CHICAGO, Feb. 7, 2019 /PRNewswire/ -- Grubhub
Inc. (NYSE: GRUB), the nation's leading online and mobile
food-ordering and delivery marketplace, today announced financial
results for the fourth quarter ended Dec.
31, 2018. The Company posted revenues of $288 million, which is a 40% year-over-year
increase from $205 million in the
fourth quarter of 2017. Gross Food Sales grew 21% year-over-year to
$1.4 billion, up from $1.1 billion in the same period last year.
"2018 was a transformational year for Grubhub. We made great
progress connecting hungry takeout diners with the restaurants they
want, further positioning ourselves to continue to capture a
significant share of the more than $200
billion takeout industry in the U.S.," said Matt Maloney, Grubhub's founder and chief
executive officer. "We deepened relationships with our restaurant
partners through acquisitions of LevelUp and Tapingo, increased the
number of restaurants that partner with us to more than 105,000,
grew active diners on our platform by 3.2 million, and – most
emblematic of the year – accelerated organic DAG growth on our
marketplace every single quarter. We couldn't be more excited about
building on this momentum in 2019."
Fourth Quarter and Full Year 2018 Highlights
The
following results reflect the financial performance and key
operating metrics of our business for the three and twelve months
ended Dec. 31, 2018, as compared to
the same periods in 2017.
Fourth Quarter Financial Highlights
- Revenues: $287.7 million, a 40%
year-over-year increase from $205.1
million in the fourth quarter of 2017.
- Net Income (Loss): $(5.2)
million, or $(0.06) per
diluted share, an 110% year-over-year decrease from $53.5 million, or $0.60 per diluted share, in the fourth quarter of
2017.
- Non-GAAP Adjusted EBITDA: $42.1
million, a 26% year-over-year decrease from $57.0 million in the fourth quarter of 2017.
- Non-GAAP Net Income: $17.6
million, or $0.19 per diluted
share, a 47% year-over-year decrease from $33.3 million, or $0.37 per diluted share, in the fourth quarter of
2017.
Fourth Quarter Key Business Metrics Highlights1
- Active Diners were 17.7 million, a 22% year-over-year increase
from 14.5 million Active Diners in the fourth quarter of 2017.
- Daily Average Grubs (DAGs) were 467,500, a 19% year-over-year
increase from 392,500 DAGs in the fourth quarter of 2017.
- Gross Food Sales were $1.4
billion, a 21% year-over-year increase from $1.1 billion in the fourth quarter of 2017.
Full Year Financial Highlights
- Revenues: $1.0 billion, a 47%
year-over-year increase from $683.1
million in 2017.
- Net Income: $78.5 million, or
$0.85 per diluted share, a 21%
year-over-year decrease from $99.0
million, or $1.12 per diluted
share, in 2017.
- Non-GAAP Adjusted EBITDA: $233.7
million, a 27% year-over-year increase from $184.0 million in 2017.
- Non-GAAP Net Income: $153.3
million, or $1.66 per diluted
share, a 44% year-over-year increase from $106.1 million, or $1.20 per diluted share, in 2017.
Full Year Key Business Metrics Highlights1
- Active Diners were 17.7 million, a 22% year-over-year increase
from 14.5 million Active Diners in 2017.
- Daily Average Grubs (DAGs) were 435,900, a 31% year-over-year
increase from 334,000 DAGs in 2017.
- Gross Food Sales were $5.1
billion, a 34% year-over-year increase from $3.8 billion in 2017.
________________________
1 Key Business Metrics are defined in the table
below.
"In the fourth quarter, we announced meaningful incremental
investments in marketing and the launch of new Grubhub Delivery
markets. Both investments yielded great results, contributing to
record active diners during the quarter and accelerated DAG growth,
with exceptionally strong growth in our newer markets," said
Adam DeWitt, Grubhub's president and
chief financial officer. "These strategic investments have laid the
ideal foundation for long-term profitable growth. We also expect
them to help us generate meaningful operating leverage throughout
2019, with per order economics likely similar to the third quarter
of 2018 as we exit this year."
First Quarter and Full Year 2019 Guidance
Based on
information available as of Feb. 7,
2019, the Company is providing the following financial
guidance for the first quarter and full year of 2019.
|
First Quarter
2019
|
|
Full Year
2019
|
|
(in
millions)
|
Expected Revenue
range
|
$310 -
$330
|
|
$1,315 -
$1,415
|
Expected Adjusted
EBITDA range
|
$40 - $50
|
|
$235 -
$265
|
Fourth Quarter and Full Year 2018 Financial Results
Conference Call
Grubhub will webcast a conference call today
at 9 a.m. CT to discuss the fourth
quarter 2018 financial results. The webcast can be accessed on the
Grubhub Investor Relations website at
https://investors.grubhub.com, along with the Company's earnings
press release and financial tables. A replay of the webcast will be
available at the same website.
About Grubhub
Grubhub (NYSE: GRUB) is the nation's
leading online and mobile food-ordering and delivery marketplace
with the largest and most comprehensive network of restaurant
partners, as well as the largest diner base. Dedicated to
connecting diners with the food they love from their favorite local
restaurants, Grubhub strives to elevate food ordering through
innovative restaurant technology, easy-to-use platforms and an
improved delivery experience. Grubhub is proud to work with more
than 105,000 restaurant partners in over 2,000 U.S. cities and
London. The Grubhub portfolio of
brands includes Grubhub, Seamless, LevelUp, Tapingo, Eat24,
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 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, 2018 and our most recent
Quarterly Report on Form 10-Q for the quarter ended Sep. 30, 2018, 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, 2018, 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,
the impact of the U.S. Tax Cuts and Jobs Act ("U.S. Tax
Act") 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 "Schedule of 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
December
31,
|
|
|
Year
Ended
December
31,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Revenues
|
$
|
287,721
|
|
|
$
|
205,080
|
|
|
$
|
1,007,257
|
|
|
$
|
683,067
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations and
support
|
|
144,082
|
|
|
|
81,658
|
|
|
|
454,321
|
|
|
|
269,453
|
|
Sales and
marketing
|
|
69,877
|
|
|
|
45,384
|
|
|
|
214,290
|
|
|
|
150,730
|
|
Technology (exclusive
of amortization)
|
|
24,972
|
|
|
|
14,703
|
|
|
|
82,278
|
|
|
|
56,263
|
|
General and
administrative
|
|
27,393
|
|
|
|
18,396
|
|
|
|
85,465
|
|
|
|
65,023
|
|
Depreciation and
amortization
|
|
24,153
|
|
|
|
18,781
|
|
|
|
85,940
|
|
|
|
51,848
|
|
Total costs and
expenses
|
|
290,477
|
|
|
|
178,922
|
|
|
|
922,294
|
|
|
|
593,317
|
|
Income (loss) from
operations
|
|
(2,756)
|
|
|
|
26,158
|
|
|
|
84,963
|
|
|
|
89,750
|
|
Interest expense -
net
|
|
2,163
|
|
|
|
1,010
|
|
|
|
3,530
|
|
|
|
102
|
|
Income (loss) before
provision for income taxes
|
|
(4,919)
|
|
|
|
25,148
|
|
|
|
81,433
|
|
|
|
89,648
|
|
Income tax (benefit)
expense
|
|
231
|
|
|
|
(28,378)
|
|
|
|
2,952
|
|
|
|
(9,335)
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(5,150)
|
|
|
$
|
53,526
|
|
|
$
|
78,481
|
|
|
$
|
98,983
|
|
Net income (loss) per
share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.06)
|
|
|
$
|
0.62
|
|
|
$
|
0.88
|
|
|
$
|
1.15
|
|
Diluted
|
$
|
(0.06)
|
|
|
$
|
0.60
|
|
|
$
|
0.85
|
|
|
$
|
1.12
|
|
Weighted-average
shares used to compute net income (loss) per share attributable to
common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
90,705
|
|
|
|
86,702
|
|
|
|
89,447
|
|
|
|
86,297
|
|
Diluted
|
|
93,144
|
|
|
|
89,366
|
|
|
|
92,354
|
|
|
|
88,182
|
|
KEY BUSINESS
METRICS
|
|
|
|
Three Months
Ended
December
31,
|
|
|
Year
Ended
December
31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Active Diners
(000s)
|
|
|
17,688
|
|
|
|
14,462
|
|
|
|
17,688
|
|
|
|
14,462
|
|
Daily Average
Grubs
|
|
|
467,500
|
|
|
|
392,500
|
|
|
|
435,900
|
|
|
|
334,000
|
|
Gross Food Sales
(millions)
|
|
$
|
1,376.9
|
|
|
$
|
1,138.6
|
|
|
$
|
5,056.8
|
|
|
$
|
3,783.7
|
|
Key business metrics include transactions placed on the Grubhub
takeout marketplace or a related platform where the Company
provides marketing services to generate orders (collectively, the
"Platform"). The Platform excludes transactions where the Company
exclusively provides technology or fulfillment services.
Active Diners. The number of unique diner accounts
from which an order has been placed in the past twelve months
through the Company's Platform.
Daily Average Grubs. The number of orders placed on
the Platform divided by the number of days for a given period.
Gross Food Sales. The total value of food,
beverages, taxes, prepaid gratuities, and any delivery fees
processed through the Company's Platform. The Company
includes all revenue generating orders placed on its Platform in
this metric; however, revenues are recognized on a net basis for
the Company's commissions from the transaction, which are a
percentage of the total Gross Food Sales for such
transaction.
GRUBHUB
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands,
except share data)
|
|
|
|
|
|
|
|
|
|
December 31,
2018
|
|
|
December 31, 2017
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
211,245
|
|
|
$
|
234,090
|
|
Short-term
investments
|
|
14,084
|
|
|
|
23,605
|
|
Accounts receivable,
less allowances for doubtful accounts
|
|
110,855
|
|
|
|
87,377
|
|
Income tax
receivable
|
|
9,949
|
|
|
|
8,593
|
|
Prepaid expenses and
other current assets
|
|
17,642
|
|
|
|
6,818
|
|
Total current
assets
|
|
363,775
|
|
|
|
360,483
|
|
PROPERTY AND
EQUIPMENT:
|
|
|
|
|
|
|
|
Property and
equipment, net of depreciation and amortization
|
|
119,495
|
|
|
|
71,384
|
|
OTHER
ASSETS:
|
|
|
|
|
|
|
|
Other
assets
|
|
14,186
|
|
|
|
6,487
|
|
Goodwill
|
|
1,019,239
|
|
|
|
589,862
|
|
Acquired intangible
assets, net of amortization
|
|
549,013
|
|
|
|
515,553
|
|
Total other
assets
|
|
1,582,438
|
|
|
|
1,111,902
|
|
TOTAL
ASSETS
|
$
|
2,065,708
|
|
|
$
|
1,543,769
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
Restaurant food
liability
|
$
|
127,344
|
|
|
$
|
119,922
|
|
Accounts
payable
|
|
26,656
|
|
|
|
7,607
|
|
Accrued
payroll
|
|
18,173
|
|
|
|
13,186
|
|
Taxes
payable
|
|
422
|
|
|
|
3,109
|
|
Short-term
debt
|
|
6,250
|
|
|
|
3,906
|
|
Other
accruals
|
|
44,323
|
|
|
|
26,818
|
|
Total current
liabilities
|
|
223,168
|
|
|
|
174,548
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
|
Deferred taxes,
non-current
|
|
46,383
|
|
|
|
74,292
|
|
Other
accruals
|
|
18,270
|
|
|
|
7,468
|
|
Long-term
debt
|
|
335,548
|
|
|
|
169,645
|
|
Total long-term
liabilities
|
|
400,201
|
|
|
|
251,405
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value
|
|
9
|
|
|
|
9
|
|
Accumulated other
comprehensive loss
|
|
(1,891)
|
|
|
|
(1,228)
|
|
Additional paid-in
capital
|
|
1,094,866
|
|
|
|
849,043
|
|
Retained
earnings
|
|
349,355
|
|
|
|
269,992
|
|
Total
Stockholders' Equity
|
$
|
1,442,339
|
|
|
$
|
1,117,816
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
2,065,708
|
|
|
$
|
1,543,769
|
|
GRUBHUB
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
78,481
|
|
|
$
|
98,983
|
|
Adjustments to
reconcile net income to net cash from operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
21,647
|
|
|
|
11,775
|
|
Provision for doubtful
accounts
|
|
|
941
|
|
|
|
1,424
|
|
Deferred
taxes
|
|
|
1,724
|
|
|
|
(31,179)
|
|
Amortization of
intangible assets
|
|
|
64,293
|
|
|
|
40,073
|
|
Stock-based
compensation
|
|
|
55,261
|
|
|
|
32,748
|
|
Deferred
rent
|
|
|
4,974
|
|
|
|
849
|
|
Tenant allowance
amortization
|
|
|
(837)
|
|
|
|
(135)
|
|
Amortization of
deferred loan costs
|
|
|
715
|
|
|
|
487
|
|
Other
|
|
|
(241)
|
|
|
|
(168)
|
|
Change in assets and
liabilities, net of the effects of business
acquisitions:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(6,092)
|
|
|
|
(26,236)
|
|
Income taxes
receivable
|
|
|
(1,356)
|
|
|
|
(1,597)
|
|
Prepaid expenses and
other assets
|
|
|
(16,270)
|
|
|
|
5,516
|
|
Restaurant food
liability
|
|
|
2,921
|
|
|
|
8,576
|
|
Accounts
payable
|
|
|
11,160
|
|
|
|
(4,244)
|
|
Accrued
payroll
|
|
|
3,621
|
|
|
|
5,537
|
|
Other
accruals
|
|
|
4,585
|
|
|
|
11,735
|
|
Net cash provided by
operating activities
|
|
|
225,527
|
|
|
|
154,144
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Acquisitions of
businesses, net of cash acquired
|
|
|
(517,909)
|
|
|
|
(333,301)
|
|
Purchases of
investments
|
|
|
(57,197)
|
|
|
|
(154,758)
|
|
Proceeds from maturity
of investments
|
|
|
67,166
|
|
|
|
215,983
|
|
Capitalized website
and development costs
|
|
|
(31,180)
|
|
|
|
(21,325)
|
|
Purchases of property
and equipment
|
|
|
(43,033)
|
|
|
|
(18,971)
|
|
Acquisition of other
intangible assets
|
|
|
(11,851)
|
|
|
|
(25,147)
|
|
Other cash flows from
investing activities
|
|
|
—
|
|
|
|
557
|
|
Net cash used in
investing activities
|
|
|
(594,004)
|
|
|
|
(336,962)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from the
issuance of common stock
|
|
|
200,000
|
|
|
|
—
|
|
Proceeds from
borrowings under the Credit Agreement
|
|
|
222,000
|
|
|
|
200,000
|
|
Repayments of
borrowings under the Credit Agreement
|
|
|
(53,906)
|
|
|
|
(25,781)
|
|
Proceeds from exercise
of stock options
|
|
|
14,190
|
|
|
|
16,375
|
|
Taxes paid related to
net settlement of stock-based compensation awards
|
|
|
(35,599)
|
|
|
|
(10,556)
|
|
Payment for debt
issuance costs
|
|
|
—
|
|
|
|
(1,979)
|
|
Net cash provided by
financing activities
|
|
|
346,685
|
|
|
|
178,059
|
|
Net change in cash,
cash equivalents, and restricted cash
|
|
|
(21,792)
|
|
|
|
(4,759)
|
|
Effect of exchange
rates on cash, cash equivalents and restricted cash
|
|
|
(645)
|
|
|
|
784
|
|
Cash, cash
equivalents, and restricted cash at beginning of year
|
|
|
238,239
|
|
|
|
242,214
|
|
Cash, cash
equivalents, and restricted cash at end of the period
|
|
$
|
215,802
|
|
|
$
|
238,239
|
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH ITEMS
|
|
|
|
|
|
|
|
|
Cash paid for income
taxes
|
|
$
|
7,895
|
|
|
$
|
19,148
|
|
GRUBHUB
INC.
NON-GAAP FINANCIAL
MEASURES RECONCILIATION
(in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December
31,
|
|
|
Year Ended
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
|
2017
|
|
Net income
(loss)
|
|
$
|
(5,150)
|
|
|
$
|
53,526
|
|
|
$
|
78,481
|
|
|
$
|
98,983
|
|
Income
taxes
|
|
|
231
|
|
|
|
(28,378)
|
|
|
|
2,952
|
|
|
|
(9,335)
|
|
Interest expense -
net
|
|
|
2,163
|
|
|
|
1,010
|
|
|
|
3,530
|
|
|
|
102
|
|
Depreciation and
amortization
|
|
|
24,153
|
|
|
|
18,781
|
|
|
|
85,940
|
|
|
|
51,848
|
|
EBITDA
|
|
|
21,397
|
|
|
|
44,939
|
|
|
|
170,903
|
|
|
|
141,598
|
|
Acquisition,
restructuring and legal costs
|
|
|
1,913
|
|
|
|
3,199
|
|
|
|
7,578
|
|
|
|
9,642
|
|
Stock-based
compensation
|
|
|
18,816
|
2
|
|
|
8,835
|
|
|
|
55,261
|
2
|
|
|
32,748
|
|
Adjusted
EBITDA
|
|
$
|
42,126
|
|
|
$
|
56,973
|
|
|
$
|
233,742
|
|
|
$
|
183,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Net income
(loss)
|
|
$
|
(5,150)
|
|
|
$
|
53,526
|
|
|
$
|
78,481
|
|
|
$
|
98,983
|
|
Stock-based
compensation
|
|
|
18,816
|
2
|
|
|
8,835
|
|
|
|
55,261
|
2
|
|
|
32,748
|
|
Amortization of
acquired intangible assets
|
|
|
11,377
|
|
|
|
11,238
|
|
|
|
42,484
|
|
|
|
28,066
|
|
Acquisition,
restructuring and legal costs
|
|
|
1,913
|
|
|
|
3,199
|
|
|
|
7,578
|
|
|
|
9,642
|
|
Income tax benefit of
the U.S. Tax Act
|
|
|
—
|
|
|
|
(34,054)
|
|
|
|
—
|
|
|
|
(34,054)
|
|
Income tax
adjustments
|
|
|
(9,384)
|
|
|
|
(9,469)
|
|
|
|
(30,544)
|
|
|
|
(29,239)
|
|
Non-GAAP net
income
|
|
$
|
17,572
|
|
|
$
|
33,275
|
|
|
$
|
153,260
|
|
|
$
|
106,146
|
|
Weighted-average
diluted shares used to compute net income per share attributable to
common stockholders
|
|
|
93,144
|
|
|
|
89,366
|
|
|
|
92,354
|
|
|
|
88,182
|
|
Non-GAAP net income
per diluted share attributable to common stockholders
|
|
$
|
0.19
|
|
|
$
|
0.37
|
|
|
$
|
1.66
|
|
|
$
|
1.20
|
|
|
|
|
Guidance
|
|
|
|
Three Months
Ended
March 31, 2019
|
|
|
Year Ended
December 31, 2019
|
|
|
|
Low
|
|
|
High
|
|
|
Low
|
|
|
High
|
|
|
|
(in
millions)
|
|
Net income
(loss)
|
|
$
|
(3.4)
|
|
|
$
|
3.7
|
|
|
$
|
31.0
|
|
|
$
|
52.3
|
|
Income
taxes
|
|
|
(1.4)
|
|
|
|
1.5
|
|
|
|
12.6
|
|
|
|
21.3
|
|
Interest expense -
net
|
|
|
2.8
|
|
|
|
2.8
|
|
|
|
11.4
|
|
|
|
11.4
|
|
Depreciation and
amortization
|
|
|
25.0
|
|
|
|
25.0
|
|
|
|
106.0
|
|
|
|
106.0
|
|
EBITDA
|
|
|
23.0
|
|
|
|
33.0
|
|
|
|
161.0
|
|
|
|
191.0
|
|
Acquisition and
restructuring costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock-based
compensation
|
|
|
17.0
|
|
|
|
17.0
|
|
|
|
74.0
|
|
|
|
74.0
|
|
Adjusted
EBITDA
|
|
$
|
40.0
|
|
|
$
|
50.0
|
|
|
$
|
235.0
|
|
|
$
|
265.0
|
|
___________________________
2 Stock-based compensation for the three and twelve
months ended December 31, 2018
included $4.8 million of expense
related to the accelerated vesting of equity awards to certain
terminated acquired employees.
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SOURCE Grubhub