Grubhub Reports Record Fourth Quarter And Full Year 2018 Results
PRNewswire 7-Feb-2019 9:00 AM
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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/grubhub-reports-record-fourth-quarter-and-full-year-2018-results-300791374.html
SOURCE Grubhub
