155,000,000 | -157,000,000 | -18,000,000 | -139,000,000 | -69,000,000 | -181,000,000 | -145,000,000 | -659,000,000 | -301,000,000 | -109,000,000 | ||||||
provision for income taxes | 9,000,000 | 5,000,000 | -13,000,000 | 6,000,000 | 37,000,000 | -6,000,000 | 1,000,000 | 7,000,000 | 17,000,000 | 6,000,000 | -9,000,000 | 17,000,000 | -17,000,000 | -5,000,000 | -9,000,000 | 2,000,000 | 2,000,000 | 1,000,000 | |||
net income including redeemable non-controlling interests | 213,000,000 | 243,000,000 | 284,000,000 | 192,000,000 | 139,000,000 | 161,000,000 | |||||||||||||||
less: net loss attributable to redeemable non-controlling interests | -1,000,000 | -1,000,000 | -1,000,000 | -2,000,000 | -1,000,000 | -1,000,000 | -2,000,000 | -2,000,000 | -2,000,000 | -2,000,000 | -1,000,000 | ||||||||||
net income attributable to doordash, inc. common stockholders | 213,000,000 | 244,000,000 | 285,000,000 | 193,000,000 | 141,000,000 | 162,000,000 | -102,000,000 | ||||||||||||||
yoy | 51.06% | 50.62% | |||||||||||||||||||
qoq | -12.70% | -14.39% | 47.67% | 36.88% | -12.96% | ||||||||||||||||
net income margin % | 5.39% | 7.08% | 8.68% | 6.37% | 4.91% | 5.99% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -8.25% | 0% | |
net income per share | -0.38 | -0.06 | -0.39 | -0.19 | -0.44 | -0.41 | -1.7 | -0.77 | -0.72 | -0.48 | -0.45 | -0.3 | -0.3 | -0.34 | |||||||
basic | 0.49 | 0.57 | 0.67 | 0.46 | 0.34 | 0.39 | |||||||||||||||
diluted | 0.48 | 0.55 | 0.65 | 0.44 | 0.33 | 0.38 | |||||||||||||||
weighted-average number of shares outstanding used to compute net income per share attributable to doordash, inc. class a and class b common stockholders | |||||||||||||||||||||
basic | 427,043 | 428,911 | 425,113 | 421,422 | 411,551 | 413,106 | |||||||||||||||
diluted | 439,686 | 441,812 | 438,377 | 435,563 | 430,242 | 427,962 | |||||||||||||||
other income | 59,000,000 | -4,000,000 | -1,000,000 | -3,000,000 | 5,000,000 | -250,000 | -1,000,000 | ||||||||||||||
net loss including redeemable non-controlling interests | -158,000,000 | -25,000,000 | -156,000,000 | -75,000,000 | -172,000,000 | -162,000,000 | -642,000,000 | -296,000,000 | |||||||||||||
net loss attributable to doordash, inc. common stockholders | -157,000,000 | -23,000,000 | -154,000,000 | -73,000,000 | -170,000,000 | -161,000,000 | -640,000,000 | -295,000,000 | |||||||||||||
net income per share | -0.38 | -0.06 | -0.39 | -0.19 | -0.44 | -0.41 | -1.7 | -0.77 | -0.72 | -0.48 | -0.45 | -0.3 | -0.3 | -0.34 | |||||||
weighted-average number of shares outstanding used to compute net loss per share attributable to doordash, inc. common stockholders, basic and diluted | 410,482 | 405,482 | 392,948 | 393,217 | 388,737 | 390,397 | 371,413 | 384,756 | |||||||||||||
interest expense | -1,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | -12,000,000 | |||||||||||||||
less: net loss attributable to redeemable non-controlling interests, net of tax | -2,000,000 | -1,000,000 | |||||||||||||||||||
income before provision for income taxes | -272,000,000 | -167,000,000 | -77,500,000 | -101,000,000 | -100,000,000 | ||||||||||||||||
net income | -263,000,000 | -167,000,000 | -155,000,000 | -101,000,000 | -110,000,000 | ||||||||||||||||
weighted-average number of shares outstanding used to compute net loss per share, basic and diluted | 363,961 | 349,219 | 340,169 | 327,815 | |||||||||||||||||
undistributed earnings allocated to preferred stockholders | |||||||||||||||||||||
net loss attributable to common stockholders | -102,000,000 | ||||||||||||||||||||
weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted | 336,847 | 334,707 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
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assets | |||||||||||||||||||||
current assets: | |||||||||||||||||||||
cash and cash equivalents | 4,378,000,000 | 3,279,000,000 | 3,911,000,000 | 4,500,000,000 | 4,019,000,000 | 3,664,000,000 | 3,430,000,000 | 3,124,000,000 | 2,656,000,000 | 2,344,000,000 | 1,904,000,000 | 1,833,000,000 | 1,977,000,000 | 2,320,000,000 | 2,727,000,000 | 2,243,000,000 | 2,504,000,000 | 2,861,000,000 | 3,334,000,000 | 4,007,000,000 | 4,345,000,000 |
restricted cash | 273,000,000 | 4,080,000,000 | 2,750,000,000 | 202,000,000 | 190,000,000 | 211,000,000 | |||||||||||||||
short-term investments | 1,128,000,000 | ||||||||||||||||||||
funds held at payment processors | 587,000,000 | 377,000,000 | 322,000,000 | 322,000,000 | 436,000,000 | 335,000,000 | 396,000,000 | 394,000,000 | 356,000,000 | 385,000,000 | 297,000,000 | 290,000,000 | 441,000,000 | 251,000,000 | 246,000,000 | 293,000,000 | 320,000,000 | 119,000,000 | 120,000,000 | 127,000,000 | 146,000,000 |
accounts receivable | 1,108,000,000 | 894,000,000 | 840,000,000 | 782,000,000 | 732,000,000 | 622,000,000 | 585,000,000 | 546,000,000 | 533,000,000 | 417,000,000 | 383,000,000 | 382,000,000 | 400,000,000 | 325,000,000 | 346,000,000 | 321,000,000 | 349,000,000 | 286,000,000 | 245,000,000 | 282,000,000 | 291,000,000 |
prepaid expenses and other current assets | 1,169,000,000 | 899,000,000 | 824,000,000 | 730,000,000 | 687,000,000 | 839,000,000 | 782,000,000 | 700,000,000 | 630,000,000 | 519,000,000 | 469,000,000 | 509,000,000 | 358,000,000 | 302,000,000 | 242,000,000 | 208,000,000 | 139,000,000 | 142,000,000 | 146,000,000 | 142,000,000 | 221,000,000 |
total current assets | 8,643,000,000 | 10,493,000,000 | 9,735,000,000 | 7,853,000,000 | 7,386,000,000 | 6,760,000,000 | 6,617,000,000 | 6,130,000,000 | 5,597,000,000 | 5,142,000,000 | 4,605,000,000 | 4,587,000,000 | 4,720,000,000 | 4,690,000,000 | 4,833,000,000 | 4,418,000,000 | 4,565,000,000 | 4,707,000,000 | 5,179,000,000 | 5,025,000,000 | 5,517,000,000 |
long-term investments | 837,000,000 | ||||||||||||||||||||
operating lease right-of-use assets | 437,000,000 | 396,000,000 | 391,000,000 | 384,000,000 | 389,000,000 | 380,000,000 | 381,000,000 | 448,000,000 | 436,000,000 | 406,000,000 | 417,000,000 | 414,000,000 | 436,000,000 | 436,000,000 | 426,000,000 | 354,000,000 | 336,000,000 | 301,000,000 | 262,000,000 | 206,000,000 | 203,000,000 |
property and equipment | 1,067,000,000 | 976,000,000 | 906,000,000 | 846,000,000 | 778,000,000 | 733,000,000 | 701,000,000 | 705,000,000 | 712,000,000 | 690,000,000 | 677,000,000 | 656,000,000 | 637,000,000 | 588,000,000 | 529,000,000 | 455,000,000 | 402,000,000 | 355,000,000 | 306,000,000 | 250,000,000 | 210,000,000 |
intangible assets | 2,260,000,000 | 878,000,000 | 890,000,000 | 504,000,000 | 510,000,000 | 577,000,000 | 586,000,000 | 621,000,000 | 659,000,000 | 663,000,000 | 708,000,000 | 743,000,000 | 765,000,000 | 735,000,000 | 809,000,000 | 76,000,000 | 61,000,000 | 64,000,000 | 67,000,000 | 70,000,000 | 74,000,000 |
goodwill | 5,519,000,000 | 3,570,000,000 | 3,529,000,000 | 2,412,000,000 | 2,315,000,000 | 2,460,000,000 | 2,371,000,000 | 2,386,000,000 | 2,432,000,000 | 2,345,000,000 | 2,396,000,000 | 2,403,000,000 | 2,370,000,000 | 2,198,000,000 | 2,315,000,000 | 376,000,000 | 316,000,000 | 316,000,000 | 316,000,000 | 316,000,000 | 316,000,000 |
other assets | 896,000,000 | 809,000,000 | 774,000,000 | 731,000,000 | 632,000,000 | 519,000,000 | 458,000,000 | 456,000,000 | 363,000,000 | 140,000,000 | 131,000,000 | 126,000,000 | 129,000,000 | 125,000,000 | 109,000,000 | 88,000,000 | 70,000,000 | 61,000,000 | 52,000,000 | 35,000,000 | 33,000,000 |
total assets | 19,659,000,000 | 17,971,000,000 | 16,950,000,000 | 13,572,000,000 | 12,845,000,000 | 12,277,000,000 | 11,837,000,000 | 11,450,000,000 | 10,839,000,000 | 10,013,000,000 | 9,601,000,000 | 9,646,000,000 | 9,789,000,000 | 9,552,000,000 | 9,928,000,000 | 6,822,000,000 | 6,809,000,000 | 6,358,000,000 | 6,182,000,000 | 5,902,000,000 | 6,353,000,000 |
liabilities, redeemable non-controlling interests and stockholders' equity | |||||||||||||||||||||
current liabilities: | |||||||||||||||||||||
accounts payable | 397,000,000 | 257,000,000 | 345,000,000 | 329,000,000 | 321,000,000 | 191,000,000 | 163,000,000 | 203,000,000 | 216,000,000 | 149,000,000 | 173,000,000 | 208,000,000 | 157,000,000 | 238,000,000 | 207,000,000 | 203,000,000 | 161,000,000 | 86,000,000 | 96,000,000 | 75,000,000 | 80,000,000 |
operating lease liabilities | 105,000,000 | 81,000,000 | 78,000,000 | 70,000,000 | 68,000,000 | 66,000,000 | 64,000,000 | 64,000,000 | 68,000,000 | 63,000,000 | 58,000,000 | 55,000,000 | 55,000,000 | 45,000,000 | 47,000,000 | 31,000,000 | 26,000,000 | 27,000,000 | 23,000,000 | 19,000,000 | 15,000,000 |
accrued expenses and other current liabilities | 5,645,000,000 | 4,794,000,000 | 4,273,000,000 | 4,178,000,000 | 4,049,000,000 | 3,837,000,000 | 3,801,000,000 | 3,476,000,000 | 3,126,000,000 | 2,774,000,000 | 2,495,000,000 | 2,388,000,000 | 2,332,000,000 | 1,933,000,000 | 1,772,000,000 | 1,526,000,000 | 1,573,000,000 | 1,226,000,000 | 1,132,000,000 | 1,000,000,000 | 943,000,000 |
total current liabilities | 6,147,000,000 | 5,132,000,000 | 4,696,000,000 | 4,577,000,000 | 4,438,000,000 | 4,094,000,000 | 4,028,000,000 | 3,743,000,000 | 3,410,000,000 | 2,986,000,000 | 2,726,000,000 | 2,651,000,000 | 2,544,000,000 | 2,216,000,000 | 2,026,000,000 | 1,760,000,000 | 1,760,000,000 | 1,339,000,000 | 1,251,000,000 | 1,094,000,000 | 1,402,000,000 |
convertible notes | 2,724,000,000 | 2,722,000,000 | 2,721,000,000 | 364,000,000 | |||||||||||||||||
other liabilities | 281,000,000 | 155,000,000 | 153,000,000 | 143,000,000 | 129,000,000 | 139,000,000 | 167,000,000 | 214,000,000 | 162,000,000 | 29,000,000 | 28,000,000 | 27,000,000 | 21,000,000 | 35,000,000 | 43,000,000 | 19,000,000 | 9,000,000 | 14,000,000 | 14,000,000 | 13,000,000 | 13,000,000 |
total liabilities | 9,613,000,000 | 8,463,000,000 | 8,022,000,000 | 5,177,000,000 | 5,035,000,000 | 4,699,000,000 | 4,665,000,000 | 4,440,000,000 | 4,026,000,000 | 3,445,000,000 | 3,194,000,000 | 3,115,000,000 | 3,021,000,000 | 2,711,000,000 | 2,518,000,000 | 2,170,000,000 | 2,142,000,000 | 1,692,000,000 | 1,563,000,000 | 1,347,000,000 | 1,653,000,000 |
commitments and contingencies | |||||||||||||||||||||
redeemable non-controlling interests | 13,000,000 | 13,000,000 | 5,000,000 | 6,000,000 | 7,000,000 | 9,000,000 | 10,000,000 | 11,000,000 | 7,000,000 | 9,000,000 | 11,000,000 | 13,000,000 | 14,000,000 | 16,000,000 | |||||||
stockholders’ equity: | |||||||||||||||||||||
common stock, 0.00001 par value... | |||||||||||||||||||||
additional paid-in capital | 14,092,000,000 | 13,760,000,000 | 13,439,000,000 | 13,444,000,000 | 13,165,000,000 | 12,843,000,000 | 12,523,000,000 | 12,177,000,000 | 11,887,000,000 | 11,576,000,000 | 11,257,000,000 | 10,900,000,000 | 10,633,000,000 | 10,323,000,000 | 10,028,000,000 | 6,914,000,000 | 6,752,000,000 | 6,592,000,000 | 6,444,000,000 | 6,278,000,000 | 6,313,000,000 |
accumulated other comprehensive income | 261,000,000 | 268,000,000 | 261,000,000 | 7,000,000 | -107,000,000 | 122,000,000 | -25,000,000 | -1,000,000 | 73,000,000 | 9,000,000 | 18,000,000 | ||||||||||
accumulated deficit | -4,320,000,000 | -4,533,000,000 | -4,777,000,000 | -5,062,000,000 | -5,255,000,000 | -5,396,000,000 | -5,336,000,000 | -5,177,000,000 | -5,154,000,000 | -4,949,000,000 | -4,870,000,000 | -4,400,000,000 | -3,846,000,000 | -3,206,000,000 | -2,511,000,000 | -2,248,000,000 | -2,081,000,000 | -1,926,000,000 | -1,825,000,000 | -1,723,000,000 | -1,613,000,000 |
total stockholders’ equity | 10,033,000,000 | 9,495,000,000 | 8,923,000,000 | 8,389,000,000 | 7,803,000,000 | 7,569,000,000 | 7,162,000,000 | 6,999,000,000 | 6,806,000,000 | 6,559,000,000 | 6,396,000,000 | 6,518,000,000 | 6,754,000,000 | 6,825,000,000 | 7,410,000,000 | 4,652,000,000 | 4,667,000,000 | 4,666,000,000 | 4,619,000,000 | 4,555,000,000 | |
total liabilities, redeemable non-controlling interests and stockholders’ equity | 19,659,000,000 | 17,971,000,000 | 16,950,000,000 | 13,572,000,000 | 12,845,000,000 | 12,277,000,000 | 11,837,000,000 | 11,450,000,000 | 10,839,000,000 | 10,013,000,000 | 9,601,000,000 | 9,646,000,000 | 9,789,000,000 | 9,552,000,000 | |||||||
short-term marketable securities | 964,000,000 | 1,088,000,000 | 1,317,000,000 | 1,322,000,000 | 1,300,000,000 | 1,424,000,000 | 1,366,000,000 | 1,422,000,000 | 1,477,000,000 | 1,552,000,000 | 1,573,000,000 | 1,544,000,000 | 1,492,000,000 | 1,272,000,000 | 1,353,000,000 | 1,253,000,000 | 1,299,000,000 | ||||
long-term marketable securities | 849,000,000 | 725,000,000 | 842,000,000 | 835,000,000 | 795,000,000 | 669,000,000 | 646,000,000 | 583,000,000 | 474,000,000 | 381,000,000 | 314,000,000 | 397,000,000 | 365,000,000 | 495,000,000 | 643,000,000 | 650,000,000 | 554,000,000 | ||||
liabilities, redeemable non-controlling interests and stockholders’ equity | |||||||||||||||||||||
long-term restricted cash | 13,000,000 | 12,000,000 | 12,000,000 | 11,000,000 | 11,000,000 | 144,000,000 | 278,000,000 | ||||||||||||||
non-marketable equity securities | 40,000,000 | 42,000,000 | 46,000,000 | 46,000,000 | 142,000,000 | 142,000,000 | 125,000,000 | 124,000,000 | 415,000,000 | 412,000,000 | 412,000,000 | 409,000,000 | |||||||||
accumulated other comprehensive loss | -68,000,000 | -33,000,000 | -292,000,000 | -107,000,000 | -14,000,000 | -4,000,000 | |||||||||||||||
liabilities and stockholders’ equity | |||||||||||||||||||||
total liabilities and stockholders’ equity | 9,928,000,000 | 6,822,000,000 | 6,809,000,000 | 6,358,000,000 | 6,182,000,000 | ||||||||||||||||
marketable securities | 1,334,000,000 | 467,000,000 | 514,000,000 | ||||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders’ equity | 5,902,000,000 | ||||||||||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders’ (deficit) equity | |||||||||||||||||||||
redeemable convertible preferred stock, 0.00001 par value... | |||||||||||||||||||||
stockholders’ (deficit) equity: | |||||||||||||||||||||
total stockholders’ (deficit) equity | 4,700,000,000 | ||||||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders’ (deficit) equity | 6,353,000,000 | ||||||||||||||||||||
revenue | 885,000,000 | ||||||||||||||||||||
costs and expenses: | |||||||||||||||||||||
cost of revenue, exclusive of depreciation and amortization shown separately below | 523,000,000 | ||||||||||||||||||||
sales and marketing | 594,000,000 | ||||||||||||||||||||
research and development | 107,000,000 | ||||||||||||||||||||
general and administrative | 245,000,000 | ||||||||||||||||||||
depreciation and amortization | 32,000,000 | ||||||||||||||||||||
total costs and expenses | 1,501,000,000 | ||||||||||||||||||||
income from operations | -616,000,000 | ||||||||||||||||||||
interest income | 18,000,000 | ||||||||||||||||||||
interest expense | |||||||||||||||||||||
other income | -68,000,000 | ||||||||||||||||||||
income before income taxes | -666,000,000 | ||||||||||||||||||||
benefit from income taxes | 1,000,000 | ||||||||||||||||||||
net income | -667,000,000 | ||||||||||||||||||||
premium paid on repurchase of redeemable convertible preferred stock | |||||||||||||||||||||
deemed dividend to preferred stockholders | -1,000,000 | ||||||||||||||||||||
net income attributable to common stockholders | -668,000,000 | ||||||||||||||||||||
net income per share | -15,440,000 | ||||||||||||||||||||
weighted-average number of shares outstanding used to compute net income per share attributable to common stockholders, basic and diluted | 43,252,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||||
net income | 213,000,000 | 243,000,000 | 284,000,000 | 192,000,000 | ||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||
depreciation and amortization | 267,000,000 | 169,000,000 | 159,000,000 | 152,000,000 | 141,000,000 | 138,000,000 | 140,000,000 | 142,000,000 | 130,000,000 | 128,000,000 | 128,000,000 | 123,000,000 | 111,000,000 | 118,000,000 | 81,000,000 | 59,000,000 | 49,000,000 | 41,000,000 | 37,000,000 | 29,000,000 |
stock-based compensation | 276,000,000 | 258,000,000 | 282,000,000 | 235,000,000 | 271,000,000 | 274,000,000 | 302,000,000 | 252,000,000 | 269,000,000 | 278,000,000 | 311,000,000 | 230,000,000 | 280,000,000 | 249,000,000 | 231,000,000 | 129,000,000 | 129,000,000 | 122,000,000 | 138,000,000 | 97,000,000 |
reduction of operating lease right-of-use assets and accretion of operating lease liabilities | 35,000,000 | 30,000,000 | 27,000,000 | 26,000,000 | 26,000,000 | 25,000,000 | 26,000,000 | 26,000,000 | 24,000,000 | 24,000,000 | 28,000,000 | 32,000,000 | 23,000,000 | 23,000,000 | 19,000,000 | 16,000,000 | 15,000,000 | 14,000,000 | 12,000,000 | 11,000,000 |
amortization of deferred contract costs | 22,000,000 | |||||||||||||||||||
office lease impairment expenses | 4,000,000 | 0 | 0 | 7,000,000 | 0 | 0 | ||||||||||||||
adjustments to non-marketable equity securities, including impairment | ||||||||||||||||||||
other | -8,000,000 | -16,000,000 | 43,000,000 | 18,000,000 | 3,000,000 | -15,000,000 | 27,000,000 | 14,000,000 | -8,000,000 | 4,000,000 | 15,000,000 | 4,000,000 | -3,000,000 | 9,000,000 | 13,000,000 | 1,000,000 | 11,000,000 | 6,000,000 | 5,000,000 | 6,000,000 |
changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions: | ||||||||||||||||||||
funds held at payment processors | -187,000,000 | -54,000,000 | 9,000,000 | 119,000,000 | -111,000,000 | 67,000,000 | -2,000,000 | -41,000,000 | 34,000,000 | -90,000,000 | -9,000,000 | 151,000,000 | -189,000,000 | -6,000,000 | 79,000,000 | 30,000,000 | -201,000,000 | 1,000,000 | 7,000,000 | 19,000,000 |
accounts receivable | -197,000,000 | -72,000,000 | -37,000,000 | -53,000,000 | -120,000,000 | -39,000,000 | -45,000,000 | -18,000,000 | -115,000,000 | -38,000,000 | -5,000,000 | 17,000,000 | -74,000,000 | 21,000,000 | -5,000,000 | 25,000,000 | -68,000,000 | -40,000,000 | 21,000,000 | -7,000,000 |
prepaid expenses and other current assets | -52,000,000 | -148,000,000 | -12,000,000 | -35,000,000 | 63,000,000 | -174,000,000 | -13,000,000 | -22,000,000 | -21,000,000 | -57,000,000 | 48,000,000 | -75,000,000 | -56,000,000 | -58,000,000 | 17,000,000 | -68,000,000 | -1,000,000 | 9,000,000 | -2,000,000 | 79,000,000 |
other assets | -47,000,000 | -51,000,000 | -27,000,000 | -115,000,000 | -368,000,000 | 170,000,000 | -32,000,000 | -49,000,000 | -51,000,000 | -22,000,000 | -15,000,000 | -8,000,000 | -24,000,000 | -22,000,000 | -21,000,000 | -23,000,000 | -19,000,000 | -15,000,000 | -13,000,000 | -4,000,000 |
accounts payable | 114,000,000 | -85,000,000 | 11,000,000 | 14,000,000 | 113,000,000 | 21,000,000 | -40,000,000 | -12,000,000 | 64,000,000 | -14,000,000 | -41,000,000 | 61,000,000 | -81,000,000 | 28,000,000 | 4,000,000 | 34,000,000 | 71,000,000 | -9,000,000 | ||
accrued expenses and other current liabilities | 81,000,000 | 486,000,000 | -84,000,000 | 94,000,000 | 449,000,000 | -77,000,000 | 265,000,000 | 306,000,000 | 233,000,000 | 288,000,000 | 130,000,000 | 51,000,000 | 410,000,000 | 162,000,000 | 38,000,000 | -44,000,000 | 354,000,000 | 88,000,000 | 126,000,000 | 27,000,000 |
payments for operating lease liabilities | -38,000,000 | -29,000,000 | -30,000,000 | -28,000,000 | -33,000,000 | -29,000,000 | -27,000,000 | -27,000,000 | -25,000,000 | -29,000,000 | -27,000,000 | -32,000,000 | -22,000,000 | -21,000,000 | -18,000,000 | -14,000,000 | -15,000,000 | -11,000,000 | -10,000,000 | -8,000,000 |
other liabilities | -33,000,000 | 4,000,000 | -52,000,000 | 9,000,000 | -59,000,000 | 9,000,000 | 4,000,000 | 7,000,000 | 6,000,000 | 1,000,000 | 2,000,000 | 5,000,000 | -12,000,000 | -9,000,000 | -7,000,000 | 1,000,000 | ||||
net cash from operating activities | 421,000,000 | 871,000,000 | 504,000,000 | 635,000,000 | 518,000,000 | 531,000,000 | 530,000,000 | 553,000,000 | 485,000,000 | 398,000,000 | 393,000,000 | 397,000,000 | 23,000,000 | 199,000,000 | 165,000,000 | -20,000,000 | 167,000,000 | 107,000,000 | 252,000,000 | 166,000,000 |
capital expenditures | -172,000,000 | -143,000,000 | -159,000,000 | -90,000,000 | -79,000,000 | -76,000,000 | -77,000,000 | -50,000,000 | -92,000,000 | -76,000,000 | -89,000,000 | -54,000,000 | -104,000,000 | -97,000,000 | -73,000,000 | -38,000,000 | -71,000,000 | -56,000,000 | -44,000,000 | -43,000,000 |
free cash flows | 249,000,000 | 728,000,000 | 345,000,000 | 545,000,000 | 439,000,000 | 455,000,000 | 453,000,000 | 503,000,000 | 393,000,000 | 322,000,000 | 304,000,000 | 343,000,000 | -81,000,000 | 102,000,000 | 92,000,000 | -58,000,000 | 96,000,000 | 51,000,000 | 208,000,000 | 123,000,000 |
cash flows from investing activities | ||||||||||||||||||||
purchases of property and equipment | -54,000,000 | -63,000,000 | -66,000,000 | -74,000,000 | -32,000,000 | -32,000,000 | -23,000,000 | -17,000,000 | -29,000,000 | -28,000,000 | -27,000,000 | -39,000,000 | -45,000,000 | -54,000,000 | -45,000,000 | -32,000,000 | -35,000,000 | -31,000,000 | -31,000,000 | -32,000,000 |
capitalized software and website development costs | -113,000,000 | -85,000,000 | -83,000,000 | -67,000,000 | -66,000,000 | -55,000,000 | -56,000,000 | -49,000,000 | -58,000,000 | -46,000,000 | -55,000,000 | -42,000,000 | -51,000,000 | -46,000,000 | -34,000,000 | -39,000,000 | -35,000,000 | -28,000,000 | -23,000,000 | -22,000,000 |
purchases of investments | ||||||||||||||||||||
maturities of investments | ||||||||||||||||||||
sales of investments | ||||||||||||||||||||
purchases of non-marketable investments | ||||||||||||||||||||
acquisitions, net of cash acquired | -2,953,000,000 | -25,000,000 | ||||||||||||||||||
settlement of deal-contingent forward contract | ||||||||||||||||||||
other investing activities | 0 | 1,000,000 | 1,000,000 | -9,000,000 | 0 | -1,000,000 | 0 | -1,000,000 | 7,000,000 | 0 | ||||||||||
net cash from investing activities | -3,117,000,000 | -173,000,000 | -941,000,000 | -160,000,000 | -163,000,000 | -62,000,000 | -147,000,000 | -72,000,000 | -119,000,000 | -78,000,000 | -135,000,000 | -10,000,000 | -181,000,000 | -199,000,000 | 326,000,000 | -246,000,000 | -527,000,000 | -584,000,000 | -929,000,000 | -7,000,000 |
cash flows from financing activities | ||||||||||||||||||||
proceeds from issuance of convertible notes, net of issuance costs | 0 | -2,000,000 | ||||||||||||||||||
proceeds from issuance of warrants | 0 | 0 | ||||||||||||||||||
purchase of convertible note hedges | 0 | 0 | ||||||||||||||||||
proceeds from exercise of stock options | 1,000,000 | 3,000,000 | 2,000,000 | 3,000,000 | 7,000,000 | 4,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 1,000,000 | 2,000,000 | 1,000,000 | 2,000,000 | 3,000,000 | 5,000,000 | 4,000,000 | 5,000,000 | 10,000,000 | 13,000,000 |
repurchase of common stock | 0 | -217,000,000 | -51,000,000 | -6,000,000 | -301,000,000 | -392,000,000 | 0 | |||||||||||||
payments of acquisition-related deferred cash consideration | ||||||||||||||||||||
other financing activities | 0 | 0 | 0 | 0 | 0 | 6,000,000 | 0 | 0 | 0 | |||||||||||
net cash from financing activities | -19,000,000 | 1,000,000 | 2,375,000,000 | 3,000,000 | 7,000,000 | -213,000,000 | -5,000,000 | 7,000,000 | -50,000,000 | -4,000,000 | -308,000,000 | -390,000,000 | 1,000,000 | -384,000,000 | 3,000,000 | 5,000,000 | 4,000,000 | 5,000,000 | 4,000,000 | -496,000,000 |
foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents | ||||||||||||||||||||
net increase in cash and cash equivalents, and restricted cash and cash equivalents | ||||||||||||||||||||
cash and cash equivalents, and restricted cash and cash equivalents | ||||||||||||||||||||
beginning of period | ||||||||||||||||||||
end of period | ||||||||||||||||||||
reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the consolidated balance sheets | ||||||||||||||||||||
cash and cash equivalents | 1,099,000,000 | -632,000,000 | -589,000,000 | 4,500,000,000 | 355,000,000 | 234,000,000 | 306,000,000 | 3,124,000,000 | 312,000,000 | 440,000,000 | 71,000,000 | 1,833,000,000 | -343,000,000 | -407,000,000 | 484,000,000 | 2,243,000,000 | -357,000,000 | -473,000,000 | -673,000,000 | 4,007,000,000 |
restricted cash | -3,807,000,000 | 1,330,000,000 | 2,548,000,000 | 202,000,000 | 204,000,000 | 3,000,000 | 1,000,000 | 3,000,000 | 1,000,000 | 0 | 0 | 1,000,000 | ||||||||
long-term restricted cash and cash equivalents included in other assets | ||||||||||||||||||||
total cash, cash equivalents, and restricted cash | -2,718,000,000 | 699,000,000 | 1,986,000,000 | 4,714,000,000 | 323,000,000 | 278,000,000 | 373,000,000 | 3,247,000,000 | 337,000,000 | 302,000,000 | -53,000,000 | 2,186,000,000 | -139,000,000 | -404,000,000 | 485,000,000 | 2,246,000,000 | -356,000,000 | -473,000,000 | -673,000,000 | 4,008,000,000 |
non-cash investing and financing activities | ||||||||||||||||||||
purchases of property and equipment not yet settled | -5,000,000 | 5,000,000 | -10,000,000 | 51,000,000 | 19,000,000 | 11,000,000 | 2,000,000 | 16,000,000 | -5,000,000 | -2,000,000 | -7,000,000 | 27,000,000 | -8,000,000 | 3,000,000 | 6,000,000 | 33,000,000 | -1,000,000 | 3,000,000 | 10,000,000 | 11,000,000 |
stock-based compensation included in capitalized software and website development costs | 53,000,000 | 49,000,000 | 50,000,000 | 41,000,000 | 44,000,000 | 42,000,000 | 42,000,000 | 37,000,000 | 42,000,000 | 39,000,000 | 45,000,000 | 35,000,000 | 33,000,000 | 33,000,000 | 38,000,000 | 28,000,000 | 27,000,000 | 21,000,000 | 24,000,000 | 21,000,000 |
deferred cash consideration for acquisitions | -20,000,000 | -25,000,000 | ||||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||||
change in fair value of deal-contingent forward contract | 81,000,000 | |||||||||||||||||||
changes in operating assets and liabilities, net of assets acquired and liabilities assumed from acquisitions: | ||||||||||||||||||||
purchases of marketable securities | -383,000,000 | -300,000,000 | -425,000,000 | -424,000,000 | -558,000,000 | -440,000,000 | -529,000,000 | -391,000,000 | -625,000,000 | -496,000,000 | -434,000,000 | -367,000,000 | -503,000,000 | -422,000,000 | -656,000,000 | -376,000,000 | -856,000,000 | -1,013,000,000 | -99,000,000 | |
maturities of marketable securities | 245,000,000 | 368,000,000 | 433,000,000 | 293,000,000 | 582,000,000 | 371,000,000 | 528,000,000 | 359,000,000 | 619,000,000 | 458,000,000 | 504,000,000 | 222,000,000 | 338,000,000 | 791,000,000 | 201,000,000 | 218,000,000 | 210,000,000 | 146,000,000 | 146,000,000 | |
sales of marketable securities | 143,000,000 | 66,000,000 | 0 | 0 | 4,000,000 | 1,000,000 | 3,000,000 | 1,000,000 | 2,000,000 | 76,000,000 | 66,000,000 | -106,000,000 | 351,000,000 | 103,000,000 | ||||||
purchases of non-marketable equity securities | -1,000,000 | 0 | ||||||||||||||||||
foreign currency effect on cash, cash equivalents, and restricted cash | 0 | 48,000,000 | 15,000,000 | -39,000,000 | 22,000,000 | -5,000,000 | -13,000,000 | 21,000,000 | -14,000,000 | -3,000,000 | 1,000,000 | 18,000,000 | -20,000,000 | -9,000,000 | 1,000,000 | 0 | ||||
net increase in cash, cash equivalents, and restricted cash | 699,000,000 | 1,986,000,000 | 493,000,000 | 323,000,000 | 278,000,000 | 373,000,000 | 475,000,000 | 337,000,000 | 302,000,000 | -356,000,000 | -473,000,000 | -673,000,000 | -337,000,000 | |||||||
cash, cash equivalents, and restricted cash | ||||||||||||||||||||
cash, cash equivalents, and restricted cash, beginning of period | 0 | 0 | 4,221,000,000 | 0 | 0 | 0 | 2,772,000,000 | 0 | 0 | 0 | 2,188,000,000 | 0 | 0 | 0 | 2,506,000,000 | 0 | 0 | 0 | 4,345,000,000 | |
cash, cash equivalents, and restricted cash, end of period | 699,000,000 | 1,986,000,000 | 4,714,000,000 | 323,000,000 | 278,000,000 | 373,000,000 | 3,247,000,000 | 337,000,000 | 302,000,000 | -53,000,000 | 2,186,000,000 | -139,000,000 | -404,000,000 | 485,000,000 | 2,246,000,000 | -356,000,000 | -473,000,000 | -673,000,000 | 4,008,000,000 | |
reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets | ||||||||||||||||||||
long-term restricted cash included in other assets | 1,000,000 | 27,000,000 | 12,000,000 | |||||||||||||||||
changes in operating assets and liabilities, net of assets acquired and liabilities assumed from acquisition: | ||||||||||||||||||||
acquisition, net of cash acquired | -27,000,000 | -71,000,000 | ||||||||||||||||||
net cash acquired in acquisitions | 0 | |||||||||||||||||||
reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||||||||||||||||||||
net loss including redeemable non-controlling interests | 161,000,000 | -158,000,000 | -25,000,000 | -156,000,000 | -75,000,000 | -172,000,000 | -162,000,000 | -642,000,000 | ||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||
restricted cash included in prepaid expenses and other current assets | 43,000,000 | 67,000,000 | 111,000,000 | 25,000,000 | -5,000,000 | 10,000,000 | 75,000,000 | |||||||||||||
long-term restricted cash | 1,000,000 | 0 | 12,000,000 | 0 | -133,000,000 | -134,000,000 | 278,000,000 | |||||||||||||
changes in assets and liabilities: | ||||||||||||||||||||
deferred offering costs paid | 0 | 0 | 0 | -10,000,000 | ||||||||||||||||
repayment of convertible notes | 0 | 0 | 0 | -333,000,000 | ||||||||||||||||
taxes paid related to net share settlement of equity awards | 0 | 0 | -6,000,000 | -166,000,000 | ||||||||||||||||
supplemental disclosure of cash flow information | ||||||||||||||||||||
cash paid for interest | 0 | 0 | 0 | 42,000,000 | ||||||||||||||||
net cash from acquisitions | ||||||||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | -2,000,000 | -260,000,000 | ||||||||||||||||||
bad debt expense | 2,000,000 | 5,000,000 | 0 | 15,000,000 | 16,000,000 | |||||||||||||||
non-cash interest expense | 0 | 0 | 0 | 11,000,000 | ||||||||||||||||
net cash acquired (used) in acquisitions | ||||||||||||||||||||
proceeds from issuance of common stock upon initial public offering, net of underwriter discounts | ||||||||||||||||||||
proceeds from issuance of preferred stock, net of issuance costs | ||||||||||||||||||||
conversion of redeemable convertible preferred stock to common stock upon initial public offering | ||||||||||||||||||||
unrealized loss on marketable securities | ||||||||||||||||||||
holdback consideration for acquisitions | ||||||||||||||||||||
holdback consideration for acquisition | 0 | 0 | 9,000,000 | |||||||||||||||||
net loss | -263,000,000 | -167,000,000 | -155,000,000 | -101,000,000 | -102,000,000 | -110,000,000 | ||||||||||||||
change in fair value of forward contract liability | ||||||||||||||||||||
cash paid for income taxes | 0 | 0 | ||||||||||||||||||
redeemable convertible preferred stock issued in connection with an acquisition | ||||||||||||||||||||
leasehold improvements acquired through tenant improvement allowance | 0 | 1,000,000 | ||||||||||||||||||
deferred offering costs not yet paid | ||||||||||||||||||||
impairment of operating lease right-of-use assets | ||||||||||||||||||||
unrealized gain on marketable securities | ||||||||||||||||||||
conversion of convertible promissory notes to preferred stock |