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Grubhub Inc. (GRUB) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

SEC Filings

Grubhub Inc.

CIK: 1594109

Exhibit 99.1

GRUBHUB REPORTS RECORD FOURTH QUARTER

AND YEAR-END RESULTS

 

GrubHub generates 50 percent revenue growth in the fourth quarter and expands into delivery with the acquisition of two leading restaurant delivery services

 

Chicago, IL – February 5, 2015 – GrubHub Inc. (NYSE: GRUB), the leading online and mobile food-ordering company, today announced financial results for the quarter and year-ended December 31, 2014.  The Company also announced the completed acquisition of DiningIn and an agreement to acquire Restaurants on the Run, two of the leading restaurant delivery services in the U.S.

 

"We ended the year with strong growth momentum as we capitalized on the seasonally favorable conditions of the fourth quarter,” said Matt Maloney, CEO. “We sent more than 200,000 orders a day to our restaurant partners during the quarter while surpassing 5 million active diners, resulting in record revenues and adjusted EBITDA.  GrubHub continues to be the clear platform of choice for restaurants that want to grow their businesses profitably and for diners looking for simplicity, choice and control when ordering takeout."

 

Acquisitions

 

The Company has completed the acquisition of DiningIn and signed a definitive agreement to acquire Restaurants on the Run, subject to certain closing conditions. With the completion of these acquisitions, GrubHub will be executing deliveries for nearly 3,000 restaurants across the U.S., including in in Boston, Chicago, Dallas, Houston, Las Vegas, Los Angeles, Minneapolis, Philadelphia, San Diego, San Francisco and Seattle.    

 

GrubHub has been conducting its own delivery tests for the past year and believes that owning the delivery experience provides a number of key benefits to its diners and restaurant partners, including:

 

·

An improved diner experience due to GrubHub’s additional visibility into each order;

·

An increased number of dining choices by bringing delivery services to restaurants that do not operate such services themselves; and

·

Lower overall delivery costs due to the benefits of scale and aggregation

 

“We are excited to start 2015 with these acquisitions, the completion of which will help us expand our leading position in online ordering and also make GrubHub a leader in restaurant delivery for independent restaurants,” noted Maloney. “DiningIn and Restaurants on the Run are ideal partners for GrubHub because of the breadth and depth of their restaurant networks and the more than 45 years of combined experience they have operating successful restaurant delivery services.”

 

Fourth Quarter and Full Year 2014 Highlights

 

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

 

Fourth Quarter Financial Highlights

 

·

Revenues: $73.3 million, a 50% year-over-year increase from $49.0 million in the fourth quarter of 2013.

·

Non-GAAP Adjusted EBITDA: $25.0 million, a 92% year-over-year increase from $13.0 million in the fourth quarter of 2013.

 


The following information was filed by Grubhub Inc. on Thursday, February 5, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Condensed Consolidated Statements Of Cash Flows
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Changes In Stockholders' Equity And Redeemable Common Stock
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Assumptions Used To Determine Fair Value Of Stock Options Granted (detail)
Classification Of Net Deferred Tax Assets (liabilities) (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Components Of Acquired Intangible Assets (detail)
Components Of Intangible Assets (detail)
Components Of Property And Equipment (detail)
Computation Of Basic And Diluted Net Income Per Share (detail)
Deferred Income Tax Assets And Liabilities (detail)
Earnings Per Share Attributable To Common Stockholders
Earnings Per Share Attributable To Common Stockholders (tables)
Earnings Per Share Attributable To Common Stockholders - Additional Information (detail)
Estimated Future Amortization Of Acquired Intangible Assets (detail)
Estimated Useful Life Of Property And Equipment (detail)
Fair Value Measurement
Fair Value Measurement (tables)
Fair Value Measurement - Additional Information (detail)
Future Minimum Lease Payments (detail)
Goodwill And Acquired Intangible Assets
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Goodwill And Acquired Intangible Assets - Additional Information (detail)
Income Before Provision For Income Taxes (detail)
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Income Taxes - Additional Information (detail)
Marketable Securities
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Non-vested Restricted Stock Unit Awards (detail)
Organization And Reorganization
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Pro Forma Adjustments For Additional Amortization Of That Would Have Been Recognized On The Intangible Assets (detail)
Pro Forma Summary Of Operation (detail)
Property And Equipment
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Property And Equipment - Additional Information (detail)
Reconciliation Of Income Taxes Computed At U.s. Federal Statutory Rate To Income Taxes (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Retirement Plan
Retirement Plan - Additional Information (detail)
Schedule Of Acquisition-date Fair Value Of Assets And Liabilities (detail)
Schedule Of Carrying Amount Of Goodwill (detail)
Schedule Of Fair Value Assets Measured On Recurring Basis (detail)
Schedule Of Fair Value, Valuation Techniques And Related Unobservable Inputs (detail)
Stock Option Activity (detail)
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Stock-based Compensation - Additional Information (detail)
Stockholders' Equity
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Summary Of Changes In Allowance For Doubtful Accounts (detail)
Summary Of Continuous Unrealized Loss On Marketable Securities (detail)
Summary Of Held-to-maturity Marketable Securities (detail)
Summary Of Restructuring Activity (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Tax Loss And Credit Carryforwards (detail)
Unrecognized Tax Benefit Activity Excluding Related Accrual For Interest (detail)
CIK: 1594109
Form Type: 10-K Annual Report
Accession Number: 0001564590-15-001303
Submitted to the SEC: Thu Mar 05 2015 6:05:52 AM EST
Accepted by the SEC: Thu Mar 05 2015
Period: Wednesday, December 31, 2014
Industry: Business Services

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