Chicago / IL. (grub) Grubhub Inc. a leading online and mobile food-ordering and delivery marketplace, announced financial results for the second quarter ended June 30, 2020 and also posted a letter to shareholders on its investor relations website. The Company reported revenues of USD 459 million, which is a 41 percent year-over-year increase from USD 325 million in the same period last year. Gross Food Sales grew 59 percent year over year to USD 2.3 billion, up from USD 1.5 billion in the same period last year.
«Our singular focus for the second quarter was to support our restaurant partners as much as possible in their time of need. With a little help from increased demand, we are proud to announce we were able to spend approximately USD 100 million supporting and keeping restaurants, drivers and diners safe during these difficult times,» said Matt Maloney, Grubhub founder and CEO. «In June, we announced our acquisition by Just Eat Takeaway.com which will create the largest and only profitable online food marketplace outside of China. We are excited to join forces with a team that has demonstrated it can grow this business sustainably on a global basis and who is also focused on capturing a disproportionate share of the profitable growth in the U.S. going forward.»
Second Quarter 2020 Highlights
The following results reflect the financial performance and key operating metrics of our business for the three months ended June 30, 2020, as compared to the same period in 2019.
Second Quarter Financial Highlights
- Revenues: USD 459.3 million, a 41 percent year-over-year increase from USD 325.1 million in the second quarter of 2019.
- Net Income (Loss): USD (45.4) million, or USD (0.49) per diluted share, a decrease from USD 1.3 million, or USD 0.01 per diluted share, in the second quarter of 2019.
- Non-GAAP Adjusted Ebitda: USD 13.3 million, a 76 percent year-over-year decrease from USD 54.7 million in the second quarter of 2019.
- Non-GAAP Net Income (Loss): USD (15.9) million, or USD (0.17) per diluted share, a decrease from USD 24.9 million, or USD 0.27 per diluted share, in the second quarter of 2019.
Second Quarter Key Business Metrics Highlights
- Active Diners: 27.5 million, a 35 percent year-over-year increase from 20.3 million Active Diners in the second quarter of 2019.
- Daily Average Grubs (DAGs): 647,100, a 32 percent year-over-year increase from 488,900 DAGs in the second quarter of 2019.
- Gross Food Sales: USD 2.3 billion, a 59 percent year-over-year increase from USD 1.5 billion in the second quarter of 2019.
«The strong trends we observed in April persisted throughout the quarter with year-over-year DAG growth accelerating each month,» said Adam DeWitt, Grubhub President and CFO. “With that strength continuing in July, it is becoming more clear that the current environment has advanced the secular shift toward online food ordering. We remain confident that focusing on restaurant supply and diner loyalty will enable us to keep growing in a sustainable and profitable manner.»
Given Grubhub’s pending acquisition by Just Eat Takeaway.com, it is no longer issuing forward-looking guidance.