News Type: Press Releases

Grubhub Expands Partnership with Foursquare to Bring Restaurant Delivery to More Users Nationwide

Companies uncover favorite local dishes and highlight top restaurants

CHICAGO and NEW YORK, Feb. 13, 2018 /PRNewswire/ — Grubhub (NYSE: GRUB), the nation’s leading online and mobile food-ordering company, today announced an expansion of its partnership with Foursquare, a technology company that uses location intelligence to build meaningful consumer experiences and business solutions. Foursquare City Guide users across the country now have the ability to order from over 57,000 local Grubhub restaurants that have listings on Foursquare’s online and mobile platforms. While browsing Foursquare City Guide, users can click the “order now” button to be directed to Grubhub’s online or mobile platforms to quickly and easily place an order.

“Foursquare City Guide is all about delighting users by suggesting new restaurants and providing rich information like photos, tips and ratings to help them find the best experiences, whether at home or abroad. But every good explorer needs a night in,” said Marissa Chacko, senior director of consumer products, Foursquare. “Adding Grubhub directly into the app makes it easier for our community to take a night off, while still enjoying the best local restaurants they can find.”

“Grubhub is always looking for ways to make it easier for people to browse the best and broadest set of restaurants and order the food they’re craving,” said Maria Belousova, chief technology officer, Grubhub. “By working with Foursquare, we’re offering consumers yet another easy way to discover and order takeout from great local restaurants. Adding Foursquare’s location intelligence to Grubhub’s database of hundreds of millions of takeout orders created unparalleled opportunities to find ideal matches between diners and restaurants across the country.”

Data Partnership Results and Methodology:
With this expanded partnership that now encompasses more than 57,000 restaurants across the country, Foursquare and Grubhub combined their data to help diners uncover locally loved dishes and explore the best restaurants. Grubhub data reveals the most ordered dishes across major U.S. cities, and Foursquare highlights some of the best restaurants known for these trending foods based on taste data from its apps, Foursquare City Guide and Foursquare Swarm.

New York: Bagel and Cream Cheese from Ess-a-Bagel

  • Dish popularity: 318% more popular in New York vs. the rest of the U.S.
  • Restaurant Rating: 8.74

Chicago: Cheese Curds from Bangers & Lace

  • Dish Popularity: 542% more popular in Chicago vs. the rest of the U.S.
  • Restaurant Rating: 8.92

San Francisco: Shrimp Dumplings from Kingdom of Dumpling

  • Dish Popularity: 301% more popular in San Francisco vs. the rest of the U.S.
  • Restaurant Rating: 8.61

Los Angeles: Poke Bowl from Sweetfin Poke

  • Dish Popularity: 375% more popular in Los Angeles vs. the rest of the U.S.
  • Restaurant Rating: 9.29

Miami: Cuban Sandwich from La Carreta

  • Dish Popularity: 274% more popular in Miami vs. the rest of the U.S.
  • Restaurant Rating: 8.8

Methodology:

  • Grubhub’s data analysts looked at the most ordered dishes in each city, in comparison to the rest of the U.S. The time frame used for the analysis was Jan. 1, 2017 to Dec. 31, 2017.
  • Foursquare’s data analysts found the restaurants with the highest affinity score and rating for the dishes identified by Grubhub in their respective cities. These venues had a combination of the highest rating and most positive mentions of these tastes in Foursquare City Guide tips and Foursquare Swarm shouts.

About Grubhub
Grubhub (NYSE: GRUB) is the nation’s leading online and mobile takeout food-ordering marketplace with the most comprehensive network of restaurant partners and largest active diner base. Dedicated to moving eating forward and connecting diners with the food they love from their favorite local restaurants, the Company’s platforms and services strive to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with over 80,000 restaurant partners in over 1,600 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, Eat24, AllMenus and MenuPages.

About Foursquare
Foursquare is a technology company that enriches consumer experiences and informs business decisions through location intelligence. A community of more than 50 million people use the Foursquare City Guide and Foursquare Swarm apps and websites to discover new places, explore the world and check in. They have written more than 95 million tips and checked in over 12 billion times. Foursquare powers location data for Snapchat, Apple, Uber, Twitter and 125,000 other developers. Foursquare’s business solutions also include Pinpoint, Attribution, Pilgrim SDK and Foursquare Analytics, which empower brands to understand and connect to targeted audiences as well as measure foot traffic and advertising success.

Grubhub Reports Record Fourth Quarter Results

Grubhub generates 49% revenue growth in the fourth quarter

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

Fourth Quarter and Full Year 2017 Highlights

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

Fourth Quarter Financial Highlights

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

Fourth Quarter Key Business Metrics Highlights

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

Full Year Financial Highlights

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

Full Year Key Business Metrics Highlights

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

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

First Quarter and Full Year 2018 Guidance

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

First Quarter 2018

Full Year 2018

(in millions)

Expected Revenue range

$224 – $232

$910 – $960

Expected Adjusted EBITDA range

$54 – $60

$225 – $255

Fourth Quarter 2017 Financial Results Conference Call

Grubhub will webcast a conference call today at 9 a.m. CT to discuss the fourth quarter 2017 financial results. The webcast can be accessed on the Grubhub Investor Relations website at http://investors.grubhub.com, along with the Company’s earnings press release and financial tables. A replay of the webcast will be available at the same website until Feb. 22, 2018.

About Grubhub

Grubhub (NYSE: GRUB) is the nation’s leading online and mobile takeout food-ordering marketplace with the most comprehensive network of restaurant partners and largest active diner base. Dedicated to moving eating forward and connecting diners with the food they love from their favorite local restaurants, the Company’s platforms and services strive to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with over 80,000 restaurant partners in over 1,600 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, Eat24, AllMenus and MenuPages.

Use of Forward Looking Statements

This press release contains forward-looking statements regarding Grubhub, “the Company’s” or our management’s future expectations, beliefs, intentions, goals, strategies, plans and prospects, including the expected benefits to, and financial performance of, Grubhub following the acquisition of Eat24 and its commercial agreements with Yelp and Yum! Brands. Such statements constitute “forward-looking statements”, which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve substantial known and unknown risks, uncertainties and assumptions that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the matters set forth in the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed on February 28, 2017 and our most recent Quarterly Report on Form 10-Q for the quarter ended Sep. 30, 2017, which are on file with the SEC and are available on the Investor Relations section of our website at http://investors.grubhub.com/. Additional information will be set forth in our Annual Report on Form 10-K that will be filed for the year ended Dec. 31, 2017, which should be read in conjunction with these financial results. Please also note that forward-looking statements represent management’s beliefs and assumptions only as of the date of this press release. Except as required by law, we disclaim any intention to, and undertake no obligation to, publicly update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

Use of Non-GAAP Financial Measures

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

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

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

 

GRUBHUB INC.

STATEMENTS OF OPERATIONS

(in thousands, except per share data)

Three Months Ended
December 31,

Year Ended
December 31,

2017

2016

2017

2016

Revenues

$

205,080

$

137,457

$

683,067

$

493,331

Costs and expenses:

Operations and support

81,658

51,727

269,453

171,756

Sales and marketing

45,384

29,636

150,730

110,323

Technology (exclusive of amortization)

14,703

10,689

56,263

42,454

General and administrative

18,396

12,435

65,023

50,482

Depreciation and amortization

18,781

9,911

51,848

35,193

Total costs and expenses

178,922

114,398

593,317

410,208

Income from operations

26,158

23,059

89,750

83,123

Interest (income) expense – net

1,010

(183)

102

(729)

Income before provision for income taxes

25,148

23,242

89,648

83,852

Income tax (benefit) expense

(28,378)

9,605

(9,335)

34,295

Net income attributable to common stockholders

$

53,526

$

13,637

$

98,983

$

49,557

Net income per share attributable to common stockholders:

Basic

$

0.62

$

0.16

$

1.15

$

0.58

Diluted

$

0.60

$

0.16

$

1.12

$

0.58

Weighted-average shares used to compute net income per share attributable to common stockholders:

Basic

86,702

85,608

86,297

85,069

Diluted

89,366

86,666

88,182

86,135

 

KEY OPERATING METRICS

Three Months Ended
December 31,

Year Ended
December 31,

2017

2016

2017

2016

Active Diners (000s)

14,462

8,174

14,462

8,174

Daily Average Grubs

392,500

292,500

334,000

274,800

Gross Food Sales (millions)

$

1,138.6

$

817.7

$

3,783.7

$

2,998.1

 

GRUBHUB INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

December 31, 2017

December31,2016

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

234,090

$

239,528

Short-term investments

23,605

84,091

Accounts receivable, less allowances for doubtful accounts

95,970

60,550

Prepaid expenses and other current assets

6,818

12,168

Total current assets

360,483

396,337

PROPERTY AND EQUIPMENT:

Property and equipment, net of depreciation and amortization

71,384

46,555

OTHER ASSETS:

Other assets

6,487

4,530

Goodwill

589,862

436,455

Acquired intangible assets, net of amortization

515,553

313,630

Total other assets

1,111,902

754,615

TOTAL ASSETS

$

1,543,769

$

1,197,507

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Restaurant food liability

$

119,922

$

83,349

Accounts payable

7,607

7,590

Accrued payroll

13,186

7,338

Taxes payable

3,109

865

Short-term debt

3,906

—

Other accruals

26,818

11,348

Total current liabilities

174,548

110,490

LONG-TERM LIABILITIES:

Deferred taxes, non-current

74,292

108,022

Other accruals

7,468

6,876

Long-term debt

169,645

—

Total long-term liabilities

251,405

114,898

STOCKHOLDERS’ EQUITY:

Common stock, $0.0001 par value

9

9

Accumulated other comprehensive loss

(1,228)

(2,078)

Additional paid-in capital

849,043

805,731

Retained earnings

269,992

168,457

Total Stockholders’ Equity

$

1,117,816

$

972,119

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

1,543,769

$

1,197,507

 

GRUBHUB INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Year Ended December 31,

2017

2016

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

98,983

$

49,557

Adjustments to reconcile net income to net cash from operating activities:

Depreciation

11,775

8,921

Provision for doubtful accounts

1,424

1,102

Deferred taxes

(31,179)

1,027

Amortization of intangible assets

40,073

26,272

Stock-based compensation

32,748

23,559

Deferred rent

849

1,286

Amortization of deferred loan costs

487

365

Investment premium amortization

(739)

(612)

Other

436

(159)

Change in assets and liabilities, net of the effects of business acquisitions:

Accounts receivable

(27,833)

(17,488)

Prepaid expenses and other assets

4,112

(8,765)

Restaurant food liability

8,576

16,451

Accounts payable

(4,244)

(3,204)

Accrued payroll

5,537

1,819

Other accruals

11,735

(2,453)

Net cash provided by operating activities

152,740

97,678

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of investments

(154,758)

(226,694)

Proceeds from maturity of investments

215,983

284,662

Capitalized website and development costs

(21,325)

(12,809)

Purchases of property and equipment

(18,971)

(24,087)

Acquisitions of businesses, net of cash acquired

(333,301)

(65,849)

Acquisition of other intangible assets

(25,147)

(250)

Other cash flows from investing activities

557

(492)

Net cash used in investing activities

(336,962)

(45,519)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings under the credit facility

200,000

—

Repayments of borrowings under the credit facility

(25,781)

—

Repurchases of common stock

—

(14,774)

Proceeds from exercise of stock options

16,375

13,468

Excess tax benefits related to stock-based compensation

—

24,906

Taxes paid related to net settlement of stock-based compensation awards

(10,556)

(2,779)

Payments for debt issuance costs

(1,979)

(1,477)

Net cash provided by financing activities

178,059

19,344

Net change in cash and cash equivalents

(6,163)

71,503

Effect of exchange rates on cash

725

(1,268)

Cash and cash equivalents at beginning of year

239,528

169,293

Cash and cash equivalents at end of the period

$

234,090

$

239,528

SUPPLEMENTAL DISCLOSURE OF NON CASH ITEMS

Cash paid for income taxes

$

19,148

$

8,722

GRUBHUB INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

(in thousands, except per share data)

Three Months Ended
December 31,

Year Ended
December 31,

2017

2016

2017

2016

Net income

$

53,526

$

13,637

$

98,983

$

49,557

Income taxes

(28,378)

9,605

(9,335)

34,295

Interest (income) expense – net(a)

1,010

—

102

—

Depreciation and amortization

18,781

9,911

51,848

35,193

EBITDA

44,939

33,153

141,598

119,045

Acquisition, restructuring and legal costs

3,199

253

9,642

2,042

Stock-based compensation

8,835

5,804

32,748

23,559

Adjusted EBITDA

$

56,973

$

39,210

$

183,988

$

144,646

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

 

Three Months Ended
December 31,

Year Ended
December 31,

2017

2016

2017

2016

Net income

$

53,526

$

13,637

$

98,983

$

49,557

Stock-based compensation

8,835

5,804

32,748

23,559

Amortization of acquired intangible assets

11,238

4,801

28,066

20,871

Acquisition, restructuring and legal costs

3,199

253

9,642

2,042

Income tax benefit of the U.S. Tax Act

(34,054)

—

(34,054)

—

Income tax adjustments

(9,469)

(4,692)

(29,239)

(19,472)

Non-GAAP net income

$

33,275

$

19,803

$

106,146

$

76,557

Weighted-average diluted shares used to compute net income per share attributable to common stockholders

89,366

86,666

88,182

86,135

Non-GAAP net income per diluted share attributable to common stockholders

$

0.37

$

0.23

$

1.20

$

0.89

 

Guidance

Three Months Ended
March 31, 2018

Year Ended
December 31, 2018

Low

High

Low

High

(in millions)

Net income

$

16.2

$

20.5

$

65.6

$

87.2

Income taxes

6.3

8.0

25.4

33.8

Interest expense ̶ net

1.0

1.0

4.0

4.0

Depreciation and amortization

20.0

20.0

82.0

82.0

EBITDA

43.5

49.5

177.0

207.0

Acquisition and restructuring costs

—

—

—

—

Stock-based compensation

10.5

10.5

48.0

48.0

Adjusted EBITDA

$

54.0

$

60.0

$

225.0

$

255.0

Grubhub Now Delivers for More Restaurants in Des Moines

Too cold to leave the house? Diners can now enjoy food from more Des Moines favorites delivered right to their door, including Goldfinch, The Cheesecake Factory and more

CHICAGO, Jan. 18, 2018 /PRNewswire/ — Grubhub, the nation’s leading online and mobile food-ordering company, today announced an expansion of its delivery capabilities to Des Moines, Iowa. To kick off delivery and help Des Moines residents eat well this chilly January, Grubhub is offering free delivery, and there is no order minimum.

Grubhub has been connecting diners with Des Moines restaurants that supply their own drivers since 2012. With this expansion, restaurants across Iowa’s capital city have the opportunity to leverage Grubhub’s large and growing network of drivers, expand their customer base and grow order volume. This also means better restaurant choice and variety for Grubhub diners, as more restaurants offer their menus for delivery.

“We’re proud to give diners more restaurant choices than ever before, from their favorite restaurants across West Des Moines to East Village and beyond,” said Rudy Mendoza, Des Moines General Manager, Grubhub. “We’re thrilled to deepen our partnerships with local Des Moines restaurants by offering Grubhub’s delivery capabilities. Now, restaurant partners can leave the last mile of delivery to Grubhub and focus on what they do best: making the farm-to-table dishes that Des Moines residents love.”

Diners can now order from a wide range of Des Moines favorites on Grubhub including:

“As Grubhub Delivery continues to expand across the country, we could not be more excited to bring our capabilities to Des Moines’ burgeoning restaurant scene,” said Stan Chia, chief operating officer, Grubhub. “As Des Moines continues reinventing itself, Grubhub is pleased to provide a wider selection of the city’s favorite restaurants for diners to enjoy, especially during January’s bitter cold temperatures.”

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

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

Grubhub To Announce Fourth Quarter 2017 Financial Results On Feb. 8, 2018

CHICAGO, Jan. 17, 2018 /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 Thursday, Feb. 8, 2018, at 9:00 a.m. CT, following the release of the Company’s financial results. CEO Matt Maloney and CFO Adam DeWitt will host the webcast.

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

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

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

Grubhub Now Delivers for More Restaurants in Tacoma

Rain or shine, diners can now order from more of Gate City’s favorite restaurants, including Shake Shake Shake, BJ’s Restaurants & Brewhouse and more

CHICAGO, Jan. 16, 2018 /PRNewswire/ — Grubhub, the nation’s leading online and mobile food-ordering company, today announced an expansion of its delivery capabilities to Tacoma, Wash.

Grubhub has been connecting diners with Tacoma restaurants that supply their own drivers since 2011. With this expansion, all of Tacoma’s booming food scene has the opportunity to leverage Grubhub’s large and growing network of drivers, expand their customer base and grow order volume. This also means better restaurant choice and variety for Grubhub diners, as more restaurants offer their menus for delivery.

“We’re proud to give diners more restaurant choices than ever before, from their favorite restaurants across the City of Destiny,” said Carolyn Edwards, Tacoma General Manager, Grubhub. “We’re thrilled to deepen our partnerships with local Tacoma restaurants by offering Grubhub’s delivery capabilities. Now, restaurant partners can leave the last mile of delivery to Grubhub and focus on making the gourmet, local food that Tacoma residents crave.”

Diners can now order from a wide range of Tacoma favorites on Grubhub including:

“As Grubhub Delivery continues to expand across the country, we could not be more excited to bring our capabilities to the beautiful city of Tacoma,” said Stan Chia, chief operating officer, Grubhub. “We’re now able to provide a wider selection of the city’s ever-growing restaurant scene for diners to enjoy — rain or shine.”

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

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

Grubhub Now Delivers For More Restaurants in Greenville

Diners can now order from more of Greenville’s favorite restaurants, including Biscuit Head, On the Border and more

CHICAGO, Jan. 16, 2018 /PRNewswire/ — Grubhub, the nation’s leading online and mobile food-ordering company, today announced an expansion of its delivery capabilities to fast-growing Greenville, S.C. To kick off delivery in the heart of South Carolina’s Upcountry, Grubhub is offering free delivery, and there is no order minimum.

Grubhub has been connecting diners with Greenville restaurants that supply their own drivers since 2012. Since then, Greenville has seen impressive growth, and Grubhub is expanding to provide all Greenville restaurants have the opportunity to leverage Grubhub’s large and growing network of drivers, expand their customer base and grow order volume. This also means better restaurant choice and variety for Grubhub diners, as more restaurants offer their menus for delivery.

“We’re proud to give diners more restaurant choices than ever before, from their favorite restaurants across the beautiful city of Greenville,” said Zach Yost, Greenville General Manager, Grubhub. “We’re thrilled to deepen our partnerships with Greenville’s booming restaurant scene by offering Grubhub’s delivery capabilities. Now, restaurant partners can leave the delivery logistics to Grubhub and focus on what they do best: making the food that Greenville residents love.”

Diners can now order from a wide range of Greenville favorites on Grubhub including:

“As Grubhub Delivery continues to expand across the country, we could not be more excited to bring our capabilities to this South Carolina staple,” said Stan Chia, chief operating officer, Grubhub. “We’re now able to provide a selection of the city’s favorite restaurants for diners to enjoy without leaving the comfort of home.”

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

About NCR Corporation

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

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

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

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

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

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

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

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

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

About Grubhub

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

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

 

Grubhub Reports Record Third Quarter Results

Grubhub generates 32% revenue growth in the third quarter

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

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

Third Quarter 2017 Highlights

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

Third Quarter Financial Highlights

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

Third Quarter Key Business Metrics Highlights

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

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

Corporate Development

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

Fourth Quarter Guidance

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

Fourth Quarter 2017

(in millions)

Expected Revenue range

$197 – $205

Expected Adjusted EBITDA range

$51 – $56

Third Quarter 2017 Financial Results Conference Call

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

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

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

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

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

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

GRUBHUB INC.

STATEMENTS OF OPERATIONS

(in thousands, except per share data)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2017

2016

2017

2016

Revenues

$

163,059

$

123,461

$

477,987

$

355,874

Costs and expenses:

Operations and support

65,352

44,346

187,795

120,029

Sales and marketing

35,138

26,499

105,346

80,687

Technology (exclusive of amortization)

14,292

11,006

41,560

31,765

General and administrative

18,244

11,754

45,719

37,501

Depreciation and amortization

12,613

9,089

33,067

25,282

Total costs and expenses

145,639

102,694

413,487

295,264

Income before provision for income taxes

17,420

20,767

64,500

60,610

Provision for income taxes

4,432

7,585

19,043

24,690

Net income attributable to common stockholders

$

12,988

$

13,182

$

45,457

$

35,920

Net income per share attributable to common stockholders:

Basic

$

0.15

$

0.15

$

0.53

$

0.42

Diluted

$

0.15

$

0.15

$

0.52

$

0.42

Weighted-average shares used to compute net income per share attributable to common stockholders:

Basic

86,449

85,217

86,162

84,889

Diluted

88,543

86,424

87,788

85,957

 

KEY OPERATING METRICS

Three Months Ended
September 30,

Nine Months Ended
September 30,

2017

2016

2017

2016

Active Diners (000s)

9,806

7,685

9,806

7,685

Daily Average Grubs

304,500

267,500

314,200

268,800

Gross Food Sales (millions)

$

867.3

$

735.0

$

2,645.1

$

2,180.4

 

GRUBHUB INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

September 30,
2017

December 31,
2016

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

265,958

$

239,528

Short term investments

65,650

84,091

Accounts receivable, less allowances for doubtful accounts

73,745

60,550

Prepaid expenses and other current assets

9,430

12,168

Total current assets

414,783

396,337

PROPERTY AND EQUIPMENT:

Property and equipment, net of depreciation and amortization

62,225

46,555

OTHER ASSETS:

Other assets

4,130

4,530

Goodwill

454,557

436,455

Acquired intangible assets, net of amortization

360,549

313,630

Total other assets

819,236

754,615

TOTAL ASSETS

$

1,296,244

$

1,197,507

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Restaurant food liability

$

89,021

$

83,349

Accounts payable

11,869

7,590

Accrued payroll

9,223

7,338

Taxes payable

244

865

Other accruals

23,211

11,348

Total current liabilities

133,568

110,490

LONG TERM LIABILITIES:

Deferred taxes, non-current

103,210

108,022

Other accruals

6,511

6,876

Total long term liabilities

109,721

114,898

STOCKHOLDERS’ EQUITY:

Common stock, $0.0001 par value

9

9

Accumulated other comprehensive loss

(1,329)

(2,078)

Additional paid-in capital

837,711

805,731

Retained earnings

216,564

168,457

Total Stockholders’ Equity

$

1,052,955

$

972,119

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

1,296,244

$

1,197,507

 

GRUBHUB INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Nine Months Ended
September 30,

2017

2016

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

45,457

$

35,920

Adjustments to reconcile net income to net cash from operating activities:

Depreciation

7,949

5,567

Provision for doubtful accounts

338

719

Deferred taxes

(2,162)

(1,908)

Amortization of intangible assets

25,118

19,715

Stock-based compensation

23,913

17,755

Deferred rent

130

980

Investment premium amortization

(624)

(406)

Other

150

114

Change in assets and liabilities, net of the effects of business acquisitions:

Accounts receivable

(12,108)

(22,299)

Prepaid expenses and other assets

2,790

(2,874)

Restaurant food liability

4,591

11,361

Accounts payable

2,965

(4,592)

Accrued payroll

1,575

582

Other accruals

6,351

1,799

Net cash provided by operating activities

106,433

62,433

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of investments

(145,667)

(187,456)

Proceeds from maturity of investments

164,733

210,567

Capitalized website and development costs

(15,281)

(8,859)

Purchases of property and equipment

(12,549)

(17,083)

Acquisitions of businesses, net of cash acquired

(51,859)

(65,849)

Acquisition of other intangible assets

(25,147)

(250)

Other cash flows from investing activities

589

(540)

Net cash used in investing activities

(85,181)

(69,470)

CASH FLOWS FROM FINANCING ACTIVITIES

Repurchases of common stock

—

(14,774)

Proceeds from exercise of stock options

12,505

11,814

Excess tax benefits related to stock-based compensation

—

22,114

Taxes paid related to net settlement of stock-based compensation awards

(7,696)

(1,205)

Payments for debt issuance costs

(285)

(1,477)

Net cash provided by financing activities

4,524

16,472

Net change in cash and cash equivalents

25,776

9,435

Effect of exchange rates on cash

654

(890)

Cash and cash equivalents at beginning of year

239,528

169,293

Cash and cash equivalents at end of the period

$

265,958

$

177,838

SUPPLEMENTAL DISCLOSURE OF NON CASH ITEMS

Cash paid for income taxes

$

16,340

$

5,757

 

GRUBHUB INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

(in thousands, except per share data)

Three Months Ended
September 30, 2017

Nine Months Ended
September 30,

2017

2016

2017

2016

Net income

$

12,988

$

13,182

$

45,457

$

35,920

Income taxes

4,432

7,585

19,043

24,690

Depreciation and amortization

12,613

9,089

33,067

25,282

EBITDA

30,033

29,856

97,567

85,892

Acquisition, restructuring and legal costs

4,539

261

6,443

1,789

Stock-based compensation

8,475

5,349

23,913

17,755

Adjusted EBITDA

$

43,047

$

35,466

$

127,923

$

105,436

Three Months Ended
September 30, 2017

Nine Months Ended
September 30,

2017

2016

2017

2016

Net income

$

12,988

$

13,182

$

45,457

$

35,920

Stock-based compensation

8,475

5,349

23,913

17,755

Amortization of acquired intangible assets

6,455

5,385

16,828

16,070

Acquisition, restructuring and legal costs

4,539

261

6,443

1,789

Income tax adjustments

(7,936)

(4,243)

(19,770)

(14,780)

Non-GAAP net income

$

24,521

$

19,934

$

72,871

$

56,754

Weighted-average diluted shares used to compute net income per share attributable to common stockholders

88,543

86,424

87,788

85,957

Non-GAAP net income per diluted share attributable to common stockholders

$

0.28

$

0.23

$

0.83

$

0.66

 

Guidance

Three Months Ended

December 31, 2017

Low

High

(in millions)

Net income

$

13.7

$

16.7

Income taxes

9.3

11.3

Interest expense – net

1.0

1.0

Depreciation and amortization

17.5

17.5

EBITDA

41.5

46.5

Acquisition and restructuring costs

—

—

Stock-based compensation

9.5

9.5

Adjusted EBITDA

$

51.0

$

56.0