Chicago / IL. (grub) Grubhub Inc., a leading online and mobile food-ordering and delivery marketplace, today announced financial results for the third quarter ended September 30, 2020 and also posted a letter to shareholders on its investor relations website. The Company reported revenues of USD 494 million, which is a 53 percent year-over-year increase from USD 322 million in the same period last year. Gross Food Sales grew 68 percent year-over-year to USD 2.4 billion, up from USD 1.4 billion in the same period last year.
«Connecting restaurants and diners is more important than ever given the challenges our restaurant partners still face because of the pandemic. Since March, we have supported our restaurant partners with hundreds of millions of dollars through increased marketing support, reduced commissions, and bonuses and personal protective equipment for drivers,» said Matt Maloney, Grubhub founder and CEO. «Earlier this month, the Just Eat Takeaway.com shareholders overwhelmingly voted in favor of the proposed acquisition of Grubhub, which is on track for completion in the first half of 2021.»
Third Quarter 2020 Highlights
The following results reflect the financial performance and key operating metrics of our business for the three months ended September 30, 2020, as compared to the same period in 2019.
Third Quarter Financial Highlights
- Revenues: USD 494.0 million, a 53 percent year-over-year increase from USD 322.1 million in the third quarter of 2019.
- Net Income (Loss): USD (9.2) million, or USD (0.10) per diluted share, a decrease from USD 1.0 million, or USD 0.01 per diluted share, in the third quarter of 2019.
- Non-GAAP Adjusted Ebitda: USD 43.8 million, a 19 percent year-over-year decrease from USD 53.8 million in the third quarter of 2019.
- Non-GAAP Net Income: USD 15.2 million, or USD 0.16 per diluted share, a decrease from USD 24.7 million, or USD 0.27 per diluted share, in the third quarter of 2019.
Third Quarter Key Business Metrics Highlights
- Active Diners: 30.0 million, a 41 percent year-over-year increase from 21.2 million Active Diners in the third quarter of 2019.
- Daily Average Grubs (DAGs): 668,600, a 46 percent year-over-year increase from 457,300 DAGs in the third quarter of 2019.
- Gross Food Sales: USD 2.4 billion, a 68 percent year-over-year increase from USD 1.4 billion in the third quarter of 2019.
«Diner and order growth further accelerated in the third quarter as consumers across the country increasingly embraced the control, ease and convenience of ordering through Grubhub,» said Adam DeWitt, Grubhub president and CFO. «We continued to invest aggressively in new diner acquisition and support for our restaurant partners while also generating our highest Adjusted Ebitda per order in a year. This quarter again showcased the strength and sustainability of our business and ability to drive results for our restaurant partners in this challenging time.»
Given Grubhub’s pending acquisition by Just Eat Takeaway.com, it is no longer issuing forward-looking guidance.