Chicago / IL. (grub) Grubhub Inc., the United States’ leading online and mobile food-ordering and delivery marketplace, announced financial results for the first quarter ended March 31, 2019. The Company posted revenues of USD 324 million, which is a 39 percent year-over-year increase from USD 233 million in the first quarter of 2018. Gross Food Sales grew 21 percent year-over-year to USD 1.5 billion, up from USD 1.2 billion in the same period last year.
«We are extremely proud of our entire team for another fantastic quarter of execution – record new diner growth, thousands of new quality restaurants added to our platform and a sixth consecutive quarter of organic order acceleration. Even with our recent ramp in growth investments, adjusted Ebitda per order improved during the quarter, underscoring our ability to grow in a long-term sustainable manner,» said Grubhub Founder and CEO Matt Maloney. «Our partnership model allows restaurant brands, large and small, to own their online business. The success of the Taco Bell launch, which drove meaningful incremental business to both Taco Bell and Grubhub, exemplifies how powerful these partnerships can be.»
First Quarter 2019 Highlights
The following results reflect the financial performance and key operating metrics of our business for the three months ended March 31, 2019, as compared to the same period in 2018.
First Quarter Financial Highlights
- Revenues: USD 323.8 million, a 39 percent year-over-year increase from USD 232.6 million in the first quarter of 2018.
- Net Income: USD 6.9 million, or USD 0.07 per diluted share, a 78 percent year-over-year decrease from USD 30.8 million, or USD 0.34 per diluted share, in the first quarter of 2018.
- Non-GAAP Adjusted Ebitda: USD 50.9 million, a 21 percent year-over-year decrease from USD 64.1 million in the first quarter of 2018.
- Non-GAAP Net Income: USD 27.9 million, or USD 0.30 per diluted share, a 41 percent year-over-year decrease from USD 47.2 million, or USD 0.52 per diluted share, in the first quarter of 2018.
First Quarter Key Business Metrics Highlights
- Active Diners were 19.3 million, a 28 percent year-over-year increase from 15.1 million Active Diners in the first quarter of 2018.
- Daily Average Grubs (DAGs) were 521,000, a 19 percent year-over-year increase from 436,900 DAGs in the first quarter of 2018.
- Gross Food Sales were USD 1.5 billion, a 21 percent year-over-year increase from USD 1.2 billion in the first quarter of 2018.
«The strong momentum in our business throughout 2018 continued in the first quarter of 2019, including continued accelerating growth and a 21 percent sequential increase in adjusted Ebitda. The dramatic increase in the scale and diversity of our diner base combined with the consistent diner value outlined in the supplemental disclosure sets us up for a great future,» added Grubhub President and CFO, Adam DeWitt. «We anticipate our typical seasonality in the second and third quarters and remain on track for both our topline and bottom-line objectives for the full year 2019.»
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