Grubhub Investor Presentation

Unaudited Combined Financials – 2014 & 2015
(MM unless otherwise noted) (1) Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 Total Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 Total
Active Diners – Ending (000s) 3,851 4,192 4,571 5,029 5,029 5,604 5,932 6,431 6,746 6,746
Daily Average Grubs (000s) 181.2 174.5 172.7 202.7 182.8 234.7 220.1 211.5 241.8 227.1
Gross Food Sales (000s) $433.0 $422.6 $423.8 $508.0 $1,787.4 $589.9 $567.6 $553.6 $642.5 $2,353.6
Net Revenue $58.6 $60.0 $61.9 $73.3 $253.9 $88.2 $88.0 $85.7 $100.0 $361.8
Operating Expenses (2)
Sales and Marketing 16.1 16.2 14.9 19.0 66.2 24.1 20.7 21.4 24.9 91.2
Operations and Support 15.1 14.7 14.9 17.8 62.5 22.7 24.6 27.6 32.5 107.4
Technology 5.3 6.1 6.6 7.2 25.2 7.7 7.9 8.4 8.8 32.8
Depreciation & Amortization 5.5 5.6 5.7 5.8 22.7 6.2 8.8 6.3 6.7 28.0
General & Administrative 8.0 8.4 7.5 6.7 30.7 8.5 9.6 9.8 11.1 39.0
Total Operating Expenses $50.1 $51.0 $49.6 $56.6 $207.3 $69.3 $71.6 $73.6 $83.9 $298.4
Operating Pre-tax Income $8.5 $9.0 $12.4 $16.8 $46.6 $19.0 $16.3 $12.1 $16.1 $63.5
Merger and Restructuring Costs (3) 0.3 0.2 0.7 0.5 1.6 0.6 0.1 0.4 0.5 1.6
Total Pre-tax Income $8.2 $8.8 $11.7 $16.3 $45.0 $18.4 $16.2 $11.7 $15.6 $61.9
Non-GAAP Diluted EPS ($) $0.10 $0.07 $0.12 $0.17 $0.47 $0.18 $0.17 $0.13 $0.19 $0.68
Adjusted EBITDA (4) $16.4 $16.9 $20.4 $25.0 $78.7 $28.3 $28.4 $21.5 $26.8 $105.0
(1) Totals may not sum due to rounding
(2) Excludes non-cash acquisition adjustments related to stock-based compensation
(3) Includes transaction, integration and restructuring related costs associated with the merger of GrubHub and
Seamless, which operated as separate companies until August 8, 2013
(4) Excludes deal and restructuring costs and stock-based compensation expense
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