Grubhub Inc. 10-K Annual Report Fri Feb 28 2020

Grubhub Inc. (NYSE: GRUB), a leading online and mobile food-ordering and delivery marketplace, today announced financial results for the fourth quarter and full year ended December 31, 2019 and also posted a letter to shareholders on its investor relations website. For the fourth quarter, the Company reported revenues of $341 million, which is a 19% year-over-year increase from $288 million in the same period last year. Gross Food Sales grew 13% year-over-year to $1.6 billion, up from $1.4 billion in the fourth quarter of 2018.

"We strengthened both sides of our marketplace during the fourth quarter, adding 1.4 million active diners and more than doubling our restaurant selection from just a quarter ago," said Matt Maloney, Grubhub founder and CEO. "We are making good progress on the key initiatives we outlined last quarter. We added more than 15,000 partnered and over 150,000 non-partnered restaurant options for our diners and we also launched a number of new loyalty programs for our restaurant partners.”

Fourth Quarter and Full Year 2019 Highlights

The following results reflect the financial performance and key operating metrics of our business for the three and twelve months ended December 31, 2019, as compared to the same periods in 2018.

Fourth Quarter Financial Highlights

•

Revenues: $341.3 million, a 19% year-over-year increase from $287.7 million in the fourth quarter of 2018.

•

Net Income (Loss): $(27.7) million, or $(0.30) per diluted share, a decrease from $(5.2) million, or $(0.06) per diluted share, in the fourth quarter of 2018.

•

Non-GAAP Adjusted EBITDA: $26.7 million, a 37% year-over-year decrease from $42.1 million in the fourth quarter of 2018.

•

Non-GAAP Net Income (Loss): $(4.2) million, or $(0.05) per diluted share, a decrease from $17.6 million, or $0.19 per diluted share, in the fourth quarter of 2018.

Fourth Quarter Key Business Metrics Highlights¹

•

Active Diners: 22.6 million, a 28% year-over-year increase from 17.7 million Active Diners in the fourth quarter of 2018.

•

Daily Average Grubs (DAGs): 502,600, a 8% year-over-year increase from 467,500 DAGs in the fourth quarter of 2018.

•

Gross Food Sales: $1.6 billion, a 13% year-over-year increase from $1.4 billion in the fourth quarter of 2018.

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 Wednesday, February 5, 2020 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.

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/1594109/000156459020007801/grub-10k_20191231.htm

View differences made from one year to another to evaluate Grubhub Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Grubhub Inc..

Continue

Assess how Grubhub Inc.'s management team is paid from their Annual Proxy

Grubhub Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter by Sentiment:

All

Positive

Negative

Filter by Category:

All

Financial

Revenue

M & A

Other

Filter by Subcategory:

All

Cash Flow

Product

Expense

Income

Debt

Earnings

Other

Inside Grubhub Inc.'s 10-K Annual Report:

Financial - Shares Highlight
The increase in net cash provided by financing activities was primarily related to $200.0 million in proceeds received from the issuance of our common stock to Yum Restaurant Services Group, LLC (see Part II, Item 8, Note 13, Stockholders' Equity) and $22.0 million in additional proceeds received from borrowings under the credit facility in 2018.

Financial - Cash Flow Highlight
Such indicators may include the following, among others: a significant decline in expected future cash flows, a sustained, significant decline in our stock price and market capitalization, a significant adverse change in legal factors or in the business climate, unanticipated competition, the testing for recoverability of a significant asset group and slower growth rates.
Other - Other Highlight
Any adverse change in these factors could have a significant impact on the recoverability of our goodwill and could have a material impact on the consolidated financial statements.
Other - Other Highlight
Some of these limitations are: Adjusted EBITDA does not reflect our cash expenditures for capital equipment or other contractual commitments; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect capital expenditure requirements for such replacements; Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; and other companies, including companies in the same industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.
Other - Other Highlight
The Company's 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.
Revenue - Product
Sales and marketing expenses also...Read more
Other - Other
Such changes could result in...Read more
Financial - Expense
If we are unable to...Read more
Other - Other
The growth in Active Diners...Read more
Other - Other
The growth in Active Diners...Read more
Financial - Expense
Operations and support expenses also...Read more
Revenue - Product
In 2019, we continued our...Read more
Other - Other
We used $323.0 million of...Read more
Other - Other
We used $323.0 million of...Read more
Financial - Income
2019 compared to 2018 Income...Read more
Other - Other
Factors that could cause or...Read more
Other - Other
However, our liquidity assumptions may...Read more
Financial - Debt
In addition, management believes Adjusted...Read more
Financial - Expense
Depreciation and amortization expenses primarily...Read more
Financial - Debt
As of December 31, 2019,...Read more
M & A - Other
The increase was primarily attributable...Read more
Other - Other
We have included Adjusted EBITDA...Read more
Other - Other
Because Adjusted EBITDA facilitates internal...Read more
Other - Other
Growth in all metrics was...Read more
Financial - Earnings
The following table sets forth...Read more
Financial - Expense
Additionally, compensation expense, payment processing...Read more
Financial - Debt
The agreements governing our senior...Read more
Other - Other
We have not experienced any...Read more
Financial - Earnings
A reconciliation of Adjusted EBITDA...Read more
M & A - Other
The undrawn portion of the...Read more
Other - Other
Outstanding credit card receivables are...Read more
Financial - Debt
Our financing activities during the...Read more
Other - Other
There were no outstanding borrowings...Read more
Revenue - Product
We processed $5.9 billion in...Read more
Other - Other
These risks primarily consist of...Read more
Other - Other
The decrease was primarily driven...Read more
Revenue - Product
2019 compared to 2018 Revenues...Read more
Other - Other
Amounts deposited with third-party financial...Read more
Financial - Expense
2019 compared to 2018 Depreciation...Read more
Revenue - Product
The following tables set forth...Read more
Other - Other
These cash, cash equivalents and...Read more
Financial - Expense
Technology (exclusive of amortization) expenses...Read more
Other - Other
Nevertheless, significant changes in global...Read more
Financial - Cash Flow
The decrease in cash flows...Read more
Revenue - Product
In addition, revenue increased during...Read more
Revenue - Product
In addition, revenue increased during...Read more
Revenue - Product
Compared to 2018, our revenues...Read more
Other - Other
Additionally, we have made meaningful...Read more
Other - Other
The table above does not...Read more
Financial - Cash Flow
These were largely offset by...Read more
Other - Other
We entered into an amended...Read more
Financial - Expense
2019 compared to 2018 Net...Read more
Financial - Shares
These increases were partially offset...Read more
Other - Other
This overview summarizes the MD&A,...Read more
M & A - Other
The decrease in net cash...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 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.9: Material Contract

Exhibit 10.40: Material Contract

Exhibit 10.41: 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: 0001564590-20-007801
Submitted to the SEC: Fri Feb 28 2020 4:17:23 PM EST
Accepted by the SEC: Fri Feb 28 2020
Period: Tuesday, December 31, 2019
Industry: Business Services