GrubHub Inc. (NYSE:GRUB) Q4 2018 Earnings Conference Call Transcript

Feb 07, 2019 • 10:00 am ET


GrubHub Inc. (NYSE:GRUB) Q4 2018 Earnings Conference Call Transcript


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Good morning, ladies and gentlemen. My name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Grubhub Q4 2018 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)

And now, I would like to turn the call over to Adam Patnaude, Head of Investor Relations. Please go ahead.

Adam J. Patnaude

Good morning, everyone. Welcome to Grubhub's fourth quarter 2018 earnings call. I'm Adam Patnaude, Head of Investor Relations. Joining me today to discuss Grubhub's results are our Founder and CEO, Matt Maloney and our President and CFO, Adam DeWitt. This conference call is available via webcast on the Investor Relations section of our website at In addition, we'll be referencing our press release, which has been attached as an exhibit to our current report on Form 8-K, filed with the SEC today.

I'd like to take this opportunity to remind you that during this call, we will make forward-looking statements, including guidance as to our future performance. These forward-looking statements are made in reliance on the Safe Harbor provisions of the Securities and Exchange Act of 1934 as amended, and are subject to substantial risks and uncertainties that may cause actual results to differ materially from those in these forward-looking statements. For additional information concerning factors that could affect our financial results or cause actual results to differ materially, please refer to the cautionary statements included in our filings with the SEC, including the Risk Factors section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC on February 28,2018, and our quarterly reports on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended December 31,2018 that will be filed with the SEC.

Our SEC filings are available electronically on our Investor's website at or the Edgar portion of the SEC's website at Also, I'd like to remind you that during the course of this call, we will discuss non-GAAP financial measures in talking about our performance. Reconciliations to the most directly comparable GAAP financial measures are provided in the tables in the press release. All references to active diners, daily average grubs and gross food sales, only include transactions placed on the Grubhub marketplace or related platform where Grubhub provides marketing services to generate orders.

Specifically, these metrics exclude transactions like LevelUp and Tapingo where Grubhub only provides technology or fulfillment services. Adam will discuss this disclosure change in more detail later on the call, but we think this clarification is the best way for investors to understand how our business is performing.

And now, I'll turn the call over to Matt Maloney, Grubhub's Founder and CEO.

Matt Maloney

Thanks, Adam. Good morning everyone, and thanks for joining the call. This morning we are celebrating Seamless' 20-year anniversary. So for breakfast, we're enjoying corn beef and eggs from