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

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Grubhub Inc.

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CIK: 1594109

Exhibit 99.1

 

 

GRUBHUB REPORTS third QUARTER 2020 RESULTS

 

Grubhub generates 53% revenue growth in the third quarter

 

CHICAGO, October 28, 2020 –

Grubhub Inc. (NYSE: GRUB), a leading online and mobile food-ordering and delivery marketplace, today announced financial results for the third quarter ended September 30, 2020 and also posted a letter to shareholders on its investor relations website. The Company reported revenues of $494 million, which is a 53% year-over-year increase from $322 million in the same period last year. Gross Food Sales grew 68% year-over-year to $2.4 billion, up from $1.4 billion in the same period last year.

 

“Connecting restaurants and diners is more important than ever given the challenges our restaurant partners still face because of the pandemic. Since March, we have supported our restaurant partners with hundreds of millions of dollars through increased marketing support, reduced commissions, and bonuses and personal protective equipment for drivers,” said Matt Maloney, Grubhub founder and CEO. “Earlier this month, the Just Eat Takeaway.com shareholders overwhelmingly voted in favor of the proposed acquisition of Grubhub, which is on track for completion in the first half of 2021.”

 

Third Quarter 2020 Highlights

 

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

 

Third Quarter Financial Highlights

 

 

•

Revenues: $494.0 million, a 53% year-over-year increase from $322.1 million in the third quarter of 2019.

 

•

Net Income (Loss): $(9.2) million, or $(0.10) per diluted share, a decrease from $1.0 million, or $0.01 per diluted share, in the third quarter of 2019.

 

•

Non-GAAP Adjusted EBITDA: $43.8 million, a 19% year-over-year decrease from $53.8 million in the third quarter of 2019.

 

•

Non-GAAP Net Income: $15.2 million, or $0.16 per diluted share, a decrease from $24.7 million, or $0.27 per diluted share, in the third quarter of 2019.

 

Third Quarter Key Business Metrics Highlights1

 

 

•

Active Diners: 30.0 million, a 41% year-over-year increase from 21.2 million Active Diners in the third quarter of 2019.

 

•

Daily Average Grubs (DAGs): 668,600, a 46% year-over-year increase from 457,300 DAGs in the third quarter of 2019.

 

•

Gross Food Sales: $2.4 billion, a 68% year-over-year increase from $1.4 billion in the third quarter of 2019.

 

“Diner and order growth further accelerated in the third quarter as consumers across the country increasingly embraced the control, ease and convenience of ordering through Grubhub,” said Adam DeWitt, Grubhub president and CFO. “We continued to invest aggressively in new diner acquisition and support for our restaurant partners while also generating our highest Adjusted

 

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 Wednesday, October 28, 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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Grubhub Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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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)

Material Contracts, Statements, Certifications & more

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

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-Q Quarterly Report
Accession Number: 0001564590-20-052000
Submitted to the SEC: Fri Nov 06 2020 4:30:53 PM EST
Accepted by the SEC: Fri Nov 06 2020
Period: Wednesday, September 30, 2020
Industry: Business Services

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