DoorDash, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the DoorDash Q4 2020 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this time, you will need to press star 1 on your telephone keypad. Please be advised that today's conference is being recorded, and if you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, and Mr. Andy Hargreaves. Please go ahead, sir.

Thanks, Elaine. Hello, everyone, and welcome to our fourth quarter 2020 earnings call. I'm Andy Hargreaves, the VP of Industrial Relations. It's a pleasure to be joined today by DoorDash CEO and co-founder Tony Xu and CFO Prabir Adarkar. We'd like to remind everyone that we'll be making forward-looking statements during this call, including statements related to the expected performance of our business. and many more. As well as statements regarding litigation and regulatory matters. Forward-looking statements depend on assumptions, data, or methods that may be incorrect or imprecise and are subject to risks and uncertainties. Events that could cause our actual results and future actions of the company to differ materially from those described in forward-looking statements are set forth under the caption forward-looking statements in today's investor letter and are described in our risk factors, including in our SEC filings, including our final prospectus for our initial public offering filed with the SEC on December 8th, 2020. You should not rely on our forward-looking statements as predictions of future events. Also note that the forward-looking statements we make on this call are based on information available to us and assumptions and beliefs as of today's date. We disclaim any obligation to update any forward-looking statements except as required by law. During this call, we will be discussing certain non-GAAP financial measures. Information regarding our non-GAAP financial results, including a reconciliation of such non-GAAP results to the most directly comparable GAAP financial measures, may be found in our investor letter, which was furnished with our Form 8-K file today with the SEC and on our investor relations website. These non-GAAP measures should be considered in addition to our GAAP results and are not intended to be a substitute for our GAAP results. Finally, this call in its entirety is being audio webcast on our industrial relations website, and an audio replay of the call will be available on our website shortly after the call ends. With that out of the way, I'd like to turn it over to Tony.

Thanks, Andy, and thanks, everyone, for joining our very first earnings call. 2020 really put into focus the mission of our company and why we started this journey seven and a half years ago. We exist to grow and to empower local economies. As this is our first earnings call, I thought I'd give you a snapshot into how our team has executed this mission during the most critical of times, and I'll follow by sharing a few thoughts on where we are going as we hopefully soon emerge out of this pandemic. 2020 was a difficult year for all of our audiences, and our operations met great challenges and faced enormous uncertainty. While exhausting at times, I'm proud that our team chose optimism, built plans, prepared for all scenarios, and executed 24-7 to ensure that we did our part in seeing the best of our local communities. While much of the work began in March 2020, a lot of the impact has carried into Q4. We prioritized safety by shipping no contact delivery, distributed more than 10 million units of PPE in the form of hand sanitizers, gloves and masks to dashers, and we collaborated with merchants on tamper-proof packaging. We prioritized Dashers' health by offering affordable telehealth visits with doctors, ensured financial assistance for those impacted by COVID-19, and just last week, hosted our first webinar to provide Dashers with information about the vaccine. Equally important, we became a lifeline to millions of people who sought flexible earnings opportunities, especially after furloughs and other forms of job loss. In Q4 alone, over 1 million Dashers earned over $2 billion in supplemental income on our platform. We reduced our commissions by half to local merchants, an investment totaling over $100 million, while funding national marketing campaigns to drive growth and add instant liquidity. We provided grants to more than nearly 2,000 local restaurants to help them adapt to the COVID winter. And by the end of Q4 2020, our analysis showed that the odds of surviving during the pandemic were eight times better for merchants on DoorDash versus all U.S. restaurants. For consumers, we accelerated our entry into the convenience and grocery categories. From September to December last year, we observed 95% growth in consumers who ordered from these new categories on the DoorDash Marketplace. Finally, we supported our community by donating free DashPass subscriptions to healthcare workers across the country and partnered with organizations like the New York City Department of Public Schools, United Way, and Feeding America to deliver food, groceries, and supplies to those most in need, powering the delivery of 6.5 million meals to those in need during 2020. I want to thank all of our teams worldwide and the millions of consumers, dashers, and merchants who each stepped up in their own ways to navigate this pandemic. As we progress out of the pandemic, I thought I'd remind everyone of our long-term vision, which will take decades to build. In order to grow and empower local economies, we plan to build a marketplace and platform to enable every brick and mortar business to compete in today's convenience economy. The job of our marketplace is to grow a merchant sales, and we aspire to bring all of your city to you in minutes, not hours or days. Today, most of our business is in the restaurants category, where we still see massive runway. We are investing to extend our category-leading positions In the U.S., while doubling down on the momentum we are seeing overseas in Canada and in Australia. Outside of restaurants, we're excited about the early progress we're making after launching into the convenience and grocery categories. According to third-party data, DoorDash became the largest online convenience delivery platform in the U.S. in less than a year, demonstrating the extensibility of our platform. and this is just the beginning as we have a long way to go in building our marketplace to serve these and many other categories in the future. The job of our platform is to empower a brick and mortar merchant to build their own digital channel, a task necessary to have adapted to evolving consumer preferences before the pandemic and a task certainly necessary to have survived COVID-19. This business is even more critical as we come out of the pandemic as consumers have only become more habituated to a convenience economy aided by a possible longer-term trend towards working from home. Today, merchants can use DoorDash Drive to offer on-demand and same-day delivery from their own digital channels. In cases where merchants don't have an online ordering solution, they can use DoorDash Storefront, which enables them to participate in e-commerce and gives them a product that seamlessly ties to their back-of-house systems. Over time, we will have to build even more products and services to enable merchants to run their digital business as effectively as we operate our marketplace. Underpinning our marketplace and platform is our maniacal focus on operating efficiency, where we believe best in class execution will result in an improving cost structure that unlocks further investment capital as we grow our scale. With that, let me hand it over to Prabir.