Grubhub: Reports First Quarter 2021 Results

Chicago / IL. (grub) Grubhub Inc., a leading online and mobile food-ordering and delivery marketplace, announced financial results for the first quarter ended March 31, 2021 and also posted a letter to shareholders on its investor relations website. For the first quarter, the Company reported revenues of USD 551 million, which is a 52 percent year-over-year increase from USD 363 million in the same period last year. Gross Food Sales grew 60 percent year-over-year to USD 2.6 billion, up from USD 1.6 billion in the first quarter of 2020.

«We are proud of our continued role in helping restaurants grow their businesses and supporting the communities where they operate. Our team continued its strong execution in the first quarter – easily hitting records for all of our key business metrics,» said Matt Maloney, Grubhub founder and CEO. «With yesterday’s public filing of the registration statement and preliminary proxy statement with the SEC and the Grubhub special stockholder meeting expected to take place in June, we are looking forward to closing the transaction in the coming months and beginning our next chapter as part of the Just Eat Takeaway.com family.»

First Quarter 2021 Highlights

The following results reflect the financial performance and key operating metrics of our business for the three months ended March 31, 2021, as compared to the same period in 2020.

First Quarter Financial Highlights

  • Revenues: USD 550.6 million, a 52 percent year-over-year increase from USD 363.0 million in the first quarter of 2020.
  • Net (Loss): USD (75.5) million, or USD (0.81) per diluted share, a decrease from USD (33.4) million, or USD (0.36) per diluted share, in the first quarter of 2020.
  • Non-GAAP Adjusted Ebitda: USD (9.3) million, a decrease from USD 21.0 million in the first quarter of 2020.
  • Non-GAAP Net (Loss): USD (52.5) million, or USD (0.56) per diluted share, a decrease from USD (37) thousand, or USD (0.00) per diluted share, in the first quarter of 2020.

First Quarter Key Business Metrics Highlights

  • Active Diners: 33.0 million, a 38 percent year-over-year increase from 23.9 million Active Diners in the first quarter of 2020.
  • Daily Average Grubs (DAGs): 745,700, a 44 percent year-over-year increase from 516,300 DAGs in the first quarter of 2020.
  • Gross Food Sales: USD 2.6 billion, a 60 percent year-over-year increase from USD 1.6 billion in the first quarter of 2020.

«We saw strength across all of our markets during the first quarter, with the highest growth coming in places with a heavy existing competitive presence. We also observed a continued, steady recovery in our largest market, New York City,» said Adam DeWitt, Grubhub president and CFO. «Order growth accelerated in the high-single digits compared to the fourth quarter of 2020, even when normalizing for the initial Covid-related deceleration in the second half of March 2020. We believe our robust hybrid marketplace model is well positioned as we transition to a post-Covid environment.»

About Grubhub

Grubhub is a leading online and mobile food-ordering and delivery marketplace with the largest and most comprehensive network of restaurant partners, as well as nearly 30 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 approximately 245,000 of these restaurants in over 4,000 U.S. cities. The Grubhub portfolio of brands includes Grubhub, Seamless, LevelUp, AllMenus and MenuPages. Grubhub Inc. is part of Dutch Just Eat Takeaway.com N.V. since June 2020.