Company Quick10K Filing
Grubhub
Price55.93 EPS0
Shares93 P/E567
MCap5,193 P/FCF33
Net Debt101 EBIT23
TEV5,294 TEV/EBIT227
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-03-05
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-15
8-K 2020-09-04 Enter Agreement, Other Events, Exhibits
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-06-11
8-K 2020-06-10
8-K 2020-06-10
8-K 2020-05-19
8-K 2020-05-06
8-K 2020-04-13
8-K 2020-03-02
8-K 2020-02-05
8-K 2019-10-28
8-K 2019-08-06
8-K 2019-07-30
8-K 2019-06-10
8-K 2019-05-21
8-K 2019-04-25
8-K 2019-02-06
8-K 2018-10-22
8-K 2018-09-13
8-K 2018-07-24
8-K 2018-05-24
8-K 2018-04-25
8-K 2018-02-08
8-K 2018-01-06

GRUB 10Q Quarterly Report

Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6: Exhibits
EX-10.2 grub-ex102_35.htm
EX-10.4 grub-ex104_233.htm
EX-31.1 grub-ex311_7.htm
EX-31.2 grub-ex312_10.htm
EX-32.1 grub-ex321_9.htm
EX-32.2 grub-ex322_6.htm

Grubhub Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.41.91.41.00.50.02014201620182020
Assets, Equity
0.40.30.20.20.10.02014201620182020
Rev, G Profit, Net Income
0.20.1-0.0-0.2-0.3-0.42014201620182020
Ops, Inv, Fin

grub-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-36389

 

GRUBHUB INC.

(Exact name of registrant as specified in its charter)

 

 Delaware

   

46-2908664

(State or other jurisdiction of

incorporation or organization)

   

(I.R.S. Employer

Identification No.)

   

   

   

111 W. Washington Street, Suite 2100

Chicago, Illinois

   

60602

(Address of principal executive offices)

   

(Zip code)

(877) 585-7878

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

GRUB

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes        No    

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes        No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

 

 

Non-Accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes     No  

As of August 1, 2020, 92,277,727 shares of common stock were outstanding.

 

 


GRUBHUB INC.

TABLE OF CONTENTS

 

PART I

 

Page

FINANCIAL INFORMATION

 

 

 

 

Item 1:

Condensed Consolidated Financial Statements (unaudited)

3

 

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

3

 

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019

4

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2020 and 2019

4

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

5

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2020 and 2019

6

 

Notes to Condensed Consolidated Financial Statements

7

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

29

Item 4:

Controls and Procedures

29

PART II

 

OTHER INFORMATION

 

Item 1:

Legal Proceedings

29

Item 1A:

Risk Factors

29

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

33

Item 3:

Defaults Upon Senior Securities

33

Item 4:

Mine Safety Disclosures

33

Item 5:

Other Information

33

Item 6:

Exhibits

34

Signatures

35

 

 

 

2


Part I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

GRUBHUB INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(UNAUDITED)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

484,760

 

 

$

375,909

 

Short-term investments

 

 

48,616

 

 

 

49,275

 

Accounts receivable, less allowances for doubtful accounts

 

 

75,726

 

 

 

119,658

 

Income tax receivable

 

 

19,390

 

 

 

3,960

 

Prepaid expenses and other current assets

 

 

18,721

 

 

 

17,515

 

Total current assets

 

 

647,213

 

 

 

566,317

 

PROPERTY AND EQUIPMENT:

 

 

 

 

 

 

 

 

Property and equipment, net of depreciation and amortization

 

 

212,772

 

 

 

172,744

 

OTHER ASSETS:

 

 

 

 

 

 

 

 

Other assets

 

 

36,836

 

 

 

26,836

 

Operating lease right-of-use asset

 

 

99,058

 

 

 

100,632

 

Goodwill

 

 

1,007,968

 

 

 

1,007,968

 

Acquired intangible assets, net of amortization

 

 

476,309

 

 

 

500,481

 

Total other assets

 

 

1,620,171

 

 

 

1,635,917

 

TOTAL ASSETS

 

$

2,480,156

 

 

$

2,374,978

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Restaurant food liability

 

$

206,306

 

 

$

131,753

 

Accounts payable

 

 

24,508

 

 

 

26,748

 

Accrued payroll

 

 

34,166

 

 

 

19,982

 

Current operating lease liability

 

 

16,642

 

 

 

9,376

 

Other accruals

 

 

124,555

 

 

 

61,504

 

Total current liabilities

 

 

406,177

 

 

 

249,363

 

LONG-TERM LIABILITIES:

 

 

 

 

 

 

 

 

Deferred taxes, non-current

 

 

11,607

 

 

 

27,163

 

Noncurrent operating lease liability

 

 

110,193

 

 

 

111,056

 

Long-term debt

 

 

493,475

 

 

 

493,009

 

Other accruals

 

 

4,152

 

 

 

817

 

Total long-term liabilities

 

 

619,427

 

 

 

632,045

 

Commitments and contingencies

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

Preferred Stock, $0.0001 par value. Authorized: 25,000,000 shares as of June 30, 2020 and December 31, 2019; issued and outstanding: no shares as of June 30, 2020 and December 31, 2019.

 

 

 

 

 

 

Common stock, $0.0001 par value. Authorized: 500,000,000 shares at June 30, 2020 and December 31, 2019; issued and outstanding: 92,235,195 and 91,576,060 shares as of June 30, 2020 and December 31, 2019, respectively

 

 

9

 

 

 

9

 

Accumulated other comprehensive loss

 

 

(2,330

)

 

 

(1,628

)

Additional paid-in capital

 

 

1,204,922

 

 

 

1,164,400

 

Retained earnings

 

 

251,951

 

 

 

330,789

 

Total stockholders’ equity

 

$

1,454,552

 

 

$

1,493,570

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

2,480,156

 

 

$

2,374,978

 

 

 

(See Notes to Condensed Consolidated Financial Statements (unaudited))

 

3


GRUBHUB INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(UNAUDITED)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

$

459,282

 

 

$

325,058

 

 

$

822,262

 

 

$

648,828

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations and support

 

318,867

 

 

 

162,406

 

 

 

533,428

 

 

 

323,756

 

Sales and marketing

 

94,004

 

 

 

74,128

 

 

 

184,746

 

 

 

152,582

 

Technology (exclusive of amortization)

 

30,228

 

 

 

29,400

 

 

 

61,501

 

 

 

56,650

 

General and administrative

 

32,237

 

 

 

25,784

 

 

 

71,186

 

 

 

48,571

 

Depreciation and amortization

 

34,557

 

 

 

27,223

 

 

 

67,920

 

 

 

52,312

 

Total costs and expenses

 

509,893

 

 

 

318,941

 

 

 

918,781

 

 

 

633,871

 

Income (loss) from operations

 

(50,611

)

 

 

6,117

 

 

 

(96,519

)

 

 

14,957

 

Interest expense - net

 

6,816

 

 

 

5,467

 

 

 

13,196

 

 

 

8,279

 

Income (loss) before provision for income taxes

 

(57,427

)

 

 

650

 

 

 

(109,715

)

 

 

6,678

 

Income tax benefit

 

(12,016

)

 

 

(602

)

 

 

(30,877

)

 

 

(1,464

)

Net income (loss) attributable to common stockholders

$

(45,411

)

 

$

1,252

 

 

$

(78,838

)

 

$

8,142

 

Net income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.49

)

 

$

0.01

 

 

$

(0.86

)

 

$

0.09

 

Diluted

$

(0.49

)

 

$

0.01

 

 

$

(0.86

)

 

$

0.09

 

Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

92,116

 

 

 

91,177

 

 

 

91,954

 

 

 

91,064

 

Diluted

 

92,116

 

 

 

92,786

 

 

 

91,954

 

 

 

92,852

 

 

 

 

 

 

GRUBHUB INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(UNAUDITED)

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

2020

 

 

2019

 

 

 

2020

 

 

2019

 

Net income (loss)

$

(45,411

)

 

$

1,252

 

 

 

$

(78,838

)

 

$

8,142

 

OTHER COMPREHENSIVE LOSS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

(59

)

 

 

(316

)

 

 

 

(702

)

 

 

(89

)

COMPREHENSIVE INCOME (LOSS)

$

(45,470

)

 

$

936

 

 

 

$

(79,540

)

 

$

8,053

 

 

 

 

(See Notes to Condensed Consolidated Financial Statements (unaudited))

 

4


GRUBHUB INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(UNAUDITED)

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(78,838

)

 

$

8,142

 

Adjustments to reconcile net income (loss) to net cash from operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

18,820

 

 

 

13,626

 

Amortization of intangible assets and developed software

 

 

49,100

 

 

 

38,686

 

Stock-based compensation

 

 

41,221

 

 

 

36,527

 

Deferred taxes

 

 

(15,556

)

 

 

298

 

Other

 

 

2,548

 

 

 

3,240

 

Change in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

43,390

 

 

 

(13,349

)

Income taxes receivable

 

 

(15,429

)

 

 

429

 

Prepaid expenses and other assets

 

 

(5,476

)

 

 

(14,857

)

Restaurant food liability

 

 

74,612

 

 

 

(3,078

)

Accounts payable

 

 

547

 

 

 

(10,216

)

Accrued payroll

 

 

14,190

 

 

 

3,122

 

Other accruals

 

 

61,732

 

 

 

7,219

 

Net cash provided by operating activities

 

 

190,861

 

 

 

69,789

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(56,554

)

 

 

(25,526

)

Proceeds from maturity of investments

 

 

57,500

 

 

 

21,636

 

Capitalized website and development costs

 

 

(29,269

)

 

 

(22,188

)

Purchases of property and equipment

 

 

(41,800

)

 

 

(23,140

)

Acquisition of other intangible assets

 

 

(510

)

 

 

(8,889

)

Acquisitions of businesses, net of cash acquired

 

 

 

 

 

127

 

Other cash flows from investing activities

 

 

(525

)

 

 

 

Net cash used in investing activities

 

 

(71,158

)

 

 

(57,980

)

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

 

 

(14,240

)

 

 

(15,360

)

Proceeds from exercise of stock options

 

 

3,667

 

 

 

2,930

 

Payments for debt issuance costs

 

 

(259

)

 

 

(8,954

)

Other cash flows from financing activities

 

 

(454

)

 

 

 

Net cash provided by (used in) financing activities

 

 

(11,286

)

 

 

136,303

 

Net change in cash, cash equivalents, and restricted cash

 

 

108,417

 

 

 

148,112

 

Effect of exchange rates on cash, cash equivalents and restricted cash

 

 

(651

)

 

 

(2

)

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

 

$

487,361

 

 

$

363,912

 

SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

$

 

 

$

567

 

Capitalized property, equipment and website and development costs in accounts payable at period end

 

 

2,846

 

 

 

5,310

 

RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

484,760

 

 

$

358,847

 

Restricted cash included in prepaid expenses and other current assets

 

 

 

 

 

1,904

 

Restricted cash included in other assets

 

 

2,601

 

 

 

3,161

 

Total cash, cash equivalents, and restricted cash

 

$

487,361

 

 

$

363,912

 

 

(See Notes to Condensed Consolidated Financial Statements (unaudited)

 

5


GRUBHUB INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(in thousands, except share data)

(UNAUDITED)

 

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional paid-in capital

 

 

Accumulated other comprehensive loss

 

 

Retained earnings

 

 

Total stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

Balance at March 31, 2020

 

 

91,916,978

 

 

$

9

 

 

$

1,182,757

 

 

$

(2,271

)

 

$

297,362

 

 

$

1,477,857

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45,411

)

 

 

(45,411

)

Currency translation

 

 

 

 

 

 

 

 

 

 

 

(59

)

 

 

 

 

 

(59

)

Stock-based compensation

 

 

 

 

 

 

 

 

26,101

 

 

 

 

 

 

 

 

 

26,101

 

Stock option exercises and vesting of restricted stock units, net of withholdings and other

 

 

448,698

 

 

 

 

 

 

2,253

 

 

 

 

 

 

 

 

 

2,253

 

Shares repurchased and retired to satisfy tax withholding upon vesting

 

 

(130,481

)

 

 

 

 

 

(6,189

)

 

 

 

 

 

 

 

 

(6,189

)

Balance at June 30, 2020

 

 

92,235,195

 

 

$

9

 

 

$

1,204,922

 

 

$

(2,330

)

 

$

251,951

 

 

$

1,454,552

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2019

 

Balance at March 31, 2019

 

 

91,074,285

 

 

$

9

 

 

$

1,107,047

 

 

$

(1,664

)

 

$

356,245

 

 

$

1,461,637

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,252

 

 

 

1,252

 

Currency translation

 

 

 

 

 

 

 

 

 

 

 

(316

)

 

 

 

 

 

(316

)

Stock-based compensation

 

 

 

 

 

 

 

 

24,015

 

 

 

 

 

 

 

 

 

24,015

 

Stock option exercises and vesting of restricted stock units, net of withholdings and other

 

 

234,356

 

 

 

 

 

 

506

 

 

 

 

 

 

 

 

 

506

 

Shares repurchased and retired to satisfy tax withholding upon vesting

 

 

(77,725

)

 

 

 

 

 

(5,394

)

 

 

 

 

 

 

 

 

(5,394

)

Balance at June 30, 2019

 

 

91,230,916

 

 

$

9

 

 

$

1,126,174

 

 

$

(1,980

)

 

$

357,497

 

 

$

1,481,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2020

 

Balance at December 31, 2019

 

 

91,576,060

 

 

$

9

 

 

$

1,164,400

 

 

$

(1,628

)

 

$

330,789

 

 

$

1,493,570

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(78,838

)

 

 

(78,838

)

Currency translation

 

 

 

 

 

 

 

 

 

 

 

(702

)

 

 

 

 

 

(702

)

Stock-based compensation