CHICAGO, Feb. 3, 2021 /PRNewswire/ -- 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.
_______________________________
|
2 Key
Business Metrics are defined on pages 28 - 29 of our Annual Report
on Form 10-K filed on February 28, 2020.
|
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 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.
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
|
|
![Grubhub logo (PRNewsfoto/Grubhub) Grubhub logo (PRNewsfoto/Grubhub)](https://mma.prnewswire.com/media/887026/GrubHub4_Logo.jpg)
View original content to download
multimedia:http://www.prnewswire.com/news-releases/grubhub-reports-fourth-quarter-and-full-year-2020-results-301221556.html
SOURCE Grubhub Inc.