Press Releases Archives - Page 12 of 16

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.

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 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.

Grubhub Announces Departure Of Benjamin Spero From Board Of Directors

CHICAGO, March 1, 2017 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s leading takeout marketplace, today announced the resignation of Benjamin Spero from its Board of Directors and Compensation Committee. Spero is departing in order to increase his focus on other business interests.

“We would like to thank Ben for his invaluable leadership during our last five years of rapid growth and transformation,” said Matt Maloney, Grubhub CEO. “He was instrumental in guiding Seamless through its spinoff from Aramark, merging Seamless with Grubhub, and completing the initial public offering of the combined company. His entrepreneurial knowledge and operational expertise have helped Grubhub become the clear market leader in online takeout ordering in the United States, and we wish him well in his future endeavors.”

“I am incredibly proud of the progress Grubhub has made in the past five years and excited to watch its future success,” said Spero. “I am leaving the Board to focus on earlier stage companies, but continue to believe that Grubhub is the best positioned company to capitalize on the massive opportunity in online takeout ordering.”

Spero first joined the Board as a Seamless director in June 2011, and served more than three years as a Grubhub director following the merger in August 2013. After his departure, Grubhub will have nine directors, including eight independent members with significant public and private company leadership and operating experience in a broad set of industries.

GrubHub Logo

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/grubhub-announces-departure-of-benjamin-spero-from-board-of-directors-300416195.html

Katie Norris, press@grubhub.com

Grubhub Reports Record Fourth Quarter And Full Year 2016 Results

Grubhub generates 38% revenue growth in the fourth quarter

CHICAGO, Feb. 8, 2017 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s leading takeout marketplace, today announced financial results for the quarter and year ended Dec. 31, 2016. Orders grew 21% year-over-year, and the Company posted quarterly revenues of $137.5 million, which is a 38% year-over-year increase from $100.0 million in the fourth quarter of 2015.

“Grubhub had a transformative year in 2016. We dramatically improved our product and reaccelerated order growth. Fueled by data-driven product enhancements, substantial strides in delivery, and a refreshed marketing approach, we exited the year growing DAGs faster than we did a year ago,” said Matt Maloney, Grubhub CEO. “With Grubhub delivery now in roughly 70 markets across the country and a significantly improved restaurant network, we enter 2017 well positioned to press our market leading advantage and give Grubhub growth momentum for years to come.”

Fourth Quarter and Full Year 2016 Highlights

The following results reflect the financial performance and key operating metrics of our business for the three months and year ended Dec. 31, 2016, as compared to the same periods in 2015.

Fourth Quarter Financial Highlights

Revenues: $137.5 million, a 38% year-over-year increase from $100.0 million in the fourth quarter of 2015.
Net Income: $13.6 million, or $0.16 per diluted share, a 21% year-over-year increase from $11.3 million, or $0.13 per diluted share, in the fourth quarter of 2015.
Non-GAAP Adjusted EBITDA: $39.2 million, a 46% year-over-year increase from $26.8 million in the fourth quarter of 2015.
Non-GAAP Net Income: $19.8 million, or $0.23 per diluted share, a 19% year-over-year increase from $16.7 million, or $0.19 per diluted share, in the fourth quarter of 2015.

Fourth Quarter Key Business Metrics Highlights

Active Diners were 8.17 million, a 21% year-over-year increase from 6.75 million Active Diners in the fourth quarter of 2015.
Daily Average Grubs were 292,500, a 21% year-over-year increase from 241,800 Daily Average Grubs in the fourth quarter of 2015.
Gross Food Sales were $818 million, a 27% year-over-year increase from $643 million in the fourth quarter of 2015.

Full Year Financial Highlights

Revenues: $493.3 million, a 36% year-over-year increase from $361.8 million in 2015.
Net Income: $49.6 million, or $0.58 per diluted share, a 30% year-over-year increase from $38.1 million, or $0.44 per diluted share, in 2015.
Non-GAAP Adjusted EBITDA: $144.6 million, a 38% year-over-year increase from $105.0 million in 2015.
Non-GAAP Net Income: $76.6 million, or $0.89 per diluted share, a 32% year-over-year increase from $58.1 million, or $0.68 per diluted share.

Full Year Key Business Metrics Highlights

Active Diners were 8.17 million, a 21% year-over-year increase from 6.75 million Active Diners in 2015.
Daily Average Grubs were 274,800, a 21% year-over-year increase from 227,100 Daily Average Grubs in 2015.
Gross Food Sales were $3.0 billion, a 27% year-over-year increase from $2.4 billion in 2015.

“Our rapid scaling in delivery combined with our substantial incremental margins helped Grubhub post record profits in 2016. Adjusted EBITDA grew 38% for the year, with Adjusted EBITDA per order growing 14% to $1.44 per order in 2016 from $1.27 the prior year,” said Adam DeWitt, Grubhub CFO. “Throughout 2016 and into this year, we’ve been adding the highest quality restaurants in all of our markets to our vastly improved diner platform. We believe this formula will support us in driving growth across our network, while our scale will help us generate more cash flow per order over time.”

First Quarter and Full Year 2017 Guidance

Based on information available as of Feb. 8, 2017, the Company is providing the following financial guidance for the first quarter and full year of 2017:

	First Quarter 2017	Full Year 2017
	(in millions)
Expected Revenue range	$148 – $156	$620 – $660
Expected Adjusted EBITDA range	$37 – $42	$165 – $190

Fourth Quarter 2017 Financial Results Conference Call
Grubhub will webcast a conference call today at 9 a.m. CT to discuss the fourth quarter 2016 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, 2017.

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. 26, 2016 and our most recent Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2016, 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, 2016, 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.

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 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.

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,
	2016		2015		2016		2015
Revenues	$	137,457	$	99,959	$	493,331	$	361,825
Costs and expenses:
Sales and marketing		29,636		24,921		110,323		91,150
Operations and support		51,727		32,483		171,756		107,424
Technology (exclusive of amortization)		10,689		8,802		42,454		32,782
General and administrative		12,252		11,457		49,753		40,506
Depreciation and amortization		9,911		6,657		35,193		28,034
Total costs and expenses		114,215		84,320		409,479		299,896
Income before provision for income taxes		23,242		15,639		83,852		61,929
Provision for income taxes		9,605		4,351		34,295		23,852
Net income attributable to common stockholders	$	13,637	$	11,288	$	49,557	$	38,077
Net income per share attributable to common stockholders:
Basic	$	0.16	$	0.13	$	0.58	$	0.45
Diluted	$	0.16	$	0.13	$	0.58	$	0.44
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		85,608		84,823		85,069		84,076
Diluted		86,666		86,028		86,135		85,706

KEY OPERATING METRICS

	Three Months Ended December 31,				Year Ended December 31,
	2016		2015		2016		2015
Active Diners (000s)		8,174		6,746		8,174		6,746
Daily Average Grubs		292,500		241,800		274,800		227,100
Gross Food Sales (millions)	$	817.7	$	642.5	$	2,998.1	$	2,353.6

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



	December 31, 2016		December 31, 2015
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	239,528	$	169,293
Short term investments		84,091		141,448
Accounts receivable, less allowances for doubtful accounts		60,550		42,051
Prepaid expenses		12,168		3,482
Total current assets		396,337		356,274
PROPERTY AND EQUIPMENT:
Property and equipment, net of depreciation and amortization		46,555		19,082
OTHER ASSETS:
Other assets		4,530		3,105
Goodwill		436,455		396,220
Acquired intangible assets, net of amortization		313,630		285,567
Total other assets		754,615		684,892
TOTAL ASSETS	$	1,197,507	$	1,060,248
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Restaurant food liability	$	83,349	$	64,326
Accounts payable		7,590		8,189
Accrued payroll		7,338		4,841
Taxes payable		865		426
Other accruals		11,348		11,830
Total current liabilities		110,490		89,612
LONG TERM LIABILITIES:
Deferred taxes, non-current		108,022		87,584
Other accruals		6,876		5,456
Total long term liabilities		114,898		93,040
STOCKHOLDERS’ EQUITY:
Common stock, $0.0001 par value		9		8
Accumulated other comprehensive loss		(2,078)		(604)
Additional paid-in capital		805,731		759,292
Retained earnings		168,457		118,900
Total Stockholders’ Equity	$	972,119	$	877,596
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,197,507	$	1,060,248

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

	Year Ended December 31,
	2016		2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	49,557	$	38,077
Adjustments to reconcile net income to net cash from operating activities:
Depreciation		8,921		5,085
Provision for doubtful accounts		1,102		850
Deferred taxes		1,027		(3,835)
Amortization of intangible assets		26,272		22,949
Stock-based compensation		23,559		13,450
Deferred rent		1,286		32
Other		(406)		529
Change in assets and liabilities, net of the effects of business acquisitions:
Accounts receivable		(17,488)		(4,343)
Prepaid expenses and other assets		(8,765)		242
Restaurant food liability		16,451		(29,409)
Accounts payable		(3,204)		3,312
Accrued payroll		1,819		(2,104)
Other accruals		(2,453)		(80)
Net cash provided by operating activities		97,678		44,755
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments		(226,694)		(220,667)
Proceeds from maturity of investments		284,662		189,872
Capitalized website and development costs		(12,809)		(7,137)
Purchases of property and equipment		(24,087)		(4,150)
Acquisitions of businesses, net of cash acquired		(65,849)		(73,907)
Acquisition of other intangible assets		(250)		—
Other cash flows from investing activities		(492)		(408)
Net cash used in investing activities		(45,519)		(116,397)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchases of common stock		(14,774)		—
Proceeds from exercise of stock options		13,468		11,919
Excess tax benefits related to stock-based compensation		24,906		27,830
Taxes paid related to net settlement of stock-based compensation awards		(2,779)		(345)
Payments for debt issuance costs		(1,477)		—
Net cash provided by financing activities		19,344		39,404
Net change in cash and cash equivalents		71,503		(32,238)
Effect of exchange rates on cash		(1,268)		(265)
Cash and cash equivalents at beginning of year		169,293		201,796
Cash and cash equivalents at end of the period	$	239,528	$	169,293
SUPPLEMENTAL DISCLOSURE OF NON CASH ITEMS
Fair value of common stock issued for acquisitions	$	—	$	15,980
Cash paid for income taxes		8,722		—

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

	Three Months Ended December 31,				Year Ended December 31,
	2016		2015		2016		2015
Net income	$	13,637	$	11,288	$	49,557	$	38,077
Income taxes		9,605		4,351		34,295		23,852
Depreciation and amortization		9,911		6,657		35,193		28,034
EBITDA		33,153		22,296		119,045		89,963
Acquisition and restructuring costs		253		468		2,042		1,554
Stock-based compensation		5,804		4,072		23,559		13,450
Adjusted EBITDA	$	39,210	$	26,836	$	144,646	$	104,967

	Three Months Ended December 31,				Year Ended December 31,
	2016		2015		2016		2015
Net income	$	13,637	$	11,288	$	49,557	$	38,077
Stock-based compensation		5,804		4,072		23,559		13,450
Amortization of acquired intangible assets		4,801		4,774		20,871		18,236
Accelerated write-down of Seamless technology platform		—		—		—		1,897
Acquisition and restructuring costs		253		468		2,042		1,554
Income tax adjustments		(4,692)		(3,928)		(19,472)		(15,109)
Non-GAAP net income	$	19,803	$	16,674	$	76,557	$	58,105
Weighted-average diluted shares used to compute net income per share attributable to common stockholders		86,666		86,028		86,135		85,706
Non-GAAP net income per diluted share attributable to common stockholders	$	0.23	$	0.19	$	0.89	$	0.68

	Guidance
	Three Months Ended March 31, 2017				Year Ended December 31, 2017
	Low		High		Low		High
	(in millions)
Net income	$	12.5	$	15.5	$	58.6	$	73.5
Income taxes		8.5		10.5		39.9		50.0
Depreciation and amortization		9.5		9.5		39.0		39.0
EBITDA		30.5		35.5		137.5		162.5
Acquisition and restructuring costs		—		—		—		—
Stock-based compensation		6.5		6.5		27.5		27.5
Adjusted EBITDA	$	37.0	$	42.0	$	165.0	$	190.0

Grubhub To Announce Fourth Quarter 2016 Financial Results On Feb. 8, 2017

CHICAGO, Jan. 19, 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 fourth quarter financial results on Wednesday, Feb. 8, 2017, at 9 a.m. Central Standard Time, 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 45,000 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.

GrubHub Logo

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/grubhub-to-announce-fourth-quarter-2016-financial-results-on-feb-8-2017-300393261.html

Dave Zaragoza, Corporate Finance & Investor Relations, ir@grubhub.com; Katie Norris, Press, press@grubhub.com

Grubhub Reports Record Third Quarter Results

Grubhub generates 44% revenue growth in the third quarter

CHICAGO, Oct. 26, 2016 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s leading takeout marketplace, today announced financial results for the quarter ended Sept. 30, 2016. Order growth accelerated to 26% year-over-year, and the Company posted quarterly revenues of $123.5 million, which is a 44% year-over-year increase from $85.7 million in the third quarter of 2015.”We are pleased with Grubhub’s third quarter growth, as we continue building the most comprehensive marketplace for restaurants and takeout diners. Our product improvements and investment in delivery continue to generate high levels of sustainable growth,” said Matt Maloney, Grubhub CEO. “Grubhub is now delivering for restaurant partners in over 60 markets nationwide, and our growth rate is generally highest in markets where a substantial percentage of orders are being delivered by our drivers.”

Third Quarter 2016 Highlights

The following results reflect the financial performance and key operating metrics of our business for the three months ended Sept. 30, 2016, as compared to the same period in 2015.

Third Quarter Financial Highlights

Revenues: $123.5 million, a 44% year-over-year increase from $85.7 million in the third quarter of 2015.
Net Income: $13.2 million, or $0.15 per diluted share, a 92% year-over-year increase from $6.9 million, or $0.08 per diluted share, in the third quarter of 2015.
Non-GAAP Adjusted EBITDA: $35.5 million, a 65% year-over-year increase from $21.5 million in the third quarter of 2015.
Non-GAAP Net Income: $19.9 million, or $0.23 per diluted share, a 73% year-over-year increase from $11.5 million, or $0.13 per diluted share.

Third Quarter Key Business Metrics Highlights

Active Diners were 7.69 million, a 19% year-over-year increase from 6.43 million Active Diners in the third quarter of 2015.
Daily Average Grubs were 267,500, a 26% year-over-year increase from 211,500 Daily Average Grubs in the third quarter of 2015.
Gross Food Sales were $735 million, a 33% year-over-year increase from $554 million in the third quarter of 2015.

“Grubhub had strong topline and bottom line results in the third quarter, generating record net revenues and significant operating leverage,” said Adam DeWitt, Grubhub CFO. “This strong growth, combined with the high incremental margins of our business model, drove adjusted EBITDA per order to $1.44, a 31% increase compared to the third quarter of 2015.”

Fourth Quarter Guidance

Based on information available as of Oct. 26, 2016, the Company is providing the following financial guidance for the fourth quarter of 2016:

	Fourth Quarter 2016
	(in millions)
Expected Revenue range	$136 – $138
Expected Adjusted EBITDA range	$38 – $40

Third Quarter 2016 Financial Results Conference Call: Grubhub will webcast a conference call today at 9 a.m. CDT to discuss the third quarter 2016 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. 9, 2016.

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 45,000 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 our 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. 26, 2016, 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 Quarterly Report on Form 10-Q that will be filed for the quarter ended Sept. 30, 2016, which should be read in conjunction with these financial results. Please also note that forward-looking statements represent our 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 September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Revenues	$	123,461	$	85,662	$	355,874	$	261,866
Costs and expenses:
Sales and marketing		26,499		21,443		80,687		66,229
Operations and support		44,346		27,637		120,029		74,941
Technology (exclusive of amortization)		11,006		8,412		31,765		23,980
General and administrative		11,754		10,203		37,501		29,049
Depreciation and amortization		9,089		6,299		25,282		21,377
Total costs and expenses		102,694		73,994		295,264		215,576
Income before provision for income taxes		20,767		11,668		60,610		46,290
Provision for income taxes		7,585		4,801		24,690		19,501
Net income attributable to common stockholders	$	13,182	$	6,867	$	35,920	$	26,789
Net income per share attributable to common stockholders:
Basic	$	0.15	$	0.08	$	0.42	$	0.32
Diluted	$	0.15	$	0.08	$	0.42	$	0.31
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		85,217		84,583		84,889		83,827
Diluted		86,424		85,867		85,957		85,599

KEY OPERATING METRICS

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Active Diners (000s)		7,685		6,431		7,685		6,431
Daily Average Grubs		267,500		211,500		268,800		222,000
Gross Food Sales (millions)	$	735.0	$	553.6	$	2,180.4	$	1,711.1

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



	September 30, 2016		December 31, 2015
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	177,838	$	169,293
Short term investments		118,743		141,448
Accounts receivable, less allowances for doubtful accounts		65,729		42,051
Prepaid expenses		6,264		3,482
Total current assets		368,574		356,274
PROPERTY AND EQUIPMENT:
Property and equipment, net of depreciation and amortization		43,398		19,082
OTHER ASSETS:
Other assets		4,873		3,105
Goodwill		437,009		396,220
Acquired intangible assets, net of amortization		318,431		285,567
Total other assets		760,313		684,892
TOTAL ASSETS	$	1,172,285	$	1,060,248
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Restaurant food liability	$	78,321	$	64,326
Accounts payable		9,532		8,189
Accrued payroll		6,103		4,841
Taxes payable		785		426
Other accruals		16,054		11,830
Total current liabilities		110,795		89,612
LONG TERM LIABILITIES:
Deferred taxes, non-current		105,642		87,584
Other accruals		6,245		5,456
Total long term liabilities		111,887		93,040
STOCKHOLDERS’ EQUITY:
Common stock, $0.0001 par value		9		8
Accumulated other comprehensive loss		(1,641)		(604)
Additional paid-in capital		796,414		759,292
Retained earnings		154,821		118,900
Total Stockholders’ Equity	$	949,603	$	877,596
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,172,285	$	1,060,248

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

	Nine Months Ended September 30,
	2016		2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	35,920	$	26,789
Adjustments to reconcile net income to net cash from operating activities:
Depreciation		5,567		3,846
Provision for doubtful accounts		719		565
Deferred taxes		(1,908)		(2,793)
Amortization of intangible assets		19,715		17,531
Stock-based compensation		17,755		9,378
Deferred rent		980		(73)
Other		(292)		553
Change in assets and liabilities, net of the effects of business acquisitions:
Accounts receivable		(22,299)		(6,912)
Prepaid expenses and other assets		(2,874)		(1,456)
Restaurant food liability		11,361		(31,444)
Accounts payable		(4,592)		(633)
Accrued payroll		582		(2,150)
Other accruals		1,799		389
Net cash provided by operating activities		62,433		13,590
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments		(187,456)		(154,268)
Proceeds from maturity of investments		210,567		122,856
Capitalized website and development costs		(8,859)		(4,961)
Purchases of property and equipment		(17,083)		(2,866)
Acquisitions of businesses, net of cash acquired		(65,849)		(55,687)
Acquisition of other intangible assets		(250)		—
Other cash flows from investing activities		(540)		—
Net cash used in investing activities		(69,470)		(94,926)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchases of common stock		(14,774)		—
Proceeds from exercise of stock options		11,814		10,689
Excess tax benefits related to stock-based compensation		22,114		21,987
Taxes paid related to net settlement of stock-based compensation awards		(1,205)		—
Payments for debt issuance costs		(1,477)		—
Net cash provided by financing activities		16,472		32,676
Net change in cash and cash equivalents		9,435		(48,660)
Effect of exchange rates on cash		(890)		(108)
Cash and cash equivalents at beginning of year		169,293		201,796
Cash and cash equivalents at end of the period	$	177,838	$	153,028
SUPPLEMENTAL DISCLOSURE OF NON CASH ITEMS
Fair value of common stock issued for acquisitions	$	—	$	15,980
Cash paid for income taxes		5,757		—

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Net income	$	13,182	$	6,867	$	35,920	$	26,789
Income taxes		7,585		4,801		24,690		19,501
Depreciation and amortization		9,089		6,299		25,282		21,377
EBITDA		29,856		17,967		85,892		67,667
Acquisition and restructuring costs		261		383		1,789		1,086
Stock-based compensation		5,349		3,113		17,755		9,378
Adjusted EBITDA	$	35,466	$	21,463	$	105,436	$	78,131

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Net income	$	13,182	$	6,867	$	35,920	$	26,789
Stock-based compensation		5,349		3,113		17,755		9,378
Amortization of acquired intangible assets		5,385		4,674		16,070		13,462
Accelerated write-down of Seamless technology platform		—		—		—		1,897
Acquisition and restructuring costs		261		383		1,789		1,086
Income tax adjustments		(4,243)		(3,538)		(14,780)		(11,181)
Non-GAAP net income	$	19,934	$	11,499	$	56,754	$	41,431
Weighted-average diluted shares used to compute net income per share attributable to common stockholders		86,424		85,867		85,957		85,599
Non-GAAP net income per diluted share attributable to common stockholders	$	0.23	$	0.13	$	0.66	$	0.48

	Guidance
	Three Months Ended December 31, 2016
	Low		High
	(in millions)
Net income	$	14	$	15
Income taxes		9		10
Depreciation and amortization		9		9
EBITDA		32		34
Acquisition and restructuring costs		—		—
Stock-based compensation		6		6
Adjusted EBITDA	$	38	$	40

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Grubhub Adds Linda Johnson Rice and David Habiger to its Board of Directors

CHICAGO, Oct. 18, 2016 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s leading online and mobile food-ordering and delivery platform, today announced two additions to its Board of Directors: Linda Johnson Rice, Chairman of Johnson Publishing Company and Chairman Emeritus of EBONY Media Holdings, and David Habiger, a successful entrepreneur, former public company CEO and experienced corporate Director.

“We are excited to welcome Linda and David to the Board of Directors. Grubhub shareholders will benefit tremendously from their incredible breadth and depth of experience as the company continues to grow at increasingly large scale,” said Matt Maloney, CEO of Grubhub. “The unique skill set of each brings a unique and much-valued combination of public company operating knowledge and aggressive entrepreneurial spirit to the team.”

Linda Johnson Rice is Chairman of Johnson Publishing Company (JPC) and Chairman Emeritus of EBONY Media Holdings, and serves on the Board of Directors of Omnicom Group. At JPC, Rice demonstrated her innovative thinking and ability to drive growth by increasing circulation through new types of outreach, extending the cosmetics business internationally and moving into the development of TV specials and documentaries. Rice is also a not-for-profit organization leader, and has served on the corporate boards of a number of major companies.

David Habiger was the interim CEO of Textura Corporation and a member of the company’s Board of Directors, prior to its recent sale to Oracle, and is a venture partner with Pritzker Group. Prior to these roles, Habiger held the CEO position at NDS Group Ltd. — prior to its sale to Cisco Systems — and at Sonic Solutions. He demonstrated his skill in leading companies through all stages of development by guiding Sonic through an IPO and to its leadership position as a leading cloud-based provider of premium movies and TV shows. He also serves on the boards of a number of technology companies.

Rice and Habiger are joining Grubhub’s Board of Directors concurrent with the departure of Justin Sadrian, Managing Director at Warburg Pincus, who served on the board of Grubhub and its predecessor, Seamless, for more than five years, since Aramark spun Seamless out as a separate entity.

“We would like to thank Justin for his many years of service to Grubhub as a director and for his wisdom and guidance, which was invaluable as we navigated our merger, IPO and our first two and a half years as a public company. During his tenure, we’ve transformed the takeout industry, growing from less than $10 million to more than $450 million in annual revenues,” said Maloney.

About Grubhub
Grubhub (NYSE: GRUB) is the nation’s leading online and mobile food-ordering company. 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 45,000 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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/grubhub-adds-linda-johnson-rice-and-david-habiger-to-its-board-of-directors-300347003.html

Grubhub To Announce Third Quarter 2016 Financial Results On Oct. 26, 2016

CHICAGO, Oct. 10, 2016 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s leading online and mobile food-ordering and delivery platform, today announced that it will host a conference call to discuss its third quarter financial results on Wednesday, Oct. 26, 2016, at 9 a.m. Central Daylight Time, 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 recorded replay of the webcast will be available on the website.

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Grubhub Reports Record Second Quarter Results

Grubhub generates 37% revenue growth in the second quarter

CHICAGO, July 28, 2016 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the leading takeout marketplace, today announced financial results for the quarter ended June 30, 2016.

“In our strong second quarter, Grubhub continued to build the most comprehensive marketplace connecting restaurants and takeout diners. We posted record net revenues and our best order growth in a year,” said Matt Maloney, CEO. “Grubhub also generated a record number of orders in Q2 despite typical seasonal headwinds, as total order growth accelerated to 23% year-over-year.”

Second Quarter 2016 Highlights

The following results reflect the financial performance and key operating metrics of our business for the three months ended June 30, 2016 as compared to the same period in 2015.

Second Quarter Financial Highlights

Revenues: $120.2 million, a 37% year-over-year increase from $88.0 million in the second quarter of 2015.
Non-GAAP Adjusted EBITDA: $37.6 million, a 32% year-over-year increase from $28.4 million in the second quarter of 2015.
Net Income: $12.8 million, or $0.15 per diluted share, a 37% year-over-year increase from $9.4 million, or $0.11 per diluted share, in the second quarter of 2015.
Non-GAAP Net Income: $19.6 million, or $0.23 per diluted share, a 31% year-over-year increase from $15.0 million, or $0.17 per diluted share.

Second Quarter Key Business Metrics Highlights

Active Diners were 7.35 million, a 24% year-over-year increase from 5.93 million Active Diners in the second quarter of 2015.
Daily Average Grubs were 271,100, a 23% year-over-year increase from 220,100 Daily Average Grubs in the second quarter of 2015.
Gross Food Sales were $733 million, a 29% year-over-year increase from $568 million in the second quarter of 2015.

“Product improvements, our delivery initiative and an updated brand drove better diner growth and significantly higher engagement in the second quarter,” noted Maloney. “Demonstrating the powerful economics of scale in our business, we achieved an adjusted EBITDA margin of 31%, just under the levels in the first and second quarters of 2015 before we began investing meaningfully in our own delivery capabilities.”

Third Quarter and Full Year 2016 Guidance

Based on information available as of July 28th, 2016, the Company is providing the following financial guidance for the third quarter and full year of 2016:

	Third Quarter 2016	Full Year 2016
	(in millions)
Expected Revenue range	$116 – $119	$480 – $488
Expected Adjusted EBITDA range	$30 – $32	$136 – $142

Second Quarter 2016 Financial Results Conference Call: Grubhub will webcast a conference call today at 9 a.m. CT to discuss the second quarter 2016 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 August 11, 2016.

Use of Forward Looking Statements:
This press release contains forward-looking statements regarding our 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 February 26, 2016, 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 Quarterly Report on Form 10-Q that will be filed for the quarter ended June 30, 2016, which should be read in conjunction with these financial results. Please also note that forward-looking statements represent our 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 June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Revenues	$	120,173	$	87,955	$	232,413	$	176,204
Costs and expenses:
Sales and marketing		25,355		20,679		54,188		44,786
Operations and support		40,696		24,603		75,683		47,304
Technology (exclusive of amortization)		10,567		7,902		20,759		15,568
General and administrative		12,158		9,745		25,747		18,846
Depreciation and amortization		8,885		8,829		16,193		15,078
Total costs and expenses		97,661		71,758		192,570		141,582
Income before provision for income taxes		22,512		16,197		39,843		34,622
Provision for income taxes		9,707		6,845		17,105		14,700
Net income attributable to common stockholders	$	12,805	$	9,352	$	22,738	$	19,922
Net income per share attributable to common stockholders:
Basic	$	0.15	$	0.11	$	0.27	$	0.24
Diluted	$	0.15	$	0.11	$	0.27	$	0.23
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		84,741		84,116		84,725		83,449
Diluted		85,749		85,833		85,724		85,465

KEY OPERATING METRICS

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Active Diners (000s)		7,352		5,932		7,352		5,932
Daily Average Grubs		271,100		220,100		269,500		227,300
Gross Food Sales (millions)	$	732.6	$	567.6	$	1,445.4	$	1,157.5

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



	June 30, 2016		December 31, 2015
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	132,924	$	169,293
Short term investments		136,883		141,448
Accounts receivable, less allowances for doubtful accounts		57,087		42,051
Prepaid expenses		6,602		3,482
Total current assets		333,496		356,274
PROPERTY AND EQUIPMENT:
Property and equipment, net of depreciation and amortization		32,320		19,082
OTHER ASSETS:
Other assets		5,218		3,105
Goodwill		437,009		396,220
Acquired intangible assets, net of amortization		323,816		285,567
Total other assets		766,043		684,892
TOTAL ASSETS	$	1,131,859	$	1,060,248
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Restaurant food liability	$	71,276	$	64,326
Accounts payable		11,282		8,189
Accrued payroll		6,118		4,841
Taxes payable		1,020		426
Other accruals		14,267		11,830
Total current liabilities		103,963		89,612
LONG TERM LIABILITIES:
Deferred taxes, non-current		103,376		87,584
Other accruals		5,818		5,456
Total long term liabilities		109,194		93,040
STOCKHOLDERS’ EQUITY:
Common stock, $0.0001 par value		8		8
Accumulated other comprehensive loss		(1,396)		(604)
Additional paid-in capital		778,452		759,292
Retained earnings		141,638		118,900
Total Stockholders’ Equity	$	918,702	$	877,596
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,131,859	$	1,060,248

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

	Six Months Ended June 30,
	2016		2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	22,738	$	19,922
Adjustments to reconcile net income to net cash from operating activities:
Depreciation		3,327		2,721
Provision for doubtful accounts		420		260
Deferred taxes		(4,174)		35
Amortization of intangible assets		12,866		12,357
Stock-based compensation		12,406		6,265
Other		316		417
Change in assets and liabilities, net of the effects of business acquisitions:
Accounts receivable		(11,722)		(8,460)
Prepaid expenses and other assets		(3,315)		(485)
Restaurant food liability		4,278		3,052
Accounts payable		(858)		(3,957)
Accrued payroll		595		(3,000)
Other accruals		316		1,417
Net cash provided by operating activities		37,193		30,544
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments		(123,723)		(65,645)
Proceeds from maturity of investments		128,490		64,618
Capitalized website and development costs		(5,380)		(3,104)
Purchases of property and equipment		(8,362)		(1,201)
Acquisitions of businesses, net of cash acquired		(67,528)		(55,687)
Acquisition of other intangible assets		(250)		—
Other cash flows from investing activities		(576)		—
Net cash used in investing activities		(77,329)		(61,019)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchases of common stock		(14,774)		—
Proceeds from exercise of stock options		2,878		9,777
Excess tax benefits related to stock-based compensation		18,767		14,421
Taxes paid related to net settlement of stock-based compensation awards		(938)		—
Payments for debt issuance costs		(1,477)		—
Net cash provided by financing activities		4,456		24,198
Net change in cash and cash equivalents		(35,680)		(6,277)
Effect of exchange rates on cash		(689)		76
Cash and cash equivalents at beginning of year		169,293		201,796
Cash and cash equivalents at end of the period	$	132,924	$	195,595
SUPPLEMENTAL DISCLOSURE OF NON CASH ITEMS
Fair value of common stock issued for acquisitions	$	—	$	15,980
Cash paid for income taxes		3,250		—

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Net income	$	12,805	$	9,352	$	22,738	$	19,922
Income taxes		9,707		6,845		17,105		14,700
Depreciation and amortization		8,885		8,829		16,193		15,078
EBITDA		31,397		25,026		56,036		49,700
Acquisition and restructuring costs		697		134		1,528		703
Stock-based compensation		5,505		3,258		12,406		6,265
Adjusted EBITDA	$	37,599	$	28,418	$	69,970	$	56,668

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Net income	$	12,805	$	9,352	$	22,738	$	19,922
Stock-based compensation		5,505		3,258		12,406		6,265
Amortization of acquired intangible assets		5,640		4,673		10,685		8,788
Accelerated write-down of Seamless technology platform		—		1,897		—		1,897
Acquisition and restructuring costs		697		134		1,528		703
Income tax adjustments		(5,068)		(4,314)		(10,537)		(7,644)
Non-GAAP net income	$	19,579	$	15,000	$	36,820	$	29,931
Weighted-average diluted shares used to compute net income per share attributable to common stockholders		85,749		85,833		85,724		85,465
Non-GAAP net income per diluted share attributable to common stockholders	$	0.23	$	0.17	$	0.43	$	0.35

	Guidance
	Three Months Ended September 30, 2016				Year Ended December 31, 2016
	Low		High		Low		High
	(in millions)
Net income	$	8	$	9	$	42	$	46
Income taxes		6		7		32		34
Depreciation and amortization		10		10		37		37
EBITDA		24		26		111		117
Acquisition and restructuring costs		—		—		—		—
Stock-based compensation		6		6		25		25
Adjusted EBITDA	$	30	$	32	$	136	$	142

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Grubhub To Announce Second Quarter 2016 Financial Results On July 28, 2016

CHICAGO, July 13, 2016 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the nation’s leading online and mobile food-ordering and delivery platform, today announced that it will host a conference call to discuss its second quarter financial results on Thursday, July 28th, 2016, at 9:00 a.m. Central Time, following the release of the Company’s financial results. Matt Maloney, CEO, and Adam DeWitt, CFO 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 recorded replay of the webcast will be available on the website.

About Grubhub
Grubhub (NYSE: GRUB) is the nation’s leading online and mobile food-ordering company. 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 44,000 restaurant partners in over 1,000 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, AllMenus, MenuPages, Restaurants on the Run, DiningIn, Delivered Dish and LAbite.

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Grubhub Completes Acquisition Of LAbite

CHICAGO, May 11, 2016 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the leading takeout marketplace, today announced it has completed the acquisition of LAbite.

Second Quarter and Full Year 2016 Guidance

Grubhub is making the following adjustments to its previous outlook for the second quarter and full year of 2016, based on information available as of May 11, 2016, which includes the impact of the LAbite acquisition:

	Second Quarter 2016	Full Year 2016
	(in millions)
Expected revenue range	$113 – $115	$465 – $480
Expected Adjusted EBITDA range	$30 – $32	$125 – $133

About Grubhub
Grubhub (NYSE: GRUB) is the nation’s leading online and mobile food-ordering company. 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 44,000 restaurant partners in over 1,000 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 our 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 February 26, 2016, which are on file with the SEC and are available on the Investor Relations section of our website at http://investors.grubhub.com/. Our financial results should be read in conjunction with our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 that was filed on May 9, 2016. Please also note that forward-looking statements represent our 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.

Use of Non-GAAP Financial Measures
Adjusted EBITDA is a financial measure that is 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 and restructuring costs, income taxes, depreciation and amortization and stock-based compensation expense. 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 is not a measurement of our financial performance under GAAP and should not be considered as an alternative to performance measures derived in accordance with GAAP.

Contacts:
	Anan Kashyap	Katie Norris
	Corporate Finance & Investor Relations	Press press@grubhub.com
	ir@grubhub.com

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News Type: Press Releases

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

Grubhub Announces Departure Of Benjamin Spero From Board Of Directors

Grubhub Reports Record Fourth Quarter And Full Year 2016 Results

Grubhub generates 38% revenue growth in the fourth quarter

Grubhub To Announce Fourth Quarter 2016 Financial Results On Feb. 8, 2017

Grubhub Reports Record Third Quarter Results

Grubhub Adds Linda Johnson Rice and David Habiger to its Board of Directors

Grubhub To Announce Third Quarter 2016 Financial Results On Oct. 26, 2016

Grubhub Reports Record Second Quarter Results

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