News Tag: Financial

GrubHub Reports Second Quarter Results

GrubHub generates 47% revenue growth and 68% adjusted EBITDA growth in the second quarter

CHICAGO, July 28, 2015 /PRNewswire/ — GrubHub Inc. (NYSE: GRUB), the leading takeout marketplace, today announced financial results for the quarter ended June 30, 2015.

“We delivered significant year-over-year growth in the seasonally slower second quarter, driven by strong performance in all of our markets across the country,” said Matt Maloney, CEO.  “GrubHub’s almost 6 million diners ordered more than 20 million times during the quarter, driving revenue growth of 47 percent year-over-year.”

Second Quarter 2015 Highlights

The following results reflect the financial performance and key operating metrics of our business for the three months ended June 30, 2015 as compared to the same period in 2014.

Second Quarter Financial Highlights

  • Revenues: $88.0 million, a 47% year-over-year increase from $60.0 million in the second quarter of 2014.
  • Non-GAAP Adjusted EBITDA: $28.4 million, a 68% year-over-year increase from $16.9 million in the second quarter of 2014.
  • Net Income: $9.4 million, or $0.11 per diluted share, a 247% year-over-year increase from $2.7 million, or $0.03 per diluted share, in the second quarter of 2014.
  • Non-GAAP Net Income: $15.0 million, or $0.17 per diluted share, a 146% year-over-year increase from $6.1 million, or $0.07 per diluted share.

Second Quarter Key Business Metrics Highlights

  • Active Diners were 5.93 million, a 42% year-over-year increase from 4.19 million Active Diners in the second quarter of 2014.
  • Daily Average Grubs were 220,100, a 26% year-over-year increase from 174,500 Daily Average Grubs in the second quarter of 2014.
  • Gross Food Sales were $568 million, a 34% year-over-year increase from $423 million in the second quarter of 2014.

Seamless Upgrade

“In addition to strong financial performance, we released a significant upgrade to the Seamless consumer interface, which brings the best performing elements of all of our platforms into one consolidated experience,” continued Maloney.  “The new interface has an updated design and is cleaner, more intuitive and importantly, mobile-centric. We are also now on a single technology stack, which will allow us to scale more easily and will dramatically improve our time to market for new features and functionality.”

Delivery Expansion

“We are making great strides expanding our delivery capabilities.  By next week, we will have doubled the number of markets where we offer delivery in the months following our February acquisitions of two of the nation’s leading restaurant delivery companies,” noted Maloney.  “We are proud that more than half of our 6 million diners live in markets that have GrubHub delivery right now.”

Second Quarter and Full Year 2015 Guidance

Based on information available as of July 28, 2015, the company is providing the following financial guidance for the second quarter and full year of 2015:

Third Quarter 2015

Full Year 2015

(in millions)

Expected revenue range

$85 – $87

$358 – $364

Expected Adjusted EBITDA range

$23 – $25

$104 – $112

Second Quarter 2015 Financial Results Conference Call: GrubHub will webcast a conference call today at 9 a.m. CT to discuss the second quarter 2015 financial results. The webcast can be accessed on the GrubHub Investor Relations website at http://investors.grubhub.com, along with the company’s earnings press release and financial tables. A replay of the webcast will be available at the same website until August 11, 2015.

About GrubHub
GrubHub (NYSE: GRUB) is one of the nation’s largest portfolios of online and mobile takeout food ordering and delivery services. Connecting diners to more than 35,000 restaurants in more than 900 U.S. cities and London, the company’s platforms and services strive to make takeout better through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. The GrubHub Inc. portfolio of brands includes GrubHub, Seamless, AllMenus, MenuPages, Restaurants on the Run and DiningIn.

Use of Forward Looking Statements:
This press release contains forward-looking statements regarding our management’s future expectations, beliefs, intentions, goals, strategies, plans and prospects, including the expected financial performance of GrubHub following its recent acquisitions and investment in delivery. Such statements constitute “forward-looking” statements, which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and assumptions that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the matters set forth in the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed on March 5, 2015, which are on file with the SEC and are available on the Investor Relations section of our website at http://investors.grubhub.com/. Additional information will be set forth in our Quarterly Report on Form 10-Q that will be filed for the quarter ended June 30, 2015, which should be read in conjunction with these financial results. Please also note that forward-looking statements represent our management’s beliefs and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to publicly update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information, becomes available in the future.

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

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

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

 

GRUBHUB INC.

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

Three Months Ended

June 30,

Six Months Ended
June 30,

2015

2014

2015

2014

Revenues

$

87,955

$

60,006

$

176,204

$

118,619

Costs and expenses:

Sales and marketing

20,679

16,168

44,786

32,285

Operations and support

24,603

14,734

47,304

29,841

Technology (exclusive of amortization)

7,902

6,066

15,568

11,413

General and administrative

9,745

8,620

18,846

16,944

Depreciation and amortization

8,829

5,615

15,078

11,130

Total costs and expenses

71,758

51,203

141,582

101,613

Income before provision for income taxes

16,197

8,803

34,622

17,006

Provision for income taxes

6,845

6,111

14,700

9,961

Net income

$

9,352

$

2,692

$

19,922

$

7,045

Net income per share attributable to common stockholders:

Basic

$

0.11

$

0.03

$

0.24

$

0.10

Diluted

$

0.11

$

0.03

$

0.23

$

0.09

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

Basic

84,116

78,042

83,449

66,626

Diluted

85,833

82,074

85,465

79,854

KEY OPERATING METRICS

Three Months Ended
June 30,

Six Months Ended
June 30,

2015

2014

2015

2014

Active Diners (000s)

5,932

4,192

5,932

4,192

Daily Average Grubs

220,100

174,500

227,300

177,800

Gross Food Sales (millions)

$

567.6

$

422.6

$

1,157.5

$

855.6

 

GRUBHUB INC.

CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED

(in thousands, except share data)

June 30, 2015

December 31, 2014

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

195,595

$

201,796

Short term investments

111,836

111,341

Accounts receivable, less allowances for doubtful accounts

46,228

36,127

Deferred taxes, current

499

825

Prepaid expenses

3,655

2,940

Total current assets

357,813

353,029

PROPERTY AND EQUIPMENT:

Property and equipment, net of depreciation and amortization

14,975

16,003

OTHER ASSETS:

Other assets

3,598

3,543

Goodwill

387,566

352,788

Acquired intangible assets, net of amortization

284,821

254,339

Total other assets

675,985

610,670

TOTAL ASSETS

$

1,048,773

$

979,702

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Restaurant food liability

$

94,654

$

91,575

Accounts payable

2,235

3,371

Accrued payroll

3,844

5,958

Taxes payable

549

1,660

Other accruals

12,567

8,441

Total current liabilities

113,849

111,005

LONG TERM LIABILITIES:

Deferred taxes, non-current

91,953

92,244

Other accruals

5,763

5,931

Total long term liabilities

97,716

98,175

Commitments and Contingencies

STOCKHOLDERS’ EQUITY:

Common stock, $0.0001 par value

8

8

Accumulated other comprehensive loss

(159)

(262)

Additional paid-in capital

736,614

689,953

Retained earnings

100,745

80,823

Total Stockholders’ Equity

$

837,208

$

770,522

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

1,048,773

$

979,702

 

GRUBHUB INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED

(in thousands)

Six Months Ended June 30,

2015

2014

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

19,922

$

7,045

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

Depreciation

2,721

2,390

Provision for doubtful accounts

260

166

Deferred taxes

35

8,138

Intangible asset amortization

12,357

8,740

Tenant allowance amortization

(79)

(79)

Stock-based compensation

6,265

4,687

Deferred rent

(36)

76

Investment premium amortization

532

—

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

Accounts receivable

(8,460)

(8,725)

Prepaid expenses and other assets

(485)

(1,592)

Restaurant food liability

3,052

6,241

Accounts payable

(3,957)

(962)

Accrued payroll

(3,000)

1,721

Other accruals

1,417

2,439

Net cash provided by operating activities

30,544

30,285

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of investments

(65,645)

—

Proceeds from maturity of investments

64,618

—

Capitalized website and development costs

(3,104)

(1,112)

Purchases of property and equipment

(1,201)

(2,378)

Acquisitions of businesses, net of cash acquired

(55,687)

—

Net cash used in investing activities

(61,019)

(3,490)

CASH FLOWS FROM FINANCING ACTIVITIES

Net proceeds from the issuance of common stock

—

94,927

Repurchases of common stock

—

(116)

Proceeds from exercise of stock options

9,777

1,145

Excess tax benefit related to stock-based compensation

14,421

—

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

—

(2,061)

Preferred stock tax distributions

—

(320)

Net cash provided by financing activities

24,198

93,575

Net change in cash and cash equivalents

(6,277)

120,370

Effect of exchange rates on cash

76

184

Cash and cash equivalents at beginning of year

201,796

86,542

Cash and cash equivalents at end of the period

$

195,595

$

207,096

SUPPLEMENTAL DISCLOSURE OF NON CASH ITEMS

Fair value of common stock issued for acquisitions

$

15,980

$

—

Cash paid for income taxes

—

1,321

 

 

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

Three Months Ended
June 30,

Six Months Ended
June 30,

2015

2014

2015

2014

Net income

$

9,352

$

2,692

$

19,922

$

7,045

Income taxes

6,845

6,111

14,700

9,961

Depreciation and amortization

8,829

5,615

15,078

11,130

EBITDA

25,026

14,418

49,700

28,136

Acquisition and restructuring costs

134

207

703

492

Stock-based compensation

3,258

2,284

6,265

4,687

Adjusted EBITDA

$

28,418

$

16,909

$

56,668

$

33,315

Three Months Ended
June 30,

Six Months Ended
June 30,

2015

2014

2015

2014

Net income

$

9,352

$

2,692

$

19,922

$

7,045

Stock-based compensation

3,258

2,284

6,265

4,687

Amortization of acquired intangible assets

4,673

3,526

8,788

7,051

Accelerated write-down of Seamless technology platform

1,897

—

1,897

—

Acquisition and restructuring costs

134

207

703

492

Income tax adjustments

(4,314)

(2,606)

(7,644)

(5,296)

Non-GAAP net income

$

15,000

$

6,103

$

29,931

$

13,979

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

85,833

82,074

85,465

79,854

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

$

0.17

$

0.07

$

0.35

$

0.18

Three Months Ended

June30,

2015

March31,

2015

December31,

2014

September30,

2014

June30,

2014

March31,

2014

Net income

$

9,352

$

10,570

$

10,765

$

6,453

$

2,692

$

4,353

Stock-based compensation

3,258

3,007

2,412

2,294

2,284

2,403

Amortization of acquired intangible assets

4,673

4,115

3,526

3,525

3,526

3,525

Accelerated write-down of Seamless technology platform

1,897

—

—

—

—

—

Acquisition and restructuring costs

134

569

477

670

207

285

Income tax adjustments

(4,314)

(3,330)

(2,778)

(2,809)

(2,606)

(2,690)

Non-GAAP net income

$

15,000

$

14,931

$

14,402

$

10,133

$

6,103

$

7,876

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

85,833

85,098

84,311

82,771

82,074

77,635

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

$

0.17

$

0.18

$

0.17

$

0.12

$

0.07

$

0.10

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/grubhub-reports-second-quarter-results-300119694.html

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

GrubHub To Announce Second Quarter 2015 Financial Results On July 28, 2015

CHICAGO, July 14, 2015 /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 Tuesday, July 28th, 2015, at 9:00 a.m. Central Time, following the release of the Company’s financial results. Matt Maloney, CEO, and Adam DeWitt, CFO will host the webcast.

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

About GrubHub
GrubHub (NYSE: GRUB) is one of the nation’s largest portfolios of online and mobile takeout food ordering and delivery services. Connecting diners to more than 35,000 restaurants in 900 U.S. cities and London, the company’s platforms and services strive to make takeout better through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. The GrubHub portfolio of brands includes GrubHub, Seamless, AllMenus, MenuPages, Restaurants on the Run and DiningIn.

Contacts:

Anan Kashyap

Corporate Finance & Investor Relations

ir@grubhub.com

Abby Hunt

Press

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/grubhub-to-announce-second-quarter-2015-financial-results-on-july-28-2015-300113352.html

GrubHub Reports Record First Quarter Results

GrubHub generates 51% percent revenue growth in the first quarter

CHICAGO, April 29, 2015 /PRNewswire/ — GrubHub Inc. (NYSE: GRUB), the leading takeout marketplace, today announced financial results for the quarter ended March 31, 2015.

“Positive seasonal tailwinds and good organic growth propelled GrubHub to record top line and bottom line results in the first quarter,” commented Matt Maloney, CEO. “We continue to broaden and deepen our reach, with 5.6 million diners generating more than 21 million orders for our 35,000 restaurant partners in the first three months of the year. Due to our strong growth in diners, Daily Average Grubs grew 30 percent compared to the first quarter last year.”

First Quarter 2015 Highlights

The following results reflect the financial performance and key operating metrics of our business for the three months ended March 31, 2015 as compared to the same period in 2014.

First Quarter Financial Highlights

  • Revenues: $88.2 million, a 51% year-over-year increase from $58.6 million in the first quarter of 2014.
  • Non-GAAP Adjusted EBITDA: $28.3 million, a 72% year-over-year increase from $16.4 million in the first quarter of 2014.
  • Net Income: $10.6 million, a 143% year-over-year increase from $4.4 million in the first quarter of 2014.

First Quarter Key Business Metrics Highlights

  • Active Diners were 5.60 million, a 46% year-over-year increase from 3.85 million Active Diners in the first quarter of 2014.
  • Daily Average Grubs were 234,700, a 30% year-over-year increase from 181,200 Daily Average Grubs in the first quarter of 2014.
  • Gross Food Sales were $590 million, a 36% year-over-year increase from $433 million processed in the first quarter of 2014.

“As previously announced, in addition to the DiningIn acquisition we closed in early February, we completed our acquisition of Restaurants on the Run later in the month and continue to be excited about providing delivery as part of an integrated suite of products for our independent restaurant partners,” noted Maloney. “We believe that by providing the last mile, we can improve the diner experience, increase the total market and potentially lower the cost of delivery by leveraging our unequaled scale.”

Second Quarter and Full Year 2015 Guidance

Based on information available as of April 29, 2015, the company is providing the following financial guidance for the second quarter and full year of 2015:

Second Quarter 2015

Full Year 2015

(in millions)

Expected revenue range

$83.5 – $85.5

$346 – $361

Expected Adjusted EBITDA range

$23.0 – $25.0

$101 – $109

First Quarter 2015 Financial Results Conference Call: GrubHub will webcast a conference call today at 9 a.m. CT to discuss the first quarter 2015 financial results. The webcast can be accessed on the GrubHub Investor Relations website at http://investors.grubhub.com, along with the company’s earnings press release and financial tables. A replay of the webcast will be available at the same website until May 5th, 2015.

About GrubHub
GrubHub (NYSE: GRUB) is one of the nation’s largest portfolios of online and mobile takeout food ordering and delivery services. Connecting diners to more than 35,000 restaurants in more than 900 U.S. cities and London, the company’s platforms and services strive to make takeout better through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. The GrubHub Inc. portfolio of brands includes GrubHub, Seamless, AllMenus, MenuPages, Restaurants on the Run and DiningIn.

Use of Forward Looking Statements:
This press release contains forward-looking statements regarding our management’s future expectations, beliefs, intentions, goals, strategies, plans and prospects, including the expected financial performance of GrubHub following its recent acquisitions. Such statements constitute “forward-looking” statements, which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and assumptions that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the matters set forth in the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed on March 5, 2015, which are on file with the SEC and are available on the Investor Relations section of our website at http://investors.grubhub.com/. Additional information will be set forth in our Quarterly Report on Form 10-Q that will be filed for the quarter ended March 31, 2015, which should be read in conjunction with these financial results. Please also note that forward-looking statements represent our management’s beliefs and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to publicly update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information, becomes available in the future.

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” below for a reconciliation of net income to Adjusted EBITDA.

Contacts:

Anan Kashyap

Abby Hunt

Corporate Finance & Investor Relations

Press

ir@grubhub.com

press@grubhub.com

GRUBHUB INC.

CONDENSED STATEMENTS OF OPERATIONS – UNAUDITED

(in thousands, except per share data)

Three Months Ended March 31,

2015

2014

Revenues

$

88,249

$

58,613

Costs and expenses:

Sales and marketing

24,107

16,117

Operations and support

22,701

15,107

Technology (exclusive of amortization)

7,666

5,347

General and administrative

9,101

8,324

Depreciation and amortization

6,249

5,515

Total costs and expenses

69,824

50,410

Income before provision for income taxes

18,425

8,203

Provision for income taxes

7,855

3,850

Net income attributable to common stockholders

$

10,570

$

4,353

Net income per share attributable to common stockholders:

Basic

$

0.13

$

0.08

Diluted

$

0.12

$

0.06

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

Basic

82,783

55,210

Diluted

85,098

77,365

KEY OPERATING METRICS

Three Months Ended March 31,

2015

2014

Active Diners (000s)

5,604

3,851

Daily Average Grubs

234,700

181,200

Gross Food Sales (millions)

$

589.9

$

433.0

GRUBHUB INC.

CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED

(in thousands, except share data)

March 31, 2015

December 31, 2014

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

188,155

$

201,796

Short term investments

110,069

111,341

Accounts receivable, less allowances for doubtful accounts

49,614

36,127

Deferred taxes, current

792

825

Prepaid expenses

2,915

2,940

Total current assets

351,545

353,029

PROPERTY AND EQUIPMENT:

Property and equipment, net of depreciation and amortization

16,102

16,003

OTHER ASSETS:

Other assets

3,507

3,543

Goodwill

387,385

352,788

Acquired intangible assets, net of amortization

289,495

254,339

Total other assets

680,387

610,670

TOTAL ASSETS

$

1,048,034

$

979,702

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Restaurant food liability

$

115,892

$

91,575

Accounts payable

4,060

3,371

Accrued payroll

3,695

5,958

Taxes payable

707

1,660

Other accruals

12,211

8,441

Total current liabilities

136,565

111,005

LONG TERM LIABILITIES:

Deferred taxes, non-current

93,430

92,244

Other accruals

5,826

5,931

Total long term liabilities

99,256

98,175

Commitments and Contingencies

STOCKHOLDERS’ EQUITY:

Common stock, $0.0001 par value

8

8

Accumulated other comprehensive loss

(555)

(262)

Additional paid-in capital

721,366

689,953

Retained earnings

91,394

80,823

Total Stockholders’ Equity

$

812,213

$

770,522

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

1,048,034

$

979,702

GRUBHUB INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED

(in thousands)

Three Months Ended March 31,

2015

2014

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

10,570

$

4,353

Adjustments to reconcile net income to net cash from operating

   activities:

Depreciation

1,215

1,168

Provision for doubtful accounts

93

361

Deferred taxes

1,219

3,208

Intangible asset amortization

5,034

4,347

Tenant allowance amortization

(40)

(40)

Stock-based compensation

3,007

2,403

Deferred rent

(1)

(21)

Investment premium amortization

280

—

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

   acquisitions:

Accounts receivable

(11,862)

(10,994)

Prepaid expenses and other assets

255

626

Restaurant food liability

24,376

18,678

Accounts payable

(1,826)

(56)

Accrued payroll

(3,146)

943

Other accruals

1,248

2,860

Net cash provided by operating activities

30,422

27,836

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of investments

(37,068)

—

Proceeds from maturity of investments

38,060

—

Capitalized website and development costs

(1,213)

(449)

Purchases of property and equipment

(441)

(1,776)

Acquisitions of businesses, net of cash acquired

(55,506)

–

Net cash used in investing activities

(56,168)

(2,225)

CASH FLOWS FROM FINANCING ACTIVITIES

Repurchases of common stock

—

(116)

Proceeds from exercise of stock options

5,823

1,036

Excess tax benefit related to stock-based compensation

6,492

—

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

—

(362)

Net cash provided by financing activities

12,315

558

Net change in cash and cash equivalents

(13,431)

26,169

Effect of exchange rates on cash

(210)

49

Cash and cash equivalents at beginning of year

201,796

86,542

Cash and cash equivalents at end of the period

$

188,155

$

112,760

SUPPLEMENTAL DISCLOSURE OF NON CASH ITEMS

Fair value of common stock issued for acquisitions

15,980

—

Cash paid for income taxes

—

395

NON-GAAP ADJUSTED EBITDA RECONCILATION

Three Months Ended

March 31,

2015

2014

(in thousands)

Net income

$

10,570

$

4,353

Income taxes

7,855

3,850

Depreciation and amortization

6,249

5,515

EBITDA

24,674

13,718

Acquisition and restructuring costs

569

285

Stock-based compensation

3,007

2,403

Adjusted EBITDA

$

28,250

$

16,406

GrubHub To Announce First Quarter 2015 Financial Results On April 29, 2015

CHICAGO, April 22, 2015 /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 fourth quarter financial results on Wednesday, April 29th, 2015, at 9:00 a.m. Central Time, following the release of the Company’s financial results. Matt Maloney, CEO, and Adam DeWitt, CFO will host the webcast.

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

About GrubHub

GrubHub (NYSE: GRUB) is one of the nation’s largest portfolios of online and mobile takeout food ordering and delivery services. Connecting diners to more than 35,000 restaurants in 800 U.S. cities and London, the company’s platforms and services strive to make takeout better through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. The GrubHub portfolio of brands includes GrubHub, Seamless, AllMenus, MenuPages, Restaurants on the Run and DiningIn.

Contacts:

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

Abby Hunt
Press
press@grubhub.com

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/grubhub-to-announce-first-quarter-2015-financial-results-on-april-29-2015-300070577.html

GrubHub Adds Girish Lakshman to Board of Directors

CHICAGO, March 16, 2015 /PRNewswire/ — GrubHub Inc. (NYSE:GRUB) announced today that Girish Lakshman, former Vice President of Worldwide Transportation Strategy and Technology at Amazon, is joining its Board of Directors.

Girish joined Amazon in 1999 and served in various senior roles as part of the organization’s e-logistics strategy team. Upon his retirement in August 2014, he was managing multi-disciplinary functions in transportation, including interfacing with global supply chain and fulfillment centers. Girish also serves on the advisory board of the Master of Supply Chain Transportation and Logistics program at University of Washington.

“We are thrilled to welcome Girish to the Board, and look forward to getting the benefit of his extensive background in logistics and eCommerce,” said Matt Maloney, CEO and Founder of GrubHub. “His skills and experience will be extremely valuable as we expand our leadership position in online ordering, particularly as we integrate our recent acquisitions and grow our presence in restaurant delivery.”

About GrubHub
GrubHub Inc. (NYSE:GRUB) is one of the nation’s largest portfolios of online and mobile takeout food ordering and delivery services. Connecting diners to more than 30,000 restaurants in 800 U.S. cities and London, the company’s platforms and services strive to make takeout better through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. The GrubHub Inc. portfolio of brands includes GrubHub, Seamless, AllMenus, MenuPages, Restaurants on the Run and DiningIn.

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

Abby Hunt
Press
press@grubhub.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/grubhub-adds-girish-lakshman-to-board-of-directors-300050823.html

GrubHub Completes Acquisition Of Restaurants On The Run

CHICAGO, March 2, 2015 /PRNewswire/ — GrubHub Inc. (NYSE: GRUB), the leading online and mobile food-ordering company, today announced it has completed the acquisition of Restaurants on the Run. With the close of this acquisition, GrubHub is now executing delivery for nearly 3,000 restaurants across the country.

B. Riley & Co. served as the financial advisor to Restaurants on the Run for this transaction.

First Quarter and Full Year 2015 Guidance

GrubHub is making the following adjustments to its previous outlook for the first quarter and full year of 2015, based on information available as of March 2, 2015, which includes the impact of the Restaurants on the Run acquisition:

First Quarter 2015

Full Year 2015

(in millions)

Expected revenue range

$84 – $86

$343 – $358

Expected Adjusted EBITDA range

$24 – $26

$101 – $109

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 800 U.S. cities and London. Every order is supported by the company’s 24/7 customer service teams.

About Restaurants on the Run

Founded in 1993, Restaurants on the Run is the West Coast’s largest restaurant food delivery service specializing in corporate catering and restaurant delivery. Restaurants on the Run delivers on time meals and a consistent customer experience for more than 1,700 restaurant locations across Los Angeles, San Francisco, Orange County, San Diego, Houston, Seattle, Las Vegas and Tulsa. Using smart delivery logistics, Restaurants on the Run is focused on perfecting the ordering and delivery experience.

Use of Forward Looking Statements:

This press release contains forward-looking statements regarding our management’s future expectations, beliefs, intentions, goals, strategies, plans and prospects, including the expected benefits to GrubHub from the acquisitions of DiningIn and Restaurants on the Run, and the expected financial performance of GrubHub following such acquisitions. Such statements constitute “forward-looking” statements, which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and assumptions that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the matters set forth in the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled “Risk Factors” in our Prospectus filed on September 5, 2014 and our most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, 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 December 31, 2014, which should be read in conjunction with these financial results. Please also note that forward-looking statements represent our management’s beliefs and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to publicly update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information, becomes available in the future.

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.

Contacts:

Anan Kashyap

Corporate Finance & Investor Relations

ir@grubhub.com

Abby Hunt

Press

press@grubhub.com

GrubHub To Participate In Morgan Stanley, Raymond James And JMP Securities Conferences

CHICAGO, Feb. 27, 2015 /PRNewswire/ — GrubHub Inc. (NYSE: GRUB), the leading online and mobile food-ordering company, today announced that Chief Executive Officer, Matt Maloney will participate at the JMP Securities Technology Conference and Morgan Stanley Technology, Media and Telecom Conference 2015 in San Francisco, California on March 2nd and 3rd, 2015 respectively.  In addition, Adam DeWitt, Chief Financial Officer, will participate at the 2015 Raymond James Institutional Investors Conference in Orlando, Florida on March 2nd, 2015.

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 800 U.S. cities and London. Every order is supported by the company’s 24/7 customer service teams.

Contacts:

Anan Kashyap

Abby Hunt

Corporate Finance & Investor Relations

Press Relations

ir@grubhub.com

press@grubhub.com