Grubhub Inc. 10-K Annual Report Mon Mar 01 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

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

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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.

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

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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

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

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

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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.

The following information was filed by Grubhub Inc. on Wednesday, February 3, 2021 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.

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

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.

Legal - Other Highlight
The increase was primarily attributable to a $12.5 million legal settlement accrual recorded during the year ended December 31, 2020 (see Part II, Item 8, Note 10, Commitments and Contingencies, for additional details), as well as a $9.4 million increase in merger and acquisition expenses primarily related to the Transaction, a $6.9 million increase in restructuring costs primarily related to the closure of certain offices and certain miscellaneous expenses to support the growth of the business.
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.
Other - Other
In addition, the pandemic has...Read more
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The growth in Active Diners...Read more
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This growth was primarily as...Read more
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The growth in Active Diners...Read more
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Sales and marketing expenses also...Read more
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If we are unable to...Read more
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If JET's share price were...Read more
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In 2020, we continued our...Read more
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Factors that could cause or...Read more
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However, our liquidity assumptions may...Read more
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Additionally, we made meaningful progress...Read more
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In addition, management believes Adjusted...Read more
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Depreciation and amortization expenses primarily...Read more
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Therefore, since the onset of...Read more
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We have included Adjusted EBITDA...Read more
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Gross Food Sales increased disproportionately...Read more
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We have not experienced any...Read more
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While the Company initially experienced...Read more
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Outstanding credit card receivables are...Read more
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Additionally, interest income decreased in...Read more
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2020 compared to 2019 Revenues...Read more
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The following tables set forth...Read more
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These cash, cash equivalents and...Read more
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Sales and marketing expense as...Read more
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Technology (exclusive of amortization) expenses...Read more
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Nevertheless, significant changes in global...Read more
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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 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: 0001564590-21-009522
Submitted to the SEC: Fri Feb 26 2021 5:51:25 PM EST
Accepted by the SEC: Mon Mar 01 2021
Period: Thursday, December 31, 2020
Industry: Business Services