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Grubhub Inc. (GRUB) SEC Filing 8-K Material Event for the period ending Wednesday, February 3, 2021

SEC Filings

Grubhub Inc.

CIK: 1594109

Exhibit 99.1

 

 

GRUBHUB REPORTS fourth QUARTER AND FULL YEAR 2020 RESULTS

 

Grubhub generates 48% revenue growth in the fourth quarter

 

CHICAGO, February 3, 2021 – 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, 2020 and also posted a letter to shareholders on its investor relations website. For the fourth quarter, the Company reported revenues of $504 million, which is a 48% year-over-year increase from $341 million in the same period last year. Gross Food Sales grew 52% year-over-year to $2.4 billion, up from $1.6 billion in the fourth quarter of 2019.

 

"We remain steadfast in our support of our restaurant partners as the ongoing pandemic continues to weigh on their businesses and their local communities. From increased marketing spend and reduced commissions, to winterization grants and free digital ordering tools, we continue to be fully committed to assisting our restaurant partners," said Matt Maloney, Grubhub founder and CEO. "Looking ahead, we’ve been working closely with the Just Eat Takeaway.com team on integration planning and continue to expect the transaction to close in the first half of 2021."

 

Fourth Quarter and Full Year 2020 Highlights

 

The following results reflect the financial performance and key operating metrics of our business for the three and twelve months ended December 31, 2020, as compared to the same period in 2019.

 

Fourth Quarter Financial Highlights

 

 

Revenues: $503.7 million, a 48% year-over-year increase from $341.3 million in the fourth quarter of 2019.

 

Net (Loss): $(67.8) million, or $(0.73) per diluted share, a decrease from $(27.7) million, or $(0.30) per diluted share, in the fourth quarter of 2019.

 

Non-GAAP Adjusted EBITDA: $31.2 million, a 17% year-over-year increase from $26.7 million in the fourth quarter of 2019.

 

Non-GAAP Net (Loss): $(37.9) million, or $(0.41) per diluted share, a decrease from $(4.2) million, or $(0.05) per diluted share, in the fourth quarter of 2019.

 

Fourth Quarter Key Business Metrics Highlights1

 

 

Active Diners: 31.4 million, a 39% year-over-year increase from 22.6 million Active Diners in the fourth quarter of 2019.

 

Daily Average Grubs (DAGs): 658,100 a 31% year-over-year increase from 502,600 DAGs in the fourth quarter of 2019.

 

Gross Food Sales: $2.4 billion, a 52% year-over-year increase from $1.6 billion in the fourth quarter of 2019.

 

1 

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

 


 

 

Full Year Financial Highlights

 

 

Revenues: $1.8 billion, a 39% year-over-year increase from $1.3 billion in 2019.

 

Net (Loss): $(155.9) million, or $(1.69) per diluted share, a decrease from $(18.6) million, or $(0.20) per diluted share, in 2019.

 

Non-GAAP Adjusted EBITDA: $109.3 million, a 41% year-over-year decrease from $186.2 million in 2019.

 

Non-GAAP Net Income (Loss): $(38.7) million, or $(0.42) per diluted share, a decrease from $73.2 million, or $0.79 per diluted share, in 2019.

 

Full Year Key Business Metrics Highlights2

 

 

Active Diners: 31.4 million, a 39% year-over-year increase from 22.6 million Active Diners in 2019.

 

Daily Average Grubs (DAGs): 622,700, a 26% year-over-year increase from 492,300 DAGs in 2019.

 

Gross Food Sales: $8.7 billion, a 47% year-over-year increase from $5.9 billion in 2019.

 

"2020 was a transformative year for our marketplace. Strong new diner and restaurant additions across all of our markets coupled with increased order frequency from existing diners culminated in record gross food sales during the fourth quarter," said Adam DeWitt, Grubhub President and CFO. “Absent the ongoing support spend we are providing to our restaurant partners, drivers, and diners, the business could easily support long-term economics of more than $1.50 of Adjusted EBITDA per order.”

 

Guidance

 

Given Grubhub’s pending acquisition by Just Eat Takeaway.com, it is no longer issuing forward-looking guidance.

 

About Grubhub

 

Grubhub (NYSE: GRUB) is a leading online and mobile food-ordering and delivery marketplace with the largest and most comprehensive network of restaurant partners, as well as over 31 million active diners. Dedicated to connecting diners with the food they love from their favorite local restaurants, Grubhub elevates food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub features over 300,000 restaurants and is proud to partner with over 265,000 of these restaurants in over 4,000 U.S. cities. The Grubhub portfolio of brands includes Grubhub, Seamless, LevelUp, AllMenus and MenuPages.

 

Use of Forward-Looking Statements

 

This communication contains “forward-looking statements” regarding Grubhub, Just Eat Takeaway.com or their respective management’s future expectations, beliefs, intentions, goals, strategies, plans and prospects, which, in the case of Grubhub, are made in reliance on the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve substantial risks, known and unknown, uncertainties, assumptions and other factors that may cause actual results, performance or achievements to differ materially from future results expressed or implied by such forward-looking statements including, but not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of one or both of Grubhub or Just Eat Takeaway.com to terminate the merger agreement; the ability to obtain approval by Grubhub stockholders on the expected schedule or at all; difficulties and delays in integrating Grubhub’s and Just Eat Takeaway.com’s businesses; risks that the proposed merger disrupts Grubhub’s or Just Eat Takeaway.com’s current plans and operations; failing to fully realize anticipated synergies, cost savings and other anticipated benefits of the proposed merger when expected or at all; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed merger; the risk that unexpected costs will be incurred; the ability of Grubhub or Just Eat Takeaway.com to retain and hire key personnel; the diversion of management’s attention from ongoing business operations; uncertainty as to the value of the Just Eat Takeaway.com ordinary shares to be issued in connection with the proposed merger; uncertainty as to the long-term value of the common stock of the combined company following the proposed merger; the continued availability of capital and financing following the proposed merger; the outcome of any legal proceedings that may be instituted against Grubhub, Just Eat Takeaway.com or their respective directors and officers; changes in global, political, economic, business, competitive, market and regulatory forces; changes in tax laws, regulations, rates and policies; future business acquisitions or disposals; competitive developments; and the timing and occurrence (or non-occurrence) of other events or circumstances that may be beyond Grubhub’s and Just Eat Takeaway.com’s control. These and other risks, uncertainties, assumptions and other factors may be amplified or made more uncertain by the COVID-19 pandemic, which has caused significant economic uncertainty. The extent to which the COVID-19 pandemic impacts Grubhub’s and Just Eat Takeaway.com’s businesses, operations and financial results, including the duration and magnitude of such effects, will depend on numerous factors, which are unpredictable, including, but not limited to, the duration and spread of the outbreak, its severity, the actions taken to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume. Forward-looking statements generally relate to future events or Grubhub and Just Eat Takeaway.com’s future financial or operating performance and include, without limitation, statements relating to the proposed merger and the potential impact of the COVID-19 outbreak on Grubhub and Just Eat Takeaway.com’s business and operations. In some cases, you can identify forward-looking statements because they contain words such as “anticipates,” “believes,” “contemplates,” “could,” “seeks,” “estimates,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms.

 

While forward-looking statements are Grubhub’s and Just Eat Takeaway.com’s current predictions at the time they are made, you should not rely upon them. Forward-looking statements represent Grubhub’s and Just Eat Takeaway.com’s management’s beliefs and assumptions only as of the date of this communication, unless otherwise indicated, and there is no implication that the information contained in this communication is made subsequent to such date. For additional information concerning factors that could cause actual results and outcomes to differ materially from those expressed or implied in the forward-looking statements, please refer to the cautionary statements and risk factors included in Grubhub’s filings with the Securities and Exchange Commission (the “SEC”), including Grubhub’s Annual Report on Form 10-K filed with the SEC on February 28, 2020, Grubhub’s Quarterly Reports on Form 10-Q and any further disclosures Grubhub makes in Current Reports on Form 8-K. Grubhub’s SEC filings are available electronically on Grubhub’s investor website at investors.grubhub.com or the SEC’s website at www.sec.gov. For additional information concerning factors that could cause future results to differ from those expressed or implied in the forward-looking statements, please refer to Just Eat Takeaway.com’s non-exhaustive list of key risks and cautionary statements included in Just Eat Takeaway.com’s Annual Report, which is available electronically on Just Eat Takeaway.com’s investor website at www.justeattakeaway.com. Except as required by law, Grubhub and Just Eat Takeaway.com assume no obligation to update these forward-looking statements or this communication, or to update, supplement or correct the information set forth in this communication or the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. All subsequent written and oral forward-looking statements attributable to Grubhub, Just Eat

 

2 

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

 

 


Takeaway.com or any person acting on behalf of either party are expressly qualified in their entirety by the cautionary statements referenced above.

 

Additional Information and Where to Find It

 

In connection with the proposed merger, Just Eat Takeaway.com will file with the SEC a registration statement on Form F-4 to register the shares to be issued in connection with the proposed merger. The registration statement will include a preliminary proxy statement of Grubhub/prospectus of Just Eat Takeaway.com which, when finalized, will be sent to the stockholders of Grubhub seeking their approval of the respective merger-related proposals. Also in connection with the proposed merger, Just Eat Takeaway.com will file with the Netherlands Authority for the Financial Markets (“AFM”) and/or the UK Financial Conduct Authority (“FCA”) a prospectus for the listing and admission to trading on Euronext Amsterdam and/or the admission to listing on the FCA’s Official List and to trading on the London Stock Exchange’s Main Market for listed securities of the shares to be issued in connection with the proposed merger (the “Prospectus”). INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM F-4 AND THE RELATED PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM F-4, THE PROSPECTUS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC, THE AFM AND/OR THE FCA IN CONNECTION WITH THE PROPOSED MERGER, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT GRUBHUB, JUST EAT TAKEAWAY.COM AND THE PROPOSED MERGER.

 

Investors and security holders may obtain copies of these documents and any other documents filed with or furnished to the SEC by Grubhub or Just Eat Takeaway.com free of charge through the website maintained by the SEC at www.sec.gov, from Grubhub at its website, investors.grubhub.com, or from Just Eat Takeaway.com at its website www.justeattakeaway.com. The Prospectus, as well as any supplement thereto, will be made available on the website of Just Eat Takeaway.com at its website www.justeattakeaway.com.

 

Participants in the Solicitation

 

Grubhub, Just Eat Takeaway.com and their respective directors and certain of their respective executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed merger under the rules of the SEC. Information about Grubhub’s directors and executive officers is available in Grubhub’s proxy statement dated April 9, 2020 for its 2020 Annual Meeting of Stockholders. To the extent holdings of Grubhub securities by directors or executive officers of Grubhub have changed since the amounts contained in the definitive proxy statement for Grubhub’s 2020 Annual Meeting of Stockholders, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.

 

These documents are available free of charge from the sources indicated above, and from Grubhub by going to its investor relations page on its corporate website at investors.grubhub.com. Information about Just Eat Takeaway.com’s directors and executive officers and a description of their interests are set forth in Just Eat Takeaway.com’s 2019 Annual Report, which may be obtained free of charge from Just Eat Takeaway.com’s website, www.justeattakeaway.com. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed merger when they become available. Investors should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Grubhub or Just Eat Takeaway.com using the sources indicated above.


 

No Offer or Solicitation

 

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the

solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended and applicable United Kingdom, Dutch and other European regulations.

 

Use of Non-GAAP Financial Measures

 

Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share attributable to common stockholders are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP.

 

We define Adjusted EBITDA as net income (loss) adjusted to exclude merger, acquisition, restructuring and certain legal costs, income taxes, net interest expense, depreciation and amortization and stock-based compensation expense. Non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share attributable to common stockholders exclude merger, acquisition, restructuring and certain legal costs, amortization of acquired intangible assets, stock-based compensation expense and other nonrecurring items as well as the income tax effects of these non-GAAP adjustments. We use these non-GAAP financial measures as key performance measures because we believe they facilitate operating performance comparisons from period to period by excluding potential differences primarily caused by variations in capital structures, tax positions, the impact of acquisitions, restructuring and certain legal costs, the impact of depreciation and amortization expense on our fixed assets and the impact of stock-based compensation expense. Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share attributable to common stockholders are not measurements of our financial performance under GAAP and should not be considered as an alternative to performance measures derived in accordance with GAAP.

 

See “Non-GAAP Financial Measures Reconciliation” below for a reconciliation of net income (loss) to Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share attributable to common stockholders.

 

Contacts:

 


Adam Patnaude

Investor Relations

ir@grubhub.com

Katie Norris

Media Relations

press@grubhub.com

 


 

 

 

GRUBHUB INC.

STATEMENTS OF OPERATIONS

(in thousands, except per share data)

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

$

503,739

 

 

$

341,270

 

 

$

1,819,982

 

 

$

1,312,151

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations and support

 

319,242

 

 

 

190,328

 

 

 

1,169,126

 

 

 

675,471

 

Sales and marketing

 

119,940

 

 

 

86,100

 

 

 

402,503

 

 

 

310,299

 

Technology (exclusive of amortization)

 

30,652

 

 

 

29,164

 

 

 

122,949

 

 

 

115,297

 

General and administrative

 

33,883

 

 

 

28,018

 

 

 

132,553

 

 

 

101,918

 

Depreciation and amortization

 

37,345

 

 

 

32,488

 

 

 

141,821

 

 

 

115,449

 

Total costs and expenses

 

541,062

 

 

 

366,098

 

 

 

1,968,952

 

 

 

1,318,434

 

Loss from operations

 

(37,323

)

 

 

(24,828

)

 

 

(148,970

)

 

 

(6,283

)

Interest expense, net

 

7,813

 

 

 

6,189

 

 

 

27,988

 

 

 

20,493

 

Loss before provision for income taxes

 

(45,136

)

 

 

(31,017

)

 

 

(176,958

)

 

 

(26,776

)

Income tax (benefit) expense

 

22,649

 

 

 

(3,299

)

 

 

(21,097

)

 

 

(8,210

)

Net loss attributable to common stockholders

$

(67,785

)

 

$

(27,718

)

 

$

(155,861

)

 

$

(18,566

)

Net loss per share attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.73

)

 

$

(0.30

)

 

$

(1.69

)

 

$

(0.20

)

Diluted

$

(0.73

)

 

$

(0.30

)

 

$

(1.69

)

 

$

(0.20

)

Weighted-average shares used to compute net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

92,909

 

 

 

91,509

 

 

 

92,328

 

 

 

91,247

 

Diluted

 

92,909

 

 

 

91,509

 

 

 

92,328

 

 

 

91,247

 

 

KEY BUSINESS METRICS

 

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Active Diners (000s)

 

 

31,417

 

 

 

22,621

 

 

 

31,417

 

 

 

22,621

 

Daily Average Grubs

 

 

658,100

 

 

 

502,600

 

 

 

622,700

 

 

 

492,300

 

Gross Food Sales (millions)

 

$

2,361

 

 

$

1,552

 

 

$

8,669

 

 

$

5,914

 

 

 


 

 

GRUBHUB INC.

 

CONSOLIDATED BALANCE SHEETS

 

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

Cash and cash equivalents

$

360,232

 

 

$

375,909

 

Short-term investments

 

53,126

 

 

 

49,275

 

Accounts receivable, less allowances for doubtful accounts

 

111,802

 

 

 

119,658

 

Income tax receivable

 

22,472

 

 

 

3,960

 

Prepaid expenses and other current assets

 

24,765

 

 

 

17,515

 

Total current assets

 

572,397

 

 

 

566,317

 

PROPERTY AND EQUIPMENT:

 

 

 

 

 

 

 

Property and equipment, net of depreciation and amortization

 

216,146

 

 

 

172,744

 

OTHER ASSETS:

 

 

 

 

 

 

 

Other assets

 

49,201

 

 

 

26,836

 

Deferred tax assets, non-current

 

142

 

 

 

 

Operating lease right-of-use asset

 

88,227

 

 

 

100,632

 

Goodwill

 

1,007,968

 

 

 

1,007,968

 

Acquired intangible assets, net of amortization

 

454,838

 

 

 

500,481

 

Total other assets

 

1,600,376

 

 

 

1,635,917

 

TOTAL ASSETS

$

2,388,919

 

 

$

2,374,978

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

Restaurant food liability

$

141,802

 

 

$

131,753

 

Accounts payable

 

19,859

 

 

 

26,748

 

Accrued payroll

 

27,346

 

 

 

19,982

 

Current operating lease liability

 

17,897

 

 

 

9,376

 

Other accruals

 

149,278

 

 

 

61,504

 

Total current liabilities

 

356,182

 

 

 

249,363

 

LONG-TERM LIABILITIES:

 

 

 

 

 

 

 

Deferred taxes, non-current

 

17,777

 

 

 

27,163

 

Noncurrent operating lease liability

 

103,416

 

 

 

111,056

 

Long-term debt

 

494,103

 

 

 

493,009

 

Other accruals

 

644

 

 

 

817

 

Total long-term liabilities

 

615,940

 

 

 

632,045

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

 

Common stock, $0.0001 par value

 

9

 

 

 

9

 

Accumulated other comprehensive loss

 

(1,275

)

 

 

(1,628

)

Additional paid-in capital

 

1,243,135

 

 

 

1,164,400

 

Retained earnings

 

174,928

 

 

 

330,789

 

Total Stockholders’ Equity

$

1,416,797

 

 

$

1,493,570

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

2,388,919

 

 

$

2,374,978

 

 

 


 

GRUBHUB INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net loss

 

$

(155,861

)

 

$

(18,566

)

Adjustments to reconcile net income (loss) to net cash from operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

42,446

 

 

 

30,237

 

Amortization of intangible assets and developed software

 

 

99,375

 

 

 

85,212

 

Stock-based compensation

 

 

84,485

 

 

 

72,879

 

Deferred taxes

 

 

(9,528

)

 

 

(7,726

)

Other

 

 

8,529

 

 

 

8,531

 

Changes in assets and liabilities

 

 

 

 

 

 

 

 

Accounts receivable

 

 

6,924

 

 

 

(11,591

)

Income taxes receivable

 

 

(18,512

)

 

 

5,989

 

Prepaid expenses and other assets

 

 

(22,569

)

 

 

(13,854

)

Restaurant food liability

 

 

10,106

 

 

 

4,380

 

Accounts payable

 

 

(2,014

)

 

 

1,978

 

Accrued payroll

 

 

7,362

 

 

 

1,804

 

Other accruals

 

 

84,251

 

 

 

23,349

 

Net cash provided by operating activities

 

 

134,994

 

 

 

182,622

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(112,313

)

 

 

(85,989

)

Proceeds from maturity of investments

 

 

108,779

 

 

 

51,366

 

Capitalized website and development costs

 

 

(57,179

)

 

 

(48,524

)

Purchases of property and equipment

 

 

(62,999

)

 

 

(55,167

)

Acquisition of other intangible assets

 

 

(510

)

 

 

(9,980

)

Acquisitions of businesses, net of cash acquired

 

 

 

 

 

127

 

Other cash flows from investing activities

 

 

(525

)

 

 

(250

)

Net cash used in investing activities

 

 

(124,747

)

 

 

(148,417

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from the issuance of long-term debt

 

 

175,000

 

 

 

500,000

 

Repayments of borrowings under the credit facility

 

 

(175,000

)

 

 

(342,313

)

Taxes paid related to net settlement of stock-based compensation awards

 

 

(34,621

)

 

 

(23,753

)

Proceeds from exercise of stock options

 

 

9,588

 

 

 

4,469

 

Payments for debt issuance costs

 

 

(89

)

 

 

(9,136

)

Other cash flows from financing activities

 

 

(2,149

)

 

 

 

Net cash provided by (used in) financing activities

 

 

(27,271

)

 

 

129,267

 

Net change in cash, cash equivalents, and restricted cash

 

 

(17,024

)

 

 

163,472

 

Effect of exchange rates on cash, cash equivalents and restricted cash

 

 

326

 

 

 

320

 

Cash, cash equivalents, and restricted cash at beginning of year

 

 

379,595

 

 

 

215,802

 

Cash, cash equivalents, and restricted cash at end of the period

 

$

362,897

 

 

$

379,594

 

SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

$

216

 

 

$

1,163

 

 

 


 

GRUBHUB INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

(in thousands, except per share and per order data)

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(67,785

)

 

$

(27,718

)

 

$

(155,861

)

 

$

(18,566

)

Income taxes

 

 

22,649

 

 

 

(3,299

)

 

 

(21,097

)

 

 

(8,210

)

Interest expense, net

 

 

7,813

 

 

 

6,189

 

 

 

27,988

 

 

 

20,493

 

Depreciation and amortization

 

 

37,345

 

 

 

32,488

 

 

 

141,821

 

 

 

115,449

 

EBITDA

 

 

22

 

 

 

7,660

 

 

 

(7,149

)

 

 

109,166

 

Merger, acquisition, restructuring and certain legal costs

 

 

8,765

 

 

 

966

 

 

 

31,975

 

 

 

4,105

 

Stock-based compensation

 

 

22,425

 

 

 

18,073

 

 

 

84,485

 

 

 

72,879

 

Adjusted EBITDA

 

$

31,212

 

 

$

26,699

 

 

$

109,311

 

 

$

186,150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per order

 

$

(1.12

)

 

$

(0.60

)

 

$

(0.68

)

 

$

(0.10

)

Adjusted EBITDA per order

 

$

0.52

 

 

$

0.58

 

 

$

0.48

 

 

$

1.04

 

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(67,785

)

 

$

(27,718

)

 

$

(155,861

)

 

$

(18,566

)

Stock-based compensation

 

 

22,425

 

 

 

18,073

 

 

 

84,485

 

 

 

72,879

 

Amortization of acquired intangible assets

 

 

10,203

 

 

 

13,367

 

 

 

45,643

 

 

 

50,712

 

Merger, acquisition, restructuring and certain legal costs

 

 

8,765

 

 

 

966

 

 

 

31,975

 

 

 

4,105

 

Income tax adjustments

 

 

(11,466

)

 

 

(8,916

)

 

 

(44,903

)

 

 

(35,883

)

Non-GAAP income (loss)

 

$

(37,858

)

 

$

(4,228

)

 

$

(38,661

)

 

$

73,247

 

Weighted-average diluted shares used to compute Non-GAAP income (loss) per share attributable to common stockholders

 

 

92,909

 

 

 

91,509

 

 

 

92,328

 

 

 

92,759

 

Non-GAAP income (loss) per diluted share attributable to common stockholders

 

$

(0.41

)

 

$

(0.05

)

 

$

(0.42

)

 

$

0.79

 

 

 

 

 

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

CIK: 1594109
Form Type: 8-K Corporate News
Accession Number: 0001564590-21-004078
Submitted to the SEC: Wed Feb 03 2021 4:30:34 PM EST
Accepted by the SEC: Wed Feb 03 2021
Period: Wednesday, February 3, 2021
Industry: Business Services
Events:
  1. Earnings Release
  2. Financial Exhibit
  3. Regulated Disclosure

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