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Grubhub Inc. (GRUB) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

SEC Filings

Grubhub Inc.

CIK: 1594109

Exhibit 99.1

 

 

GRUBHUB REPORTS Second QUARTER 2019 RESULTS

 

Grubhub generates 36% revenue growth in the second quarter

 

CHICAGO, July 30, 2019 – Grubhub Inc. (NYSE: GRUB), the nation’s leading online and mobile food-ordering and delivery marketplace, today announced financial results for the second quarter ended June 30, 2019. The Company posted revenues of $325 million, which is a 36% year-over-year increase from $240 million in the second quarter of 2018. Gross Food Sales grew 20% year-over-year to $1.5 billion, up from $1.2 billion in the same period last year.

 

"The team continued executing in the second quarter, adding thousands of new, high-quality independent and enterprise restaurants and growing our active diner base to more than 20 million,” said Matt Maloney, Grubhub founder and CEO. "We are excited about the trajectory of our two-sided marketplace – both in terms of geographic diversity and depth in individual markets. Restaurants are increasingly valuing the incremental sales and products we provide, while diners highly regard our robust restaurant selection and consistently low transaction fees."

 

Second Quarter 2019 Highlights

 

The following results reflect the financial performance and key operating metrics of our business for the three months ended June 30, 2019, as compared to the same period in 2018.

 

Second Quarter Financial Highlights

 

 

Revenues: $325.1 million, a 36% year-over-year increase from $239.7 million in the second quarter of 2018.

 

Net Income: $1.3 million, or $0.01 per diluted share, a 96% year-over-year decrease from $30.1 million, or $0.33 per diluted share, in the second quarter of 2018.

 

Non-GAAP Adjusted EBITDA: $54.7 million, a 19% year-over-year decrease from $67.4 million in the second quarter of 2018.

 

Non-GAAP Net Income: $24.9 million, or $0.27 per diluted share, a 46% year-over-year decrease from $46.3 million, or $0.50 per diluted share, in the second quarter of 2018.

 

Second Quarter Key Business Metrics Highlights1

 

 

Active Diners: 20.3 million, a 30% year-over-year increase from 15.6 million Active Diners in the second quarter of 2018.

 

Daily Average Grubs (DAGs): 488,900, a 16% year-over-year increase from 423,200 DAGs in the second quarter of 2018.

 

Gross Food Sales: $1.5 billion, a 20% year-over-year increase from $1.2 billion in the second quarter of 2018.

 

"Our Adjusted EBITDA per order increased by $0.14 from the first quarter to $1.23 despite the headwind of the seasonally slower second quarter. This sequential improvement was primarily driven by increasing delivery efficiency, especially in our quickly ramping recently launched markets," said Adam DeWitt, Grubhub president and CFO. "We have achieved this profitability improvement while extending our delivery business into smaller and less dense markets, setting

 

1 

Key Business Metrics are defined on page 29 of our Annual Report on Form 10-K filed on February 28, 2019.

 


The following information was filed by Grubhub Inc. on Tuesday, July 30, 2019 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
Acquisitions - Valuation Methods For Intangible Assets Acquired (Detail)
Anti-Dilutive Securities Excluded From Calculation Of Diluted Net Income Per Share (Detail)
Assumptions Used To Determine Fair Value Of Stock Options Granted (Detail)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Detail)
Commitments And Contingencies - Additional Information (Detail1)
Components Of Acquired Intangible Assets (Detail)
Components Of Lease Costs (Detail)
Components Of Property And Equipment (Detail)
Computation Of Basic And Diluted Net Income Per Share (Detail)
Debt
Debt (Tables)
Debt - Additional Information (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)
Fair Value Measurement
Fair Value Measurement (Tables)
Goodwill And Acquired Intangible Assets
Goodwill And Acquired Intangible Assets (Tables)
Goodwill And Acquired Intangible Assets - Additional Information (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Marketable Securities
Marketable Securities (Tables)
Marketable Securities - Additional Information (Detail)
Non-Vested Restricted Stock Units (Detail)
Organization
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
Property And Equipment (Tables)
Property And Equipment - Additional Information (Detail)
Schedule Of Acquisition-Date Fair Value Of Assets And Liabilities (Detail)
Schedule Of Carrying Amount Of Goodwill (Detail)
Schedule Of Debt (Detail)
Schedule Of Fair Value And Carrying Value Of Assets And Liabilities Recorded At Other Than Fair Value (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Additional Information (Detail)
Stock Option Activity (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stockholders' Equity
Stockholders' Equity - Additional Information (Detail)
Summary Of Continuous Unrealized Loss On Marketable Securities (Detail)
Summary Of Future Minimum Payments Under Non Cancelable Operating Lease (Detail)
Summary Of Future Operating Lease Payments (Detail)
Summary Of Held-To-Maturity Marketable Securities (Detail)
Supplemental Cash Flow Information Related To Operating Leases Average Lease Terms And Discount Rates (Detail)

Material Contracts, Statements, Certifications & more

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

CIK: 1594109
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-029438
Submitted to the SEC: Tue Aug 06 2019 12:56:35 PM EST
Accepted by the SEC: Tue Aug 06 2019
Period: Sunday, June 30, 2019
Industry: Business Services

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