Research Desk Line-up: Bitauto Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 23, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on GrubHub Inc. (NYSE: GRUB), can be viewed by registering at http://protraderdaily.com/optin/?symbol=GRUB, following the Company's posting of its second quarter fiscal 2017 operating results on August 03, 2017. The online food ordering service outperformed revenue estimates and also raised the low range of its revenue guidance for 2017. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Internet Information Providers industry. Pro-TD has currently selected Bitauto Holdings Limited (NYSE: BITA) for due-diligence and potential coverage as the Company announced on August 15, 2017, its unaudited financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Bitauto when we publish it.
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For Q2 2017, GrubHub reported revenue of $158.8 million, a 32% y-o-y increase compared to revenue of $120.2 million in Q2 2016. The Company's net revenue, as a percentage of gross food sales, was 18.1% during the reported quarter, up more than 160 basis points from the prior year's 16.4%, driven by an increase in mix of its business towards GrubHub-delivered orders as well as restaurants paying higher rates for more exposure on the Company's site. GrubHub's revenue result exceeded analysts' estimates of $158.1 million.
For Q2 2017, GrubHub's operations and support expenses were $62.9 million, a 55% increase compared to the $40.7 million in Q2 2016. The Company stated that the outsized increase relative to order growth is due to the mix shift of the Company's business towards more GrubHub-delivered orders, as well as the underlying growth of its total order volume to a lesser extent. GrubHub's technology expenses, excluding amortization and web development, were $14.1 million for the reported quarter, increasing 33% from Q2 of 2016.
During Q2 2017, GrubHub posted net income of $14.8 million, or $0.17 per diluted share, a 15% y-o-y growth from $12.8 million, or $0.15 per diluted share, in Q2 2016. The Company recorded non-GAAP net income of $23.2 million, or $0.26 per diluted share, up 19% compared to earnings of $19.6 million, or $0.23 per diluted share, in the prior year's same quarter. GrubHub's earnings numbers matched Wall Street's estimates of $0.26 per share.
GrubHub's non-GAAP adjusted EBITDA came in at $42.2 million for Q2 2017, reflecting a 12% y-o-y increase from $37.6 million reported in Q2 2016. The Company's adjusted EBITDA per order was $1.48, down 3% from the prior year's $1.52 due to the ramp in advertising on a y-o-y basis.
Business Metrics Highlights
GrubHub's active Diners were 9.18 million in Q2 2017, a 25% y-o-y increase from 7.35 million Active Diners in Q2 2016. In the reported quarter, Daily Average Grubs (DAGs) were 313,900, a 16% growth on a y-o-y basis, compared to 271,100 DAGs in the prior year's comparable quarter. GrubHub's gross Food Sales were $880 million, a 20% y-o-y increase from $733 million in Q2 2016.
For Q3 2017, GrubHub is forecasting revenue in the range of $155 million to $163 million, and adjusted EBITDA in the band of $38 million to $42 million. The Company raised the low-end of full year revenue guidance, bringing the revised range up to $642 million to $662 million. GrubHub also revised full year EBITDA guidance to a range of $170 million to $180 million.
GrubHub's share price finished yesterday's trading session at $54.93, rising 1.05%. A total volume of 1.27 million shares have exchanged hands. The Company's stock price skyrocketed 28.55% in the last three months, 47.15% in the past six months, and 45.70% in the previous twelve months. Additionally, the stock soared 46.01% since the start of the year. Shares of the Company have a PE ratio of 80.66 and currently have a market cap of $4.72 billion.
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