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Grubhub Reports Record Fourth Quarter Results

Grubhub generates 49% revenue growth in the fourth quarter

CHICAGO, Feb 8, 2018 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s leading takeout marketplace, today announced financial results for the fourth quarter ended Dec. 31, 2017. For the fourth quarter, the Company posted revenues of $205.1 million, which is a 49% year-over-year increase from $137.5 million in the fourth quarter of 2016. Gross Food Sales grew 39% year-over-year to $1.1 billion, up from $818 million in the year ago period.”Over the past two years we have taken incredible strides in expanding the breadth and depth of our restaurant network, growing the number of local restaurants we work with from 40,000 to over 80,000 today,” said Grubhub CEO, Matt Maloney. “The partnership with Yum! which we announced this morning will accelerate the expansion of our delivery network and amplify our diner acquisition efforts, raising consumer awareness of online ordering and driving more volume for all restaurants across our platform.”

Fourth Quarter and Full Year 2017 Highlights

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

Fourth Quarter Financial Highlights

Revenues: $205.1 million, a 49% year-over-year increase from $137.5 million in the fourth quarter of 2016.
Net Income: $53.5 million, or $0.60 per diluted share, a 293% year-over-year increase from $13.6 million, or $0.16 per diluted share, in the fourth quarter of 2016.
Non-GAAP Adjusted EBITDA: $57.0 million, a 45% year-over-year increase from $39.2 million in the fourth quarter of 2016.
Non-GAAP Net Income: $33.3 million, or $0.37 per diluted share, a 68% year-over-year increase from $19.8 million, or $0.23 per diluted share, in the fourth quarter of 2016.

Fourth Quarter Key Business Metrics Highlights

Active Diners were 14.5 million, a 77% year-over-year increase from 8.2 million Active Diners in the fourth quarter of 2016.
Daily Average Grubs (DAGs) were 392,500, a 34% year-over-year increase from 292,500 DAGs in the fourth quarter of 2016.
Gross Food Sales were $1.1 billion, a 39% year-over-year increase from $818 million in the fourth quarter of 2016.

Full Year Financial Highlights

Revenues: $683.1 million, a 38% year-over-year increase from $493.3 million in 2016.
Net Income: $99.0 million, or $1.12 per diluted share, a 100% year-over-year increase from $49.6 million, or $0.58 per diluted share, in 2016.
Non-GAAP Adjusted EBITDA: $184.0 million, a 27% year-over-year increase from $144.6 million in 2016.
Non-GAAP Net Income: $106.1 million, or $1.20 per diluted share, a 39% year-over-year increase from $76.6 million, or $0.89 per diluted share, in 2016.

Full Year Key Business Metrics Highlights

Active Diners were 14.5 million, a 77% year-over-year increase from 8.2 million Active Diners in 2016.
Daily Average Grubs (DAGs) were 334,000, a 22% year-over-year increase from 274,800 DAGs in 2016.
Gross Food Sales were $3.8 billion, a 26% year-over-year increase from $3.0 billion in 2016.

“Grubhub delivery has helped drive phenomenal growth for us, reaching an annualized run rate of over $1 billion dollars in GFS from close to zero in 2015,” commented Grubhub President and CFO Adam DeWitt. “Our ability to scale delivery capabilities efficiently, combined with consistent execution on organic diner acquisition and merger integrations, enabled us to generate record EBITDA per order of $1.58 in the fourth quarter.”

First Quarter and Full Year 2018 Guidance

Based on information available as of Feb. 8, 2018, the Company is providing the following financial guidance for the first quarter and full year of 2018:

	First Quarter 2018	Full Year 2018
	(in millions)
Expected Revenue range	$224 – $232	$910 – $960
Expected Adjusted EBITDA range	$54 – $60	$225 – $255

Fourth Quarter 2017 Financial Results Conference Call

Grubhub will webcast a conference call today at 9 a.m. CT to discuss the fourth 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 Feb. 22, 2018.

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 over 80,000 restaurant partners in over 1,600 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, Eat24, 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 benefits to, and financial performance of, Grubhub following the acquisition of Eat24 and its commercial agreements with Yelp and Yum! Brands. 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 and our most recent Quarterly Report on Form 10-Q for the quarter ended Sep. 30, 2017, which are 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 Annual Report on Form 10-K that will be filed for the year ended Dec. 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 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, the impact of the U.S. Tax Cuts and Jobs Act (“U.S. Tax Act”) 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 December 31,				Year Ended December 31,
	2017		2016		2017		2016
Revenues	$	205,080	$	137,457	$	683,067	$	493,331
Costs and expenses:
Operations and support		81,658		51,727		269,453		171,756
Sales and marketing		45,384		29,636		150,730		110,323
Technology (exclusive of amortization)		14,703		10,689		56,263		42,454
General and administrative		18,396		12,435		65,023		50,482
Depreciation and amortization		18,781		9,911		51,848		35,193
Total costs and expenses		178,922		114,398		593,317		410,208
Income from operations		26,158		23,059		89,750		83,123
Interest (income) expense – net		1,010		(183)		102		(729)
Income before provision for income taxes		25,148		23,242		89,648		83,852
Income tax (benefit) expense		(28,378)		9,605		(9,335)		34,295
Net income attributable to common stockholders	$	53,526	$	13,637	$	98,983	$	49,557
Net income per share attributable to common stockholders:
Basic	$	0.62	$	0.16	$	1.15	$	0.58
Diluted	$	0.60	$	0.16	$	1.12	$	0.58
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		86,702		85,608		86,297		85,069
Diluted		89,366		86,666		88,182		86,135

KEY OPERATING METRICS

	Three Months Ended December 31,				Year Ended December 31,
	2017		2016		2017		2016
Active Diners (000s)		14,462		8,174		14,462		8,174
Daily Average Grubs		392,500		292,500		334,000		274,800
Gross Food Sales (millions)	$	1,138.6	$	817.7	$	3,783.7	$	2,998.1

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


	December 31, 2017		December31,2016
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	234,090	$	239,528
Short-term investments		23,605		84,091
Accounts receivable, less allowances for doubtful accounts		95,970		60,550
Prepaid expenses and other current assets		6,818		12,168
Total current assets		360,483		396,337
PROPERTY AND EQUIPMENT:
Property and equipment, net of depreciation and amortization		71,384		46,555
OTHER ASSETS:
Other assets		6,487		4,530
Goodwill		589,862		436,455
Acquired intangible assets, net of amortization		515,553		313,630
Total other assets		1,111,902		754,615
TOTAL ASSETS	$	1,543,769	$	1,197,507
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Restaurant food liability	$	119,922	$	83,349
Accounts payable		7,607		7,590
Accrued payroll		13,186		7,338
Taxes payable		3,109		865
Short-term debt		3,906		—
Other accruals		26,818		11,348
Total current liabilities		174,548		110,490
LONG-TERM LIABILITIES:
Deferred taxes, non-current		74,292		108,022
Other accruals		7,468		6,876
Long-term debt		169,645		—
Total long-term liabilities		251,405		114,898
STOCKHOLDERS’ EQUITY:
Common stock, $0.0001 par value		9		9
Accumulated other comprehensive loss		(1,228)		(2,078)
Additional paid-in capital		849,043		805,731
Retained earnings		269,992		168,457
Total Stockholders’ Equity	$	1,117,816	$	972,119
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,543,769	$	1,197,507

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

	Year Ended December 31,
	2017		2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	98,983	$	49,557
Adjustments to reconcile net income to net cash from operating activities:
Depreciation		11,775		8,921
Provision for doubtful accounts		1,424		1,102
Deferred taxes		(31,179)		1,027
Amortization of intangible assets		40,073		26,272
Stock-based compensation		32,748		23,559
Deferred rent		849		1,286
Amortization of deferred loan costs		487		365
Investment premium amortization		(739)		(612)
Other		436		(159)
Change in assets and liabilities, net of the effects of business acquisitions:
Accounts receivable		(27,833)		(17,488)
Prepaid expenses and other assets		4,112		(8,765)
Restaurant food liability		8,576		16,451
Accounts payable		(4,244)		(3,204)
Accrued payroll		5,537		1,819
Other accruals		11,735		(2,453)
Net cash provided by operating activities		152,740		97,678
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments		(154,758)		(226,694)
Proceeds from maturity of investments		215,983		284,662
Capitalized website and development costs		(21,325)		(12,809)
Purchases of property and equipment		(18,971)		(24,087)
Acquisitions of businesses, net of cash acquired		(333,301)		(65,849)
Acquisition of other intangible assets		(25,147)		(250)
Other cash flows from investing activities		557		(492)
Net cash used in investing activities		(336,962)		(45,519)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings under the credit facility		200,000		—
Repayments of borrowings under the credit facility		(25,781)		—
Repurchases of common stock		—		(14,774)
Proceeds from exercise of stock options		16,375		13,468
Excess tax benefits related to stock-based compensation		—		24,906
Taxes paid related to net settlement of stock-based compensation awards		(10,556)		(2,779)
Payments for debt issuance costs		(1,979)		(1,477)
Net cash provided by financing activities		178,059		19,344
Net change in cash and cash equivalents		(6,163)		71,503
Effect of exchange rates on cash		725		(1,268)
Cash and cash equivalents at beginning of year		239,528		169,293
Cash and cash equivalents at end of the period	$	234,090	$	239,528
SUPPLEMENTAL DISCLOSURE OF NON CASH ITEMS
Cash paid for income taxes	$	19,148	$	8,722

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

	Three Months Ended December 31,				Year Ended December 31,
	2017		2016		2017		2016
Net income	$	53,526	$	13,637	$	98,983	$	49,557
Income taxes		(28,378)		9,605		(9,335)		34,295
Interest (income) expense – net_(a)		1,010		—		102		—
Depreciation and amortization		18,781		9,911		51,848		35,193
EBITDA		44,939		33,153		141,598		119,045
Acquisition, restructuring and legal costs		3,199		253		9,642		2,042
Stock-based compensation		8,835		5,804		32,748		23,559
Adjusted EBITDA	$	56,973	$	39,210	$	183,988	$	144,646

Due to interest incurred on borrowings under the Company’s credit facility during the three months ended December 31, 2017, the Company has updated its calculation of Adjusted EBITDA to include net interest expense. The Company did not recast periods prior to 2017 due to the insignificance of net interest (income) expense in those periods. Recast Adjusted EBITDA for the three months ended March 31, 2017, June 30, 2017 and September 30, 2017 includes net interest income of $0.2 million, $0.3 million and $0.4 million, respectively. There were no changes to the Company’s GAAP results as a result of this change in presentation.

	Three Months Ended December 31,				Year Ended December 31,
	2017		2016		2017		2016
Net income	$	53,526	$	13,637	$	98,983	$	49,557
Stock-based compensation		8,835		5,804		32,748		23,559
Amortization of acquired intangible assets		11,238		4,801		28,066		20,871
Acquisition, restructuring and legal costs		3,199		253		9,642		2,042
Income tax benefit of the U.S. Tax Act		(34,054)		—		(34,054)		—
Income tax adjustments		(9,469)		(4,692)		(29,239)		(19,472)
Non-GAAP net income	$	33,275	$	19,803	$	106,146	$	76,557
Weighted-average diluted shares used to compute net income per share attributable to common stockholders		89,366		86,666		88,182		86,135
Non-GAAP net income per diluted share attributable to common stockholders	$	0.37	$	0.23	$	1.20	$	0.89

	Guidance
	Three Months Ended March 31, 2018				Year Ended December 31, 2018
	Low		High		Low		High
	(in millions)
Net income	$	16.2	$	20.5	$	65.6	$	87.2
Income taxes		6.3		8.0		25.4		33.8
Interest expense ̶ net		1.0		1.0		4.0		4.0
Depreciation and amortization		20.0		20.0		82.0		82.0
EBITDA		43.5		49.5		177.0		207.0
Acquisition and restructuring costs		—		—		—		—
Stock-based compensation		10.5		10.5		48.0		48.0
Adjusted EBITDA	$	54.0	$	60.0	$	225.0	$	255.0

Grubhub and White Castle® Introduce Delivery from Nation’s Foremost Slider Experts

Partnership kicks off with sweepstakes to win Crave Mobile® food truck delivery during football’s biggest night

CHICAGO, and COLUMBUS, Ohio, Jan. 10, 2018 /PRNewswire/ — Grubhub (NYSE: GRUB), the nation’s leading online and mobile food-ordering company, and White Castle, America’s first fast-food hamburger chain and the home of The Original Slider^®, today announced a partnership that will offer delivery from Castles across the country, in markets where both brands are available.

Online ordering and delivery are currently available from Grubhub at more than 75 White Castle locations, including New York City, Chicago, St. Louis, Indianapolis and Detroit. Throughout January, Grubhub will bring delivery to more than 45 additional White Castle locations. This means that diners across the country can order White Castle favorites, like The Original Slider^®, Chicken Rings or go bold with a Crave Case^® to share, all through Grubhub’s leading online and mobile platforms. White Castle’s breakfast menu, with favorites such as the Breakfast Waffle Slider, is also available for delivery through Grubhub.

“We’re honored to partner with the iconic White Castle brand to power delivery from Castles across the country,” said Stan Chia, chief operating officer at Grubhub. “Our orders show that sliders are clearly on the rise, and we’re thrilled to deliver more of what our nearly 10 million diners crave. Hungry White Castle customers can now enjoy their favorite menu items from the comfort of their own homes.”

“As a family-owned business for 97 years, White Castle has been dedicated to making memorable moments for our customers,” said Lisa Ingram, president and chief executive officer at White Castle and fourth generation family member. “We pioneered take-out for those wanting a favorite meal at home, launched grocery products nationwide to satisfy the coast-to-coast Crave, and today we are thrilled to partner with the wonderful team at Grubhub to bring our hot and tasty food to customers everywhere.”

To celebrate the arrival of Grubhub delivery from White Castle, the companies will bring White Castle’s food truck, the Crave Mobile, to deliver a feast to one lucky winner’s viewing party during football’s biggest night on Feb. 4, 2018.

Please see the following details to win a visit from the Crave Mobile during a home viewing party on Feb. 4, 2018:

To enter for the chance to win, use code ‘CRAVEPARTY’ at checkout when placing a White Castle order on Grubhub from Jan. 11-15
One lucky winner will have their viewing party on Feb. 4, 2018 catered by Grubhub and White Castle, with at-home delivery by the Crave Mobile
No purchase necessary. Void where prohibited. For official rules, visit newsroom.grubhub.com/wc-football-sweepstakes.

To find takeout restaurants available in your area, please visit grubhub.com, and for more information on Grubhub, please visit newsroom.grubhub.com.

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 White Castle^®White Castle, America’s first fast-food hamburger chain based in Columbus, Ohio, has been making Bold Moves™ as a family-owned business for 97 years. The company was founded in Wichita, Kansas, in 1921, serving The Original Slider^®, made from 100 percent USDA inspected beef. Today White Castle owns and operates nearly 400 restaurants in 13 states. The pioneering original slider, Time Magazine’s most influential burger of all time, is served alongside a menu of creatively crafted sliders and other tasty food options. White Castle’s commitment to maintaining the highest quality products extends to the company owning and operating its own meat processing plants and bakeries as well as three frozen food processing plants. The retail division markets White Castle’s famous fare in grocery, club stores, convenience stores, vending operations and concessions across the United States and in a growing number of international locations, including military base exchanges around the world.

Cravers on-the-go can access sweet deals and place a pick-up order any time in the official White Castle app. Download the app today from the iTunes App Store or Google Play. For more information on White Castle visit whitecastle.com.

Grubhub and NCR Make Online Ordering and Delivery More Efficient for Restaurants

Grubhub first to market with NCR Aloha POS integration of orders and menus

CHICAGO and ATLANTA, Jan. 9, 2018 /PRNewswire/ — Grubhu b (NYSE: GRUB), the nation’s leading online and mobile food-ordering company, and NCR Corporation (NYSE: NCR), a global leader in omni-channel solutions, are helping restaurants capitalize on online ordering and delivery with the Grubhub and NCR Aloha Platform-of-Sale (POS) integration that is today widely available.Following an agreement earlier this year, Grubhub was the first to bring the NCR Aloha POS integration of orders and menus for third-party delivery to market. Potbelly Sandwich Shop and On The Border Mexican Grill and Cantina are two leading restaurant brands that are live with the integration in select locations and already benefiting from increased efficiency and quicker online order confirmation times.Restaurants that use Grubhub as an ordering channel can manage orders from the core POS platform, helping operators make smarter use of staff, save time on menu updates, free up space on the crowded counter, view their financials and accounting in one place, and ultimately, generate more orders in their locations. The majority of mutual Grubhub and NCR customers are able to leverage this direct integration with minimal effort on their part, making for an easy-to-deploy solution. Grubhub is also the first partner to leverage NCR’s newest Catalog API, which synchronizes the POS with the restaurant’s Grubhub menu, removing a historical pain point for restaurant operators.

“We’re delighted to work with NCR to integrate Grubhub into the NCR Aloha POS for a ready-to-deploy solution that enhances the delivery experience and boosts efficiency for restaurant operators,” said Stan Chia, chief operating officer at Grubhub. “We continually hear from restaurants that POS integration is an important consideration in their delivery operations. With our NCR integration, we’re addressing this restaurant feedback and affirming our commitment to make online ordering and delivery as easy as possible for operators.”

“Foodservice delivery is expected to substantially grow within the next five years, which means restaurants need technology automation to leverage this trend with minimum impact to their existing operations,” said Don Zimmerman, vice president and general manager for hospitality solutions at NCR Corporation. “Grubhub’s integration with our NCR Aloha platform enables real-time, automated communication between the restaurant and Grubhub helping to ensure that their menus are up-to-date and orders placed on Grubhub flow the same way the restaurant’s in-store orders do today.”

“Potbelly is excited to partner with Grubhub and NCR to help create a seamless integration with our customer order flows,” said Maryann Byrdak, vice president of information technology at Potbelly Sandwich Shop. “This enhancement will help ensure that our customer experience is consistent and efficient no matter the ordering channel.”

“This is the next step in customer service for our Grubhub delivery customers,” said Timothy Douglas, director of restaurant systems at On the Border Mexican Grill and Cantina. “With NCR’s integration into On The Border’s point-of-sale systems, we can help ensure orders are processed quicker and more efficiently and track order data without having to use a separate tablet. We’re thrilled to be one of the first to market with this integration, and look forward to the results.”

For more information about Grubhub, go to get.grubhub.com.

You can sign your restaurant up for Grubhub at get.grubhub.com. To find takeout restaurants available in your area, please visit grubhub.com, and for more information about Grubhub, please visit newsroom.grubhub.com.

About NCR Corporation

NCR Corporation (NYSE: NCR) is a leader in omni-channel solutions, turning everyday interactions with businesses into exceptional experiences. With its software, hardware, and portfolio of services, NCR enables nearly 700 million transactions daily across the financial, retail, hospitality, travel, telecom and technology industries. NCR solutions run the everyday transactions that make your life easier. NCR is headquartered in Atlanta, with about 30,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries. NCR encourages investors to visit its website which is updated regularly with financial and other important information about NCR.

Web site: www.ncr.com
Twitter: @NCRCorporation
Facebook: www.facebook.com/ncrcorp
LinkedIn: www.linkedin.com/company/ncr-corporation
YouTube: www.youtube.com/user/ncrcorporation

Grubhub Expands Partnership with The Cheesecake Factory to Deliver Menu Favorites from Coast to Coast

CHICAGO, Dec. 13, 2017 /PRNewswire/ — Grubhub (NYSE: GRUB), the nation’s leading online and mobile food-ordering company, today announced an expansion of its partnership with The Cheesecake Factory®, America’s favorite restaurant known for its extensive menu, generous portions and legendary desserts. Grubhub is now offering delivery for The Cheesecake Factory in 18 different states across the country.

It’s easy for customers to order The Cheesecake Factory menu favorites — handmade, in-house with fresh ingredients — through Grubhub’s online and mobile platforms for delivery right to their door from select restaurant locations nationwide. This means The Cheesecake Factory’s signature cheesecakes and desserts, Saturday and Sunday Brunch, and SkinnyLicious® dishes with 590 calories or less can be enjoyed via Grubhub without leaving the comfort of home.

“We are so pleased to be working with Grubhub to deliver The Cheesecake Factory favorites to our guests across the country,” said David Gordon, president of The Cheesecake Factory. “Delivery provides an additional way for our guests to enjoy a Cheesecake Factory experience, and we are pleased to offer it from so many of our restaurants coast to coast.”

“We’re always looking to satisfy the cravings of our nearly 10 million diners by connecting them with the best local restaurants to order the food they love, at home or on the go,” said Stan Chia, chief operating officer at Grubhub. “Our diners will be delighted to see The Cheesecake Factory on Grubhub. We couldn’t be more thrilled to partner with the much-loved chain to help them capitalize on incremental sales from delivery while maintaining their world-class guest experience.”

Delivery from Grubhub is now available at select The Cheesecake Factory locations in Alabama, Arizona, California, Connecticut, Florida, Kentucky, Michigan, Nebraska, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Tennessee, Utah, Virginia, and Wisconsin.

To find restaurants for delivery near you, including The Cheesecake Factory where available, please visit grubhub.com.

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.

Grubhub Uncovers Delivery Trends and Predicts the Next Top Foods in Annual ‘Year In Delivery’ Report

Grubhub’s data analysis showcases the most popular delivery dishes of 2017 and foods expected to trend in 2018

CHICAGO, Dec. 6, 2017 /PRNewswire/ — Grubhub, the nation’s leading online and mobile food-ordering company, today announced the results of its second annual ‘Year In Delivery’ trends analysis. The data identifies the trendiest delivery dishes of 2017, as well as the foods expected to rise in popularity in 2018.

A few key takeaways from the report include:

Poke was trendier than ever for delivery in 2017 and is forecasted to stay popular in 2018.
San Francisco preferred buttermilk fried chicken, whereas New York loved to eat Japanese cuisine, ordering more spicy miso ramen than the rest of the country in 2017.
Vegetable entrees, such as jackfruit and cauliflower steaks, are on the rise for delivery in 2018, reinforcing national culinary forecasts.

“We’re always looking for ways to connect our diners to a wide variety of cuisines from our 75,000 restaurants nationwide,” said Barbara Martin Coppola, chief marketing officer at Grubhub. “We were delighted to dig into our data and identify food trends, which this year reflect the wide-ranging tastes of our diners — from poke bowls to steak, and avocado toast to burritos.”

Food Trends Analysis Results

The Most Popular Dishes of 2017:

Poke — 643% rise in popularity
Soft pretzels — 221% rise in popularity
Avocado toast — 212% rise in popularity
Chips and queso — 163% rise in popularity
Acai bowl — 138% rise in popularity
Chicken fried steak — 130% rise in popularity
Bean and cheese burrito — 127% rise in popularity
Italian sandwich — 125% rise in popularity
Chicken dum biryani — 123% rise in popularity
Mini corn dogs — 109% rise in popularity
California cobb salad — 108% rise in popularity
Snow crab legs — 106% rise in popularity
Country fried steak — 104% rise in popularity
Sirloin steak — 94% rise in popularity
Lasagna bolognese — 89% rise in popularity

The Most Popular Dishes by City in 2017:

Atlanta: Buttermilk pancakes — 234% rise in popularity
Austin, Texas: Chicken fajitas — 416% rise in popularity
Boston: Butter naan — 362% rise in popularity
Chicago: Chicken taquitos — 373% rise in popularity
Cleveland: Loaded fries — 350% rise in popularity
Dallas: Beef burger — 325% more popularly ordered in Dallas this year
Denver: Tonkotsu ramen — 152% rise in popularity
Detroit: Lettuce chicken wraps — 340% rise in popularity
Houston: Beef fajitas — 289% rise in popularity
Kansas City, Mo.: Mac and cheese — 447% rise in popularity
Las Vegas: Tuna sandwich — 203% rise in popularity
Los Angeles: Poke — 260% rise in popularity
Miami: Sweet plantains — 418% rise in popularity
New York: Spicy miso ramen — 331% rise in popularity
Philadelphia: Sweet potato tots — 308% rise in popularity
Phoenix: Philadelphia roll — 403% rise in popularity
Portland, Ore.: Grilled steak burrito — 397% rise in popularity
St. Louis: Steak tacos — 316% rise in popularity
San Diego: Shrimp taco — 218% rise in popularity
San Francisco: Buttermilk fried chicken — 136% rise in popularity
Seattle: Bacon cheeseburgers — 344% rise in popularity
Washington: Pho — 143% rise in popularity

The Dishes Forecasted for Popularity in 2018:

Lettuce chicken wraps — 184% rise in average monthly popularity
Poke — 91% rise in average monthly popularity
Bulgogi bibimbap — 89% rise in average monthly popularity
Roasted cauliflower — 88% rise in average monthly popularity
Spicy tonkotsu ramen — 76% rise in average monthly popularity
Kimchi fries — 75% rise in average monthly popularity
Cinnamon buns — 74% rise in average monthly popularity
Pumpkin soup — 64% rise in average monthly popularity
Brisket sandwich — 54% rise in average monthly popularity
Yellowtail belly — 54% rise in average monthly popularity
Mini corn dogs — 53% rise in average monthly popularity
Pork belly — 53% rise in average monthly popularity
Brick pressed chicken — 48% rise in average monthly popularity
Shio ramen — 47% rise in average monthly popularity
Korean fried chicken wings — 45% rise in average monthly popularity

The Trendiest Dishes for Delivery, in Line with National Culinary Reports:

Spaghetti squash — 351% rise in average monthly popularity
Mezcal — 234% rise in average monthly popularity
Zucchini noodles — 230% rise in average monthly popularity
Jackfruit — 123% rise in average monthly popularity
Crudites — 27% rise in average monthly popularity
Deviled eggs — 26% rise in average monthly popularity
Rotisserie chicken — 26% rise in average monthly popularity
Cauliflower steaks — 21% rise in average monthly popularity
Tater tots — 13% rise in average monthly popularity
Roasted vegetables — 10% rise in average monthly popularity

Methodologies

Grubhub’s data analysts looked at dishes that climbed in popularity this year, using three different methodologies for the analysis:

Top Foods of 2017 (national): Order data was compared from 2017 to order data from 2015 and 2016 collectively. The listed statistic is the percentage growth in 2017 in comparison to previous years.
Top Foods of 2017 (local): Order data was compared from 2017 to order data from 2015 and 2016 collectively — in comparison to the rest of the country. The listed statistic is the percentage growth in 2017 in comparison to previous years.
Forecasted Foods for 2018: Order volume was analyzed for dishes that rose in popularity each month in 2017, and the monthly cumulative percentage change is the listed statistic.

For the analysis and an infographic, visit Grubhub’s Newsroom.

To find takeout restaurants available in your area, check out grubhub.com. 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, check out get.grubhub.com. To learn more about Grubhub and its portfolio of brands, please visit newsroom .grubhub.com.

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, Foodler, AllMenus and MenuPages.

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.

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.

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.

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 Partners with BJ’s Restaurant & Brewhouse® to Provide Online Ordering, Delivery and Corporate Catering for 100 Restaurant Locations Nationwide

CHICAGO and HUNTINGTON BEACH, Calif., Oct. 16, 2017 /PRNewswire/ — Grubhub (NYSE: GRUB), the nation’s leading online and mobile food-ordering company, today announced a new partnership with BJ’s Restaurants, Inc. (NASDAQ: BJRI) to provide turnkey delivery and corporate catering for 100 BJ’s Restaurant & Brewhouse® locations.

Guests can now order their favorite BJ’s dishes — whether it’s a deep-dish pizza, Brewhouse Slow-Roasted Prime Rib, or other fresh items from the broad and constantly evolving menu — easily through Grubhub’s online and mobile platforms.

“We are excited to be expanding our delivery options and combining BJ’s extensive menu with the convenience of Grubhub,” said Lon Ledwith, executive vice president of operations at BJ’s Restaurants, Inc. “Our focus on great taste and guest satisfaction pairs well with Grubhub’s focus on service and innovative technology.”

“Grubhub connects people with their favorite local restaurants, so they can order what they want, whenever the craving hits. The addition of BJ’s locations to Grubhub means diners can order some of their favorite menu items from the much-loved chain, like the iconic Pizookie® or a delicious handcrafted burger,” said Stan Chia, chief operating officer at Grubhub. “We are excited to have BJ’s as one of our national brands to provide the partnership and technology that will help them reach new guests. I hope that diners are delighted to see the availability of this beloved brand on the Grubhub platform.”

Delivery and corporate catering from Grubhub is now available at 100 BJ’s Restaurant & Brewhouse locations in California, Colorado, Florida, Kentucky, Maryland, Nevada, New Mexico, North Carolina, Ohio, Oregon, Pennsylvania, Arizona, Texas, Virginia and the District of Columbia.

To get started with BJ’s delivery, visit Grubhub.com. For more information on Grubhub, please visit newsroom.grubhub.com.

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.

About BJ’s Restaurants, Inc.
BJ’s Restaurants, Inc. currently owns and operates 195 casual dining restaurants under the BJ’s Restaurant & Brewhouse®, BJ’s Restaurant & Brewery®, BJ’s Pizza & Grill® and BJ’s Grill® brand names. BJ’s Restaurants offer an innovative and broad menu featuring award-winning, signature deep dish pizza complemented with generously portioned salads, appetizers, sandwiches, soups, pastas, entrees and desserts, including the Pizookie® dessert. Quality, flavor, value, moderate prices and sincere service remain distinct attributes of the BJ’s experience. All restaurants feature BJ’s critically acclaimed proprietary craft beers, which are produced at several of the Company’s Restaurant & Brewery locations, its two brewpubs in Texas and by independent third party craft brewers.

The Company’s restaurants are located in the 25 states of Alabama, Arizona, Arkansas, California, Colorado, Florida, Indiana, Kansas, Kentucky, Louisiana, Maryland, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington. Visit BJ’s Restaurants, Inc. on the Web at http://www.bjsrestaurants.com for locations and additional information.

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.

News Type: Newsroom Archive