The Leadership Letter

Real correspondence from the people running real companies — and what it reveals about leadership.

After Land Grab, Switch To Operating Discipline

Growth and efficiency aren't opposites — they're phases. Knowing which phase you're in is the job.

Our mission is to grow and empower local economies and our primary financial goal is to maximize long-term free cash flow per share. In 2023, we helped generate nearly $50 billion in sales for hundreds of thousands of local merchants, provided opportunities for over 7 million Dashers to earn over $15 billion, and allowed tens of millions of consumers to save hundreds of millions of hours. After a rapid expansion in the surface area of our business from 2020 through 2022, 2023 was, in many ways, a year of organizing our efforts and focusing on the key inputs that help us build scale efficiently. We improved unit economics in all major areas of our business, significantly reducing our GAAP Net Loss and more than tripling our Adjusted EBITDA. The improvements to our product helped drive double-digit year-over-year growth in Monthly Active Users and growth in average order frequency through the vast majority of 2023. If we are to become a foundational element of local commerce in the digital era, we must execute at a high level to improve the efficiency and effectiveness of our existing services, but also innovate to build entirely new products, services, and processes. These are distinct skills and our hope is that 2024 will be an excellent year for our development of both.

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SEC EDGAR Filing
SEC EDGAR · EX-99.2
DoorDash, Inc. · EX-99.2 · filed 2024-02-15 · Accession 0001628280-24-005043
February 15, 2024
Public domain
View the primary source →