DoorDash's CFO, Ravi Inukonda, discusses the cautious forecast for adjusted EBITDA for the second quarter, while anticipating an improvement for the second half of the year. He points out that the first quarter has been exceptionally strong for DoorDash, with record numbers of users, subscriptions and order frequency. Demand on the platform remains solid, with no weakness observed among consumers, whatever their income level or geographical location. The company is present in 30 countries and operates across a range of businesses, with the lowest net loss and highest adjusted EBITDA in its history.

Inukonda expresses some frustration at the market's reaction, which wants to see greater profitability in forecasts. He points out that DoorDash continues to grow, with over 37 million consumers by the end of 2023, and is seeing solid growth in in-store sales. The grocery sector is experiencing 100% year-on-year growth for the third consecutive quarter.

DoorDash is investing in technology to improve efficiency and reduce costs, particularly in New York and Seattle. The company is reinvesting profits from its core business into the grocery and international sectors, which are growing rapidly and improving profitability. Inukonda also mentions DoorDash's commitment to working with policymakers and regulators in more than 100 cities and 30 countries to protect flexibility and accessibility for delivery drivers.

Inukonda is optimistic about achieving operating profits in the near future, supported by strong free cash flow generation and continued improvement in profitability across all business lines. He also notes a change in consumer habits, with shoppers now ordering from a wider range of categories, increasing the average basket size.


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