Grubhub Inc. 10-K Annual Report Wed Feb 28 2018

CHICAGO, Feb 8, 2018 – 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

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Revenues: $205.1 million, a 49% year-over-year increase from $137.5 million in the fourth quarter of 2016.

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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.

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Non-GAAP Adjusted EBITDA: $57.0 million, a 45% year-over-year increase from $39.2 million in the fourth quarter of 2016.

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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

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Active Diners were 14.5 million, a 77% year-over-year increase from 8.2 million Active Diners in the fourth quarter of 2016.

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Daily Average Grubs (DAGs) were 392,500, a 34% year-over-year increase from 292,500 DAGs in the fourth quarter of 2016.

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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

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Revenues: $683.1 million, a 38% year-over-year increase from $493.3 million in 2016.

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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.

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Non-GAAP Adjusted EBITDA: $184.0 million, a 27% year-over-year increase from $144.6 million in 2016.

The following information was filed by Grubhub Inc. on Thursday, February 8, 2018 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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Inside Grubhub Inc.'s 10-K Annual Report:

Other - Other Highlight
The Companys Adjusted EBITDA may not be comparable to similarly titled measures of other organizations because other organizations may not calculate Adjusted EBITDA in the same manner.

Financial - Earnings Highlight
For an explanation of Adjusted EBITDA as a measure of the Companys operating performance and a reconciliation to net earnings, see Non-GAAP Financial Measure Adjusted EBITDA below.
Financial - Expense Highlight
Operations and support expenses also include payment processing costs for diner orders, costs of uploading and maintaining restaurant menu content, communications costs related to orders, facilities costs allocated on a headcount basis and other expenses related to operating and maintaining an independent delivery network.
Revenue - Product Highlight
Sales and marketing expenses also consist of salaries, commissions, benefits, stock-based compensation expense and bonuses for restaurant sales, restaurant sales support, corporate customer sales and marketing employees, payments to contractors and facilities costs allocated on a headcount basis.
Revenue - Product Highlight
In 2017, we continued our strong growth trajectory, generating 38% revenue growth and a 100% increase in net income compared to 2016.
Other - Other
Our financing activities during the...Read more
Other - Other
However, our liquidity assumptions may...Read more
Financial - Income
Income tax expense decreased by...Read more
Financial - Debt
In addition, management believes Adjusted...Read more
Financial - Expense
Depreciation and amortization expenses primarily...Read more
Other - Other
We have included Adjusted EBITDA...Read more
Other - Other
Because Adjusted EBITDA facilitates internal...Read more
Other - Other
As of December 31, 2017,...Read more
Other - Other
Growth in all metrics was...Read more
Revenue - Product
The increase was primarily related...Read more
Financial - Income
Income tax expense increased by...Read more
Other - Other
We expect to use proceeds...Read more
Other - Other
We have not experienced any...Read more
Other - Other
although depreciation and amortization are...Read more
Financial - Expense
Depreciation and amortization expense increased...Read more
Financial - Expense
Depreciation and amortization expense increased...Read more
Financial - Earnings
A reconciliation of Adjusted EBITDA...Read more
Other - Other
other companies, including companies in...Read more
Financial - Expense
a decrease in prepaid expenses...Read more
Financial - Debt
The Credit Agreement contains customary...Read more
Financial - Expense
an increase in accrued expenses...Read more
Other - Other
Amounts deposited with third-party financial...Read more
Other - Other
These cash, cash equivalents and...Read more
Financial - Expense
Changes in non-cash expenses primarily...Read more
Financial - Expense
Technology exclusive of amortization expenses...Read more
Revenue - Product
Compared to 2016, our revenues...Read more
Other - Other
The table above does not...Read more
Other - Other
Factors that could cause or...Read more
Other - Other
an increase in accounts receivable...Read more
Other - Other
Recoverability of intangible assets with...Read more
Revenue - Product
Revenues increased by $189.7 million,...Read more
Revenue - Product
Revenues increased by $131.5 million,...Read more
Financial - Expense
Operations and support expense increased...Read more
Financial - Expense
Operations and support expense increased...Read more
Financial - Expense
Technology expense increased by $13.8...Read more
Financial - Expense
Technology expense increased by $9.7...Read more
Financial - Expense
General and administrative expense increased...Read more
Financial - Expense
General and administrative expense increased...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Grubhub Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.10: Material Contract

Exhibit 10.11: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

CIK: 1594109
Form Type: 10-K Annual Report
Accession Number: 0001564590-18-003852
Submitted to the SEC: Wed Feb 28 2018 5:26:40 PM EST
Accepted by the SEC: Wed Feb 28 2018
Period: Sunday, December 31, 2017
Industry: Business Services