Press Releases Archives - Page 14 of 15

GrubHub Files Registration Statement for Proposed Follow-On Offering of Common Stock

CHICAGO, Aug. 25, 2014 /PRNewswire/ — GrubHub Inc. (the “Company”) (NYSE: GRUB) announced today that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed follow-on public offering of its common stock. GrubHub Inc. is the nation’s leading online and mobile food-ordering company dedicated to connecting hungry diners with local takeout restaurants. The GrubHub Inc. portfolio of brands includes GrubHub, Seamless, MenuPages and Allmenus.

Citigroup, Morgan Stanley and BofA Merrill Lynch will act as book-running managers for the proposed offering. Allen & Company LLC, BMO Capital Markets Corp., Canaccord Genuity Inc., Raymond James & Associates, Inc. and William Blair & Company, L.L.C. will act as co-managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating to these securities may be obtained when available from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 1-800-831-9146; Morgan Stanley at Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or by telephone at 1-866-718-1649 and BofA Merrill Lynch at Attention: Prospectus Department, 222 Broadway, New York, NY 10038 or by e-mailing: dg.prospectus_requests@baml.com.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of such state or jurisdiction.

The underwriters for the Company’s April 2014 initial public offering have agreed to waive the lock-up restrictions to permit the Company and the selling stockholders to file this proposed registration on Form S-1 and to permit the Company to offer and sell shares. The lock-up restrictions will also be waived as to the selling stockholders immediately prior to the execution of the underwriting agreement to enable them to offer and sell shares in this proposed offering.

About GrubHub Inc.
GrubHub Inc. is the nation’s leading online and mobile food-ordering company dedicated to connecting hungry diners with local takeout restaurants. The GrubHub Inc. portfolio of brands includes GrubHub, Seamless, MenuPages and Allmenus. The Company’s online and mobile ordering platforms allow diners to order directly from more than 30,000 takeout restaurants in more than 700 U.S. cities and London, and every order is supported by the Company’s 24/7 customer service. GrubHub Inc. has offices in Chicago, New York City and London.

Contacts:
Investor Relations:
Anan Kashyap, GrubHub Inc.
Email: ir@grubhub.com

Media Relations:
Meghan Gage, GrubHub Inc.
Phone: 312-940-6401
Email: press@grubhub.com

GrubHub and Spoon University Analysis Highlights Differences in College Eating Habits

Student Food Preferences Deviate from the Norm, From Ordering Times to Caffeine Consumption

CHICAGO, Aug. 19, 2014 /PRNewswire/ — With class back in session for students across the country, GrubHub Inc., the nation’s leading online and mobile food-ordering service, teamed up with Spoon University, an online food publication and community for college students, to unwrap collegiate takeout habits. Together, they confirmed that drastic differences in eating habits exist between college students and the general population, especially when it comes to caffeine and ordering hours.

For a comprehensive understanding of student diners, GrubHub analysts examined orders placed by students from hundreds of college campuses during the 2013-2014 school year. While some of the data confirms that traditional takeout foods like pizza, wings and salads are popular across the board, other findings highlight the differences between student diners and average GrubHub diners. The analysis shows that college diners:

Caffeinate creatively: Energy drinks are 83 percent more commonly ordered by college diners, while coffee is 15 percent less commonly ordered.
Start the day later: Early-morning orders (between 6 a.m. and 9 a.m.) are 66 percent less common for college diners.
Keep it cool: Spicy orders are 26 percent less common among college students than non-college diners.
Embrace being omnivores: Vegetarian and vegan orders are 25 percent less common among college diners.
Ask for the works: Even as restaurants look to add healthier options to their menus, healthy substitutions and special requests are still 23 percent less common for college diners.
Skip the sweets: Dessert orders are 18 percent less common among college diners.
Burn the midnight oil: Late-night orders (placed between 10 p.m. and 2 a.m.) are 100 percent more common among college diners.

“The habits displayed by college diners, and the takeout restaurants that cater to this population, help illustrate the inherent differences between college culture and the rest of the nation,” said GrubHub Inc. president, Jonathan Zabusky. “It’s great to see that students take advantage of GrubHub’s convenience and flexibility to help fuel college life.”

Takeout Preferences of College Students
In addition to identifying key trends in college takeout, GrubHub’s analysis shows that certain foods are ordered by college students more than the typical GrubHub diner, with traditional takeout favorites like Italian and Chinese ranking highest.

Calzone – 150 percent more commonly ordered
Chicken with Broccoli – 114 percent more commonly ordered
General Tso’s Chicken – 92 percent more commonly ordered
Sesame Chicken – 88 percent more commonly ordered
Dumplings – 62 percent more commonly ordered
Wings – 56 percent more commonly ordered
Chicken Parmesan – 36 percent more commonly ordered
Sweet and Sour Chicken – 34 percent more commonly ordered
Wonton Soup – 19 percent more commonly ordered
Fries – 19 percent more commonly ordered

“With school and social calendars booked around-the-clock, college students often find themselves without the time or ingredients (not to mention a kitchen) to prepare food for themselves – so ordering takeout is a huge part of their lifestyles,” said Spoon University co-founder, Mackenzie Barth. “It’s no surprise that students order comfort foods at home and in the dorms, but as they learn more about the options available for takeout, we expect to see them making healthier and more adventurous choices when ordering from GrubHub.”

Leading the Pack in Campus Order Habits
In addition to profiling the college diner, GrubHub and Spoon University have delved into the unique takeout habits of campuses across the country. To see how your favorite college stacks up, check out GrubHub and Spoon University’s college rankings, here.

To find takeout restaurants available in your area, please visit GrubHub.com, and for more information on GrubHub Inc., please visit media.grubhub.com.

About GrubHub Inc.
GrubHub Inc. (NYSE: GRUB) is the nation’s leading online and mobile food ordering company dedicated to connecting hungry diners with local takeout restaurants. The company’s online and mobile ordering platforms allow diners to order directly from approximately 30,000 takeout restaurants in more than 700 U.S. cities and London. Every order is supported by the company’s 24/7 customer service teams.

About Spoon University
Spoon University is a food media company with a focus on college students, building communities on college campuses nationwide. Spoon has chapters at 40 universities with over 1,000 students contributing to local editorial and marketing teams. Spoon’s mission is to help students eat intelligently while empowering them to build, lead, maintain and market their own online publications.

SOURCE GrubHub Inc.

Allie Mack, 773-250-0618, amack@grubhub.com

GrubHub Reports Second Quarter Results

Record revenues of $60.0 million, growth of 48%

Chicago, IL – July 24, 2014 – GrubHub Inc. (NYSE: GRUB), the leading online and mobile food-ordering company, today announced financial results for the quarter ended June 30, 2014.

“GrubHub continued to execute against the large opportunity in takeout in the second quarter, driving significant year over year growth in revenues, adjusted EBITDA, and all of our key metrics,” said Matt Maloney, CEO. “We generated record revenues in the second quarter despite both an expected seasonal slowdown and an unusually cold winter that drove record orders in the first quarter.”

Second Quarter 2014 Results

The following results reflect the financial performance and key operating metrics of our business for the three months ended June 30, 2014, compared to the non-GAAP pro forma combined results of Seamless Holdings and GrubHub Holdings for the three months ended June 30, 2013, giving effect to the August 2013 merger of the two companies.

Financial Highlights

Revenues: $60.0 million, a 48% year-over-year increase from $40.7 million in the second quarter of 2013.
Non-GAAP Adjusted EBITDA: $16.9 million, a 56% year-over-year increase from $10.8 million in the second quarter of 2013.
Net Income: $2.7 million, a 930% year-over-year increase from $0.3 million in the second quarter of 2013.

Key Business Metrics Highlights

Active Diners grew 51% to 4.19 million, compared to 2.78 million active diners in the second quarter of 2013.
GrubHub Inc. processed 174,500 Daily Average Grubs, a 34% year-over-year increase from 130,100 Daily Average Grubs in the second quarter of 2013.
GrubHub Inc. processed $423 million in gross food sales, a 38% year-over-year increase from $307 million processed in the second quarter of 2013.

“We’re pleased with the initial roll-out of restaurant-driven pricing to the Seamless brand in April, which had a positive impact on overall commission rates during the quarter,” noted Maloney. “In addition, by maintaining our seasonally higher first quarter advertising spending in the second quarter, we continued to add new diners at a healthy rate, particularly in areas outside of our largest markets.”

Third Quarter 2014 Guidance

Based on information available as of July 24, 2014, the company is providing the following financial guidance for the third quarter:

Revenue is expected to be in the range of $55.5 million to $57.5 million.
Adjusted EBITDA is expected to be in the range of $13 million to $15 million.

Second Quarter 2014 Financial Results Conference Call: GrubHub will webcast a conference call today at 9 a.m. CT to discuss the second quarter 2014 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 7, 2014.

About GrubHub

GrubHub Inc. (NYSE: GRUB) is the nation’s leading online and mobile food ordering company dedicated to connecting hungry diners with local takeout restaurants. The company’s online and mobile ordering platforms allow diners to order directly from approximately 30,000 takeout restaurants in more than 700 U.S. cities and London. Every order is supported by the company’s 24/7 customer service teams.

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. Such statements constitute “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The outcome of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any of these risks or uncertainties materialize or if any of the assumptions prove incorrect, our actual results, performance or achievements could be materially different 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 the company’s Prospectus filed on April 7th, 2014 and additional information that will be set forth in our Form 10-Q that will be filed for the quarter ended June 30, 2014, which should be read in conjunction with these financial results. These documents are available on the SEC Filings section of the Investor Relations section of our website at http://investors.grubhub.com/. 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 update these forward-looking statements publicly, 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 merger and restructuring costs, income taxes, depreciation and amortization and stock-based compensation expense. We use Adjusted EBITDA as a key performance measure because we believe it facilitates 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.

See “Schedule of Non-GAAP Adjusted EBITDA Reconciliation – Pro Forma” below for a reconciliation of net income to Adjusted EBITDA.

Anan Kashyap
Corporate Finance & Investor Relations
ir@grubhub.com

Abby Hunt
Press
press@grubhub.com

NON-GAAP PRO FORMA FINANCIAL INFORMATION

On August 8, 2013, GrubHub Inc. acquired all of the equity interests of each of Seamless North America, LLC, Seamless Holdings and GrubHub Holdings (the “Merger”). The following Unaudited Pro Forma Condensed Statement of Operations was derived from the unaudited historical statement of operations of Seamless Holdings (Acquirer) for the three months ended June 30, 2013 and the unaudited historical statement of operations of GrubHub Holdings (Acquiree) for the three months ended June 30, 2013, adjusted for income taxes at the Company’s historical effective tax rate.

	Three Months Ended June 30,
			ProForma Combined
	2014		2013
	(in thousands)
Revenues	$	60,006	$	40,650
Costs and expenses:
Sales and marketing		16,168		10,568
Operations and support		14,734		10,823
Technology (exclusive of amortization)		6,066		4,201
General and administrative		8,620		11,916
Depreciation and amortization		5,615		2,561
Total costs and expenses		51,203		40,069
Income before provision for income taxes		8,803		581
Provision for income taxes		6,111		320
Net income	$	2,692	$	261
Net income (loss) per share attributable to common stockholders:
Basic	$	0.03	$	(0.01	)
Diluted	$	0.03	$	0.00
Weighted average shares used to compute net income (loss) per share attributable to common stockholders:
Basic		78,042		54,692
Diluted		82,074		74,983

KEY PRO FORMA OPERATING METRICS

	Three Months Ended June 30,
	2014		2013 Pro Forma
Active Diners (000s)		4,190		2,780
Daily Average Grubs		174,500		130,100
Gross Food Sales (millions)	$	422.6	$	306.7

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


	June 30, 2014
	(Unaudited)		December 31, 2013
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	207,096	$	86,542
Accounts receivable, less allowances for doubtful accounts		37,863		29,304
Deferred taxes, current		3,688		3,688
Prepaid expenses		2,505		2,625
Total current assets		251,152		122,159
PROPERTY AND EQUIPMENT:
Property and equipment, net of depreciation and amortization		16,529		17,096
OTHER ASSETS:
Other assets		4,039		2,328
Goodwill		352,788		352,788
Acquired intangible assets, net of amortization		261,390		268,441
Total other assets		618,217		623,557
TOTAL ASSETS	$	885,898	$	762,812
LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Restaurant food liability	$	84,486	$	78,245
Accounts payable		2,390		3,353
Accrued payroll		3,441		1,720
Taxes payable		1,377		1,768
Restructuring accrual		478		176
Other accruals		9,850		7,329
Total current liabilities		102,022		92,591
LONG TERM LIABILITIES:
Deferred taxes, non-current		98,633		90,495
Other accruals		3,939		3,936
Total long term liabilities		102,572		94,431
Commitments and Contingencies
Redeemable common stock, $0.0001 par value, no shares and 1,344,236 shares outstanding as of June 30, 2014 and December 31, 2013, respectively		—		18,415
STOCKHOLDERS’ EQUITY:
Series A Convertible Preferred Stock, $0.0001 par value		—		2
Common stock, $0.0001 par value.		8		5
Accumulated other comprehensive income		316		132
Additional paid-in capital		617,375		500,356
Retained earnings		63,605		56,880
Total Stockholders’ Equity	$	681,304	$	557,375
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS’ EQUITY	$	885,898	$	762,812

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Revenues	$	60,006	$	26,857	$	118,619	$	52,658
Costs and expenses:
Sales and marketing		16,168		6,064		32,285		16,164
Operations and support		14,734		5,998		29,841		11,975
Technology (exclusive of amortization)		6,066		2,697		11,413		5,344
General and administrative		8,620		5,809		16,944		8,712
Depreciation and amortization		5,615		1,877		11,130		3,673
Total costs and expenses		51,203		22,445		101,613		45,868
Income before provision for income taxes		8,803		4,412		17,006		6,790
Provision for income taxes		6,111		2,589		9,961		3,711
Net income	$	2,692	$	1,823	$	7,045	$	3,079
Net income per share attributable to common stockholders:
Basic	$	0.03	$	0.04	$	0.10	$	0.08
Diluted	$	0.03	$	0.04	$	0.09	$	0.07
Weighted average shares used to compute net income per share attributable to common stockholders:
Basic		78,042		31,373		66,626		31,368
Diluted		82,074		43,566		79,854		43,356

GRUBHUB INC.
CONDENSED STATEMENTS OF CASH FLOWS – UNAUDITED
(in thousands)

	Six Months Ended June 30,
	2014			2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	7,045		$	3,079
Adjustments to reconcile net income to net cash from operating activities:
Depreciation		2,390			1,278
Provision for doubtful accounts		166			86
Deferred taxes		8,138			(151	)
Intangible asset amortization		8,740			2,395
Tenant allowance amortization		(79	)		(79	)
Stock based compensation		4,687			1,238
Deferred rent		76			(64	)
Change in assets and liabilities, net of the effects of business acquisitions:
Accounts receivable		(8,725	)		(7,081	)
Prepaid expenses and other assets		(1,592	)		452
Accounts payable		(962	)		1,510
Restaurant food liability		6,241			11,184
Accrued payroll		1,721			1,192
Other accruals		2,439			4,376
Net cash provided by operating activities		30,285			19,415

CASH FLOWS FROM INVESTING ACTIVITIES
Capitalized website and development costs		(1,112	)		(1,434	)
Purchases of property and equipment		(2,378	)		(3,170	)
Net cash used in investing activities		(3,490	)		(4,604	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from the issuance of common stock		94,927			—
Proceeds from exercise of stock options		1,145			104
Taxes paid related to net settlements of stock-based compensation awards		(2,061	)		—
Repurchases of common stock		(116	)		(1,259	)
Preferred stock tax distributions		(320	)		(651	)
Net cash provided by (used in) financing activities		93,575			(1,806	)

Net change in cash and cash equivalents		120,370			13,005
Effect of exchange rates on cash		184			(225	)
Cash and cash equivalents at beginning of year		86,542			41,161
Cash and cash equivalents at end of the period	$	207,096		$	53,941

SUPPLEMENTAL DISCLOSURE OF NON CASH ITEMS
Cash paid for income taxes	$	1,321		$	2,243

NON-GAAP ADJUSTED EBITDA RECONCILATION – PRO FORMA

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013 Pro Forma		2014		2013 Pro Forma
	(in thousands)
Net income	$	2,692	$	261	$	7,045	$	920
Income taxes		6,111		320		9,961		1,125
Depreciation and amortization		5,615		2,561		11,130		4,975
EBITDA		14,418		3,142		28,136		7,020
Merger and restructuring costs		207		6,669		492		7,430
Stock-based compensation		2,284		1,022		4,687		2,010
Adjusted EBITDA	$	16,909	$	10,833	$	33,315	$	16,460

Redefining Room Service: GrubHub Analysis Finds Takeout Orders to Hotels Jumped 125% in Popularity in Last Three Years

As some hotels forgo in-room dining offerings, travelers look to other food options

CHICAGO, July 22, 2014 /PRNewswire/ — For many Americans, hotel room service is considered a travel luxury; however, data from PFK Hospitality Research¹suggests that room service revenues fell 9.5 percent from 2007 to 2012, with some hotels shuttering unprofitable operations altogether. As hoteliers start to rethink their room service offerings, data from GrubHub Inc., the nation’s leading online and mobile food-ordering service, shows that takeout orders to hotels are growing increasingly popular.

GrubHub analysts examined a year’s worth of orders delivered to more than 8,000 hotels across the country to uncover takeout’s role in the current travel experience. GrubHub’s data suggest that hotel takeout orders have jumped in popularity 125 percent in the last three years².

Hotel Takeout Ordering Habits
With a network of approximately 29,000 restaurants in more than 700 U.S. cities, GrubHub analysts were able to gain an accurate snapshot of the takeout habits of traveling Americans, including:

On average, hotel diners spend about 11 percent more per order than non-hotel diners.
Men are about 54 percent more likely than women to order meals to hotels.
Hotel takeout orders peak early in the work week, with fewer orders from Friday through Sunday.
Dinner and late night are the most popular meal times for travelers. Nearly three-fourths (72 percent) of hotel orders are placed during dinner and late-night hours.

Travelers to Mid-sized Cities Enjoy Takeout to Hotels
In addition to tracking hotel order trends, GrubHub’s analysis found that mid-sized cities such as Minneapolis, Kansas City, Mo., and Orlando have the highest share of orders delivered to hotels. The 10 leading hotel takeout order destinations, with the highest percentage of total orders coming from hotels, are:

“Whether travelers are looking for more diverse, more affordable, or more accessible food options, it’s clear that takeout is becoming the natural alternative to traditional room service,” said GrubHub President Jonathan Zabusky .

To find takeout restaurants available in your area, please visit GrubHub.com, and for more information on GrubHub Inc., please visit http://media.grubhub.com.

About GrubHub Inc.
GrubHub Inc. (NYSE: GRUB) is the nation’s leading online and mobile food ordering company dedicated to connecting hungry diners with local takeout restaurants. The company’s online and mobile ordering platforms allow diners to order directly from more than 29,000 takeout restaurants in more than 700 U.S. cities and London. Every order is supported by the company’s 24/7 customer service teams.

¹PKF Hospitality Research LLC , Trends® in the Hotel Industry http://www.pkfc.com/store/products.aspx?CategoryID=175
²Jump in popularity calculated as the change in share of total orders from 1/1/2011 – 7/2/2014.

SOURCE GrubHub Inc.

Allie Mack, 1-773-250-0618, amack@grubhub.com

GrubHub To Announce Second Quarter 2014 Financial Results On July 24, 2014

CHICAGO, July 16, 2014 /PRNewswire/ — GrubHub Inc. (NYSE: GRUB), the leading online and mobile food-ordering company, today announced that it will host a conference call to discuss its second quarter financial results on Thursday, July 24th, 2014, 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 Inc. (NYSE: GRUB) is the nation’s leading online and mobile food ordering company dedicated to connecting hungry diners with local takeout restaurants. The company’s online and mobile ordering platforms allow diners to order directly from approximately 30,000 takeout restaurants in more than 700 U.S. cities and London. Every order is supported by the company’s 24/7 customer service teams.

Contacts:

Anan Kashyap
Corporate Finance & Investor Relations
ir@grubhub.com

Abby Hunt
Press
press@grubhub.com

School’s Out: GrubHub Data Reveals the Most Popular Kids’ Menu Items

Children’s Takeout Orders Up 40% Each Year Since 2012; Most Common in Texas

CHICAGO, June 16, 2014 /PRNewswire/ — School’s out for the summer and the analysts at GrubHub, the nation’s leading online and mobile food-ordering company, were curious to learn what parents across the country are ordering to keep kids happy and full throughout the day. An analysis of orders placed across GrubHub’s restaurant network finds that kids’ menu orders have shown consistent growth of 40 percent each year since 2012, with 17 percent of takeout restaurants now offering a kids’ menu section.

The Most-Ordered Kids’ Dishes – and Those Trending Fast

With kids’ menu orders consistently growing in both number and frequency, data shows that traditional childhood favorites, including chicken tenders, burgers, pizza and grilled cheese sandwiches, remain the most commonly ordered kids’ menu choices. However, the analysis also found that the items with the highest order growth in 2014 include French toast, at No. 1, and pancakes at No. 4, indicating more interest in breakfast foods among kids and parents.

GrubHub Data Reveals Hottest Health Food Fads in Takeout

Chia Seeds, Quinoa Biggest Food Fads; Boulder, Chicago and Los Angeles Earliest Adopters

CHICAGO, May 12, 2014 — A new health food trend pops up just about every month, and the analysts at GrubHub, the nation’s leading online and mobile food-ordering company, set out to track these crazes in the takeout space. GrubHub’s order analysis shows that chia seeds, quinoa and almond milk rank among 2014’s trendiest “health” foods, with these trendier orders most heavily concentrated in Boulder, Colo., Chicago and Los Angeles.

To uncover some of the fastest-growing health food fads at takeout restaurants across the country, GrubHub analysts examined a year’s worth of order data, focusing on foods and ingredients touted for their health benefits. Findings reveal that the following items registered the largest order spikes in the last year:

2014 Trending Health Foodsⁱ

Chia seeds – 140%
Quinoa – 110%
Almond milk – 110%
Kale – 99%
“Raw” foods – 59%
Gluten-free – 52%
Pressed juice – 38%

GrubHub’s analysis also considered where these types of food trends are most geographically concentrated, with the following cities ranking highest for their percentage of trending health fad orders:

Health Fad Early Adopters

Boulder, Colo.
Chicago
Los Angeles
Seattle
New York
San Jose
San Diego
St. Louis
Miami
Austin

“GrubHub order data is an incredible indicator of new food trends,” said GrubHub Inc. president, Jonathan Zabusky , noting that GrubHub primarily works with independent restaurateurs who can test out trends and quickly add new menu items. “Menu flexibility like this is a luxury, and it puts our restaurants at the forefront of industry trend-setting,” he added.

Additional Health-Related Food Ordering Trends
Besides identifying food fads and where they’re most concentrated, GrubHub’s health trend analysis also uncovered additional insights about health food-ordering habits:

Gluten-free items, kale and pressed juices are the most popular health food orders, respectively.
Women are 44 percent more likely than men to order trendy health foods from takeout restaurants: Hemp seed (110% more common with women), chia seeds (66%), almond milk (63%), kale (61%) and quinoa (57%).
Trendy health food orders are 110 percent more commonly placed during breakfast than throughout the rest of the day.
College students are nearly 50 percent less likely to participate in these health food trends than the average diner.

Please check out GrubHub’s GIF, which shows the spread of kale orders – one of the year’s most popular food fads – from independent restaurants in Chicago, Los Angeles and New York. To find takeout restaurants available in your area, please visit GrubHub.com, and for more information on GrubHub Inc., please visit http://media.grubhub.com.

About GrubHub Inc.
GrubHub Inc. (NYSE: GRUB) is the nation’s leading online and mobile food ordering company dedicated to connecting hungry diners with local takeout restaurants. The company’s online and mobile ordering platforms allow diners to order directly from more than 29,000 takeout restaurants in more than 700 U.S. cities and London. Every order is supported by the company’s 24/7 customer service teams.

ⁱ Percentage increase calculated by comparing year over year order volume percentage

SOURCE GrubHub Inc.

Allie Mack, 1-773-250-0618, amack@grubhub.com

GrubHub Reports First Quarter Results

Record revenues of $58.6 million, growth of 49%

CHICAGO, May 8, 2014 /PRNewswire/ — GrubHub Inc. (NYSE: GRUB), the leading online and mobile food-ordering company, today announced financial results for the quarter ended March 31, 2014.

“We are off to a strong start as a public company with record active diners, orders and revenues in the first quarter, continuing the robust growth momentum we had throughout 2013,” said Matt Maloney , GrubHub CEO. “We remain focused on making takeout better by continuing product innovation, driving more orders to independent restaurants and creating more transparency and control for diners.”

First Quarter 2014 Results

The following results reflect the financial performance and key operating metrics of our business for the three months ended March 31, 2014, compared to the non-GAAP pro forma combined results of Seamless Holdings and GrubHub Holdings for the three months ended March 31, 2013, giving effect to the August 2013 merger of the two companies.

Financial Highlights

Revenues: $58.6 million, a 49% year-over-year increase from $39.4 million in the first quarter of 2013.
Non-GAAP Adjusted EBITDA: $16.4 million, a 192% year-over-year increase from $5.6 million in the first quarter of 2013.
Net Income: $4.4 million, a 561% year-over-year increase from $0.7 million in the first quarter of 2013.
Our April 4th, 2014, Initial Public Offering included the sale of 4 million shares of our common stock at $26 per share, which generated $95.5 million in cash for the company (after fees and expenses).

Key Business Metrics Highlights

Active Diners grew 49% to 3.85 million, compared to 2.58 million diners in the first quarter of 2013.
GrubHub Inc. processed 181,200 Daily Average Grubs, a 40% year-over-year increase from 129,100 Daily Average Grubs in the first quarter of 2013.
GrubHub Inc. processed $433 million in gross food sales, a 44% year-over-year increase from $300 million processed in the first quarter of 2013.

Second Quarter 2014 Guidance

Based on information available as of May 8th, 2014, the company is providing the following financial guidance:

Revenue is expected to be in the range of $53 million to $55 million.
Adjusted EBITDA is expected to be in the range of $13 million to $15 million.

“The market for GrubHub is substantial with Americans spending roughly $67 billion every year on takeout from independent restaurants. Less than five percent of those purchases are made online or through a mobile device,” noted Maloney. “We are pleased with the scale we have achieved, with $1.4 billion in gross food sales processed through our platforms in the last 12 months. And, as the clear leader in this large market, we are even more excited about the sizeable opportunity in front of us.”

First Quarter 2014 Financial Results Conference Call: GrubHub will webcast a conference call today at 5 p.m. ET to discuss the first quarter 2014 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. Following the webcast, a replay of it will be available at the same website until May 22, 2014.

About GrubHub
GrubHub Inc. (NYSE: GRUB) is the nation’s leading online and mobile food ordering company dedicated to connecting hungry diners with local takeout restaurants. The company’s online and mobile ordering platforms allow diners to order directly from approximately 29,000 takeout restaurants in more than 700 U.S. cities and London. Every order is supported by the company’s 24/7 customer service teams.

Contacts:

Anan Kashyap

Corporate Finance & Investor Relations

ir@grubhub.com

Abby Hunt

Press

press@grubhub.com

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. Such statements constitute “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The outcome of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any of these risks or uncertainties materialize or if any of the assumptions prove incorrect, our actual results, performance or achievements could be materially different 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 the company’s Prospectus filed on April 7th, 2014 and additional information that will be set forth in our Form 10-Q that will be filed for the quarter ended March 31, 2014, which should be read in conjunction with these financial results. These documents are available on the SEC Filings section of the Investor Relations section of our website at http://investors.grubhub.com/. 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 update these forward-looking statements publicly, 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.

See “Schedule of Non-GAAP Adjusted EBITDA Reconciliation – Pro Forma” below for a reconciliation of net income to Adjusted EBITDA.

NON-GAAP PRO FORMA FINANCIAL INFORMATION

On August 8, 2013, GrubHub Inc. acquired all of the equity interests of each of Seamless North America, LLC, Seamless Holdings and GrubHub Holdings (the “Merger”). The following Unaudited Pro Forma Condensed Statement of Operations was derived from the unaudited historical statement of operations of Seamless Holdings (Acquirer) for the three months ended March 31, 2013 and the unaudited historical statement of operations of GrubHub Holdings (Acquiree) for the three months ended March 31, 2013, adjusted for income taxes at the Company’s historical effective tax rate.

	Three Months Ended March 31, 2014		Three Months Ended March 31, 2013 Pro Forma Combined
	(in thousands)
Revenues	$	58,613	$	39,377
Costs and expenses
Sales and marketing		16,117		14,946
Operations and support		15,107		10,687
Technology (exclusive of amortization)		5,347		4,307
General and administrative		8,324		5,559
Depreciation and amortization		5,515		2,414
Total operating expenses		50,410		37,913
Income before provision for income taxes		8,203		1,464
Provision for income taxes		3,850		805
Net income attributable to common stockholders	$	4,353	$	659
Net income per share attributable to common stockholders:
Basic	$	0.08	$	0.01
Diluted	$	0.06	$	0.01
Weighted average number of shares outstanding:
Basic		55,210		54,682
Diluted		77,635		74,563



KEY PRO FORMA OPERATING METRICS

	Three Months Ended March 31,
	2014		2013 Pro Forma
Active Diners (000s)		3,851		2,577
Daily Average Grubs		181,200		129,100
Gross Food Sales (millions)	$	433.0	$	300.0

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

	Three Months Ended March 31,
	2014		2013
Revenues	$	58,613	$	25,801
Costs and expenses:
Sales and marketing		16,117		10,100
Operations and support		15,107		5,977
Technology (exclusive of amortization)		5,347		2,647
General and administrative		8,324		2,903
Depreciation and amortization		5,515		1,796
Total costs and expenses		50,410		23,423
Income before provision for income taxes		8,203		2,378
Provision for income taxes		3,850		1,122
Net income attributable to common stockholders	$	4,353	$	1,256
Net income per share attributable to common stockholders:
Basic	$	0.08	$	0.04
Diluted	$	0.06	$	0.03
Weighted average shares used to compute net income per share attributable to common stockholders:
Basic		55,210		31,364
Diluted		77,635		43,146

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

	March 31, 2014		December 31, 2013
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	112,760	$	86,542
Accounts receivable		38,116		27,725
Income taxes receivable		1,821		1,579
Deferred taxes, current		3,688		3,688
Prepaid expenses		2,352		2,625
Total current assets		158,737		122,159
PROPERTY AND EQUIPMENT:
Property and equipment, net of depreciation and amortization		17,332		17,096
OTHER ASSETS:
Other assets		1,975		2,328
Goodwill		352,788		352,788
Acquired intangible assets, net of amortization		264,915		268,441
Total other assets		619,678		623,557
TOTAL ASSETS	$	795,747	$	762,812
LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	3,297	$	3,353
Restaurant food liability		96,923		78,245
Taxes payable		1,046		1,768
Accrued payroll		2,663		1,720
Other accruals		11,085		7,505
Total current liabilities		115,014		92,591
LONG TERM LIABILITIES:
Deferred taxes, non-current		94,805		90,495
Other accruals		2,775		3,936
Total long term liabilities		97,580		94,431

Redeemable common stock		34,950		18,415
STOCKHOLDERS’ EQUITY:
Series A Convertible Preferred Stock		2		2
Common stock		5		5
Accumulated other comprehensive income		181		132
Additional paid-in capital		486,782		500,356
Retained earnings		61,233		56,880
Total Stockholders’ Equity	$	548,203	$	557,375
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	795,747	$	762,812

GRUBHUB INC. (“GRUBHUB”) CONDENSED STATEMENTS OF CASH FLOWS – UNAUDITED (in thousands)
	Three Months Ended March 31,
	2014		2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	4,353	$	1,256
Adjustments to reconcile net income to net cash from operating activities:
Depreciation		1,168		616
Provision for doubtful accounts		361		20
Deferred taxes		3,208		(152)
Intangible asset amortization		4,347		1,180
Tenant allowance amortization		(40)		(39)
Stock based compensation		2,403		621
Deferred rent		(21)		(31)
Change in assets and liabilities, net of the effects of business acquisitions:
Accounts receivable		(10,752)		(6,374)
Income taxes receivable		(242)		—
Prepaid expenses and other assets		626		323
Accounts payable		(56)		2,401
Restaurant food liability		18,678		14,160
Accrued payroll		943		570
Other accruals		2,860		(31)
Net cash provided by operating activities		27,836		14,520

CASH FLOWS FROM INVESTING ACTIVITIES
Capitalized website and development costs		(449)		(676)
Purchases of property and equipment		(1,776)		(2,711)
Net cash used in investing activities		(2,225)		(3,387)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options		1,036		83
Taxes paid related to net settlements of stock-based compensation awards		(362)		—
Repurchases of common stock		(116)		(1,194)
Net cash provided by (used in) financing activities		558		(1,111)

Net change in cash and cash equivalents		26,169		10,022
Effect of exchange rates on cash		49		(224)
Cash and cash equivalents at beginning of year		86,542		41,161
Cash and cash equivalents at end of the period	$	112,760	$	50,959

SUPPLEMENTAL DISCLOSURE
Cash paid for income taxes	$	395	$	1,340

NON-GAAP ADJUSTED EBITDA RECONCILIATION – PRO FORMA

	Three Months Ended March 31,
	2014		2013 Pro Forma
	(in thousands)
Net income	$	4,353	$	659
Income tax expense		3,850		805
Depreciation and amortization		5,515		2,414
EBITDA		13,718		3,878
Merger and restructuring costs		285		761
Stock-based compensation		2,403		988
Adjusted EBITDA	$	16,406	$	5,627

GrubHub To Announce First Quarter 2014 Financial Results On May 8, 2014

CHICAGO, April 29, 2014 /PRNewswire/ — GrubHub Inc. (NYSE: GRUB), the leading online and mobile food-ordering company, today announced that it will host a conference call to discuss its first quarter financial results on Thursday, May 8th, 2014, at 4:00 p.m. Central Time, following the release of the Company’s financial results. Matt Maloney, CEO, and Adam DeWitt, CFO will host the webcast.

About GrubHub
GrubHub Inc. (NYSE: GRUB) is the nation’s leading online and mobile food ordering company dedicated to connecting hungry diners with local takeout restaurants. The company’s online and mobile ordering platforms allow diners to order directly from approximately 29,000 takeout restaurants in more than 600 U.S. cities and London. Every order is supported by the company’s 24/7 customer service teams.

SOURCE GrubHub Inc.

Anan Kashyap, Corporate Finance & Investor Relations, ir@grubhub.com, or Abby Hunt, Press, press@grubhub.com

“Food in the Workplace” Survey Finds Food-Based Perks on the Rise

Second Annual Survey Reveals Positive Effects on Employee Recruiting, Retention and Productivity

CHICAGO, April 24, 2014 /PRNewswire/ — Seamless Corporate Accounts, GrubHub Inc.’s leading online food-ordering and billing service for offices, today released the results of its “Food in the Workplace” survey, a study that examines the impact food and other perks have on company morale, satisfaction and loyalty. The second annual survey uncovered that with nearly half (48%) of respondents exceeding a 40-hour workweek some or all of the time, companies have responded in kind by offering more food-based perks, up 11% from 2013.

“As the traditional eight-hour work day continues to extend, many companies are seizing the opportunity to demonstrate their appreciation by offering food-based perks,” said Karen Miller vice president of people at GrubHub Inc. and human resources and corporate culture expert for Seamless Corporate Accounts. “Employee dissatisfaction can come with a hefty price tag¹ for companies – providing perks, including food-based ones, can substantially improve productivity and employee satisfaction.”

While food-based perks as a whole are on the rise, the survey revealed one area with significant room for improvement: few companies provide or reimburse meals for employees who work late nights or weekends. Of the professionals surveyed, only 9% indicated that their companies offer this perk. Overall, the survey found that enhancing food-based perks is a potentially simple but effective way² for companies to bolster morale, which can benefit retention and recruitment efforts.

Employees surveyed indicated that food-based perks would make them feel appreciated and help build a better workplace culture:

Employees feel the love. 57% of respondents said food-based perks, such as providing or reimbursing meals for employees who work late nights or weekends, would make them feel more valued by their employers.
A well-fed employee is a happy employee. 50% of respondents indicated that food-based perks would make them more satisfied with their employers.
Breaking bread together improves office relationships. 50% of employees said they think sharing meals with colleagues helps foster a better working relationship, up from 43% in 2013.

Additional survey data indicated that as the battle for talent heats up, food-based perks are becoming increasingly more important in the workforce:

Food-based perks help increase employee loyalty. 41% of respondents said that if their current employer were to provide meals, they would be less inclined to accept a job offer at a company that does not.
Employee enthusiasm gets a boost. 28% of respondents whose companies do not provide food-related perks would be excited to have them, ranking second only to gym or yoga memberships (38%).
If you feed them, they will come. 38% of respondents said that food-related perks would make them more inclined to rate their companies highly in a “Best Places to Work” survey, coming in third after flexible vacation policies (52%) and gym or yoga memberships (42%).

“As competition for top talent intensifies, companies are creating inventive programs to differentiate themselves from competitors and to keep top talent engaged and satisfied,” said Miller. “At Seamless, we’ve seen firsthand at how food-based perks has become part of our recruiting brand, creating a halo effect that has helped bolster retention and attract a pipeline of strong candidates.”

Seamless Corporate Accounts’ “Food in the Workplace” survey polled 1,225 full-time professionals, aged 23-60, who work for companies with 20 or more employees. More than half of respondents work for companies with 500 or more employees. From government and healthcare to professional services, manufacturing, real-estate and tech companies, respondents represented more than a dozen different industries. Questions focused primarily on the effects food-based perks have on employee productivity, retention and recruiting, as well as other aspects of work life such as client and colleague relationships. The survey, which included roughly 30 questions, was fielded in early March 2014.

For more information about the Seamless Corporate Accounts’ “Food in the Workplace” survey, the findings and the implications for companies, please visit https://pages.c.seamless.com/FoodintheWorkplace2014Survey.html.

About Seamless Corporate Accounts
Seamless Corporate Accounts, GrubHub Inc.’s leading online food-ordering and billing service for offices, simplifies the process of ordering and paying for food in the office. Used by thousands of corporate clients across the U.S. and London, Seamless Corporate Accounts save companies time, money and hassle by consolidating all ordering into one online account and sending one invoice for all orders. For more information, visit www.seamless.com/business.

About GrubHub Inc.
GrubHub Inc. (NYSE: GRUB) is the nation’s leading online and mobile food ordering company dedicated to connecting hungry diners with local takeout restaurants. The company’s online and mobile ordering platforms allow diners to order directly from approximately 28,800 takeout restaurants in more than 600 U.S. cities and London. Every order is supported by the company’s 24/7 customer service teams. GrubHub Inc. has more than 600 employees, with offices in Chicago, New York and London.

¹ According to Gallup’s 2013 State of the Global Workplace report, employee disengagement is reported to cost the U.S. up to $550 billion per year. http://www.gallup.com/strategicconsulting/164735/state-global-workplace.aspx

² According to Glassdoor’s 2013 Employee Appreciation Survey, more than 80% of employees say they’re motivated to work harder when their boss shows appreciation for their work and that 46% of employees would feel more appreciated if their boss gave them an unexpected treat like snacks, lunches or dinners. http://www.huffingtonpost.com/2013/11/19/appreciation-employees-work-harder-motivation_n_4302593.html

SOURCE GrubHub Inc.

Abby Hunt, 773-250-0501, press@grubhub.com

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