DoorDash Finalizes Purchase of Square’s Caviar

DoorDash, Inc. has completed its acquisition of Square’s Caviar – the payment company’s upscale food delivery service. Square had owned the service since 2014. The purchase was completed for $410 million in a mix of cash and DoorDash stock. In connection with the closing, Square is providing details on Caviar’s contribution to the Company’s previously announced guidance.

In a New York Times article at the time the planned purchase was announced, Tony Xu, CEO of DoorDash said “Caviar’s selection of higher-end restaurants in cities complemented DoorDash’s offerings, which skew more heavily toward chain restaurants in the suburbs.”

Caviar will be included in Square’s financial results through October 2019, but will no longer be included following the completion of the sale. Accordingly, Square is providing the following details on the amount Caviar had been projected to contribute at the time of the guidance provided in the Company's second quarter 2019 Shareholder Letter.

                                                                        Full Year 2019                     Remainder of 2019

Total net revenue                                        $190 million              $32 million

Adjusted revenue                                        $190 million              $32 million

Adjusted EBITDA                                         $9 million                   $1 million