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Grubhub Inc. (GRUB) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

SEC Filings

Grubhub Inc.

CIK: 1594109

Exhibit 99.1

 

 

GRUBHUB REPORTS second QUARTER 2020 RESULTS

 

Grubhub provides $100 million of support to restaurants and delivery partners in the second quarter

 

CHICAGO, July 30, 2020 – Grubhub Inc. (NYSE: GRUB), a leading online and mobile food-ordering and delivery marketplace, today announced financial results for the second quarter ended June 30, 2020 and also posted a letter to shareholders on its investor relations website. The Company reported revenues of $459 million, which is a 41% year-over-year increase from $325 million in the same period last year. Gross Food Sales grew 59% year over year to $2.3 billion, up from $1.5 billion in the same period last year.

 

“Our singular focus for the second quarter was to support our restaurant partners as much as possible in their time of need. With a little help from increased demand, we are proud to announce we were able to spend approximately $100 million supporting and keeping restaurants, drivers and diners safe during these difficult times,” said Matt Maloney, Grubhub founder and CEO. “In June, we announced our acquisition by Just Eat Takeaway.com which will create the largest and only profitable online food marketplace outside of China. We are excited to join forces with a team that has demonstrated it can grow this business sustainably on a global basis and who is also focused on capturing a disproportionate share of the profitable growth in the U.S. going forward.”

 

Second Quarter 2020 Highlights

 

The following results reflect the financial performance and key operating metrics of our business for the three months ended June 30, 2020, as compared to the same period in 2019.

 

Second Quarter Financial Highlights

 

 

Revenues: $459.3 million, a 41% year-over-year increase from $325.1 million in the second quarter of 2019.

 

Net Income (Loss): $(45.4) million, or $(0.49) per diluted share, a decrease from $1.3 million, or $0.01 per diluted share, in the second quarter of 2019.

 

Non-GAAP Adjusted EBITDA: $13.3 million, a 76% year-over-year decrease from $54.7 million in the second quarter of 2019.

 

Non-GAAP Net Income (Loss): $(15.9) million, or $(0.17) per diluted share, a decrease from $24.9 million, or $0.27 per diluted share, in the second quarter of 2019.

 

Second Quarter Key Business Metrics Highlights1

 

 

Active Diners: 27.5 million, a 35% year-over-year increase from 20.3 million Active Diners in the second quarter of 2019.

 

Daily Average Grubs (DAGs): 647,100, a 32% year-over-year increase from 488,900 DAGs in the second quarter of 2019.

 

Gross Food Sales: $2.3 billion, a 59% year-over-year increase from $1.5 billion in the second quarter of 2019.

 

“The strong trends we observed in April persisted throughout the quarter with year-over-year DAG growth accelerating each month,” said Adam DeWitt, Grubhub President and CFO. “With

 

1 

Key Business Metrics are defined on pages 28 - 29 of our Annual Report on Form 10-K filed on February 28, 2020.

 


The following information was filed by Grubhub Inc. on Thursday, July 30, 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-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)
Anti-Dilutive Securities Excluded From Calculation Of Diluted Net Income (Loss) Per Share (Detail)
Assumptions Used To Determine Fair Value Of Stock Options Granted (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail1)
Components Of Acquired Intangible Assets (Detail)
Components Of Property And Equipment (Detail)
Computation Of Basic And Diluted Net Income (Loss) 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)
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)
Merger Agreement
Merger Agreement - Additional Information (Detail)
Non-Vested Restricted Stock Units (Detail)
Organization
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (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)
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 Held-To-Maturity Marketable Securities (Detail)
CIK: 1594109
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-038649
Submitted to the SEC: Mon Aug 10 2020 8:30:25 AM EST
Accepted by the SEC: Mon Aug 10 2020
Period: Tuesday, June 30, 2020
Industry: Business Services

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