Company Archives - Page 15 of 24

Grubhub Announces Collaboration with IHG® (InterContinental Hotels Group)

Product Integration Brings Takeout to Over 1,000 Locations Nationwide

CHICAGO, Nov. 15, 2017 /PRNewswire/ — Grubhub, the nation’s leading online and mobile food-ordering company, today announced a collaboration with IHG ^® (InterContinental Hotels Group) to offer IHG^® Rewards Club members point-earning benefits for ordering food on Grubhub via IHG’s online and mobile channels.

This collaboration is the first of its kind, and allows for Grubhub diners to earn points through the IHG ^® Rewards Club hotel loyalty program. The Grubhub integration will be offered across markets where Grubhub is available in more than 1,000 hotels in the U.S. for guests staying at hotels within the Holiday Inn Express^®, Staybridge Suites^® and Candlewood Suites^® brands.

“We’re always looking to satisfy our diners’ cravings, by offering them the broadest and best set of local restaurants, whether they’re at home or on the-go,” said Stan Chia, chief operating officer, Grubhub. “Together with IHG, we’re making it easier than ever for travelers in 1,000 IHG locations across the country to enjoy a city’s unique food scene and discover local cuisines, even when they prefer to dine in the comfort of their hotel room.”

“Our members have told us that they want more ways to earn points while dining, and this innovative program with Grubhub is an easy way to get rewarded for ordering delivery to their hotel room,” said Liz Crisafi, head of loyalty, partnerships and portfolio marketing, The Americas, IHG. “This new benefit now gives our members the ability to create an even better food and beverage experience and represents another great way we are evolving IHG^® Rewards Club to meet their needs throughout the entire travel process.”

Members will earn 500 IHG^® Rewards Club points the first time they order via IHG channels with Grubhub and 250 IHG^® Rewards Club points for each subsequent Grubhub transaction via IHG channels. To earn points for Grubhub, members must order or book through IHG channels, including the IHG^® App, IHG website and IHG^® Connect, the on-property Wi-Fi experience at IHG properties.

About Grubhub
Grubhub (NYSE: GRUB) is the nation’s leading online and mobile takeout food-ordering marketplace with the most comprehensive network of restaurant partners and largest active diner base. Dedicated to moving eating forward and connecting diners with the food they love from their favorite local restaurants, the Company’s platforms and services strive to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with approximately 75,000 restaurant partners in over 1,300 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, Eat24, AllMenus and MenuPages.

About IHG^® Rewards Club
With more than 100 million enrolled members globally, IHG^® Rewards Club is the first and largest guest loyalty program in the hotel industry. Named Best Hotel Rewards Program in the World ten years running as voted by the readers of Global Traveler magazine, IHG^® Rewards Club offers sought-after benefits and is easy to use. Members qualify for Your Rate by IHG^® Rewards Club, an exclusive rate offered when they book direct. In addition to flexible features like No Blackout Dates for Reward Nights, Points & Cash and free Internet, IHG^® Rewards Club members have hundreds of options for redeeming points including: Reward Nights, Flights Anywhere™, Cars Anywhere, digital downloads, brand name items and retail gift cards. Enrollment in IHG^® Rewards Club is free. Guests can sign up by visiting ihg.com/rewardsclub, calling 1-888-211-9874, downloading the IHG App or by inquiring at the front desk of any of the nearly 5,300 IHG hotels worldwide.

Grubhub Reports Record Third Quarter Results

Grubhub generates 32% revenue growth in the third quarter

CHICAGO, Oct. 25, 2017 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s leading takeout marketplace, today announced financial results for the third quarter ended Sept. 30, 2017. For the third quarter, the Company posted revenues of $163.1 million, which is a 32% year-over-year increase from $123.5 million in the third quarter of 2016. Gross Food Sales grew 18% year-over-year to $867 million, up from $735 million in the year ago period.

“Grubhub’s goal is to give diners the most comprehensive restaurant selection, with the best option for every taste and every occasion. With the addition of the Eat24, Foodler and OrderUp restaurants to our network, we can help diners find their ideal local favorites better than ever before,” said Grubhub CEO, Matt Maloney. “With a network of 75,000 restaurants and growing, we have the industry’s largest online delivery marketplace, and we will continue to aggressively expand and deepen our reach, increasing our value to both diners and restaurant partners as we grow.”

Third Quarter 2017 Highlights

The following results reflect the financial performance and key operating metrics of our business for the three months ended Sept. 30, 2017, as compared to the same period in 2016.

Third Quarter Financial Highlights

Revenues: $163.1 million, a 32% year-over-year increase from $123.5 million in the third quarter of 2016.
Net Income: $13.0 million, or $0.15 per diluted share, a 1% year-over-year decrease from $13.2 million, or $0.15 per diluted share, in the third quarter of 2016.
Non-GAAP Adjusted EBITDA: $43.0 million, a 21% year-over-year increase from $35.5 million in the third quarter of 2016.
Non-GAAP Net Income: $24.5 million, or $0.28 per diluted share, a 23% year-over-year increase from $19.9 million, or $0.23 per diluted share, in the third quarter of 2016.

Third Quarter Key Business Metrics Highlights

Active Diners were 9.81 million, a 28% year-over-year increase from 7.69 million Active Diners in the third quarter of 2016.
Daily Average Grubs (DAGs) were 304,500, a 14% year-over-year increase from 267,500 DAGs in the third quarter of 2016.
Gross Food Sales were $867 million, an 18% year-over-year increase from $735 million in the third quarter of 2016.

“Grubhub generated both record revenue of $163 million and record Adjusted EBITDA of $1.54 per order in our seasonally soft third quarter,” commented Grubhub CFO, Adam DeWitt. “Our ability to improve profit per order while simultaneously investing for growth through product improvements, restaurant sales and broader consumer advertising underscores the financial strength of our model and the consistently growing value of our two-sided network.”

Corporate Development

Grubhub has completed all three of its previously announced acquisitions for a total consideration of approximately $360 million in cash. Grubhub closed the acquisition of Foodler, one of the leading online delivery platforms in New England, on Aug. 23, 2017, and closed the acquisition of 27 select OrderUp markets on Sept. 14, 2017. The contribution from these two acquisitions is included in Grubhub’s third quarter financial and operational results as of the closing dates. Additionally, Grubhub completed the acquisition of Eat24 and commenced its partnership with Yelp, the leading company that connects people with great local businesses, on Oct. 10, 2017.

Fourth Quarter Guidance

Based on information available as of Oct. 25, 2017, the Company is providing the following financial guidance for the fourth quarter of 2017, which includes the impact of the Eat24, Foodler and OrderUp acquisitions:

	Fourth Quarter 2017
	(in millions)
Expected Revenue range	$197 – $205
Expected Adjusted EBITDA range	$51 – $56

Third Quarter 2017 Financial Results Conference Call

Grubhub will webcast a conference call today at 9 a.m. CT to discuss the third quarter 2017 financial results. The webcast can be accessed on the Grubhub Investor Relations website at http://investors.grubhub.com, along with the Company’s earnings press release and financial tables. A replay of the webcast will be available at the same website until Nov. 8, 2017.

Use of Forward Looking Statements
This press release contains forward-looking statements regarding Grubhub, “the Company’s” or our management’s future expectations, beliefs, intentions, goals, strategies, plans and prospects, including the expected benefits to, and financial performance of, Grubhub following the acquisitions of Foodler, Eat24 and OrderUp and its strategic partnerships with Yelp and Groupon. Such statements constitute “forward-looking statements”, which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve substantial known and unknown risks, uncertainties and assumptions that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the matters set forth in the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed on February 28, 2017, which is on file with the SEC and are available on the Investor Relations section of our website at http://investors.grubhub.com/. Additional information will be set forth in our Quarterly Report on Form 10-Q that will be filed for the quarter ended September 30, 2017, which should be read in conjunction with these financial results. Please also note that forward-looking statements represent management’s beliefs and assumptions only as of the date of this press release. Except as required by law, we disclaim any intention to, and undertake no obligation to, publicly update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

Use of Non-GAAP Financial Measures
Adjusted EBITDA, non-GAAP net income and non-GAAP net income per diluted share attributable to common stockholders are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP.

We define Adjusted EBITDA as net income adjusted to exclude acquisition, restructuring and certain legal costs, income taxes, interest income and expense, depreciation and amortization and stock-based compensation expense. Non-GAAP net income and non-GAAP net income per diluted share attributable to common stockholders exclude acquisition, restructuring and certain legal costs, amortization of acquired intangible assets, stock-based compensation expense and other nonrecurring items as well as the income tax effects of these non-GAAP adjustments. We use these non-GAAP financial measures as key performance measures because we believe they facilitate operating performance comparisons from period to period by excluding potential differences primarily caused by variations in capital structures, tax positions, the impact of acquisitions and restructuring, the impact of depreciation and amortization expense on our fixed assets and the impact of stock-based compensation expense. Adjusted EBITDA, non-GAAP net income and non-GAAP net income per diluted share attributable to common stockholders are not measurements of our financial performance under GAAP and should not be considered as an alternative to performance measures derived in accordance with GAAP.

See “Schedule of Non-GAAP Financial Measures Reconciliation” below for a reconciliation of net income to Adjusted EBITDA, non-GAAP net income and non-GAAP net income per diluted share attributable to common stockholders.

GRUBHUB INC.
STATEMENTS OF OPERATIONS
(in thousands, except per share data)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Revenues	$	163,059	$	123,461	$	477,987	$	355,874
Costs and expenses:
Operations and support		65,352		44,346		187,795		120,029
Sales and marketing		35,138		26,499		105,346		80,687
Technology (exclusive of amortization)		14,292		11,006		41,560		31,765
General and administrative		18,244		11,754		45,719		37,501
Depreciation and amortization		12,613		9,089		33,067		25,282
Total costs and expenses		145,639		102,694		413,487		295,264
Income before provision for income taxes		17,420		20,767		64,500		60,610
Provision for income taxes		4,432		7,585		19,043		24,690
Net income attributable to common stockholders	$	12,988	$	13,182	$	45,457	$	35,920
Net income per share attributable to common stockholders:
Basic	$	0.15	$	0.15	$	0.53	$	0.42
Diluted	$	0.15	$	0.15	$	0.52	$	0.42
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		86,449		85,217		86,162		84,889
Diluted		88,543		86,424		87,788		85,957

KEY OPERATING METRICS

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Active Diners (000s)		9,806		7,685		9,806		7,685
Daily Average Grubs		304,500		267,500		314,200		268,800
Gross Food Sales (millions)	$	867.3	$	735.0	$	2,645.1	$	2,180.4

GRUBHUB INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

	September 30, 2017		December 31, 2016
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	265,958	$	239,528
Short term investments		65,650		84,091
Accounts receivable, less allowances for doubtful accounts		73,745		60,550
Prepaid expenses and other current assets		9,430		12,168
Total current assets		414,783		396,337
PROPERTY AND EQUIPMENT:
Property and equipment, net of depreciation and amortization		62,225		46,555
OTHER ASSETS:
Other assets		4,130		4,530
Goodwill		454,557		436,455
Acquired intangible assets, net of amortization		360,549		313,630
Total other assets		819,236		754,615
TOTAL ASSETS	$	1,296,244	$	1,197,507
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Restaurant food liability	$	89,021	$	83,349
Accounts payable		11,869		7,590
Accrued payroll		9,223		7,338
Taxes payable		244		865
Other accruals		23,211		11,348
Total current liabilities		133,568		110,490
LONG TERM LIABILITIES:
Deferred taxes, non-current		103,210		108,022
Other accruals		6,511		6,876
Total long term liabilities		109,721		114,898
STOCKHOLDERS’ EQUITY:
Common stock, $0.0001 par value		9		9
Accumulated other comprehensive loss		(1,329)		(2,078)
Additional paid-in capital		837,711		805,731
Retained earnings		216,564		168,457
Total Stockholders’ Equity	$	1,052,955	$	972,119
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,296,244	$	1,197,507

GRUBHUB INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Nine Months Ended September 30,
	2017		2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	45,457	$	35,920
Adjustments to reconcile net income to net cash from operating activities:
Depreciation		7,949		5,567
Provision for doubtful accounts		338		719
Deferred taxes		(2,162)		(1,908)
Amortization of intangible assets		25,118		19,715
Stock-based compensation		23,913		17,755
Deferred rent		130		980
Investment premium amortization		(624)		(406)
Other		150		114
Change in assets and liabilities, net of the effects of business acquisitions:
Accounts receivable		(12,108)		(22,299)
Prepaid expenses and other assets		2,790		(2,874)
Restaurant food liability		4,591		11,361
Accounts payable		2,965		(4,592)
Accrued payroll		1,575		582
Other accruals		6,351		1,799
Net cash provided by operating activities		106,433		62,433
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments		(145,667)		(187,456)
Proceeds from maturity of investments		164,733		210,567
Capitalized website and development costs		(15,281)		(8,859)
Purchases of property and equipment		(12,549)		(17,083)
Acquisitions of businesses, net of cash acquired		(51,859)		(65,849)
Acquisition of other intangible assets		(25,147)		(250)
Other cash flows from investing activities		589		(540)
Net cash used in investing activities		(85,181)		(69,470)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchases of common stock		—		(14,774)
Proceeds from exercise of stock options		12,505		11,814
Excess tax benefits related to stock-based compensation		—		22,114
Taxes paid related to net settlement of stock-based compensation awards		(7,696)		(1,205)
Payments for debt issuance costs		(285)		(1,477)
Net cash provided by financing activities		4,524		16,472
Net change in cash and cash equivalents		25,776		9,435
Effect of exchange rates on cash		654		(890)
Cash and cash equivalents at beginning of year		239,528		169,293
Cash and cash equivalents at end of the period	$	265,958	$	177,838
SUPPLEMENTAL DISCLOSURE OF NON CASH ITEMS
Cash paid for income taxes	$	16,340	$	5,757

GRUBHUB INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(in thousands, except per share data)

	Three Months Ended September 30, 2017				Nine Months Ended September 30,
	2017		2016		2017		2016
Net income	$	12,988	$	13,182	$	45,457	$	35,920
Income taxes		4,432		7,585		19,043		24,690
Depreciation and amortization		12,613		9,089		33,067		25,282
EBITDA		30,033		29,856		97,567		85,892
Acquisition, restructuring and legal costs		4,539		261		6,443		1,789
Stock-based compensation		8,475		5,349		23,913		17,755
Adjusted EBITDA	$	43,047	$	35,466	$	127,923	$	105,436

	Three Months Ended September 30, 2017				Nine Months Ended September 30,
	2017		2016		2017		2016
Net income	$	12,988	$	13,182	$	45,457	$	35,920
Stock-based compensation		8,475		5,349		23,913		17,755
Amortization of acquired intangible assets		6,455		5,385		16,828		16,070
Acquisition, restructuring and legal costs		4,539		261		6,443		1,789
Income tax adjustments		(7,936)		(4,243)		(19,770)		(14,780)
Non-GAAP net income	$	24,521	$	19,934	$	72,871	$	56,754
Weighted-average diluted shares used to compute net income per share attributable to common stockholders		88,543		86,424		87,788		85,957
Non-GAAP net income per diluted share attributable to common stockholders	$	0.28	$	0.23	$	0.83	$	0.66

	Guidance
	Three Months Ended December 31, 2017
	Low		High
	(in millions)
Net income	$	13.7	$	16.7
Income taxes		9.3		11.3
Interest expense – net		1.0		1.0
Depreciation and amortization		17.5		17.5
EBITDA		41.5		46.5
Acquisition and restructuring costs		—		—
Stock-based compensation		9.5		9.5
Adjusted EBITDA	$	51.0	$	56.0

Grubhub Completes Acquisition of Eat24

CHICAGO, Oct. 10, 2017 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s largest food ordering company, today closed its previously announced acquisition of Eat24.

With approximately 75,000 great local restaurants available online or on the app, Grubhub has the most complete restaurant network for online pickup and delivery ordering in the United States. In conjunction with the acquisition, Grubhub and Yelp have also commenced a long-term partnership agreement, which will bring online ordering for all Grubhub restaurant partners to the Yelp local goods and services platform.

“Grubhub creates unmatched value for our restaurant partners and the best possible experience for diners,” said Matt Maloney, Grubhub CEO. “Eat24’s loyal diner base and extensive restaurant selection will satisfy more diners while driving more orders to restaurants and our drivers. We couldn’t be more excited about the Eat24 acquisition and Yelp partnership.”

With the close of the Eat24 deal, Grubhub has completed all three of the acquisitions discussed on its second quarter earnings call, including Foodler and OrderUp. In connection with these acquisitions, Grubhub has refinanced its existing credit facility with a new five-year, $350 million committed facility, consisting of a $125 million term loan and an expanded $225 million revolving credit facility.

Grubhub will discuss the financial and operational impacts of these transactions on its upcoming third quarter earnings call.

About Grubhub
Grubhub (NYSE: GRUB) is the nation’s leading online and mobile takeout food-ordering marketplace with the most comprehensive network of restaurant partners and largest active diner base. Dedicated to moving eating forward and connecting diners with the food they love from their favorite local restaurants, the Company’s platforms and services strive to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with approximately 75,000 restaurant partners in over 1,200 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, Eat24, Foodler, AllMenus and MenuPages.

Grubhub To Announce Third Quarter 2017 Financial Results On Oct. 25, 2017

CHICAGO, Oct. 10, 2017 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s leading online and mobile food-ordering and delivery marketplace, today announced that it will host a conference call to discuss its third quarter financial results on Wednesday, Oct. 25, 2017, at 9:00 a.m. CT, following the release of the Company’s financial results. CEO Matt Maloney and CFO Adam DeWitt will host the webcast.

The live webcast of the conference call will be available on the investor relations section of the Grubhub website at http://investors.grubhub.com/. Following completion of the call, a recording of the webcast will be available on the website.

About Grubhub
Grubhub (NYSE: GRUB) is the nation’s leading online and mobile takeout food-ordering marketplace with the most comprehensive network of restaurant partners and largest active diner base. Dedicated to moving eating forward and connecting diners with the food they love from their favorite local restaurants, the Company’s platforms and services strive to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with approximately 75,000 restaurant partners in over 1,200 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, Eat24, Foodler, AllMenus and MenuPages.

Grubhub Reports Record Second Quarter Results

Grubhub generates 32% revenue growth in the second quarter and announces strategic partnerships

CHICAGO, Aug. 3, 2017 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s leading takeout marketplace, today announced financial results for the second quarter ended June 30, 2017. For the second quarter, DAGs grew 16% year over year, and the Company posted revenues of $158.8 million, which is a 32% year-over-year increase from $120.2 million in the second quarter of 2016. Grubhub also announced long-term partnerships with both Yelp and Groupon.

“Grubhub strives to be the most comprehensive marketplace connecting online takeout diners and restaurants. We continued to execute well in the second quarter, with strong active diner growth and thousands of new, high-quality restaurants,” commented Grubhub CEO, Matt Maloney. “In addition, we signed long-term partnerships with Yelp and Groupon to be their preferred online ordering engine, agreeing to purchase Eat24 and select OrderUp markets in the process to add scale, diners and restaurants, and drive more volume to our restaurant partners.”

Second Quarter 2017 Highlights

The following results reflect the financial performance and key operating metrics of our business for the three months ended June 30, 2017, as compared to the same period in 2016.

Second Quarter Financial Highlights

Revenues: $158.8 million, a 32% year-over-year increase from $120.2 million in the second quarter of 2016.
Net Income: $14.8 million, or $0.17 per diluted share, a 15% year-over-year increase from $12.8 million, or $0.15 per diluted share, in the second quarter of 2016.
Non-GAAP Adjusted EBITDA: $42.2 million, a 12% year-over-year increase from $37.6 million in the second quarter of 2016.
Non-GAAP Net Income: $23.2 million, or $0.26 per diluted share, a 19% year-over-year increase from $19.6 million, or $0.23 per diluted share, in the second quarter of 2016.

Second Quarter Key Business Metrics Highlights

Active Diners were 9.18 million, a 25% year-over-year increase from 7.35 million Active Diners in the second quarter of 2016.
Daily Average Grubs (DAGs) were 313,900, a 16% year-over-year increase from 271,100 DAGs in the second quarter of 2016.
Gross Food Sales were $880 million, a 20% year-over-year increase from $733 million in the second quarter of 2016.

“Our increased investment in marketing spend is yielding solid results in new diner acquisition, particularly in our smaller, less penetrated markets,” said Grubhub CFO, Adam DeWitt. “In addition, Grubhub delivery continues to benefit from increasing economies of scale, driving our efficiency higher as we grow. We generated adjusted EBITDA of $1.48 per order, which was an increase compared to the seasonally stronger first quarter even though we increased sales and marketing investment 37% compared to the second quarter of last year.”

Third Quarter and Full Year 2017 Guidance

Based on information available as of Aug. 3, 2017, the Company is providing the following financial guidance for the third quarter and full year of 2017. This guidance excludes any potential impact from the acquisitions of Eat24, OrderUp and Foodler, which have not yet closed, as well as any impact from partnerships with Yelp and Groupon:

	Third Quarter 2017	Full Year 2017
	(in millions)
Expected Revenue range	$155 – $163	$642 – $662
Expected Adjusted EBITDA range	$38 – $42	$170 – $180

Second Quarter 2017 Financial Results Conference Call
Grubhub will webcast a conference call today at 3:30 p.m. CT to discuss the second quarter 2017 financial results. The webcast can be accessed on the Grubhub Investor Relations website at http://investors.grubhub.com, along with the Company’s earnings press release and financial tables. A replay of the webcast will be available at the same website until Aug. 17, 2017.

About Grubhub
Grubhub (NYSE: GRUB) is the nation’s leading online and mobile takeout food-ordering marketplace with the most comprehensive network of restaurant partners and largest active diner base. Dedicated to moving eating forward and connecting diners with the food they love from their favorite local restaurants, the Company’s platforms and services strive to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with more than 55,000 restaurant partners in over 1,200 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, AllMenus and MenuPages.

Use of Forward Looking Statements
This press release contains forward-looking statements regarding Grubhub, “the Company’s” or our management’s future expectations, beliefs, intentions, goals, strategies, plans and prospects, including the expected completion of each of the acquisitions of Foodler, Eat24 and OrderUp, the expected benefits to, and financial performance of, Grubhub following such acquisitions and its strategic partnerships with Yelp and Groupon. Such statements constitute “forward-looking statements”, which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve substantial known and unknown risks, uncertainties and assumptions that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the matters set forth in the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed on February 28, 2017, which is on file with the SEC and are available on the Investor Relations section of our website at http://investors.grubhub.com/. Additional information will be set forth in our Quarterly Report on Form 10-Q that will be filed for the quarter ended June 30, 2017, which should be read in conjunction with these financial results. Please also note that forward-looking statements represent management’s beliefs and assumptions only as of the date of this press release. Except as required by law, we disclaim any intention to, and undertake no obligation to, publicly update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

We define Adjusted EBITDA as net income adjusted to exclude acquisition and restructuring costs, income taxes, depreciation and amortization and stock-based compensation expense. Non-GAAP net income and non-GAAP net income per diluted share attributable to common stockholders exclude acquisition and restructuring costs, amortization of acquired intangible assets, stock-based compensation expense and other nonrecurring items as well as the income tax effects of these non-GAAP adjustments. We use these non-GAAP financial measures as key performance measures because we believe they facilitate operating performance comparisons from period to period by excluding potential differences primarily caused by variations in capital structures, tax positions, the impact of acquisitions and restructuring, the impact of depreciation and amortization expense on our fixed assets and the impact of stock-based compensation expense. Adjusted EBITDA, non-GAAP net income and non-GAAP net income per diluted share attributable to common stockholders are not measurements of our financial performance under GAAP and should not be considered as an alternative to performance measures derived in accordance with GAAP.

GRUBHUB INC.
STATEMENTS OF OPERATIONS
(in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Revenues	$	158,794	$	120,173	$	314,928	$	232,413
Costs and expenses:
Operations and support		62,924		40,696		122,443		75,683
Sales and marketing		34,770		25,355		70,208		54,188
Technology (exclusive of amortization)		14,076		10,567		27,268		20,759
General and administrative		14,515		12,158		27,475		25,747
Depreciation and amortization		10,414		8,885		20,454		16,193
Total costs and expenses		136,699		97,661		267,848		192,570
Income before provision for income taxes		22,095		22,512		47,080		39,843
Provision for income taxes		7,341		9,707		14,611		17,105
Net income attributable to common stockholders	$	14,754	$	12,805	$	32,469	$	22,738
Net income per share attributable to common stockholders:
Basic	$	0.17	$	0.15	$	0.38	$	0.27
Diluted	$	0.17	$	0.15	$	0.37	$	0.27
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		86,162		84,741		86,018		84,725
Diluted		87,700		85,749		87,410		85,724

KEY OPERATING METRICS

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Active Diners (000s)		9,177		7,352		9,177		7,352
Daily Average Grubs		313,900		271,100		319,200		269,500
Gross Food Sales (millions)	$	879.7	$	732.6	$	1,777.8	$	1,445.4

GRUBHUB INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)



	June 30, 2017		December 31, 2016
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	293,269	$	239,528
Short term investments		80,291		84,091
Accounts receivable, less allowances for doubtful accounts		59,734		60,550
Prepaid expenses		8,819		12,168
Total current assets		442,113		396,337
PROPERTY AND EQUIPMENT:
Property and equipment, net of depreciation and amortization		56,673		46,555
OTHER ASSETS:
Other assets		4,060		4,530
Goodwill		436,455		436,455
Acquired intangible assets, net of amortization		308,257		313,630
Total other assets		748,772		754,615
TOTAL ASSETS	$	1,247,558	$	1,197,507
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Restaurant food liability	$	81,718	$	83,349
Accounts payable		8,107		7,590
Accrued payroll		7,738		7,338
Taxes payable		499		865
Other accruals		16,086		11,348
Total current liabilities		114,148		110,490
LONG TERM LIABILITIES:
Deferred taxes, non-current		98,592		108,022
Other accruals		6,841		6,876
Total long term liabilities		105,433		114,898
STOCKHOLDERS’ EQUITY:
Common stock, $0.0001 par value		9		9
Accumulated other comprehensive loss		(1,628)		(2,078)
Additional paid-in capital		826,019		805,731
Retained earnings		203,577		168,457
Total Stockholders’ Equity	$	1,027,977	$	972,119
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,247,558	$	1,197,507

GRUBHUB INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Six Months Ended June 30,
	2017		2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	32,469	$	22,738
Adjustments to reconcile net income to net cash from operating activities:
Depreciation		5,092		3,327
Provision for doubtful accounts		148		420
Deferred taxes		(6,780)		(4,174)
Amortization of intangible assets		15,362		12,866
Stock-based compensation		15,438		12,406
Investment premium amortization		(395)		(202)
Other		124		518
Change in assets and liabilities, net of the effects of business acquisitions:
Accounts receivable		784		(11,722)
Prepaid expenses and other assets		3,421		(3,315)
Restaurant food liability		(1,690)		4,278
Accounts payable		(978)		(858)
Accrued payroll		396		595
Other accruals		4,365		316
Net cash provided by operating activities		67,756		37,193
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments		(110,108)		(123,723)
Proceeds from maturity of investments		114,303		128,490
Capitalized website and development costs		(9,576)		(5,380)
Purchases of property and equipment		(7,291)		(8,362)
Acquisitions of businesses, net of cash acquired		—		(67,528)
Acquisition of other intangible assets		(5,000)		(250)
Other cash flows from investing activities		492		(576)
Net cash used in investing activities		(17,180)		(77,329)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchases of common stock		—		(14,774)
Proceeds from exercise of stock options		8,308		2,878
Excess tax benefits related to stock-based compensation		—		18,767
Taxes paid related to net settlement of stock-based compensation awards		(5,523)		(938)
Payments for debt issuance costs		—		(1,477)
Net cash provided by financing activities		2,785		4,456
Net change in cash and cash equivalents		53,361		(35,680)
Effect of exchange rates on cash		380		(689)
Cash and cash equivalents at beginning of year		239,528		169,293
Cash and cash equivalents at end of the period	$	293,269	$	132,924
SUPPLEMENTAL DISCLOSURE OF NON CASH ITEMS
Cash paid for income taxes	$	13,805	$	3,250

GRUBHUB INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(in thousands, except per share data)

	Three Months Ended June 30, 2017				Six Months Ended June 30,
	2017		2016		2017		2016
Net income	$	14,754	$	12,805	$	32,469	$	22,738
Income taxes		7,341		9,707		14,611		17,105
Depreciation and amortization		10,414		8,885		20,454		16,193
EBITDA		32,509		31,397		67,534		56,036
Acquisition and restructuring costs		1,495		697		1,904		1,528
Stock-based compensation		8,195		5,505		15,438		12,406
Adjusted EBITDA	$	42,199	$	37,599	$	84,876	$	69,970

	Three Months Ended June 30, 2017				Six Months Ended June 30,
	2017		2016		2017		2016
Net income	$	14,754	$	12,805	$	32,469	$	22,738
Stock-based compensation		8,195		5,505		15,438		12,406
Amortization of acquired intangible assets		5,100		5,640		10,373		10,685
Acquisition and restructuring costs		1,495		697		1,904		1,528
Income tax adjustments		(6,315)		(5,068)		(11,834)		(10,537)
Non-GAAP net income	$	23,229	$	19,579	$	48,350	$	36,820
Weighted-average diluted shares used to compute net income per share attributable to common stockholders		87,700		85,749		87,410		85,724
Non-GAAP net income per diluted share attributable to common stockholders	$	0.26	$	0.23	$	0.55	$	0.43

	Guidance
	Three Months Ended September 30, 2017				Year Ended December 31, 2017
	Low		High		Low		High
	(in millions)
Net income	$	11.0	$	13.4	$	55.1	$	61.0
Income taxes		7.5		9.1		37.5		41.6
Depreciation and amortization		11.0		11.0		43.0		43.0
EBITDA		29.5		33.5		135.6		145.6
Acquisition and restructuring costs		—		—		1.9		1.9
Stock-based compensation		8.5		8.5		32.5		32.5
Adjusted EBITDA	$	38.0	$	42.0	$	170.0	$	180.0

Groupon and Grubhub Announce Strategic Partnership to Bring Food Delivery to Groupon Customers Throughout the United States

Grubhub to power food delivery for Groupon in more than 1,100 cities

CHICAGO–(BUSINESS WIRE)– Today Groupon (www.groupon.com) (NASDAQ: GRPN) and Grubhub (www.grubhub.com) (NYSE: GRUB) announced a strategic partnership to bring food delivery to Groupon customers throughout the United States. As part of the deal, Grouponand Grubhub have entered into a commercial agreement that will allow Groupon to provide users with the ability to order food delivery from Grubhub’s 55,000 restaurant partners via the Groupon platform and is expected to enable people to redeem Groupon deals when they orderGrubhub delivery via Groupon.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170731006132/en/

“We’re thrilled to join forces with Grubhub to vastly expand the number of food delivery options available through our marketplace,” said Rich Williams, CEO, Groupon. “This partnership connects two of the biggest players in local commerce and is a win for both consumers and restaurants by providing people with more savings and access to the food they want, when they want it.”

“As a leader in local delivery, we’re always looking for more ways to make it easier for diners to find and order food wherever they may be,” said Matt Maloney, CEO, Grubhub. “Groupon’s massive, active mobile audience – and great savings opportunities – will help drive new customers and more order volume for our restaurant partners, further enhancing the value of the Grubhub network.”

In addition to the commercial agreement, Grubhub is acquiring certain assets in 27 company-owned OrderUp food delivery markets from Groupon. Grubhub will also power food ordering and delivery for the company’s Groupon To Go markets. Terms of the agreements were not disclosed.

About Groupon

Groupon (NASDAQ: GRPN) is building the daily habit in local commerce, offering a vast mobile and online marketplace where people discover and save on amazing things to do, see, eat and buy. By enabling real-time commerce across local businesses, travel destinations, consumer products and live events, shoppers can find the best a city has to offer.

Groupon is redefining how small businesses attract and retain customers by providing them with customizable and scalable marketing tools and services to profitably grow their businesses.

To download Groupon’s top-rated mobile apps, visit www.groupon.com/mobile. To search for great deals or subscribe to Groupon emails, visit www.groupon.com. To learn more about the company’s merchant solutions and how to work with Groupon, visit www.groupon.com/merchant.

About Grubhub

Grubhub (NYSE: GRUB) is the nation’s leading online and mobile takeout food-ordering marketplace with the most comprehensive network of restaurant partners and largest active diner base. Dedicated to moving eating forward and connecting diners with the food they love from their favorite local restaurants, the company’s platforms and services strive to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with more than 55,000 restaurant partners in over 1,100 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, AllMenus, and MenuPages.

To find takeout restaurants available in your area, check out grubhub.com/lets-eat. If you are interested in becoming part of the Grubhub Delivery team, please visit driver.grubhub.com. To find out how your restaurant can join Grubhub, go to get.grubhub.com. If you’d like to learn more about Grubhub and its portfolio of brands, navigate to newsroom.grubhub.com.

Note on Forward-Looking Statements

The statements contained in this release that refer to plans and expectations for the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve a number of risks and uncertainties, and actual results could differ materially from those discussed. The words “may,” will,” should,” “could,” “expect,” anticipate,” “believe,” “estimate,” intend,” “continue” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties include, but are not limited to, difficulties, delays or our inability to successfully complete all or part of the announced transactions or to realize the benefits of such transactions. For additional information regarding these and other risks and uncertainties, we urge you to refer to the factors included (i) under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Groupon’s Annual Report on Form 10-K for the year ended December 31, 2016 and in Groupon’s other filings with the Securities and Exchange Commission (the “SEC”), copies of which may be obtained by visiting the company’s Investor Relations web site at http://investor.groupon.com or the SEC’s web site at www.sec.gov, and (ii) under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Grubhub’s Annual Report on Form 10-K for the year ended December 31, 2016 and in Grubhub’s other filings with the SEC, copies of which may be obtained by visiting the company’s Investor Relations web site at https://investors.grubhub.com/investors or the SEC’s web site at www.sec.gov.

You should not rely upon forward-looking statements as predictions of future events. Although Groupon and Grubhub believe that the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither the companies nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. The forward-looking statements reflect Groupon’s and Grubhub’s expectations as of the date of this release. Groupon and Grubhub undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in its expectations.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170731006132/en/

Groupon
Bill Roberts, 312-459-5191
press@groupon.com
or
Grubhub
Katie Norris
press@grubhub.com

Source: Groupon

News Provided by Acquire Media

Grubhub To Announce Second Quarter 2017 Financial Results On Aug. 3, 2017

CHICAGO, July 20, 2017 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s leading online and mobile food-ordering and delivery marketplace, today announced that it will host a conference call to discuss its second quarter financial results on Thursday, Aug. 3, 2017, at 3:30 p.m. CT, following the release of the Company’s financial results. CEO Matt Maloney and CFO Adam DeWitt will host the webcast.

About Grubhub
Grubhub (NYSE: GRUB) is the nation’s leading online and mobile takeout food-ordering marketplace with the most comprehensive network of restaurant partners and largest active diner base. Dedicated to moving eating forward and connecting diners with the food they love from their favorite local restaurants, the Company’s platforms and services strive to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with more than 55,000 restaurant partners in over 1,100 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, AllMenus, and MenuPages.

Grubhub Enters Into Agreement To Acquire Foodler

CHICAGO, June 8, 2017 /PRNewswire/ — Grubhub, the nation’s leading takeout marketplace, announced that it has entered into an agreement for an all-cash transaction to acquire Foodler, one of the largest independent North American online food-ordering companies.

The agreement with Boston-based Foodler, which is subject to certain closing conditions, extends Grubhub’s leadership in New England and will add more than $80 million of annualized gross food sales in 2017. This will expand the breadth and depth of Grubhub’s national network of more than 55,000 existing restaurant partners and 8.8 million active diners.

“We’re thrilled to bring Foodler’s scale and its established diner base in the Northeast to Grubhub,” said Matt Maloney, Grubhub CEO. “Its addition will enhance the Grubhub marketplace – particularly in Foodler’s hometown market of Boston – allowing us to connect our diners with an even broader range of top-rated, popular local restaurants.”

“Foodler is proud to become a part of the national leader in online food ordering,” said Christian Dumontet, Foodler CEO. “Foodler has continuously evolved to provide a superior user experience, and our diners will benefit from Grubhub’s robust functionality and wide-ranging restaurant network that operates in 1,100 cities across the U.S.”

About Grubhub

Grubhub Reports Record First Quarter Results

Grubhub generates 39% revenue growth in the first quarter

CHICAGO, April 27, 2017 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s leading takeout marketplace, today announced financial results for the first quarter ended March 31, 2017. DAGs grew 21% year-over-year, and the Company posted quarterly revenues of $156.1 million, which is a 39% year-over-year increase from $112.2 million in the first quarter of 2016.

“More new diners tried Grubhub than ever before in the first quarter. We are seeing clear signs of success from a more diverse restaurant base, broader marketing reach, and continuous improvement of our product,” said Matt Maloney, Grubhub CEO. “We already had the most comprehensive takeout marketplace in the U.S., and delivery has enabled our restaurant network to grow significantly in both breadth and depth, making Grubhub the place to go for online takeout.”

First Quarter 2017 Highlights

The following results reflect the financial performance and key operating metrics of our business for the three months ended March 31, 2017, as compared to the same period in 2016.

First Quarter Financial Highlights

Revenues: $156.1 million, a 39% year-over-year increase from $112.2 million in the first quarter of 2016.
Net Income: $17.7 million, or $0.20 per diluted share, a 78% year-over-year increase from $9.9 million, or $0.12 per diluted share, in the first quarter of 2016.
Non-GAAP Adjusted EBITDA: $42.7 million, a 32% year-over-year increase from $32.4 million in the first quarter of 2016.
Non-GAAP Net Income: $25.1 million, or $0.29 per diluted share, a 46% year-over-year increase from $17.2 million, or $0.20 per diluted share, in the first quarter of 2016.

First Quarter Key Business Metrics Highlights

Active Diners were 8.75 million, a 26% year-over-year increase from 6.97 million Active Diners in the first quarter of 2016.
Daily Average Grubs (DAGs) were 324,600, a 21% year-over-year increase from 267,800 Daily Average Grubs in the first quarter of 2016.
Gross Food Sales were $898 million, a 26% year-over-year increase from $713 million in the first quarter of 2016.

“Grubhub’s growth on both sides of our network helped drive DAGs growth of 21% and EBITDA growth of 32% compared to the prior year,” said Adam DeWitt, Grubhub CFO. “We generated significant operating leverage, in part due to our continued improvement in delivery efficiency. As a result, EBITDA per order was up 10% year over year to $1.46, even while we invested aggressively in product and marketing to drive future growth.”

Second Quarter and Full Year 2017 Guidance

Based on information available as of April 27, 2017, the Company is providing the following financial guidance for the second quarter and full year of 2017:

	Second Quarter 2017	Full Year 2017
	(in millions)
Expected Revenue range	$153 – $161	$632 – $662
Expected Adjusted EBITDA range	$38 – $44	$170 – $190

First Quarter 2017 Financial Results Conference Call
Grubhub will webcast a conference call today at 9 a.m. CT to discuss the first quarter 2017 financial results. The webcast can be accessed on the Grubhub Investor Relations website at http://investors.grubhub.com, along with the Company’s earnings press release and financial tables. A replay of the webcast will be available at the same website until May 11, 2017.

About Grubhub
Grubhub (NYSE: GRUB) is the nation’s leading online and mobile takeout food-ordering marketplace with the most comprehensive network of restaurant partners and largest active diner base. Dedicated to moving eating forward and connecting diners with the food they love from their favorite local restaurants, the Company’s platforms and services strive to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with more than 50,000 restaurant partners in over 1,100 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, AllMenus, MenuPages, LAbite, Restaurants on the Run, DiningIn and Delivered Dish.

Use of Forward Looking Statements
This press release contains forward-looking statements regarding management’s future expectations, beliefs, intentions, goals, strategies, plans and prospects, including the expected financial performance of Grubhub following its recent acquisitions and investment in delivery. Such statements constitute “forward-looking” statements, which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and assumptions that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the matters set forth in the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed on Feb. 28, 2017, which is on file with the SEC and are available on the Investor Relations section of our website at http://investors.grubhub.com/. Additional information will be set forth in our Quarterly Report on Form 10-Q that will be filed for the quarter ended Mar. 31, 2017, which should be read in conjunction with these financial results. Please also note that forward-looking statements represent management’s beliefs and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to publicly update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

GRUBHUB INC.
STATEMENTS OF OPERATIONS
(in thousands, except per share data)
	Three Months Ended March 31,
	2017		2016
Revenues	$	156,134	$	112,240
Costs and expenses:
Sales and marketing		35,438		28,833
Operations and support		59,519		34,987
Technology (exclusive of amortization)		13,192		10,192
General and administrative		12,960		13,589
Depreciation and amortization		10,040		7,308
Total costs and expenses		131,149		94,909
Income before provision for income taxes		24,985		17,331
Provision for income taxes		7,270		7,398
Net income attributable to common stockholders	$	17,715	$	9,933
Net income per share attributable to common stockholders:
Basic	$	0.21	$	0.12
Diluted	$	0.20	$	0.12
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		85,874		84,710
Diluted		87,120		85,699

KEY OPERATING METRICS

	Three Months Ended March 31,
	2017		2016
Active Diners (000s)		8,751		6,970
Daily Average Grubs		324,600		267,800
Gross Food Sales (millions)	$	898.1	$	712.8

GRUBHUB INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)



	March 31, 2017		December 31, 2016
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	275,037	$	239,528
Short term investments		86,235		84,091
Accounts receivable, less allowances for doubtful accounts		62,400		60,550
Prepaid expenses		9,245		12,168
Total current assets		432,917		396,337
PROPERTY AND EQUIPMENT:
Property and equipment, net of depreciation and amortization		51,579		46,555
OTHER ASSETS:
Other assets		4,316		4,530
Goodwill		436,455		436,455
Acquired intangible assets, net of amortization		313,357		313,630
Total other assets		754,128		754,615
TOTAL ASSETS	$	1,238,624	$	1,197,507
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Restaurant food liability	$	94,660	$	83,349
Accounts payable		10,030		7,590
Accrued payroll		5,805		7,338
Taxes payable		3,062		865
Other accruals		18,950		11,348
Total current liabilities		132,507		110,490
LONG TERM LIABILITIES:
Deferred taxes, non-current		100,631		108,022
Other accruals		6,898		6,876
Total long term liabilities		107,529		114,898
STOCKHOLDERS’ EQUITY:
Common stock, $0.0001 par value		9		9
Accumulated other comprehensive loss		(1,971)		(2,078)
Additional paid-in capital		811,727		805,731
Retained earnings		188,823		168,457
Total Stockholders’ Equity	$	998,588	$	972,119
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,238,624	$	1,197,507

GRUBHUB INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Three Months Ended March 31,
	2017		2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	17,715	$	9,933
Adjustments to reconcile net income to net cash from operating activities:
Depreciation		2,412		1,344
Provision for doubtful accounts		95		443
Deferred taxes		(4,741)		(3,321)
Amortization of intangible assets		7,628		5,964
Stock-based compensation		7,243		6,901
Deferred rent		58		135
Other		(110)		(109)
Change in assets and liabilities, net of the effects of business acquisitions:
Accounts receivable		(1,721)		(9,956)
Prepaid expenses and other assets		2,957		(136)
Restaurant food liability		11,297		10,081
Accounts payable		483		(5,434)
Accrued payroll		(1,534)		(1,034)
Other accruals		9,808		3,855
Net cash provided by operating activities		51,590		18,666
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments		(57,783)		(56,227)
Proceeds from maturity of investments		55,833		76,615
Capitalized website and development costs		(4,150)		(2,331)
Purchases of property and equipment		(3,056)		(3,259)
Acquisition of other intangible assets		(5,000)		(250)
Other cash flows from investing activities		91		(173)
Net cash provided by (used in) investing activities		(14,065)		14,375
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchases of common stock		—		(9,771)
Proceeds from exercise of stock options		1,584		1,012
Excess tax benefits related to stock-based compensation		—		10,610
Taxes paid related to net settlement of stock-based compensation awards		(3,688)		(682)
Net cash provided by (used in) financing activities		(2,104)		1,169
Net change in cash and cash equivalents		35,421		34,210
Effect of exchange rates on cash		88		(191)
Cash and cash equivalents at beginning of year		239,528		169,293
Cash and cash equivalents at end of the period	$	275,037	$	203,312

GRUBHUB INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(in thousands, except per share data)
	Three Months Ended March 31,
	2017		2016
Net income	$	17,715	$	9,933
Income taxes		7,270		7,398
Depreciation and amortization		10,040		7,308
EBITDA		35,025		24,639
Acquisition and restructuring costs		409		831
Stock-based compensation		7,243		6,901
Adjusted EBITDA	$	42,677	$	32,371


	Three Months Ended March 31,
	2017		2016
Net income	$	17,715	$	9,933
Stock-based compensation		7,243		6,901
Amortization of acquired intangible assets		5,273		5,045
Acquisition and restructuring costs		409		831
Income tax adjustments		(5,519)		(5,469)
Non-GAAP net income	$	25,121	$	17,241
Weighted-average diluted shares used to compute net income per share attributable to common stockholders		87,120		85,699
Non-GAAP net income per diluted share attributable to common stockholders	$	0.29	$	0.20

	Guidance
	Three Months Ended June 30, 2017				Year Ended December 31, 2017
	Low		High		Low		High
	(in millions)
Net income	$	11.6	$	15.2	$	57.2	$	69.1
Income taxes		7.9		10.3		38.9		47.0
Depreciation and amortization		10.5		10.5		42.5		42.5
EBITDA		30.0		36.0		138.6		158.6
Acquisition and restructuring costs		—		—		0.4		0.4
Stock-based compensation		8.0		8.0		31.0		31.0
Adjusted EBITDA	$	38.0	$	44.0	$	170.0	$	190.0

Grubhub To Announce First Quarter 2017 Financial Results On April 27, 2017

CHICAGO, April 17, 2017 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s leading online and mobile food-ordering and delivery marketplace, today announced that it will host a conference call to discuss its first quarter financial results on Thursday, April 27, 2017, at 9 a.m. CT, following the release of the Company’s financial results. CEO Matt Maloney and CFO Adam DeWitt will host the webcast.

About Grubhub
Grubhub (NYSE: GRUB) is the nation’s leading online and mobile takeout food-ordering marketplace with the most comprehensive network of restaurant partners and largest active diner base. Dedicated to moving eating forward and connecting diners with the food they love from their favorite local restaurants, the Company’s platforms and services strive to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with more than 50,000 restaurant partners in over 1,100 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, AllMenus, MenuPages, LAbite, Restaurants on the Run, DiningIn and Delivered Dish.

News Category: Company