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05.02.2020 22:05:00
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Grubhub Reports Fourth Quarter And Full Year 2019 Results
CHICAGO, Feb. 5, 2020 /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, 2019 and also posted a letter to shareholders on its investor relations website. For the fourth quarter, the Company reported revenues of $341 million, which is a 19% year-over-year increase from $288 million in the same period last year. Gross Food Sales grew 13% year-over-year to $1.6 billion, up from $1.4 billion in the fourth quarter of 2018.
"We strengthened both sides of our marketplace during the fourth quarter, adding 1.4 million active diners and more than doubling our restaurant selection from just a quarter ago," said Matt Maloney, Grubhub founder and CEO. "We are making good progress on the key initiatives we outlined last quarter. We added more than 15,000 partnered and over 150,000 non-partnered restaurant options for our diners and we also launched a number of new loyalty programs for our restaurant partners."
Fourth Quarter and Full Year 2019 Highlights
The following results reflect the financial performance and key operating metrics of our business for the three and twelve months ended December 31, 2019, as compared to the same periods in 2018.
Fourth Quarter Financial Highlights
- Revenues: $341.3 million, a 19% year-over-year increase from $287.7 million in the fourth quarter of 2018.
- Net Income (Loss): $(27.7) million, or $(0.30) per diluted share, a decrease from $(5.2) million, or $(0.06) per diluted share, in the fourth quarter of 2018.
- Non-GAAP Adjusted EBITDA: $26.7 million, a 37% year-over-year decrease from $42.1 million in the fourth quarter of 2018.
- Non-GAAP Net Income (Loss): $(4.2) million, or $(0.05) per diluted share, a decrease from $17.6 million, or $0.19 per diluted share, in the fourth quarter of 2018.
Fourth Quarter Key Business Metrics Highlights1
- Active Diners: 22.6 million, a 28% year-over-year increase from 17.7 million Active Diners in the fourth quarter of 2018.
- Daily Average Grubs (DAGs): 502,600, a 8% year-over-year increase from 467,500 DAGs in the fourth quarter of 2018.
- Gross Food Sales: $1.6 billion, a 13% year-over-year increase from $1.4 billion in the fourth quarter of 2018.
____________________ |
1 Key Business Metrics are defined on page 29 of our Annual Report on Form 10-K filed on February 28, 2019. |
Full Year Financial Highlights
- Revenues: $1.3 billion, a 30% year-over-year increase from $1.0 billion in 2018.
- Net Income (Loss): $(18.6) million, or $(0.20) per diluted share, a decrease from $78.5 million, or $0.85 per diluted share, in 2018.
- Non-GAAP Adjusted EBITDA: $186.2 million, a 20% year-over-year decrease from $233.7 million in 2018.
- Non-GAAP Net Income: $73.2 million, or $0.79 per diluted share, a 52% decrease from $153.3 million, or $1.66 per diluted share, in 2018.
Full Year Key Business Metrics Highlights1
- Active Diners: 22.6 million, a 28% year-over-year increase from 17.7 million Active Diners in 2018.
- Daily Average Grubs (DAGs): 492,300, a 13% year-over-year increase from 435,900 DAGs in 2018.
- Gross Food Sales: $5.9 billion, a 17% year-over-year increase from $5.1 billion in 2018.
"We continue to innovate the online takeout industry with our recent launch of Grubhub Ultimate, a revolutionary, first-of-its-kind proprietary hardware and software solution that integrates all restaurant ordering channels into one system. Grubhub Ultimate is an important step in helping unlock the pickup market, which accounts for the majority of the more than $250 billion takeout industry," said Adam DeWitt, Grubhub president and CFO. "We remain confident our overall strategy will deliver sustainable value for all of our stakeholders and the team is determined to continue to execute and build on the early wins."
First Quarter and Full Year 2020 Guidance
Based on information available as of February 5, 2020, the Company is providing the following financial guidance for the first quarter and full year of 2020.
First Quarter 2020 | Full Year 2020 | ||||
(in millions) | |||||
Expected Revenue | $350 - $370 | $1,400 - $1,500 | |||
Expected Adjusted EBITDA | $15 - $25 | at least $100 | |||
Fourth Quarter 2019 Financial Results Conference Call
Grubhub will webcast a conference call tomorrow at 8:00 a.m. CT to discuss the fourth quarter 2019 financial results. The webcast can be accessed on the Grubhub Investor Relations website at https://investors.grubhub.com, along with the Company's letter to shareholders, earnings press release and financial tables. A replay of the webcast will be available at the same website.
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 more than 22 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 155,000 of these restaurants in over 3,200 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, LevelUp, AllMenus and MenuPages.
Use of Forward Looking Statements
This press release contains forward-looking statements regarding Grubhub, "the Company's" or our management's future expectations, beliefs, intentions, goals, strategies, plans and prospects, including the expected benefits to, and financial performance of, Grubhub including its acquisitions. Such statements constitute "forward-looking statements", which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve substantial known and unknown risks, uncertainties and assumptions that could cause actual results, performance or achievements including, but not limited to, achievement of the benefits of our planned additional investments, to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, the matters set forth in the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled "Risk Factors" in our Annual Report on Form 10-K filed on February 28, 2019 and our most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, which are on file with the SEC and are available on the Investor Relations section of our website at https://investors.grubhub.com. Additional information will be set forth in our Annual Report on Form 10-K that will be filed for the year ended December 31, 2019, which should be read in conjunction with these financial results. Please also note that forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. Except as required by law, we disclaim any intention to, and undertake no obligation to, publicly update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
Use of Non-GAAP Financial Measures
Adjusted EBITDA, non-GAAP net income and non-GAAP net income 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 adjusted to exclude acquisition, restructuring and certain legal costs, income taxes, net interest expense, depreciation and amortization and stock-based compensation expense. Non-GAAP net income and non-GAAP net income per diluted share attributable to common stockholders exclude 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 and non-GAAP net income 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 to Adjusted EBITDA, non-GAAP net income and non-GAAP net income per diluted share attributable to common stockholders.
GRUBHUB INC. | |||||||||||||||
STATEMENTS OF OPERATIONS | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues | $ | 341,270 | $ | 287,721 | $ | 1,312,151 | $ | 1,007,257 | |||||||
Costs and expenses: | |||||||||||||||
Operations and support | 190,328 | 144,082 | 675,471 | 454,321 | |||||||||||
Sales and marketing | 86,100 | 69,877 | 310,299 | 214,290 | |||||||||||
Technology (exclusive of amortization) | 29,164 | 24,972 | 115,297 | 82,278 | |||||||||||
General and administrative | 28,018 | 27,393 | 101,918 | 85,465 | |||||||||||
Depreciation and amortization | 32,488 | 24,153 | 115,449 | 85,940 | |||||||||||
Total costs and expenses | 366,098 | 290,477 | 1,318,434 | 922,294 | |||||||||||
Income (loss) from operations | (24,828) | (2,756) | (6,283) | 84,963 | |||||||||||
Interest expense - net | 6,189 | 2,163 | 20,493 | 3,530 | |||||||||||
Income (loss) before provision for income taxes | (31,017) | (4,919) | (26,776) | 81,433 | |||||||||||
Income tax (benefit) expense | (3,299) | 231 | (8,210) | 2,952 | |||||||||||
Net income (loss) attributable to common stockholders | $ | (27,718) | $ | (5,150) | $ | (18,566) | $ | 78,481 | |||||||
Net income (loss) per share attributable to common stockholders: | |||||||||||||||
Basic | $ | (0.30) | $ | (0.06) | $ | (0.20) | $ | 0.88 | |||||||
Diluted | $ | (0.30) | $ | (0.06) | $ | (0.20) | $ | 0.85 | |||||||
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders: | |||||||||||||||
Basic | 91,509 | 90,705 | 91,247 | 89,447 | |||||||||||
Diluted | 91,509 | 90,705 | 91,247 | 92,354 | |||||||||||
KEY BUSINESS METRICS | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Active Diners (000s) | 22,621 | 17,688 | 22,621 | 17,688 | |||||||||||
Daily Average Grubs | 502,600 | 467,500 | 492,300 | 435,900 | |||||||||||
Gross Food Sales (millions) | $ | 1,552 | $ | 1,377 | $ | 5,914 | $ | 5,057 | |||||||
GRUBHUB INC. | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands, except share data) | |||||||
December 31, | December 31, | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 375,909 | $ | 211,245 | |||
Short-term investments | 49,275 | 14,084 | |||||
Accounts receivable, less allowances for doubtful accounts | 119,658 | 110,855 | |||||
Income tax receivable | 3,960 | 9,949 | |||||
Prepaid expenses and other current assets | 17,515 | 17,642 | |||||
Total current assets | 566,317 | 363,775 | |||||
PROPERTY AND EQUIPMENT: | |||||||
Property and equipment, net of depreciation and amortization | 172,744 | 119,495 | |||||
OTHER ASSETS: | |||||||
Other assets | 26,836 | 14,186 | |||||
Operating lease right-of-use asset | 100,632 | — | |||||
Goodwill | 1,007,968 | 1,019,239 | |||||
Acquired intangible assets, net of amortization | 500,481 | 549,013 | |||||
Total other assets | 1,635,917 | 1,582,438 | |||||
TOTAL ASSETS | $ | 2,374,978 | $ | 2,065,708 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Restaurant food liability | $ | 131,753 | $ | 127,344 | |||
Accounts payable | 26,748 | 26,656 | |||||
Accrued payroll | 19,982 | 18,173 | |||||
Current portion of long-term debt | — | 6,250 | |||||
Current operating lease liability | 9,376 | — | |||||
Other accruals | 61,504 | 44,745 | |||||
Total current liabilities | 249,363 | 223,168 | |||||
LONG-TERM LIABILITIES: | |||||||
Deferred taxes, non-current | 27,163 | 46,383 | |||||
Noncurrent operating lease liability | 111,056 | — | |||||
Long-term debt | 493,009 | 335,548 | |||||
Other accruals | 817 | 18,270 | |||||
Total long-term liabilities | 632,045 | 400,201 | |||||
STOCKHOLDERS' EQUITY: | |||||||
Common stock, $0.0001 par value | 9 | 9 | |||||
Accumulated other comprehensive loss | (1,628) | (1,891) | |||||
Additional paid-in capital | 1,164,400 | 1,094,866 | |||||
Retained earnings | 330,789 | 349,355 | |||||
Total Stockholders' Equity | $ | 1,493,570 | $ | 1,442,339 | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 2,374,978 | $ | 2,065,708 | |||
GRUBHUB INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(in thousands) | ||||||||
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | (18,566) | $ | 78,481 | ||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||
Depreciation | 30,237 | 21,647 | ||||||
Amortization of intangible assets and developed software | 85,212 | 64,293 | ||||||
Stock-based compensation | 72,879 | 55,261 | ||||||
Deferred taxes | (7,726) | 1,724 | ||||||
Other | 8,531 | 5,552 | ||||||
Change in assets and liabilities, net of the effects of business acquisitions: | ||||||||
Accounts receivable | (11,591) | (6,092) | ||||||
Income taxes receivable | 5,989 | (1,356) | ||||||
Prepaid expenses and other assets | (13,854) | (16,270) | ||||||
Restaurant food liability | 4,380 | 2,921 | ||||||
Accounts payable | 1,978 | 11,160 | ||||||
Accrued payroll | 1,804 | 3,621 | ||||||
Other accruals | 23,349 | 4,585 | ||||||
Net cash provided by operating activities | 182,622 | 225,527 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchases of investments | (85,989) | (57,197) | ||||||
Proceeds from maturity of investments | 51,366 | 67,166 | ||||||
Capitalized website and development costs | (48,524) | (31,180) | ||||||
Purchases of property and equipment | (55,167) | (43,033) | ||||||
Acquisition of other intangible assets | (9,980) | (11,851) | ||||||
Acquisitions of businesses, net of cash acquired | 127 | (517,909) | ||||||
Other cash flows from investing activities | (250) | — | ||||||
Net cash used in investing activities | (148,417) | (594,004) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from the issuance of long-term debt | 500,000 | 222,000 | ||||||
Repayments of borrowings under the credit facility | (342,313) | (53,906) | ||||||
Proceeds from the issuance of common stock | — | 200,000 | ||||||
Taxes paid related to net settlement of stock-based compensation awards | (23,753) | (35,599) | ||||||
Proceeds from exercise of stock options | 4,469 | 14,190 | ||||||
Payments for debt issuance costs | (9,136) | — | ||||||
Net cash provided by financing activities | 129,267 | 346,685 | ||||||
Net change in cash, cash equivalents, and restricted cash | 163,472 | (21,792) | ||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | 320 | (645) | ||||||
Cash, cash equivalents, and restricted cash at beginning of year | 215,802 | 238,239 | ||||||
Cash, cash equivalents, and restricted cash at end of the period | $ | 379,594 | $ | 215,802 | ||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS | ||||||||
Cash paid for income taxes | $ | 1,163 | $ | 7,895 | ||||
GRUBHUB INC. | ||||||||||||||||
NON-GAAP FINANCIAL MEASURES RECONCILIATION | ||||||||||||||||
(in thousands, except per share and per order data) | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income (loss) | $ | (27,718) | $ | (5,150) | $ | (18,566) | $ | 78,481 | ||||||||
Income taxes | (3,299) | 231 | (8,210) | 2,952 | ||||||||||||
Interest expense - net | 6,189 | 2,163 | 20,493 | 3,530 | ||||||||||||
Depreciation and amortization | 32,488 | 24,153 | 115,449 | 85,940 | ||||||||||||
EBITDA | 7,660 | 21,397 | 109,166 | 170,903 | ||||||||||||
Acquisition, restructuring and legal costs | 966 | 1,913 | 4,105 | 7,578 | ||||||||||||
Stock-based compensation2 | 18,073 | 18,816 | 72,879 | 55,261 | ||||||||||||
Adjusted EBITDA | $ | 26,699 | $ | 42,126 | $ | 186,150 | $ | 233,742 | ||||||||
Net income (loss) per order | $ | (0.60) | $ | (0.12) | $ | (0.10) | $ | 0.49 | ||||||||
Adjusted EBITDA per order | $ | 0.58 | $ | 0.98 | $ | 1.04 | $ | 1.47 | ||||||||
Three Months Ended | Year Ended | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income (loss) | $ | (27,718) | $ | (5,150) | $ | (18,566) | $ | 78,481 | ||||||||
Stock-based compensation2 | 18,073 | 18,816 | 72,879 | 55,261 | ||||||||||||
Amortization of acquired intangible assets | 13,367 | 11,377 | 50,712 | 42,484 | ||||||||||||
Acquisition, restructuring and legal costs | 966 | 1,913 | 4,105 | 7,578 | ||||||||||||
Income tax adjustments | (8,916) | (9,384) | (35,883) | (30,544) | ||||||||||||
Non-GAAP net income (loss) | $ | (4,228) | $ | 17,572 | $ | 73,247 | $ | 153,260 | ||||||||
Weighted-average diluted shares used to compute net income (loss) per share attributable to common stockholders | 91,509 | 93,144 | 92,759 | 92,354 | ||||||||||||
Non-GAAP net income (loss) per diluted share attributable to common stockholders | $ | (0.05) | $ | 0.19 | $ | 0.79 | $ | 1.66 | ||||||||
2 Stock-based compensation expense for the three months ended December 31, 2018 and the twelve months ended December 31, 2019 and 2018 included $4.8 million, $1.6 million and $4.8 million, respectively, of expense related to the accelerated vesting of equity awards to certain terminated acquired employees. |
Guidance | ||||||||
Three Months Ended March 31, 2020 | ||||||||
Low | High | |||||||
(in millions) | ||||||||
Net loss | $ | (36.0) | $ | (28.5) | ||||
Income taxes | (12.1) | (9.6) | ||||||
Interest expense - net | 6.1 | 6.1 | ||||||
Depreciation and amortization | 34.0 | 34.0 | ||||||
EBITDA | (8.0) | 2.0 | ||||||
Acquisition, restructuring and legal costs | — | — | ||||||
Stock-based compensation | 23.0 | 23.0 | ||||||
Adjusted EBITDA | $ | 15.0 | $ | 25.0 | ||||
Note: For the full year 2020, we currently expect Adjusted EBITDA of at least $100 million, net interest expense of $25 million, depreciation and amortization expense of $145 million and stock-based compensation expense of $100 million. |
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SOURCE Grubhub Inc.
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