DoorDash, Inc.

Previous wording

In addition to our Marketplaces, we offer our Commerce Platform, which is a suite of services that help merchants grow, run, and operate their businesses on their own channels. DoorDash Drive On-Demand and Wolt Drive (together, "Drive") are white-label delivery fulfillment services that generate the majority of revenue within our Commerce Platform. In addition to Drive, we also provide services that help merchants establish online ordering, build branded mobile apps, enable tableside order and pay, and improve customer support.

Current wording

In addition to our Marketplaces, we offer our Commerce Platform, which is a suite of services that help merchants grow, run, and operate their businesses on their own channels. DoorDash Drive On-Demand and Wolt Drive (together, "Drive") are white-label delivery fulfillment services that generate the majority of revenue within our Commerce Platform. In addition to Drive, we also provide software and services that help merchants establish online ordering, build branded mobile apps, manage reservations and tables, better connect with consumers through customer relationship management and marketing tools, enable tableside order and pay, and manage customer support.

Previous wording

In the first quarter of 2025, Total Orders increased to 732 million, or 18% growth compared to the same quarter of 2024. The increase in Total Orders was driven primarilyby growth in consumers and growth in average consumer engagement.

Current wording

In the second quarter of 2025, Total Orders increased to 761 million, or 20% growth compared to the same quarter of 2024. The increase in Total Orders was driven primarily by growth in consumers and growth in average consumer engagement.

Previous wording

In the first quarter of 2025, Marketplace GOV increased to $23.1 billion, or 20% growth compared to the same quarter of 2024, driven primarily by growth in Total Orders.

Current wording

In the second quarter of 2025, Marketplace GOV increased to $24.2 billion, or 23% growth compared to the same quarter of 2024, driven primarily by growth in Total Orders.

Previous wording

In the first quarter of 2025, Contribution Profit increased to $1.0 billion, compared to $751 million in the same quarter of 2024, driven primarily by growth in revenue, partially offset by increases in cost of revenue andsales and marketing expenses.

Current wording

In the second quarter of 2025, Contribution Profit increased to $1.1 billion, compared to $825 million in the same quarter of 2024, driven primarily by growth in revenue, partially offset by increases in cost of revenue and sales and marketing expenses.

Previous wording

Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.

Current wording

Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other (income) expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.

Previous wording

In the first quarter of 2025, Adjusted EBITDA increased to $590 million from $371 million in the same quarter of 2024, driven primarily by growth in Contribution Profit.

Current wording

In the second quarter of 2025, Adjusted EBITDA increased to $655 million from $430 million in the same quarter of 2024, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense.

Previous wording

Comparison of the Three Months Ended March 31, 2024 and 2025

Current wording

Comparison of the Three and Six Months Ended June 30, 2024 and 2025

Previous wording

Revenue increased by $519 million, or 21%, during the first quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by a 20% increase in Marketplace GOV. During the first quarter of 2025, revenue grew at a faster rate than Marketplace GOV during the same period primarily due to an increasing contribution from advertising revenue.

Current wording

Revenue increased by $654 million, or 25%, during the second quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by a 23% increase in Marketplace GOV. During the second quarter of 2025, revenue grew at a faster rate than Marketplace GOV during the same period primarily due to improved logistics efficiency, increasing contribution from advertising revenue, and a reduction in credits and refunds as a percentage of Marketplace GOV.

Previous wording

Cost of revenue, exclusive of depreciation and amortization, increased by $170 million, or 13%, for the first quarter of 2025, compared to the same quarter of 2024. The increase was primarily attributable to an increase of $120 million in order management costs and an increase of $63 million in platform costs, driven primarily by growth in Total Orders. Order management costs also increased due to an increase in costs associated with our first-party distribution business.

Current wording

Cost of revenue, exclusive of depreciation and amortization, increased by $231 million, or 17%, for the second quarter of 2025, compared to the same quarter of 2024. The increase was primarily attributable to an increase of $176 million in order management costs, driven primarily by growth in Total Orders, partially offset by a decrease in insurance expenses, and an increase of $64 million in platform costs, driven primarily by growth in Total Orders.

Previous wording

Sales and marketing expenses increased by $82 million, or 16%, for the first quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by an increase of $63 million in advertising expenses and an increase of $19 million in personnel-related compensation expenses.

Current wording

Sales and marketing expenses increased by $98 million, or 19%, for the second quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by an increase of $70 million in advertising expenses and an increase of $27 million in personnel-related compensation expenses.

Previous wording

Research and development expenses increased by $27 million, or 10%, for the first quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by an increase of $42 million in personnel-related compensation expenses, partially offset by an increase in capitalized software and website development costs of $20 million.

Current wording

Research and development expenses increased by $48 million, or 16%, for the second quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by an increase of $63 million in personnel-related compensation expenses, partially offset by an increase in capitalized software and website development costs of $31 million.

Previous wording

Depreciation and amortization expenses increased by $10 million, or 7%, for the first quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by an increase of $8 million in amortization expense related to capitalized software and website development costs.

Current wording

Depreciation and amortization expenses increased by $19 million, or 14%, for the second quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by an increase of $16 million in amortization expense related to increased capitalized software and website development costs.

Previous wording

Other expense, net primarily consists of adjustments to non-marketable equity securities, including impairment, as well as gains and losses from transactions denominated in a currency other than the functional currency.

Current wording

Other income (expense), net primarily consists of changes in fair value of the deal-contingent forward contract (the "Deal-Contingent Forward") that we entered into with Bank of America, N.A. on May 6, 2025 to manage the risk of variability in foreign exchange rates related to the Pounds Sterling (“GBP”)-denominated purchase price of our proposed acquisition of Deliveroo plc. The Deal-Contingent Forward has a notional amount of £2.8 billion and is deliverable, with a variable forward rate, and settlement is contingent upon the successful closing of the transaction. Other income (expense), net also includes adjustments to non-marketable equity securities, including impairment, as well as gains and losses from transactions denominated in a currency other than the functional currency.

Previous wording

The provision for income taxes for the first quarter of 2025 was primarily attributable to pre-tax book income in the U.S. resulting in federal and state income taxes, offset by losses generated in non-U.S. jurisdictions for which a tax benefit can be realized. The provision for income taxes for the same quarter of 2024 was primarily attributable to pre-tax book income in the U.S. resulting in federal and state income taxes.

Current wording

The benefit from income taxes for the second quarter of 2025 was primarily attributable to a one-time tax benefit from the release of a portion of the U.S. valuation allowance in connection with the acquisitions that occurred during the quarter, offset by federal and state income taxes resulting from pre-tax book income in the U.S. The provision for income taxes for the same quarter of 2024 was primarily attributable to pre-tax book income in the U.S. resulting in federal and state income taxes.

Previous wording

We define adjusted research and development expense as research and development expenses excluding stock-based compensation expense and certain payroll tax expense, and allocated overhead. We exclude stock-based compensation as it is non-cash in nature and we exclude allocated overhead as it is generally a fixed cost and is not directly impacted by

Current wording

We define adjusted research and development expense as research and development expenses excluding stock-based compensation expense and certain payroll tax expense, and allocated overhead. We exclude stock-based compensation as it is non-cash in nature and we exclude allocated overhead as it is generally a fixed cost and is not directly impacted by Total Orders. We believe excluding such expenses provides a better period-to-period comparison of the core operating performance of our business.

Previous wording

(1)We exclude certain costs and expenses from our calculation of adjusted general and administrative expense because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls. We believe it is appropriate to exclude the foregoing matters from our calculation of adjusted general and administrative expense because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in California and similar legislation.

Current wording

(1)We exclude certain costs and expenses from our calculation of adjusted general and administrative expense because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model and pay practices, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls. We believe it is appropriate to exclude the foregoing matters from our calculation of adjusted general and administrative expense because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in California and similar legislation.

Previous wording

Adjusted EBITDA is a measure that we use to assess our operating performance and the operating leverage in our business. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.

Current wording

Adjusted EBITDA is a measure that we use to assess our operating performance and the operating leverage in our business. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other (income) expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.

Previous wording

(1)We exclude certain costs and expenses from our calculation of Adjusted EBITDA because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls. We believe it is appropriate to exclude the foregoing matters from our calculation of Adjusted EBITDA because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in California and similar legislation.

Current wording

(1)We exclude certain costs and expenses from our calculation of Adjusted EBITDA because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model and pay practices, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls. We believe it is appropriate to exclude the foregoing matters from our calculation of Adjusted EBITDA because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in California and similar legislation.

Previous wording

On November 19, 2019, we entered into a revolving credit and guaranty agreement with certain lenders, which, as most recently amended and restated on April 26, 2024, provides for an $800 million unsecured revolving credit facility maturing on April 26, 2029, with a sublimit for the issuance of letters of credit in an aggregate face amount of up to $600 million. As of March 31, 2025, we were in compliance with the covenants under the revolving credit and guaranty agreement. As amended and restated, the credit agreement contains customary affirmative covenants, as well as customary negative covenants that restrict our ability and our subsidiaries’ ability to, among other things, incur subsidiary indebtedness, grant liens, declare cash dividends or make certain other distributions, repurchase stock, merge or consolidate with other companies or sell substantially all of our and our subsidiaries' assets, taken as a whole, make investments and loans, and engage in certain transactions with affiliates. The Company must also maintain compliance with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the credit agreement. As of December 31, 2024 and March 31, 2025, no revolving loans were outstanding and $112 million and $106 million of letters of credit were issued under our revolving credit facility, respectively.

Current wording

On November 19, 2019, we entered into a revolving credit and guaranty agreement with certain lenders, which, as most recently amended and restated on April 26, 2024, provides for an $800 million unsecured revolving credit facility maturing on April 26, 2029, with a sublimit for the issuance of letters of credit in an aggregate face amount of up to $600 million. As of June 30, 2025, we were in compliance with the covenants under the revolving credit and guaranty agreement. As amended and restated, the credit agreement contains customary affirmative covenants, as well as customary negative covenants that restrict our ability and our subsidiaries’ ability to, among other things, incur subsidiary indebtedness, grant liens, declare cash dividends or make certain other distributions, repurchase stock, merge or consolidate with other companies or sell substantially all of our and our subsidiaries' assets, taken as a whole, make investments and loans, and engage in certain transactions with affiliates. The Company must also maintain compliance with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the credit agreement. As of December 31, 2024 and June 30, 2025, no revolving loans were outstanding and $112 million and $42 million of letters of credit were issued under our revolving credit facility, respectively.

Previous wording

As of March 31, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $6.7 billion, which consisted of cash and cash equivalents of $4.5 billion, short-term marketable securities of $1.3 billion, and long-term marketable securities of $842 million. Additionally, funds held at payment processors of $322 million represent cash due from our payment processors for cleared transactions with merchants and consumers, as well as funds remitted to payment processors for Dasher payout. Cash and cash equivalents consisted of cash on deposit with banks, as well as institutional money market funds, corporate bonds and U.S. Treasury securities. Marketable securities consisted of certificates of deposit, commercial paper, corporate bonds, U.S. government agency securities, U.S. Treasury securities, and mutual funds.

Current wording

As of June 30, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $5.7 billion, which consisted of cash and cash equivalents of $3.9 billion, short-term marketable securities of $1.1 billion, and long-term marketable securities of $725 million. Additionally, funds held at payment processors of $322 million represent cash due from our payment processors for cleared transactions with merchants and consumers, as well as funds remitted to payment processors for Dasher payout. Cash and cash equivalents consisted of cash on deposit with banks, as well as institutional money market funds and certificates of deposit. Marketable securities consisted of certificates of deposit, commercial paper, corporate bonds, U.S. government agency securities, U.S. Treasury securities, and mutual funds.

Previous wording

We have generated significant operating losses from our operations as reflected in our accumulated deficit of $5.1 billion as of March 31, 2025. We have historically funded our operations from cash from operations as well as the issuance of equity securities, including in our initial public offering in December 2020. To execute on our strategic initiatives to continue to grow our business, we may incur operating losses and generate negative cash flows from operations in the future, and as a result, we may require additional capital resources. We believe our existing cash, cash equivalents, and marketable securities, along with the available borrowings under our revolving credit facility, will be sufficient to meet our working capital and capital expenditures needs for at least the next 12 months and beyond.

Current wording

To execute on our strategic initiatives to continue to grow our business, we may incur operating losses and generate negative cash flows from operations in the future, and as a result, we may require additional capital resources. We believe our existing cash, cash equivalents, and marketable securities, along with the available borrowings under our revolving credit facility, will be sufficient to meet our working capital and capital expenditures needs for at least the next 12 months and beyond.

Previous wording

Our future capital requirements will depend on many factors, including, but not limited to our growth, our ability to attract and retain merchants, consumers, and Dashers that utilize our platform, the continuing market acceptance of our offerings, the timing and extent of spending to support our efforts to develop our platform, the expansion of sales and marketing activities, and the timing and extent of spending for policy and worker classification initiatives. Further, we have entered into pending, and may in the future enter into additional, arrangements to acquire or invest in businesses, products, services, and technologies. For example, we recently announced a formal offer to acquire Deliveroo plc for 180 pence per share in a recommended final all cash transaction and separately announced that we reached an agreement to acquire SevenRooms Inc. in an all-cash transaction. In connection with the announcement regarding Deliveroo, we also announced that we entered into a Bridge Term Loan Credit and Guaranty Agreement to, among other things, partially finance the cash consideration payable by us in connection with the acquisition. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, financial condition, and results of operations could be adversely affected.

Current wording

Our future capital requirements will depend on many factors, including, but not limited to our growth, our ability to attract and retain merchants, consumers, and Dashers that utilize our platform, the continuing market acceptance of our offerings, the timing and extent of spending to support our efforts to develop our platform, the expansion of sales and marketing activities, the timing and extent of spending for policy and worker classification initiatives, and the occurrence of certain conditions triggering the 2030 Notes' conversion feature, which will be required to be settled partially or entirely in cash, or the repurchase of some or all of the 2030 Notes. Further, we have entered into pending, and may in the future enter into additional, arrangements to acquire or invest in businesses, products, services, and technologies. For example, we recently announced a formal offer to acquire Deliveroo plc for 180 pence per share in a recommended final all cash transaction (the "Deliveroo Transaction") and recently closed our acquisition of SevenRooms Inc. in an all-cash transaction. In connection with the Deliveroo Transaction, we entered into (i) a Bridge Term Loan Credit and Guaranty Agreement (the “Bridge Credit Agreement”) to, among other things, provide a source of financing to partially fund the cash consideration payable by us in the Deliveroo Transaction; and (ii) an Escrow Agreement (the “Escrow Agreement”), pursuant to which, we deposited in escrow certain cash amounts to partially fund the cash consideration payable by us in the Deliveroo Transaction. For additional information regarding the Deliveroo Transaction, the Bridge Credit Agreement, including the subsequent termination of the Bridge Credit Agreement, and the Escrow Agreement, see Note 9 - "Commitments and Contingencies" included in Part I, Item 1, "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q. In addition, the 2030 Notes will mature on May 15, 2030, unless earlier repurchased, redeemed or converted. Before November 15, 2029, noteholders will have the right to convert the 2030 Notes only upon the occurrence of certain events. From and after November 15, 2029, noteholders may convert their 2030 Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. We will have the right to elect to settle conversions either in cash or in a combination of cash and shares of our Class A common stock, provided that, at least the principal amount of the 2030 Notes being converted will be paid in cash, which could adversely affect our liquidity. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, financial condition, and results of operations could b…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

Cash provided by operating activities was $635 million for the first quarter of 2025. This consisted of net income including redeemable non-controlling interests of $192 million, adjusted for non-cash stock-based compensation expense of $235 million, non-cash depreciation and amortization expense of $152 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $26 million, non-cash office lease impairment expenses of $7 million, and other net non-cash expenses of $18 million, as well as $5 million net inflows from changes in operating assets and liabilities primarily driven by a decrease in funds held at payment processors, partially offset by an increase in other assets.

Current wording

Cash provided by operating activities was $1.1 billion for the first six months of 2025. This consisted of net income including redeemable non-controlling interests of $476 million, adjusted for non-cash stock-based compensation expense of $517 million, non-cash depreciation and amortization expense of $311 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $53 million, non-cash office lease impairment expenses of $7 million, and other net non-cash expenses of $61 million, offset by a $69 million change in fair value of our deal-contingent forward contract, as well as $217 million net outflows from changes in operating assets and liabilities primarily driven by changes in other assets and accounts receivable, net, and payments for operating lease liabilities, partially offset by changes in funds held at payment processors.

Previous wording

Cash provided by operating activities was $553 million for the first quarter of 2024. This consisted of a net loss including redeemable non-controlling interests of $25 million, offset by non-cash stock-based compensation expense of $252 million, non-cash depreciation and amortization expense of $142 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $26 million, and other net non-cash expenses of $14 million, as well as $144 million net inflows from changes in operating assets and liabilities primarily driven by an increase in accrued liabilities and other current liabilities.

Current wording

Cash provided by operating activities was $1.1 billion for the first six months of 2024. This consisted of a net loss including redeemable non-controlling interests of $183 million, offset by non-cash stock-based compensation expense of $554 million, non-cash depreciation and amortization expense of $282 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $52 million, non-cash office lease impairment expenses of $83 million, and other net non-cash expenses of $41 million, as well as $254 million net inflows from changes in operating assets and liabilities primarily driven by an increase in accrued liabilities and other current liabilities.

Previous wording

Cash used in investing activities was $160 million for the first quarter of 2025, which consisted of purchases of marketable securities of $425 million, purchases of property and equipment of $74 million, cash outflows for capitalized software and website development costs of $67 million, and cash paid for acquisition, net of cash acquired, of $27 million, partially offset by proceeds from maturities and sales of marketable securities of $433 million.

Current wording

Cash used in investing activities was $1.1 billion for the first six months of 2025, which consisted of cash paid for acquisition, net of cash acquired, of $1.2 billion, purchases of marketable securities of $725 million, purchases of property and equipment of $140 million, cash outflows for capitalized software and website development costs of $150 million, partially offset by proceeds from maturities and sales of marketable securities of $1.1 billion.

Previous wording

Cash used in investing activities was $72 million for the first quarter of 2024, which primarily consisted of purchases of marketable securities of $529 million, purchases of property and equipment of $17 million, and cash outflows for capitalized software and website development costs of $49 million, partially offset by proceeds from maturities and sales of marketable securities of $532 million.

Current wording

Cash used in investing activities was $219 million for the first six months of 2024, which primarily consisted of purchases of marketable securities of $969 million, purchases of property and equipment of $40 million, and cash outflows for capitalized software and website development costs of $105 million, partially offset by proceeds from maturities and sales of marketable securities of $903 million.

Previous wording

Cash provided by financing activities was $7 million for the first quarter of 2024, which consisted of proceeds from stock option exercises of $1 million and other financing activities of $6 million.

Current wording

Cash provided by financing activities was $2 million for the first six months of 2024, which consisted of proceeds from exercise of stock options of $3 million and other financing activities of $6 million, partially offset by repurchases of our Class A common stock of $7 million.