GrubHub Reports First Quarter Results
May 8, 2014 at 12:00am
GrubHub Inc. (NYSE: GRUB), the leading online and mobile food-ordering company, today announced financial results for the quarter ended March 31, 2014.
"We are off to a strong start as a public company with record active diners, orders and revenues in the first quarter, continuing the robust growth momentum we had throughout 2013," said Matt Maloney , GrubHub CEO. "We remain focused on making takeout better by continuing product innovation, driving more orders to independent restaurants and creating more transparency and control for diners."
First Quarter 2014 Results:
The following results reflect the financial performance and key operating metrics of our business for the three months ended March 31, 2014, compared to the non-GAAP pro forma combined results of Seamless Holdings and GrubHub Holdings for the three months ended March 31, 2013, giving effect to the August 2013 merger of the two companies.
Revenues: $58.6 million, a 49% year-over-year increase from $39.4 million in the first quarter of 2013.
Non-GAAP Adjusted EBITDA: $16.4 million, a 192% year-over-year increase from $5.6 million in the first quarter of 2013.
Net Income: $4.4 million, a 561% year-over-year increase from $0.7 million in the first quarter of 2013.
Our April 4th, 2014, Initial Public Offering included the sale of 4 million shares of our common stock at $26 per share, which generated $95.5 million in cash for the company (after fees and expenses).
Key Business Metrics Highlights:
Active Diners grew 49% to 3.85 million, compared to 2.58 million diners in the first quarter of 2013.
GrubHub Inc. processed 181,200 Daily Average Grubs, a 40% year-over-year increase from 129,100 Daily Average Grubs in the first quarter of 2013.
- GrubHub Inc. processed $433 million in gross food sales, a 44% year-over-year increase from $300 million processed in the first quarter of 2013.
Second Quarter 2014 Guidance:
Based on information available as of May 8th, 2014, the company is providing the following financial guidance:
Revenue is expected to be in the range of $53 million to $55 million.
Adjusted EBITDA is expected to be in the range of $13 million to $15 million.
"The market for GrubHub is substantial with Americans spending roughly $67 billion every year on takeout from independent restaurants. Less than five percent of those purchases are made online or through a mobile device," noted Maloney. "We are pleased with the scale we have achieved, with $1.4 billion in gross food sales processed through our platforms in the last 12 months. And, as the clear leader in this large market, we are even more excited about the sizeable opportunity in front of us."
First Quarter 2014 Financial Results Conference Call: GrubHub will webcast a conference call today at 5 p.m. ET to discuss the first quarter 2014 financial results. The webcast can be accessed on the GrubHub Investor Relations website at http://investors.grubhub.com, along with the company's earnings press release and financial tables. Following the webcast, a replay of it will be available at the same website until May 22, 2014.