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2021-05-18

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DoorDash Is Down 50%, and It Might Get Worse<blockquote>DoorDash下跌50%，而且情况可能会变得更糟</blockquote>

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Companies like&nbsp;DoorDash&nbsp;(NYSE:DASH)&nbsp;have been big beneficiaries, growing gross order volumes and revenue materially. However, amid rising costs and narrow margins, it has also been a struggle to get that extra cash flowing through to the bottom line.<blockquote>在疫情期间，送餐服务非常方便，尽管室内座位限制有所放松，但仍有许多人被限制在家中，不愿在餐馆用餐。公司喜欢DoorDash（纽约证券交易所股票代码：DASH）是大受益者，总订单量和收入大幅增长。然而，在成本上升和利润微薄的情况下，将额外现金流入利润也很困难。</blockquote> DoorDash released its first-quarter report on May 13, and while order growth has continued, the problem still lies in delivering earnings to investors. It's not alone, though, with a key competitor suffering the same issues in its own report. Despite a positive initial reaction,DoorDash stock is still down nearly 50%&nbsp;from the all-time high it reached in January -- and a continued lack of profits won't help to arrest the decline.<blockquote>DoorDash于5月13日发布了第一季度报告，尽管订单持续增长，但问题仍然在于向投资者交付收益。不过，它并不孤单，一个主要竞争对手在自己的报告中也遇到了同样的问题。尽管最初反应积极，但DoorDash股价仍较1月份创下的历史高点下跌了近50%，而持续缺乏利润无助于阻止下跌。</blockquote> <img src=\"https://static.tigerbbs.com/8116349ff0ab61e4c5596321aa46fbbe\" tg-width=\"2000\" tg-height=\"1177\">IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> Consumers are out and about but still ordering in<blockquote>消费者外出但仍在订购</blockquote> Earlier this year, DoorDash issued some bullish guidance for the first quarter with $8.6 billion to $9.1 billion in gross order value (the amount of money consumers spend on food on its platform). It beat even the high end of that range, delivering $9.9 billion, representing 222% growth year over year. For the full year, it expects total gross orders to land somewhere between $35 billion and $38 billion, compared to $24.7 billion in 2020. After this latest showing and second-quarter guidance for gross order value of $9.4 billion to $9.9 billion, this looks achievable.<blockquote>今年早些时候，DoorDash发布了第一季度的一些看涨指引，订单总额为86亿至91亿美元（消费者在其平台上购买食品的金额）。它甚至超过了该范围的高端，实现了99亿美元，同比增长222%。预计全年订单总额将在350亿至380亿美元之间，而2020年为247亿美元。根据最新的数据和第二季度总订单价值94亿至99亿美元的指引，这看起来是可以实现的。</blockquote> Revenue was also up big year over year, tripling to $1.1 billion, but despite these blowout performances, the company still lost $110 million, just a $19 million improvement from the prior-year period. Gross order volume and revenue growth also decelerated from the previous quarter, highlighting the benefits delivered by the stay-at-home economy.<blockquote>收入也同比大幅增长，增长了两倍，达到11亿美元，但尽管业绩井喷，该公司仍亏损1.1亿美元，仅比去年同期增加了1900万美元。总订单量和收入增长也较上一季度放缓，凸显了居家经济带来的好处。</blockquote> Uber Technologies&nbsp;(NYSE:UBER)-- the parent company of food delivery service UberEats -- reported its first-quarter earnings earlier this month, and its results offered many similarities to DoorDash.<blockquote>优步科技（纽约证券交易所股票代码：UBER）——食品配送服务UberEats的母公司——本月早些时候公布了第一季度收益，其业绩与DoorDash有许多相似之处。</blockquote> The delivery segment grew its gross bookings 157% year over year and 24% sequentially to $12.5 billion, further supporting the idea there is still growth in the tank for this industry. However, this included contributions from newer ventures such as grocery and alcohol delivery that were on a $3 billion annual run rate as of March.<blockquote>交付部门的总预订量同比增长157%，环比增长24%，达到125亿美元，进一步支持了该行业仍在增长的观点。然而，这包括来自杂货和酒类配送等新企业的贡献，截至3月份，这些企业的年运行率为30亿美元。</blockquote> Revenue was also up big -- 230% year over year -- but the key issue was the negative $200 million inEBITDA, accompanied by a negative EBITDA margin of 11.5%.<blockquote>收入也大幅增长——同比增长230%——但关键问题是inEBITDA为负2亿美元，EBITDA利润率为负11.5%。</blockquote> In short, the demand for food delivery is still growing in the face of economies reopening, but even major providers are still having a hard time actually profiting from this business.<blockquote>简而言之，面对经济重新开放，对食品配送的需求仍在增长，但即使是主要供应商也很难真正从这项业务中获利。</blockquote> Branching into new territory<blockquote>拓展新领域</blockquote> Like UberEats, DoorDash is tackling new markets to leverage its driver network and expand its revenue opportunities. It currently has 12 DashMart locations, which are basically physical convenience stores that provide the company with small distribution hubs to deliver everyday items and some exclusive products to consumers.<blockquote>与UberEats一样，DoorDash正在开拓新市场，以利用其司机网络并扩大收入机会。它目前拥有12家DashMart门店，基本上都是实体便利店，为公司提供小型配送中心，向消费者运送日常用品和一些独家产品。</blockquote> However, in March, the company announced it would use these locations as part of a greater purpose. It signed partnerships with Vault Health and Everlywell to provide consumers with rapid COVID-19 tests, facilitating a 48-hour turnaround between delivery and final results.<blockquote>然而，今年3月，该公司宣布将使用这些地点作为更大目的的一部分。它与Vault Health和Everlywell签署了合作伙伴关系，为消费者提供快速COVID-19检测，促进交付和最终结果之间的48小时周转。</blockquote> This adds to DoorDash's growing healthcare segment, which already provides consumers with prescription medicine delivery services. The company hasn't offered revenue guidance for the new COVID-19 test services. However, any benefit is likely to be short term in nature as the pandemic subsides.<blockquote>这增加了DoorDash不断增长的医疗保健部门，该部门已经为消费者提供处方药配送服务。该公司尚未为新的COVID-19测试服务提供收入指引。然而，随着疫情的消退，任何好处都可能是短期的。</blockquote> Converting growth into earnings<blockquote>将增长转化为收益</blockquote> DoorDash delivered on its adjusted EBITDA projection for the quarter, generating $43 million. While that's a great result compared to the negative $70 million in the year-ago period, it represents a more-than-50% decline versus the fourth quarter when the company posted $94 million in adjusted EBITDA.<blockquote>DoorDash实现了本季度调整后的EBITDA预测，创收4300万美元。虽然与去年同期的负7000万美元相比，这是一个很好的结果，但与第四季度相比，该公司调整后EBITDA为9400万美元，下降了50%以上。</blockquote> Still, positive EBITDA is just one part of the equation. Despite consecutive reports with positive numbers, the company continues to report overall net losses, and the total addressable market for this company is not infinite. Eventually, it's going to run out of opportunities to scale. Like UberEats, DoorDash has an anemic EBITDA margin -- just 4% -- which clearly isn't enough to deliver consistent net income.<blockquote>尽管如此，正EBITDA只是等式的一部分。尽管连续发布正数报告，但该公司继续报告整体净亏损，该公司的总目标市场并不是无限的。最终，它将耗尽扩展的机会。与UberEats一样，DoorDash的EBITDA利润率很低，仅为4%，这显然不足以提供稳定的净利润。</blockquote> The question remains: can DoorDash replicate the growth it enjoyed last year in the remainder of 2021? It appears unlikely -- based on the company's guidance so far -- that it'll grow the top line over 225% this year as it did in 2020 (despite the strong first-quarter result). Ultimately, it may never capture a set of tailwinds as powerful as what the pandemic offered for its business.<blockquote>问题仍然是：DoorDash能否在2021年剩余时间内复制去年的增长？根据该公司迄今为止的指引，今年的营收似乎不太可能像2020年那样增长超过225%（尽管第一季度业绩强劲）。最终，它可能永远不会抓住像疫情为其业务带来的强大推动力。</blockquote> If peak growth was achieved last year, and DoorDash still failed to deliver positive earnings, it could be a sign that the business model needs a major overhaul. Going forward, watch for whether the company's continued growth in gross order value translates to earnings, because without that, the stock will face steeper declines long term.<blockquote>如果去年实现了峰值增长，而DoorDash仍然未能实现正收益，这可能表明商业模式需要进行重大改革。展望未来，请关注该公司总订单价值的持续增长是否会转化为盈利，因为如果没有这一点，该股将面临长期更大幅度的下跌。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>DoorDash Is Down 50%, and It Might Get Worse<blockquote>DoorDash下跌50%，而且情况可能会变得更糟</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDoorDash Is Down 50%, and It Might Get Worse<blockquote>DoorDash下跌50%，而且情况可能会变得更糟</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMotley Fool2021-05-18 19:30\n\n</h4>\n</header>\n<article>\nThe food delivery giant released first-quarter results on May 13, and investors are still waiting for signs of ever-elusive profits.<blockquote>这家食品配送巨头于5月13日发布了第一季度业绩，投资者仍在等待永远难以捉摸的利润迹象。</blockquote> Food delivery services have been immensely convenient during the pandemic with so many people confined to their homes and hesitant to dine in at restaurants, even as indoor seating restrictions loosened. Companies like&nbsp;DoorDash&nbsp;(NYSE:DASH)&nbsp;have been big beneficiaries, growing gross order volumes and revenue materially. However, amid rising costs and narrow margins, it has also been a struggle to get that extra cash flowing through to the bottom line.<blockquote>在疫情期间，送餐服务非常方便，尽管室内座位限制有所放松，但仍有许多人被限制在家中，不愿在餐馆用餐。公司喜欢DoorDash（纽约证券交易所股票代码：DASH）是大受益者，总订单量和收入大幅增长。然而，在成本上升和利润微薄的情况下，将额外现金流入利润也很困难。</blockquote> DoorDash released its first-quarter report on May 13, and while order growth has continued, the problem still lies in delivering earnings to investors. It's not alone, though, with a key competitor suffering the same issues in its own report. Despite a positive initial reaction,DoorDash stock is still down nearly 50%&nbsp;from the all-time high it reached in January -- and a continued lack of profits won't help to arrest the decline.<blockquote>DoorDash于5月13日发布了第一季度报告，尽管订单持续增长，但问题仍然在于向投资者交付收益。不过，它并不孤单，一个主要竞争对手在自己的报告中也遇到了同样的问题。尽管最初反应积极，但DoorDash股价仍较1月份创下的历史高点下跌了近50%，而持续缺乏利润无助于阻止下跌。</blockquote> <img src=\"https://static.tigerbbs.com/8116349ff0ab61e4c5596321aa46fbbe\" tg-width=\"2000\" tg-height=\"1177\">IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> Consumers are out and about but still ordering in<blockquote>消费者外出但仍在订购</blockquote> Earlier this year, DoorDash issued some bullish guidance for the first quarter with $8.6 billion to $9.1 billion in gross order value (the amount of money consumers spend on food on its platform). It beat even the high end of that range, delivering $9.9 billion, representing 222% growth year over year. For the full year, it expects total gross orders to land somewhere between $35 billion and $38 billion, compared to $24.7 billion in 2020. After this latest showing and second-quarter guidance for gross order value of $9.4 billion to $9.9 billion, this looks achievable.<blockquote>今年早些时候，DoorDash发布了第一季度的一些看涨指引，订单总额为86亿至91亿美元（消费者在其平台上购买食品的金额）。它甚至超过了该范围的高端，实现了99亿美元，同比增长222%。预计全年订单总额将在350亿至380亿美元之间，而2020年为247亿美元。根据最新的数据和第二季度总订单价值94亿至99亿美元的指引，这看起来是可以实现的。</blockquote> Revenue was also up big year over year, tripling to $1.1 billion, but despite these blowout performances, the company still lost $110 million, just a $19 million improvement from the prior-year period. Gross order volume and revenue growth also decelerated from the previous quarter, highlighting the benefits delivered by the stay-at-home economy.<blockquote>收入也同比大幅增长，增长了两倍，达到11亿美元，但尽管业绩井喷，该公司仍亏损1.1亿美元，仅比去年同期增加了1900万美元。总订单量和收入增长也较上一季度放缓，凸显了居家经济带来的好处。</blockquote> Uber Technologies&nbsp;(NYSE:UBER)-- the parent company of food delivery service UberEats -- reported its first-quarter earnings earlier this month, and its results offered many similarities to DoorDash.<blockquote>优步科技（纽约证券交易所股票代码：UBER）——食品配送服务UberEats的母公司——本月早些时候公布了第一季度收益，其业绩与DoorDash有许多相似之处。</blockquote> The delivery segment grew its gross bookings 157% year over year and 24% sequentially to $12.5 billion, further supporting the idea there is still growth in the tank for this industry. However, this included contributions from newer ventures such as grocery and alcohol delivery that were on a $3 billion annual run rate as of March.<blockquote>交付部门的总预订量同比增长157%，环比增长24%，达到125亿美元，进一步支持了该行业仍在增长的观点。然而，这包括来自杂货和酒类配送等新企业的贡献，截至3月份，这些企业的年运行率为30亿美元。</blockquote> Revenue was also up big -- 230% year over year -- but the key issue was the negative $200 million inEBITDA, accompanied by a negative EBITDA margin of 11.5%.<blockquote>收入也大幅增长——同比增长230%——但关键问题是inEBITDA为负2亿美元，EBITDA利润率为负11.5%。</blockquote> In short, the demand for food delivery is still growing in the face of economies reopening, but even major providers are still having a hard time actually profiting from this business.<blockquote>简而言之，面对经济重新开放，对食品配送的需求仍在增长，但即使是主要供应商也很难真正从这项业务中获利。</blockquote> Branching into new territory<blockquote>拓展新领域</blockquote> Like UberEats, DoorDash is tackling new markets to leverage its driver network and expand its revenue opportunities. It currently has 12 DashMart locations, which are basically physical convenience stores that provide the company with small distribution hubs to deliver everyday items and some exclusive products to consumers.<blockquote>与UberEats一样，DoorDash正在开拓新市场，以利用其司机网络并扩大收入机会。它目前拥有12家DashMart门店，基本上都是实体便利店，为公司提供小型配送中心，向消费者运送日常用品和一些独家产品。</blockquote> However, in March, the company announced it would use these locations as part of a greater purpose. It signed partnerships with Vault Health and Everlywell to provide consumers with rapid COVID-19 tests, facilitating a 48-hour turnaround between delivery and final results.<blockquote>然而，今年3月，该公司宣布将使用这些地点作为更大目的的一部分。它与Vault Health和Everlywell签署了合作伙伴关系，为消费者提供快速COVID-19检测，促进交付和最终结果之间的48小时周转。</blockquote> This adds to DoorDash's growing healthcare segment, which already provides consumers with prescription medicine delivery services. The company hasn't offered revenue guidance for the new COVID-19 test services. However, any benefit is likely to be short term in nature as the pandemic subsides.<blockquote>这增加了DoorDash不断增长的医疗保健部门，该部门已经为消费者提供处方药配送服务。该公司尚未为新的COVID-19测试服务提供收入指引。然而，随着疫情的消退，任何好处都可能是短期的。</blockquote> Converting growth into earnings<blockquote>将增长转化为收益</blockquote> DoorDash delivered on its adjusted EBITDA projection for the quarter, generating $43 million. While that's a great result compared to the negative $70 million in the year-ago period, it represents a more-than-50% decline versus the fourth quarter when the company posted $94 million in adjusted EBITDA.<blockquote>DoorDash实现了本季度调整后的EBITDA预测，创收4300万美元。虽然与去年同期的负7000万美元相比，这是一个很好的结果，但与第四季度相比，该公司调整后EBITDA为9400万美元，下降了50%以上。</blockquote> Still, positive EBITDA is just one part of the equation. Despite consecutive reports with positive numbers, the company continues to report overall net losses, and the total addressable market for this company is not infinite. Eventually, it's going to run out of opportunities to scale. Like UberEats, DoorDash has an anemic EBITDA margin -- just 4% -- which clearly isn't enough to deliver consistent net income.<blockquote>尽管如此，正EBITDA只是等式的一部分。尽管连续发布正数报告，但该公司继续报告整体净亏损，该公司的总目标市场并不是无限的。最终，它将耗尽扩展的机会。与UberEats一样，DoorDash的EBITDA利润率很低，仅为4%，这显然不足以提供稳定的净利润。</blockquote> The question remains: can DoorDash replicate the growth it enjoyed last year in the remainder of 2021? It appears unlikely -- based on the company's guidance so far -- that it'll grow the top line over 225% this year as it did in 2020 (despite the strong first-quarter result). Ultimately, it may never capture a set of tailwinds as powerful as what the pandemic offered for its business.<blockquote>问题仍然是：DoorDash能否在2021年剩余时间内复制去年的增长？根据该公司迄今为止的指引，今年的营收似乎不太可能像2020年那样增长超过225%（尽管第一季度业绩强劲）。最终，它可能永远不会抓住像疫情为其业务带来的强大推动力。</blockquote> If peak growth was achieved last year, and DoorDash still failed to deliver positive earnings, it could be a sign that the business model needs a major overhaul. Going forward, watch for whether the company's continued growth in gross order value translates to earnings, because without that, the stock will face steeper declines long term.<blockquote>如果去年实现了峰值增长，而DoorDash仍然未能实现正收益，这可能表明商业模式需要进行重大改革。展望未来，请关注该公司总订单价值的持续增长是否会转化为盈利，因为如果没有这一点，该股将面临长期更大幅度的下跌。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/05/18/doordash-is-down-50-and-it-might-get-worse/\">Motley Fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DASH":"DoorDash, Inc."},"source_url":"https://www.fool.com/investing/2021/05/18/doordash-is-down-50-and-it-might-get-worse/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128997076","content_text":"The food delivery giant released first-quarter results on May 13, and investors are still waiting for signs of ever-elusive profits.\nFood delivery services have been immensely convenient during the pandemic with so many people confined to their homes and hesitant to dine in at restaurants, even as indoor seating restrictions loosened. Companies like DoorDash (NYSE:DASH) have been big beneficiaries, growing gross order volumes and revenue materially. However, amid rising costs and narrow margins, it has also been a struggle to get that extra cash flowing through to the bottom line.\nDoorDash released its first-quarter report on May 13, and while order growth has continued, the problem still lies in delivering earnings to investors. It's not alone, though, with a key competitor suffering the same issues in its own report. Despite a positive initial reaction,DoorDash stock is still down nearly 50% from the all-time high it reached in January -- and a continued lack of profits won't help to arrest the decline.\nIMAGE SOURCE: GETTY IMAGES.\nConsumers are out and about but still ordering in\nEarlier this year, DoorDash issued some bullish guidance for the first quarter with $8.6 billion to $9.1 billion in gross order value (the amount of money consumers spend on food on its platform). It beat even the high end of that range, delivering $9.9 billion, representing 222% growth year over year. For the full year, it expects total gross orders to land somewhere between $35 billion and $38 billion, compared to $24.7 billion in 2020. After this latest showing and second-quarter guidance for gross order value of $9.4 billion to $9.9 billion, this looks achievable.\nRevenue was also up big year over year, tripling to $1.1 billion, but despite these blowout performances, the company still lost $110 million, just a $19 million improvement from the prior-year period. Gross order volume and revenue growth also decelerated from the previous quarter, highlighting the benefits delivered by the stay-at-home economy.\nUber Technologies (NYSE:UBER)-- the parent company of food delivery service UberEats -- reported its first-quarter earnings earlier this month, and its results offered many similarities to DoorDash.\nThe delivery segment grew its gross bookings 157% year over year and 24% sequentially to $12.5 billion, further supporting the idea there is still growth in the tank for this industry. However, this included contributions from newer ventures such as grocery and alcohol delivery that were on a $3 billion annual run rate as of March.\nRevenue was also up big -- 230% year over year -- but the key issue was the negative $200 million inEBITDA, accompanied by a negative EBITDA margin of 11.5%.\nIn short, the demand for food delivery is still growing in the face of economies reopening, but even major providers are still having a hard time actually profiting from this business.\nBranching into new territory\nLike UberEats, DoorDash is tackling new markets to leverage its driver network and expand its revenue opportunities. It currently has 12 DashMart locations, which are basically physical convenience stores that provide the company with small distribution hubs to deliver everyday items and some exclusive products to consumers.\nHowever, in March, the company announced it would use these locations as part of a greater purpose. It signed partnerships with Vault Health and Everlywell to provide consumers with rapid COVID-19 tests, facilitating a 48-hour turnaround between delivery and final results.\nThis adds to DoorDash's growing healthcare segment, which already provides consumers with prescription medicine delivery services. The company hasn't offered revenue guidance for the new COVID-19 test services. However, any benefit is likely to be short term in nature as the pandemic subsides.\nConverting growth into earnings\nDoorDash delivered on its adjusted EBITDA projection for the quarter, generating $43 million. While that's a great result compared to the negative $70 million in the year-ago period, it represents a more-than-50% decline versus the fourth quarter when the company posted $94 million in adjusted EBITDA.\nStill, positive EBITDA is just one part of the equation. Despite consecutive reports with positive numbers, the company continues to report overall net losses, and the total addressable market for this company is not infinite. Eventually, it's going to run out of opportunities to scale. Like UberEats, DoorDash has an anemic EBITDA margin -- just 4% -- which clearly isn't enough to deliver consistent net income.\nThe question remains: can DoorDash replicate the growth it enjoyed last year in the remainder of 2021? It appears unlikely -- based on the company's guidance so far -- that it'll grow the top line over 225% this year as it did in 2020 (despite the strong first-quarter result). Ultimately, it may never capture a set of tailwinds as powerful as what the pandemic offered for its business.\nIf peak growth was achieved last year, and DoorDash still failed to deliver positive earnings, it could be a sign that the business model needs a major overhaul. Going forward, watch for whether the company's continued growth in gross order value translates to earnings, because without that, the stock will face steeper declines long term.","news_type":1,"symbols_score_info":{"DASH":0.9}},"isVote":1,"tweetType":1,"viewCount":748,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":11,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/194395532"}