DoorDash, Inc. (DASH): restructuring charge — DoorDash to cut ~1,250 jobs (7% of workforce) with $85M restructuring charge

DoorDash, Inc.

Plan eliminates about 1,250 positions (~7% of employees) to align talent with strategic priorities and improve operating efficiency.
Estimated restructuring charges of ~$85M: $68M in cash separation payments and benefits, $17M in stock-based comp.
Most cash payments and expenses expected by end of Q1 2023; implementation substantially complete by same quarter.
Company to exclude charges from non-GAAP measures (operating expenses, contribution profit, adjusted EBITDA).

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

DoorDash, Inc. announced a restructuring with charges of approximately $ 85 million in restructuring charges (approximately 1,250 positions across the Company).

Type: restructuring
Charge: approximately $ 85 million in restructuring charges
Headcount: approximately 1,250 positions across the Company

Exact text from the filing

On November 30, 2022, DoorDash, Inc. (the “Company” or “DoorDash”) committed to a reduction in workforce (the “Plan”) intended to better align the Company’s talent with its strategic priorities and to improve operating efficiency. The Plan includes the elimination of approximately 1,250 positions across the Company, or approximately 7% of the Company’s current employee workforce. The Company estimates that it will incur approximately $ 85 million in restructuring charges in connection with the Plan, consisting of approximately $ 68 million in cash expenditures for separation-related payments, benefits, and related taxes, and approximately $ 17 million in stock-based compensation related to equity compensation for employees who were terminated.

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DoorDash, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-22-031141

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