CHICAGO, July 30, 2020 /PRNewswire/ -- 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 that strength continuing in July, it is becoming
more clear that the current environment has advanced the secular
shift toward online food ordering. We remain confident that
focusing on restaurant supply and diner loyalty will enable us to
keep growing in a sustainable and profitable manner."
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 27 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 more
than 225,000 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 regulatory approvals and meet other closing conditions to
the proposed merger on a timely basis or at all, including the risk
that regulatory approvals required for the proposed merger are not
obtained on a timely basis or at all or are obtained subject to
conditions that are not anticipated or that could adversely affect
the combined company or the expected benefits of the proposed
merger; the ability to obtain approval by Grubhub stockholders and
Just Eat Takeaway.com shareholders 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 www.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 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, www.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
www.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.
1 Key Business Metrics are defined on pages 28 - 29
of our Annual Report on Form 10-K filed on February 28, 2020.
GRUBHUB
INC.
|
STATEMENTS OF
OPERATIONS
|
(in thousands,
except per share data)
|
|
|
Three Months
Ended June
30,
|
|
|
Six Months
Ended
June 30,
|
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
Revenues
|
$
|
459,282
|
|
|
$
|
325,058
|
|
|
$
|
822,262
|
|
|
$
|
648,828
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations and
support
|
|
318,867
|
|
|
|
162,406
|
|
|
|
533,428
|
|
|
|
323,756
|
|
Sales and
marketing
|
|
94,004
|
|
|
|
74,128
|
|
|
|
184,746
|
|
|
|
152,582
|
|
Technology (exclusive
of amortization)
|
|
30,228
|
|
|
|
29,400
|
|
|
|
61,501
|
|
|
|
56,650
|
|
General and
administrative
|
|
32,237
|
|
|
|
25,784
|
|
|
|
71,186
|
|
|
|
48,571
|
|
Depreciation and
amortization
|
|
34,557
|
|
|
|
27,223
|
|
|
|
67,920
|
|
|
|
52,312
|
|
Total costs and
expenses
|
|
509,893
|
|
|
|
318,941
|
|
|
|
918,781
|
|
|
|
633,871
|
|
Income (loss) from
operations
|
|
(50,611)
|
|
|
|
6,117
|
|
|
|
(96,519)
|
|
|
|
14,957
|
|
Interest expense -
net
|
|
6,816
|
|
|
|
5,467
|
|
|
|
13,196
|
|
|
|
8,279
|
|
Income (loss) before
provision for income taxes
|
|
(57,427)
|
|
|
|
650
|
|
|
|
(109,715)
|
|
|
|
6,678
|
|
Income tax
benefit
|
|
(12,016)
|
|
|
|
(602)
|
|
|
|
(30,877)
|
|
|
|
(1,464)
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(45,411)
|
|
|
$
|
1,252
|
|
|
$
|
(78,838)
|
|
|
$
|
8,142
|
|
Net income (loss) per
share attributable to common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.49)
|
|
|
$
|
0.01
|
|
|
$
|
(0.86)
|
|
|
$
|
0.09
|
|
Diluted
|
$
|
(0.49)
|
|
|
$
|
0.01
|
|
|
$
|
(0.86)
|
|
|
$
|
0.09
|
|
Weighted-average
shares used to compute net income
(loss) per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
92,116
|
|
|
|
91,177
|
|
|
|
91,954
|
|
|
|
91,064
|
|
Diluted
|
|
92,116
|
|
|
|
92,786
|
|
|
|
91,954
|
|
|
|
92,852
|
|
KEY BUSINESS
METRICS
|
|
|
|
|
Three Months
Ended
June 30,
|
|
|
Six Months
Ended
June 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Active Diners
(000s)
|
|
|
|
27,475
|
|
|
|
20,288
|
|
|
|
27,475
|
|
|
|
20,288
|
|
Daily Average
Grubs
|
|
|
|
647,100
|
|
|
|
488,900
|
|
|
|
581,700
|
|
|
|
504,900
|
|
Gross Food Sales
(millions)
|
|
|
$
|
2,325
|
|
|
$
|
1,459
|
|
|
$
|
3,955
|
|
|
$
|
2,962
|
|
GRUBHUB
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands,
except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2020
|
|
|
December
31, 2019
|
ASSETS
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
484,760
|
|
|
$
|
375,909
|
Short-term
investments
|
|
48,616
|
|
|
|
49,275
|
Accounts receivable,
less allowances for doubtful accounts
|
|
75,726
|
|
|
|
119,658
|
Income tax
receivable
|
|
19,390
|
|
|
|
3,960
|
Prepaid expenses and
other current assets
|
|
18,721
|
|
|
|
17,515
|
Total current
assets
|
|
647,213
|
|
|
|
566,317
|
PROPERTY AND
EQUIPMENT:
|
|
|
|
|
|
|
Property and
equipment, net of depreciation and amortization
|
|
212,772
|
|
|
|
172,744
|
OTHER
ASSETS:
|
|
|
|
|
|
|
Other
assets
|
|
36,836
|
|
|
|
26,836
|
Operating lease
right-of-use asset
|
|
99,058
|
|
|
|
100,632
|
Goodwill
|
|
1,007,968
|
|
|
|
1,007,968
|
Acquired intangible
assets, net of amortization
|
|
476,309
|
|
|
|
500,481
|
Total other
assets
|
|
1,620,171
|
|
|
|
1,635,917
|
TOTAL
ASSETS
|
$
|
2,480,156
|
|
|
$
|
2,374,978
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Restaurant food
liability
|
$
|
206,306
|
|
|
$
|
131,753
|
Accounts
payable
|
|
24,508
|
|
|
|
26,748
|
Accrued
payroll
|
|
34,166
|
|
|
|
19,982
|
Current operating
lease liability
|
|
16,642
|
|
|
|
9,376
|
Other
accruals
|
|
124,555
|
|
|
|
61,504
|
Total current
liabilities
|
|
406,177
|
|
|
|
249,363
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
Deferred taxes,
non-current
|
|
11,607
|
|
|
|
27,163
|
Noncurrent operating
lease liability
|
|
110,193
|
|
|
|
111,056
|
Long-term
debt
|
|
493,475
|
|
|
|
493,009
|
Other
accruals
|
|
4,152
|
|
|
|
817
|
Total long-term
liabilities
|
|
619,427
|
|
|
|
632,045
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
Common stock, $0.0001
par value
|
|
9
|
|
|
|
9
|
Accumulated other
comprehensive loss
|
|
(2,330)
|
|
|
|
(1,628)
|
Additional paid-in
capital
|
|
1,204,922
|
|
|
|
1,164,400
|
Retained
earnings
|
|
251,951
|
|
|
|
330,789
|
Total
Stockholders' Equity
|
$
|
1,454,552
|
|
|
$
|
1,493,570
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
2,480,156
|
|
|
$
|
2,374,978
|
GRUBHUB
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
2020
|
|
|
2019
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(78,838)
|
|
|
$
|
8,142
|
Adjustments to
reconcile net income (loss) to net cash from operating
activities:
|
|
|
|
|
|
|
|
Depreciation
|
|
|
18,820
|
|
|
|
13,626
|
Amortization of
intangible assets and developed software
|
|
|
49,100
|
|
|
|
38,686
|
Stock-based
compensation
|
|
|
41,221
|
|
|
|
36,527
|
Deferred
taxes
|
|
|
(15,556)
|
|
|
|
298
|
Other
|
|
|
2,548
|
|
|
|
3,240
|
Change in assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
43,390
|
|
|
|
(13,349)
|
Income taxes
receivable
|
|
|
(15,429)
|
|
|
|
429
|
Prepaid expenses and
other assets
|
|
|
(5,476)
|
|
|
|
(14,857)
|
Restaurant food
liability
|
|
|
74,612
|
|
|
|
(3,078)
|
Accounts
payable
|
|
|
547
|
|
|
|
(10,216)
|
Accrued
payroll
|
|
|
14,190
|
|
|
|
3,122
|
Other
accruals
|
|
|
61,732
|
|
|
|
7,219
|
Net cash provided by
operating activities
|
|
|
190,861
|
|
|
|
69,789
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of
investments
|
|
|
(56,554)
|
|
|
|
(25,526)
|
Proceeds from maturity
of investments
|
|
|
57,500
|
|
|
|
21,636
|
Capitalized website
and development costs
|
|
|
(29,269)
|
|
|
|
(22,188)
|
Purchases of property
and equipment
|
|
|
(41,800)
|
|
|
|
(23,140)
|
Acquisition of other
intangible assets
|
|
|
(510)
|
|
|
|
(8,889)
|
Acquisitions of
businesses, net of cash acquired
|
|
|
—
|
|
|
|
127
|
Other cash flows from
investing activities
|
|
|
(525)
|
|
|
|
—
|
Net cash used in
investing activities
|
|
|
(71,158)
|
|
|
|
(57,980)
|
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
|
|
|
(14,240)
|
|
|
|
(15,360)
|
Proceeds from exercise
of stock options
|
|
|
3,667
|
|
|
|
2,930
|
Payments for debt
issuance costs
|
|
|
(259)
|
|
|
|
(8,954)
|
Other cash flows from
financing activities
|
|
|
(454)
|
|
|
|
—
|
Net cash provided by
(used in) financing activities
|
|
|
(11,286)
|
|
|
|
136,303
|
Net change in cash,
cash equivalents, and restricted cash
|
|
|
108,417
|
|
|
|
148,112
|
Effect of exchange
rates on cash, cash equivalents and
restricted cash
|
|
|
(651)
|
|
|
|
(2)
|
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
|
|
$
|
487,361
|
|
|
$
|
363,912
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH ITEMS
|
|
|
|
|
|
|
|
Cash paid for income
taxes
|
|
$
|
—
|
|
|
$
|
567
|
GRUBHUB
INC.
|
NON-GAAP FINANCIAL
MEASURES RECONCILIATION
|
(in thousands,
except per share and per order data)
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
|
2019
|
|
Net income
(loss)
|
$
|
(45,411)
|
|
|
$
|
1,252
|
|
|
$
|
(78,838)
|
|
|
$
|
8,142
|
|
Income
taxes
|
|
(12,016)
|
|
|
|
(602)
|
|
|
|
(30,877)
|
|
|
|
(1,464)
|
|
Interest expense -
net
|
|
6,816
|
|
|
|
5,467
|
2
|
|
|
13,196
|
|
|
|
8,279
|
2
|
Depreciation and
amortization
|
|
34,557
|
|
|
|
27,223
|
|
|
|
67,920
|
|
|
|
52,312
|
|
EBITDA
|
|
(16,054)
|
|
|
|
33,340
|
|
|
|
(28,599)
|
|
|
|
67,269
|
|
Merger, acquisition,
restructuring and certain
legal costs
|
|
8,316
|
|
|
|
1,341
|
|
|
|
21,692
|
|
|
|
1,827
|
|
Stock-based
compensation
|
|
21,036
|
|
|
|
20,049
|
3
|
|
|
41,221
|
|
|
|
36,527
|
3
|
Adjusted
EBITDA
|
$
|
13,298
|
|
|
$
|
54,730
|
|
|
$
|
34,314
|
|
|
$
|
105,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
order
|
$
|
(0.77)
|
|
|
$
|
0.03
|
|
|
$
|
(0.74)
|
|
|
$
|
0.09
|
|
Adjusted EBITDA per
order
|
$
|
0.23
|
|
|
$
|
1.23
|
|
|
$
|
0.32
|
|
|
$
|
1.16
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
|
2019
|
|
Net income
(loss)
|
$
|
(45,411)
|
|
|
$
|
1,252
|
|
|
$
|
(78,838)
|
|
|
$
|
8,142
|
|
Stock-based
compensation
|
|
21,036
|
|
|
|
20,049
|
3
|
|
|
41,221
|
|
|
|
36,527
|
3
|
Amortization of
acquired intangible assets
|
|
11,487
|
|
|
|
11,828
|
|
|
|
24,172
|
|
|
|
23,770
|
|
Merger, acquisition,
restructuring and certain
legal costs
|
|
8,316
|
|
|
|
1,341
|
|
|
|
21,692
|
|
|
|
1,827
|
|
Income tax
adjustments
|
|
(11,354)
|
|
|
|
(9,595)
|
|
|
|
(24,210)
|
|
|
|
(17,457)
|
|
Non-GAAP income
(loss)
|
$
|
(15,926)
|
|
|
$
|
24,875
|
|
|
$
|
(15,963)
|
|
|
$
|
52,809
|
|
Weighted-average
diluted shares used to compute
income (loss) per share attributable to common
stockholders
|
|
92,116
|
|
|
|
92,786
|
|
|
|
91,954
|
|
|
|
92,852
|
|
Non-GAAP income
(loss) per diluted share
attributable to common stockholders
|
$
|
(0.17)
|
|
|
$
|
0.27
|
|
|
$
|
(0.17)
|
|
|
$
|
0.57
|
|
|
2
|
Interest expense for
the three and six months ended June 30, 2019 included $1.8 million
and $1.9 million, respectively, of expense for the write-off of
unamortized debt issuance costs in February and June of
2019.
|
|
|
3
|
Stock-based
compensation for the three and six months ended June 30, 2019
included $1.6 million of expense related to the accelerated vesting
of equity awards to a terminated acquired employee.
|
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SOURCE Grubhub Inc.