News Tag: Financial

CHICAGO, May 3, 2016 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the leading takeout marketplace, today announced financial results for the quarter ended March 31, 2016.

“We had a strong start to 2016, generating a record $713 million in gross food sales during the quarter, even with significant headwinds from weather,” said Matt Maloney, CEO. “Revenue grew 27%, driven by the continued expansion of quality restaurants through Grubhub delivery, improvements in our technology platform and the rollout of our updated Grubhub branding.”

First Quarter 2016 Highlights

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

First Quarter Financial Highlights

• Revenues: $112.2 million, a 27% year-over-year increase from $88.2 million in the first quarter of 2015.
• Non-GAAP Adjusted EBITDA: $32.4 million, a 15% year-over-year increase from $28.3 million in the first quarter of 2015.
• Net Income: $9.9 million, or $0.12 per diluted share, a 6% year-over-year decrease from $10.6 million, or $0.12 per diluted share, in the first quarter of 2015.
• Non-GAAP Net Income: $17.2 million, or $0.20 per diluted share, a 15% year-over-year increase from $14.9 million, or $0.18 per diluted share.

First Quarter Key Business Metrics Highlights

• Active Diners were 6.97 million, a 24% year-over-year increase from 5.60 million Active Diners in the first quarter of 2015.
• Daily Average Grubs were 267,800, a 14% year-over-year increase from 234,700 Daily Average Grubs in the first quarter of 2015.
• Gross Food Sales were $713 million, a 21% year-over-year increase from $590 million in the first quarter of 2015.

Delivery

The Company has entered into an agreement to acquire LAbite, one of the largest restaurant delivery services in the U.S. In 2015, LAbite diners ordered almost $80 million in gross food sales, with most of the volume coming from the greater Los Angeles area.

“We are excited by the acquisition of LAbite as it adds to the tremendous strides we’ve made in expanding the breadth and depth of our delivery network and boosts our presence in an important market,” noted Maloney. “With more than 5,000 restaurants now using Grubhub delivery and our total network comprised of more than 44,000 restaurants, we are making great progress towards fulfilling our goal of being the most comprehensive marketplace for takeout diners and restaurants.”

Excluding the pending acquisition of LAbite, Grubhub is now delivering annual gross food sales volume of approximately $250 million.  This compares to almost no delivery volume at the beginning of 2015.

Credit Facility

On April 29, 2016, the Company entered into a revolving credit facility.  The credit facility will be available to the Company until April 28, 2021 and provides for a commitment of $185 million and the ability to increase the line under certain conditions up to $215 million.

Second Quarter and Full Year 2016 Guidance*

Based on information available as of May 3rd, 2016, the company is providing the following financial guidance for the second quarter and full year of 2016:

*The above guidance excludes any impact from Grubhub’s pending acquisition of LAbite.  The Company will update guidance to include LAbite when the acquisition closes.

First Quarter 2016 Financial Results Conference Call: Grubhub will webcast a conference call today at 9 a.m. CT to discuss the first quarter 2016 financial results. The webcast can be accessed on the Grubhub Investor Relations website at http://investors.grubhub.com, along with the company’s earnings press release and financial tables. A replay of the webcast will be available at the same website until May 17, 2016.

About Grubhub

Grubhub (NYSE: GRUB) is the nation’s leading online and mobile food-ordering company. Dedicated to moving eating forward and connecting diners with the food they love from their favorite local restaurants, the company’s platforms and services strive to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with more than 44,000 restaurant partners in over 1,000 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, AllMenus, MenuPages, Restaurants on the Run, DiningIn and Delivered Dish.

Use of Forward Looking Statements:

This press release contains forward-looking statements regarding our management’s future expectations, beliefs, intentions, goals, strategies, plans and prospects, including the expected financial performance of Grubhub following its recent acquisitions and investment in delivery. Such statements constitute “forward-looking” statements, which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and assumptions that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the matters set forth in the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed on February 26, 2016, which are on file with the SEC and are available on the Investor Relations section of our website at http://investors.grubhub.com/. Additional information will be set forth in our Quarterly Report on Form 10-Q that will be filed for the quarter ended March 31, 2016, which should be read in conjunction with these financial results. Please also note that forward-looking statements represent our management’s beliefs and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to publicly update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information, becomes available in the future.

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.

 

 

 

 

 

 

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CHICAGO, Feb. 4, 2016 /PRNewswire/ — Grubhub Inc. (NYSE: GRUB), the leading takeout marketplace, today announced financial results for the quarter and year ended December 31, 2015.

“The fourth quarter capped off a strong year for Grubhub.  We generated a record $643 million in gross food sales during the quarter and $2.4 billion during the year,” said Matt Maloney, CEO.  “The growth in our delivery network has greatly expanded our potential universe of restaurant partners, helping us work with restaurants that don’t currently offer delivery, but want access to our 6.7 million active diners.  As a result, our restaurant network is broader and deeper than ever, with over 40,000 partners in more than 1,000 cities.”

Fourth Quarter and Full Year 2015 Highlights

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

Fourth Quarter Financial Highlights

• Revenues: $100.0 million, a 36% year-over-year increase from $73.3 million in the fourth quarter of 2014.
• Non-GAAP Adjusted EBITDA: $26.8 million, a 7% year-over-year increase from $25.0 million in the fourth quarter of 2014.
• Net Income: $11.3 million, or $0.13 per diluted share, a 5% year-over-year increase from $10.8 million, or $0.13 per diluted share, in the fourth quarter of 2014.
• Non-GAAP Net Income: $16.7 million, or $0.19 per diluted share, a 16% year-over-year increase from $14.4 million, or $0.17 per diluted share.

Fourth Quarter Key Business Metrics Highlights

• Active Diners were 6.75 million, a 34% year-over-year increase from 5.03 million Active Diners in the fourth quarter of 2014.
• Daily Average Grubs were 241,800, a 19% year-over-year increase from 202,700 Daily Average Grubs in the fourth quarter of 2014.
• Gross Food Sales were $643 million, a 26% year-over-year increase from $508 million in the fourth quarter of 2014.

Full Year Financial Highlights

• Revenues: $361.8 million, a 43% year-over-year increase from $253.9 million in 2014.
• Non-GAAP Adjusted EBITDA: $105.0 million, a 33% year-over-year increase from $78.7 million in 2014.
• Net Income: $38.1 million, or $0.44 per diluted share, a 57% year-over-year increase from $24.3 million, or $0.30 per diluted share, in 2014.
• Non-GAAP Net Income: $58.1 million, or $0.68 per diluted share, a 51% year-over-year increase from $38.5 million, or $0.47 per diluted share, in 2014.

Full Year Key Business Metrics Highlights

• Active Diners were 6.75 million, a 34% increase from 5.03 million Active Diners in 2014.
• Daily Average Grubs were 227,100, a 24% year-over-year increase from 182,800 Daily Average Grubs in 2014.
• Gross Food Sales were $2.4 billion, a 32% year-over-year increase from $1.8 billion processed in 2014.

“We are incredibly proud of the progress we made in 2015.  Our significant upgrades in product and technology as well as our investments in restaurant partnerships set us up for continued growth in 2016 and beyond,” continued Maloney.  “Our capital-efficient model and strong free cash flow have enabled us to introduce a share buyback to return value opportunistically to shareholders while increasing our overall flexibility through the planned establishment of a credit facility.  This flexibility will allow us to acquire attractive assets at reasonable prices if the recent market volatility creates opportunities.”

First Quarter and Full Year 2016 Guidance

Based on information available as of February 4, 2016, the company is providing the following financial guidance for the first quarter and full year of 2016:

Fourth Quarter 2015 Financial Results Conference Call: Grubhub will webcast a conference call today at 9 a.m. CT to discuss the fourth 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 February 18, 2016.

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 40,000 restaurants in more than 1,000 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, DiningIn and Delivered Dish.

Use of Forward Looking Statements:
This press release contains forward-looking statements regarding our management’s future expectations, beliefs, intentions, goals, strategies, plans and prospects, including the expected financial performance of Grubhub following its recent acquisitions and investment in delivery. Such statements constitute “forward-looking” statements, which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and assumptions that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the matters set forth in the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed on March 5, 2015 and our most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 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 Annual Report on Form 10-K that will be filed for the year ended December 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, 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.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/grubhub-reports-fourth-quarter-and-full-year-2015-results-300215155.html

SOURCE GrubHub Inc.

CHICAGO, Jan. 25, 2016 /PRNewswire/ — GrubHub Inc. (NYSE: GRUB), the nation’s leading online and mobile food-ordering and delivery platform, today announced several value-enhancing initiatives and preliminary fourth quarter 2015 results.  These initiatives include the Board’s authorization of a stock repurchase program of up to $100 million and approval for management to negotiate and enter into a credit facility of up to $200 million.  In addition, as part of GrubHub’s commitment to best-in-class corporate governance, the Board plans to appoint two additional highly qualified independent directors.

“Today’s announcement reflects the commitment of the Board and management to maximize growth and long-term shareholder value, and reflects valuable input we have received from our shareholders,” said Matt Maloney, CEO.  “We made solid progress in the fourth quarter, delivering revenue at the high end of guidance and adjusted EBITDA above guidance as we continued our momentum in delivery and leveraged our position as the clear leader in mobile and online takeout ordering.  We continue to generate excellent cash flow, and the new credit facility will further augment our already strong cash position, enabling us to aggressively pursue strategic growth opportunities in 2016 and beyond.”

“We believe our shares represent an attractive investment opportunity, and the stock repurchase authorization provides us with the ability to return value to shareholders while preserving our strong balance sheet and flexibility to pursue organic and other growth opportunities,” said Brian McAndrews, Chairman of the Board.  “We remain confident in the strength of our business and the effectiveness of our strategy, and we are committed to delivering long-term shareholder value.”

Preliminary Fourth Quarter 2015 Results
The company expects to report fourth quarter 2015 revenues at the high end of current guidance of $98 to $100 million and adjusted EBITDA modestly above current guidance of $23 to $25 million.

These preliminary, unaudited results are based on management’s initial review of operations for the quarter and year ended December 31, 2015 and remain subject to the completion of GrubHub’s customary annual closing and review procedures.  Final adjustments and other material developments may arise between the date of this press release and when GrubHub announces fourth quarter 2015 results and files its Annual Report on Form 10-K with the Securities and Exchange Commission.  GrubHub will report fourth quarter and full year 2015 results on February 4, 2016.

Stock Repurchase Authorization
The Board has authorized a stock repurchase program of up to $100 million.  Opportunistic stock repurchases may be made at the Company’s discretion from time to time in open market transactions or in accelerated stock buyback programs, tender offers, privately negotiated transactions or by other means.  The timing and amounts of any purchases will be based on market conditions and other factors, including balancing use of resources for repurchases against organic and other growth opportunities.  The repurchase program has no time limit, does not require the purchase of any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice.

Credit Facility
The Company is actively negotiating terms of a syndicated credit facility of up to $200 million to further increase its financial flexibility and to enable it to be aggressive in pursuing growth opportunities.  As of December 31, 2015, the Company had cash and short-term investments of approximately $310 million.

New Directors
In keeping with its ongoing evaluation of the Board to ensure the optimal composition, expertise and qualifications of its directors, GrubHub plans to identify two new independent directors for appointment to the Board, one of whom may replace a sitting director who would step off the Board.  The search is being led by the Board’s Nominating and Corporate Governance Committee, assisted by an external search firm.

“The Board’s search is focused on bringing in world-class directors from leading companies with extensive product development expertise and/or executive leadership experience, and we welcome shareholder input regarding qualified candidates,” said Brian McAndrews. “We believe these skill sets will enhance the Board and provide valuable perspective as we continue to aggressively expand GrubHub’s delivery network while executing against the significant opportunity in takeout ordering.”

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. Any statements that refer to characterizations of future events, circumstances or results, including all statements related to the timing or amount of future stock repurchases, the entering into and terms of any credit facility, the identification of candidates and expansion of our board, and our expected full year 2015 earnings are also forward-looking statements. 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/. Please also note that forward-looking statements represent our management’s beliefs and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to publicly update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information, becomes available in the future.

Use of Non-GAAP Financial Measures
Adjusted EBITDA is a financial measure that is not calculated in accordance with accounting principles generally accepted in the United States, or GAAP.

We define Adjusted EBITDA as net income adjusted to exclude acquisition and restructuring costs, income taxes, depreciation and amortization and stock-based compensation expense.

We use this non-GAAP financial measure 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.

A reconciliation to the comparable GAAP guidance has not been provided because certain factors that are materially significant to our ability to estimate the excluded items are not accessible or practically estimable at this time.

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, DiningIn and Delivered Dish.

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CHICAGO, Dec. 7, 2015 /PRNewswire/ — GrubHub, the nation’s leading online and mobile food-ordering company, today announced the completed acquisition of Delivered Dish, a popular restaurant delivery service that connects consumers with local restaurants. GrubHub’s delivery service currently serves diners and restaurants in 30 markets and expects to be in more than 40 markets by the end of 2015.

Based in Portland, Ore., Delivered Dish works with hundreds of restaurants in seven markets across the Pacific Northwest and Southwest, including Denver, Las Vegas, San Diego, Portland, El Paso and Albuquerque. With a robust network of independent and chain restaurant partners such as California Pizza Kitchen, Rubio’s and BJ’s Restaurant and Brewhouse, Delivered Dish provides consumer and corporate diners with a wide array of choices.

“Delivered Dish is pleased to join the national leader in online food ordering,” said Greg Trombley, Delivered Dish CEO. “We look forward to contributing to GrubHub’s strong momentum in the food delivery space.”

GrubHub’s delivery service launched in June 2014. The service is designed to bring more orders to restaurants that don’t operate their own delivery service, provide a better customer experience and offer enhanced technology to our restaurant partners. The acquisition of Delivered Dish will help to accelerate this growth by leveraging their market knowledge and GrubHub’s scale to provide delivery at lower overall costs.

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.

Contact: Press@grubhub.com

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