Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | GRUB | |
Entity Registrant Name | GRUBHUB INC. | |
Entity Central Index Key | 0001594109 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 93,347,973 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-36389 | |
Entity Tax Identification Number | 46-2908664 | |
Entity Address, Address Line One | 111 W. Washington Street | |
Entity Address, Address Line Two | Suite 2100 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60602 | |
City Area Code | 877 | |
Local Phone Number | 585-7878 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | DE | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 348,837 | $ 360,232 |
Short-term investments | 55,824 | 53,126 |
Accounts receivable, less allowances for doubtful accounts | 104,727 | 111,802 |
Income tax receivable | 22,229 | 22,472 |
Prepaid expenses and other current assets | 20,408 | 24,765 |
Total current assets | 552,025 | 572,397 |
PROPERTY AND EQUIPMENT: | ||
Property and equipment, net of depreciation and amortization | 217,677 | 216,146 |
OTHER ASSETS: | ||
Other assets | 54,373 | 49,201 |
Deferred tax assets, non-current | 142 | 142 |
Operating lease right-of-use asset | 85,150 | 88,227 |
Goodwill | 1,007,968 | 1,007,968 |
Acquired intangible assets, net of amortization | 445,136 | 454,838 |
Total other assets | 1,592,769 | 1,600,376 |
TOTAL ASSETS | 2,362,471 | 2,388,919 |
CURRENT LIABILITIES: | ||
Restaurant food liability | 136,280 | 141,802 |
Accounts payable | 16,877 | 19,859 |
Accrued payroll | 40,871 | 27,346 |
Current operating lease liability | 17,598 | 17,897 |
Other accruals | 180,412 | 149,278 |
Total current liabilities | 392,038 | 356,182 |
LONG-TERM LIABILITIES: | ||
Deferred taxes, non-current | 16,823 | 17,777 |
Noncurrent operating lease liability | 100,251 | 103,416 |
Long-term debt | 494,330 | 494,103 |
Other accruals | 6 | 644 |
Total long-term liabilities | 611,410 | 615,940 |
Commitments and contingencies | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred Stock, $0.0001 par value. Authorized: 25,000,000 shares as of March 31, 2021 and December 31, 2020; issued and outstanding: no shares as of March 31, 2021 and December 31, 2020. | ||
Common stock, $0.0001 par value. Authorized: 500,000,000 shares at March 31, 2021 and December 31, 2020; issued and outstanding: 93,306,390 and 93,046,676 shares as of March 31, 2021 and December 31, 2020, respectively | 9 | 9 |
Accumulated other comprehensive loss | (1,167) | (1,275) |
Additional paid-in capital | 1,260,714 | 1,243,135 |
Retained earnings | 99,467 | 174,928 |
Total stockholders’ equity | 1,359,023 | 1,416,797 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 2,362,471 | $ 2,388,919 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred Stock, par value | $ 0.0001 | $ 0.0001 |
Preferred Stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 93,306,390 | 93,046,676 |
Common stock, shares outstanding | 93,306,390 | 93,046,676 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 550,592 | $ 362,980 |
Costs and expenses: | ||
Operations and support | 393,486 | 214,561 |
Sales and marketing | 127,234 | 90,742 |
Technology (exclusive of amortization) | 31,951 | 31,273 |
General and administrative | 29,124 | 38,949 |
Depreciation and amortization | 37,717 | 33,363 |
Total costs and expenses | 619,512 | 408,888 |
Loss from operations | (68,920) | (45,908) |
Interest expense, net | 7,158 | 6,380 |
Loss before provision for income taxes | (76,078) | (52,288) |
Income tax benefit | (617) | (18,861) |
Net loss attributable to common stockholders | $ (75,461) | $ (33,427) |
Net loss per share attributable to common stockholders | ||
Basic | $ (0.81) | $ (0.36) |
Diluted | $ (0.81) | $ (0.36) |
Weighted-average shares used to compute net loss per share attributable to common stockholders: | ||
Basic | 93,215 | 91,793 |
Diluted | 93,215 | 91,793 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (75,461) | $ (33,427) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Foreign currency translation adjustments | 108 | (643) |
COMPREHENSIVE LOSS | $ (75,353) | $ (34,070) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (75,461) | $ (33,427) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Depreciation | 12,294 | 8,658 |
Amortization of intangible assets and developed software | 25,423 | 24,705 |
Stock-based compensation | 20,954 | 20,185 |
Deferred taxes | (954) | (2,725) |
Other | (448) | 3,479 |
Change in assets and liabilities: | ||
Accounts receivable | 6,861 | (18,333) |
Income taxes receivable | 243 | (16,311) |
Prepaid expenses and other assets | (83) | (4,602) |
Restaurant food liability | (5,522) | 20,857 |
Accounts payable | (3,460) | 4,678 |
Accrued payroll | 13,525 | 4,277 |
Other accruals | 30,583 | 26,085 |
Net cash provided by operating activities | 23,955 | 37,526 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of investments | (31,150) | (19,790) |
Proceeds from maturity of investments | 28,465 | 32,900 |
Capitalized website and development costs | (13,848) | (14,243) |
Purchases of property and equipment | (9,833) | (19,678) |
Acquisition of other intangible assets | (510) | |
Other cash flows from investing activities | (200) | (250) |
Net cash used in investing activities | (26,566) | (21,571) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from borrowings under the credit facility | 175,000 | |
Taxes paid related to net settlement of stock-based compensation awards | (9,028) | (8,051) |
Proceeds from exercise of stock options | 1,088 | 1,414 |
Other cash flows from financing activities | (900) | |
Net cash provided by (used in) financing activities | (8,840) | 168,363 |
Net change in cash, cash equivalents, and restricted cash | (11,451) | 184,318 |
Effect of exchange rates on cash, cash equivalents and restricted cash | 66 | (600) |
Cash, cash equivalents, and restricted cash at beginning of year | 362,897 | 379,594 |
Cash, cash equivalents, and restricted cash at end of the period | 351,512 | 563,312 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS | ||
Capitalized property, equipment and website and development costs in accounts payable at period end | 2,233 | 3,830 |
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ||
Cash and cash equivalents | 348,837 | 560,708 |
Restricted cash included in other assets | $ 2,675 | $ 2,604 |
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Total cash, cash equivalents, and restricted cash | $ 351,512 | $ 563,312 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive loss | Retained earnings |
Balance, beginning at Dec. 31, 2019 | $ 1,493,570 | $ 9 | $ 1,164,400 | $ (1,628) | $ 330,789 |
Balance, beginning (in shares) at Dec. 31, 2019 | 91,576,060 | ||||
Net loss | (33,427) | (33,427) | |||
Currency translation | (643) | (643) | |||
Stock-based compensation | 24,994 | 24,994 | |||
Stock option exercises and vesting of restricted stock units, net of withholdings and other | 1,414 | 1,414 | |||
Stock option exercises and vesting of restricted stock units, net of withholdings and other (in shares) | 494,525 | ||||
Shares repurchased and retired to satisfy tax withholding upon vesting | (8,051) | (8,051) | |||
Shares repurchased and retired to satisfy tax withholding upon vesting (in shares) | (153,607) | ||||
Balance, ending at Mar. 31, 2020 | 1,477,857 | $ 9 | 1,182,757 | (2,271) | 297,362 |
Balance, ending (in shares) at Mar. 31, 2020 | 91,916,978 | ||||
Balance, beginning at Dec. 31, 2020 | 1,416,797 | $ 9 | 1,243,135 | (1,275) | 174,928 |
Balance, beginning (in shares) at Dec. 31, 2020 | 93,046,676 | ||||
Net loss | (75,461) | (75,461) | |||
Currency translation | 108 | 108 | |||
Stock-based compensation | 25,519 | 25,519 | |||
Stock option exercises and vesting of restricted stock units, net of withholdings and other | 1,088 | 1,088 | |||
Stock option exercises and vesting of restricted stock units, net of withholdings and other (in shares) | 382,040 | ||||
Shares repurchased and retired to satisfy tax withholding upon vesting | (9,028) | (9,028) | |||
Shares repurchased and retired to satisfy tax withholding upon vesting (in shares) | (122,326) | ||||
Balance, ending at Mar. 31, 2021 | $ 1,359,023 | $ 9 | $ 1,260,714 | $ (1,167) | $ 99,467 |
Balance, ending (in shares) at Mar. 31, 2021 | 93,306,390 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Grubhub Inc., a Delaware corporation, and its wholly-owned subsidiaries (collectively referred to as the “Company”) provide an online and mobile takeout marketplace for restaurant pick-up and delivery orders. The Company connects diners and restaurants through restaurant technology and easy-to-use platforms. Diners enter their delivery address or use geo-location within the mobile applications and the Company displays the menus and other relevant information for restaurants in its network. Orders may be placed directly online, via mobile applications or over the phone. The Company primarily charges restaurant partners a per order commission that is percentage-based. In many markets, the Company also provides delivery services to restaurants on its platform that do not have their own delivery operations. The Company’s takeout marketplace, and related platforms where the Company provides marketing services to generate orders, are collectively referred to as the “Platform”. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements include the accounts of Grubhub Inc. and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements include all wholly-owned subsidiaries and reflect all normal and recurring adjustments, as well as any other than normal adjustments, that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC on March 1, 2021 (the “2020 Form 10-K”). All significant intercompany transactions have been eliminated in consolidation. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. These estimates, judgments and assumptions take into account historical and forward-looking factors that the Company believes are reasonable including, but not limited to, the potential impacts arising from the COVID-19 pandemic and measures implemented to prevent its spread. As the extent and duration of the impacts from the COVID-19 pandemic remain unclear, the Company’s estimates and assumptions may evolve as conditions change. Significant items subject to such estimates, judgments and assumptions include revenue recognition, website and internal-use software development costs, goodwill, valuation and recoverability of intangible assets with finite lives and other long-lived assets, stock-based compensation, and income taxes. Actual results could differ significantly from these estimates. Changes in Accounting Principle There have been no material changes to the Company’s significant accounting policies described in the 2020 Form 10-K. Recently Issued Accounting Pronouncements There were no recently issued accounting pronouncements that had or are expected to have a material impact on our financial statements. |
Merger Agreement
Merger Agreement | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Merger Agreement | 3. Merger Agreement On June 10, 2020, the Company entered into an Agreement and Plan of Merger (as amended on September 4, 2020 and March 12, 2021, the “Merger Agreement”) with Just Eat Takeaway.com N.V. (“JET”), Checkers Merger Sub I, Inc., a Delaware corporation and wholly owned subsidiary of JET (“Merger Sub I”), and Checkers Merger Sub II, Inc., a Delaware corporation and wholly owned subsidiary of JET (“Merger Sub II”). Pursuant to the Merger Agreement, Merger Sub I will be merged with and into the Company (the “Initial Merger”), with the Company continuing as the surviving company in the Initial Merger (the “Initial Surviving Company”). Immediately thereafter, the Initial Surviving Company will merge with and into Merger Sub II (the “Subsequent Merger” and, together with the Initial Merger, the “Transaction”), with Merger Sub II continuing as the surviving company. On and subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Initial Merger, each issued and outstanding share of our common stock (other than any shares of our common stock owned by the Company, JET, Merger Sub I, Merger Sub II or any other direct or indirect wholly owned subsidiary of JET), will be converted into one share of common stock, par value $ 0.0001 per share, of the Initial Surviving Company (the “Initial Surviving Company Stock”). Each such share of Initial Surviving Company Stock will immediately thereafter be automatically exchanged for newly issued American depositary shares of JET (“JET ADS”) representing 0.6710 shares of the share capital of JET with a nominal value of € 0.04 per share (“JET Shares”), with each JET ADS representing one -fifth of one JET S hare (the “ M erger C onsideration”). The registration statement and preliminary proxy statement in respect of the Transaction were publicly filed with the SEC on April 27, 2021, and the Grubhub special stockholder meeting to approve the Transaction and related matters as described in the preliminary proxy statement is expected to take place in June 2021. Subject to the satisfaction of customary closing conditions, Grubhub anticipates closing the Transaction shortly following the Grubhub special stockholder meeting. The Company incurred certain expenses directly and indirectly related to mergers and acquisitions which were recognized in general and administrative expenses within the condensed consolidated statements of operations of $0.8 million and $0.7 million for the three months ended March 31, 2021 |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 4. Marketable Securities The amortized cost, unrealized gains and losses and estimated fair value of the Company’s held-to-maturity marketable securities as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value (in thousands) Cash and cash equivalents Commercial paper $ 12,858 $ — $ (3 ) $ 12,855 Short-term investments Commercial paper 50,203 — (32 ) 50,171 Corporate bonds 5,621 — (1 ) 5,620 Total $ 68,682 $ — $ (36 ) $ 68,646 December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value (in thousands) Cash and cash equivalents Commercial paper $ 15,498 $ — $ (3 ) $ 15,495 Short-term investments Commercial paper 46,978 — (33 ) 46,945 Corporate bonds 6,148 1 (1 ) 6,148 Total $ 68,624 $ 1 $ (37 ) $ 68,588 All of the Company’s marketable securities were classified as held-to-maturity investments and have maturities within one year of March 31, 2021. The Company evaluated its marketable securities aggregated by credit rating agency rating, all of which are highly rated, investment grade securities, considering historical investment losses, current market conditions and historical recovery rates of similar securities and determined that no material credit losses were expected as of . The gross unrealized losses, estimated fair value and length of time the individual marketable securities were in a continuous loss position for those marketable securities in an unrealized loss position as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Estimated Fair Value Unrealized Loss (in thousands) Commercial paper $ 63,026 $ (35 ) $ — $ — $ 63,026 $ (35 ) Corporate bonds 4,119 (1 ) — — 4,119 (1 ) Total $ 67,145 $ (36 ) $ — $ — $ 67,145 $ (36 ) December 31, 2020 Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Estimated Fair Value Unrealized Loss (in thousands) Commercial paper $ 62,440 $ (36 ) $ — $ — $ 62,440 $ (36 ) Corporate bonds 4,569 (1 ) — — 4,569 (1 ) Total $ 67,009 $ (37 ) $ — $ — $ 67,009 $ (37 ) The Company recognized interest income during the three months ended March 31, 2021 and 2020 of $0.1 million and $0.9 million, respectively, within net interest expense on the condensed consolidated statements of operations. During the three months ended March 31, 2021 and 2020, the Company did not recognize any other-than-temporary impairment losses related to its marketable securities. The Company’s marketable securities are classified within Level 2 of the fair value hierarchy (see Note 13, Fair Value Measurement |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | 5. Goodwill and Acquired Intangible Assets The components of acquired intangible assets as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Value Gross Amount Accumulated Amortization Net Value (in thousands) Restaurant relationships $ 492,791 $ (165,316 ) $ 327,475 $ 492,791 $ (158,885 ) $ 333,906 Diner acquisition 48,293 (31,982 ) 16,311 48,293 (29,567 ) 18,726 Developed technology 34,095 (22,534 ) 11,561 34,095 (21,696 ) 12,399 Other 2,918 (2,805 ) 113 2,918 (2,787 ) 131 Total amortizable intangible assets 578,097 (222,637 ) 355,460 578,097 (212,935 ) 365,162 Indefinite-lived trademarks 89,676 — 89,676 89,676 — 89,676 Total acquired intangible assets $ 667,773 $ (222,637 ) $ 445,136 $ 667,773 $ (212,935 ) $ 454,838 Amortization expense for acquired intangible assets recognized within depreciation and amortization on the condensed consolidated statements of operations was $9.7 million and $12.7 million for the three months ended March 31, 2021 and 2020, respectively. During the three months ended March 31, 2021, there were no changes in the carrying amount of goodwill of $1,008.0 million. Estimated future amortization expense of acquired intangible assets as of March 31, 2021 was as follows: (in thousands) The remainder of 2021 $ 29,107 2022 36,847 2023 30,348 2024 28,141 2025 25,736 Thereafter 205,281 Total $ 355,460 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment The components of the Company’s property and equipment as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 (in thousands) Developed software $ 239,276 $ 223,596 Computer equipment 121,337 112,564 Leasehold improvements 74,292 74,092 Furniture and fixtures 13,594 13,587 Purchased software and digital assets 19,771 18,432 Construction in progress 258 256 Property and equipment 468,528 442,527 Accumulated depreciation and amortization (250,851 ) (226,381 ) Property and equipment, net $ 217,677 $ 216,146 The gross carrying amount and accumulated amortization of the Company’s developed software as of March 31, 2021 were each adjusted by $3.5 million for certain fully amortized assets that were no longer in use. The Company recorded depreciation and amortization expense for property and equipment other than developed software of $12.3 million and $8.7 million for the three months ended March 31, 2021 and 2020, respectively. The Company capitalized developed software costs of $19.2 million and $19.0 million for the three months ended March 31, 2021 and 2020, respectively. Amortization expense for developed software costs, recognized in depreciation and amortization in the condensed consolidated statements of operations, was $15.7 million and $12.0 million for the three months ended March 31, 2021 and 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Legal In August 2011, Ameranth, Inc. (“Ameranth”) filed a patent infringement action against a number of defendants, including Grubhub Holdings Inc., in the U.S. District Court for the Southern District of California, Case No. 3:11-cv-1810. Ameranth subsequently initiated additional actions for infringement of a related patent, including separate actions against Grubhub Holdings Inc., Case No. 3:12-cv-739, and Seamless North America, LLC, Case No. 3:12-cv-737, which were consolidated along with approximately 40 other cases Ameranth filed in the same district. In September 2018, the district court granted summary judgment (on another defendant’s motion) of unpatentability on the sole remaining patent and vacated the December 3, 2018 jury trial date for the claims against Grubhub Holdings Inc. and Seamless North America, LLC. In October 2018, the district court entered final judgment on all claims in the case in which summary judgment was granted, and then stayed the remaining cases (including the cases against Grubhub and Seamless). Ameranth then appealed this decision to the U.S. Court of Appeals for the Federal Circuit. In November 2019, the Federal Circuit affirmed the district court’s findings of unpatentability in all material respects, and remanded certain dependent claims to the district court. In June 2020, Ameranth filed a petition for a Writ of Certiorari with the Supreme Court of the United States, which the Court subsequently denied in October 2020. The Company believes this case lacks merit and that it has strong defenses to all of the infringement claims. The Company intends to defend the suit vigorously. The Company has not recorded an accrual related to this lawsuit as of March 31, 2021 On November 20, 2019, a purported stockholder of the Company filed a putative class action complaint against the Company, Chief Executive Officer Matthew Maloney, and President and Chief Financial Officer Adam DeWitt in the United States District Court for the Northern District of Illinois, Case No. 19 Civ. 7665. The complaint, which was amended on July 24, 2020, asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, based on its allegation that the defendants made false and misleading statements about the Company’s growth, competitive landscape, and strategy. The complaint seeks unspecified compensatory damages and attorneys’ fees, among other relief. Grubhub filed a motion to dismiss the complaint, which is now fully briefed before the court. The defendants believe that the complaint is without merit and that a material loss is not probable. However, given the early stage of the proceedings, a reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time. In addition to the matters described above, from time to time, the Company is involved in various other legal proceedings arising from the normal course of business activities, including labor and employment claims, some of which relate to the alleged misclassification of independent contractors. The Company currently has a number of pending putative class actions, Private Attorney General Act lawsuits and arbitrations alleging the misclassification of independent contractors. Legislation in this area continues to evolve, and therefore, the Company expects to continue to receive an increased number of misclassification claims. Nonetheless, he Company believes that its approach to classification is supported by the law and intends to continue to defend itself vigorously in these matters . The Company does not believe any of the foregoing claims will have a material impact on its consolidated financial statements. However, During the year ended December 31, 2020, the Company made payments of $12.5 million related to the settlement of certain of these matters. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt The following table summarizes the carrying value of the Company’s debt as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (in thousands) Senior Notes $ 500,000 $ 500,000 Less unamortized deferred debt issuance costs (5,670 ) (5,897 ) Long-term debt $ 494,330 $ 494,103 Senior Notes On June 10, 2019, the Company’s wholly-owned subsidiary, Grubhub Holdings Inc., issued $500.0 million in aggregate principal amount of 5.500% senior notes due July 1, 2027 (“Senior Notes”) in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended Debt Credit Agreement On February 6, 2019, the Company entered into an amended and restated credit agreement (as amended on May 8, 2020, the “Credit Agreement”) which provides, among other things , for aggregate revolving loans up to $225 million and provided for term loans in an aggregate principal amount of $325 million. The $325 million term loan portion of the Credit Agreement was extinguished on June 10, 2019. In addition to the revolving loans available under the Credit Agreement, the Company may also incur up to $250 million of incremental revolving or term loans pursuant to the terms and conditions of the Credit Agreement. The credit facility under the Credit Agreement will be available to the Company until February 5, 2024. There have been no material changes in the terms of the Credit Agreement as described in Part II, Item 8, Note 11, Debt , to the Company’s 2020 Form 10-K. Other Information As of March 31, 2021, the Company’s outstanding debt consisted of $500.0 million in Senior Notes. See Note 13 , Fair Value Measurement . The Company was in compliance with the financial covenants of its debt facilities as of . Additional capacity under the Credit Agreement may be used for general corporate purposes, including funding working capital and future acquisitions As of March 31, 2021 and December 31, 2020, unamortized debt issuance costs of $1.0 million and $1.1 million, respectively, related to the revolving loan facility and $5.7 million and $5.9 million, respectively, related to the Senior Notes were recorded as other assets and as a reduction of long-term debt, respectively, on the condensed consolidated balance sheets. Interest expense includes interest on outstanding borrowings, amortization of debt issuance costs and commitment fees on the undrawn portion available under the credit facility, net of capitalized borrowing costs. The Company recognized interest expense of $7.3 million during each of the three months ended March 31, 2021 and 2020. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9 . Stock-Based Compensation The Company has granted non-qualified and incentive stock options, restricted stock units and restricted stock awards under its incentive plans. Stock-based Compensation Expense The total stock-based compensation expense related to all stock-based awards was $21.0 million and $20.2 million during the three months ended March 31, 2021 As of March 31, 2021, $227.9 million of total unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of 2.9 years. Excess tax deficiencies reflect the total realized value of the Company’s tax deductions from individual stock option exercise transactions and the vesting of restricted stock units deficient of the deferred tax assets that were previously recorded. During the three months ended March 31, the Company recognized excess tax deficiencies from stock-based compensation of $2.5 million within income tax benefit in the condensed consolidated statements of operations and within cash flows from operating activities in the condensed consolidated statements of cash flows. Excess tax benefits (deficiencies) had no impact on income tax benefit during the three months ended March 31, 2021. The Company capitalized stock-based compensation expense as website and software development costs of $4.6 million and $4.8 Stock Options The Company granted 16,841 and 224,509 stock options under the 2015 Plan during the three months ended March 31, 2021 and 2020, respectively. The fair value of each stock option award was estimated based on the assumptions below as of the grant date using the Black-Scholes-Merton option pricing model. Expected volatility is based on the historical and implied volatilities of the Company’s own common stock The Company uses historical data to estimate option exercises and employee terminations within the valuation model. Separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The risk-free rate for the period within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant The assumptions used to determine the fair value of the stock options granted during the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 Weighted-average fair value options granted $ 31.02 $ 19.67 Average risk-free interest rate 0.33 % 1.44 % Expected stock price volatility 55.9 % 48.3 % Dividend yield None None Expected stock option life (years) 4.00 4.00 Stock option awards as of December 31, 2020 and March 31, 2021, and changes during the ended , were as follows Options Weighted-Average Exercise Price Aggregate Intrinsic Value (thousands) Weighted-Average Exercise Term (years) Outstanding at December 31, 2020 2,511,570 $ 41.58 $ 88,030 5.80 Granted 16,841 72.54 Forfeited (2,433 ) 26.34 Exercised (34,204 ) 32.24 Outstanding at March 31, 2021 2,491,774 41.93 59,508 5.60 Vested and expected to vest at March 31, 2021 2,452,818 41.60 59,267 5.55 Exercisable at March 31, 2021 2,065,269 $ 36.98 $ 57,112 5.07 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the fair value of the common stock and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options on each date. This amount will change in future periods based on the fair value of the Company’s stock and the number of options outstanding. was $1.4 March 31, 2021 The Company recorded compensation expense for stock options of $2.1 million and $3.2 million for the three months ended March 31, 2021 Restricted Stock Units Non-vested restricted stock units as of December 31, 2020 March 31, 2021 three months March 31, 2021 Restricted Stock Units Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2020 3,088,736 $ 61.47 Granted 1,456,877 72.56 Forfeited (156,491 ) 63.93 Vested (347,836 ) 61.71 Outstanding at March 31, 2021 4,041,286 $ 65.35 C ompensation expense related to restricted stock units was $18.9 million and $17.0 million during the three months ended March 31, 2021 March 31, 2021 2020 March 31, 2021 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The Company’s effective tax rate was 0.8% and 36.1% during the three months ended March 31, 2021 , for an income tax benefit in all periods presented Coronavirus Aid, Relief, and Economic Security Act (the “ three months net operating the CARES Act, partially offset by tax deficiencies Stock-Based Compensation The Company is currently under examination by the Internal Revenue Service for its federal income tax return for the tax year ended December 31, 2017. The Company does not believe, but cannot predict with certainty, that there will not be any additional tax liabilities, penalties and/or interest as a result of the audit. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity As of March 31, 2021 and December 31, 2020 Common Stock Each holder of common stock has one vote per share of common stock held on all matters that are submitted for stockholder vote. At March 31, 2021 and December 31, 2020, there were 500,000,000 shares of common stock authorized. At March 31, 2021 and December 31, 2020, there were 93,306,390 and 93,046,676 shares issued and outstanding, respectively. The Company did not hold any shares as treasury shares as of March 31, 2021 or December 31, 2020. On January 22, 2016, the Company’s Board of Directors approved a program that authorizes the repurchase of up to $100 million of the Company’s common stock exclusive of any fees, commissions or other expenses relating to such repurchases through open market purchases or privately negotiated transactions at the prevailing market price at the time of purchase. The repurchase program was announced on January 25, 2016 (the “Repurchase Program”). Repurchased stock may be retired or held as treasury shares. The repurchase authorizations do not obligate the Company to acquire any particular amount of common stock or adopt any particular method of repurchase and may be modified, suspended or terminated at any time at management’s discretion , however, pursuant to the terms of the Merger Agreement, and subject to certain limited exceptions, the Company may not repurchase its common stock. The Company did no t repurchase any shares of its c ommon s tock during the three months ended March 31, 2021 pursuant to the Repurchase Program, and does not expect to repurchase any shares of its common stock in connection with the Repurchase Program prior to the consummation of the Transaction or earlier termination of the Merger Agreement. Preferred Stock The Company was authorized to issue 25,000,000 shares of preferred stock. There were no issued or outstanding shares of preferred stock as of March 31, 2021 or December 31, 2020 |
Earnings Per Share Attributable
Earnings Per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Attributable to Common Stockholders | 12. Earnings Per Share Attributable to Common Stockholders Basic earnings per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period without consideration for common stock equivalents. Diluted net income per share attributable to common stockholders is computed by dividing net income by the weighted-average number of common shares outstanding during the period and potentially dilutive common stock equivalents, including stock options and restricted stock units, except in cases where the effect of the common stock equivalent would be antidilutive. Potential common stock equivalents consist of common stock issuable upon exercise of stock options and vesting of restricted stock units using the treasury stock method. For periods of net loss, basic and diluted earnings per share are the same as the effect of the assumed exercise of stock options and vesting of restricted stock units is anti-dilutive. The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2021 and 2020 Three Months Ended March 31, 2021 2020 (in thousands, except per share data) Basic loss per share: Net loss attributable to common stockholders (numerator) $ (75,461 ) $ (33,427 ) Shares used in computation (denominator) Weighted-average common shares outstanding 93,215 91,793 Basic loss per share $ (0.81 ) $ (0.36 ) Diluted loss per share: Net loss attributable to common stockholders (numerator) $ (75,461 ) $ (33,427 ) Shares used in computation (denominator) Weighted-average common shares outstanding 93,215 91,793 Effect of dilutive securities: Stock options — — Restricted stock units — — Weighted-average diluted shares 93,215 91,793 Diluted loss per share $ (0.81 ) $ (0.36 ) The number of shares of common stock underlying stock-based awards excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been antidilutive for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 (in thousands) Anti-dilutive shares underlying stock-based awards: Stock options 2,492 2,908 Restricted stock units 4,041 4,403 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 13. Fair Value Measurement Certain assets and liabilities are required to be recorded at fair value on a recurring basis. Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The accounting guidance for fair value measurements prioritizes valuation methodologies based on the reliability of the inputs in the following three-tier value hierarchy: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity; instruments valued based on the best available data, some of which is internally developed, and considers risk premiums that a market participant would require. The Company applied the following methods and assumptions in estimating its fair value measurements. The Company’s commercial paper, investments in corporate bonds, certain money market funds and Senior Notes are classified as Level 2 within the fair value hierarchy because they are valued using inputs other than quoted prices in active markets that are observable directly or indirectly. Accounts receivable, restaurant food liability and accounts payable approximate fair value due to their generally short-term maturities. The following table presents the fair value, for disclosure purposes only, and carrying value of the Company’s assets and liabilities that are recorded at other than fair value as of March 31, 2021 and December 31, 2020 March 31, 2021 December 31, 2020 Level 2 Carrying Value Level 2 Carrying Value (in thousands) Assets Money market funds $ 31 $ 31 $ 41 $ 41 Commercial paper 63,026 63,061 62,440 62,476 Corporate bonds 5,620 5,621 6,148 6,148 Total assets $ 68,677 $ 68,713 $ 68,629 $ 68,665 Liabilities Long-term debt, including current maturities $ 517,500 $ 500,000 $ 524,350 $ 500,000 Total liabilities $ 517,500 $ 500,000 $ 524,350 $ 500,000 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements include the accounts of Grubhub Inc. and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements include all wholly-owned subsidiaries and reflect all normal and recurring adjustments, as well as any other than normal adjustments, that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC on March 1, 2021 (the “2020 Form 10-K”). All significant intercompany transactions have been eliminated in consolidation. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. These estimates, judgments and assumptions take into account historical and forward-looking factors that the Company believes are reasonable including, but not limited to, the potential impacts arising from the COVID-19 pandemic and measures implemented to prevent its spread. As the extent and duration of the impacts from the COVID-19 pandemic remain unclear, the Company’s estimates and assumptions may evolve as conditions change. Significant items subject to such estimates, judgments and assumptions include revenue recognition, website and internal-use software development costs, goodwill, valuation and recoverability of intangible assets with finite lives and other long-lived assets, stock-based compensation, and income taxes. Actual results could differ significantly from these estimates. |
Changes in Accounting Principle and Recently Issued Accounting Pronouncements | Changes in Accounting Principle There have been no material changes to the Company’s significant accounting policies described in the 2020 Form 10-K. Recently Issued Accounting Pronouncements There were no recently issued accounting pronouncements that had or are expected to have a material impact on our financial statements. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Held-to-Maturity Marketable Securities | The amortized cost, unrealized gains and losses and estimated fair value of the Company’s held-to-maturity marketable securities as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value (in thousands) Cash and cash equivalents Commercial paper $ 12,858 $ — $ (3 ) $ 12,855 Short-term investments Commercial paper 50,203 — (32 ) 50,171 Corporate bonds 5,621 — (1 ) 5,620 Total $ 68,682 $ — $ (36 ) $ 68,646 December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value (in thousands) Cash and cash equivalents Commercial paper $ 15,498 $ — $ (3 ) $ 15,495 Short-term investments Commercial paper 46,978 — (33 ) 46,945 Corporate bonds 6,148 1 (1 ) 6,148 Total $ 68,624 $ 1 $ (37 ) $ 68,588 |
Summary of Continuous Unrealized Loss on Marketable Securities | The gross unrealized losses, estimated fair value and length of time the individual marketable securities were in a continuous loss position for those marketable securities in an unrealized loss position as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Estimated Fair Value Unrealized Loss (in thousands) Commercial paper $ 63,026 $ (35 ) $ — $ — $ 63,026 $ (35 ) Corporate bonds 4,119 (1 ) — — 4,119 (1 ) Total $ 67,145 $ (36 ) $ — $ — $ 67,145 $ (36 ) December 31, 2020 Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Estimated Fair Value Unrealized Loss (in thousands) Commercial paper $ 62,440 $ (36 ) $ — $ — $ 62,440 $ (36 ) Corporate bonds 4,569 (1 ) — — 4,569 (1 ) Total $ 67,009 $ (37 ) $ — $ — $ 67,009 $ (37 ) |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Acquired Intangible Assets (Infinite Lived) | The components of acquired intangible assets as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Value Gross Amount Accumulated Amortization Net Value (in thousands) Restaurant relationships $ 492,791 $ (165,316 ) $ 327,475 $ 492,791 $ (158,885 ) $ 333,906 Diner acquisition 48,293 (31,982 ) 16,311 48,293 (29,567 ) 18,726 Developed technology 34,095 (22,534 ) 11,561 34,095 (21,696 ) 12,399 Other 2,918 (2,805 ) 113 2,918 (2,787 ) 131 Total amortizable intangible assets 578,097 (222,637 ) 355,460 578,097 (212,935 ) 365,162 Indefinite-lived trademarks 89,676 — 89,676 89,676 — 89,676 Total acquired intangible assets $ 667,773 $ (222,637 ) $ 445,136 $ 667,773 $ (212,935 ) $ 454,838 |
Components of Acquired Intangible Assets (Finite Lived) | The components of acquired intangible assets as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Value Gross Amount Accumulated Amortization Net Value (in thousands) Restaurant relationships $ 492,791 $ (165,316 ) $ 327,475 $ 492,791 $ (158,885 ) $ 333,906 Diner acquisition 48,293 (31,982 ) 16,311 48,293 (29,567 ) 18,726 Developed technology 34,095 (22,534 ) 11,561 34,095 (21,696 ) 12,399 Other 2,918 (2,805 ) 113 2,918 (2,787 ) 131 Total amortizable intangible assets 578,097 (222,637 ) 355,460 578,097 (212,935 ) 365,162 Indefinite-lived trademarks 89,676 — 89,676 89,676 — 89,676 Total acquired intangible assets $ 667,773 $ (222,637 ) $ 445,136 $ 667,773 $ (212,935 ) $ 454,838 |
Estimated Future Amortization of Acquired Intangible Assets | Estimated future amortization expense of acquired intangible assets as of March 31, 2021 was as follows: (in thousands) The remainder of 2021 $ 29,107 2022 36,847 2023 30,348 2024 28,141 2025 25,736 Thereafter 205,281 Total $ 355,460 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment | The components of the Company’s property and equipment as of March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 December 31, 2020 (in thousands) Developed software $ 239,276 $ 223,596 Computer equipment 121,337 112,564 Leasehold improvements 74,292 74,092 Furniture and fixtures 13,594 13,587 Purchased software and digital assets 19,771 18,432 Construction in progress 258 256 Property and equipment 468,528 442,527 Accumulated depreciation and amortization (250,851 ) (226,381 ) Property and equipment, net $ 217,677 $ 216,146 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes the carrying value of the Company’s debt as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (in thousands) Senior Notes $ 500,000 $ 500,000 Less unamortized deferred debt issuance costs (5,670 ) (5,897 ) Long-term debt $ 494,330 $ 494,103 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Assumptions Used to Determine Fair Value of Stock Options Granted | The assumptions used to determine the fair value of the stock options granted during the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 Weighted-average fair value options granted $ 31.02 $ 19.67 Average risk-free interest rate 0.33 % 1.44 % Expected stock price volatility 55.9 % 48.3 % Dividend yield None None Expected stock option life (years) 4.00 4.00 |
Summary of Stock Option Activity | Stock option awards as of December 31, 2020 and March 31, 2021, and changes during the ended , were as follows Options Weighted-Average Exercise Price Aggregate Intrinsic Value (thousands) Weighted-Average Exercise Term (years) Outstanding at December 31, 2020 2,511,570 $ 41.58 $ 88,030 5.80 Granted 16,841 72.54 Forfeited (2,433 ) 26.34 Exercised (34,204 ) 32.24 Outstanding at March 31, 2021 2,491,774 41.93 59,508 5.60 Vested and expected to vest at March 31, 2021 2,452,818 41.60 59,267 5.55 Exercisable at March 31, 2021 2,065,269 $ 36.98 $ 57,112 5.07 |
Non-vested Restricted Stock Units | Non-vested restricted stock units as of December 31, 2020 March 31, 2021 three months March 31, 2021 Restricted Stock Units Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2020 3,088,736 $ 61.47 Granted 1,456,877 72.56 Forfeited (156,491 ) 63.93 Vested (347,836 ) 61.71 Outstanding at March 31, 2021 4,041,286 $ 65.35 |
Earnings Per Share Attributab_2
Earnings Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2021 and 2020 Three Months Ended March 31, 2021 2020 (in thousands, except per share data) Basic loss per share: Net loss attributable to common stockholders (numerator) $ (75,461 ) $ (33,427 ) Shares used in computation (denominator) Weighted-average common shares outstanding 93,215 91,793 Basic loss per share $ (0.81 ) $ (0.36 ) Diluted loss per share: Net loss attributable to common stockholders (numerator) $ (75,461 ) $ (33,427 ) Shares used in computation (denominator) Weighted-average common shares outstanding 93,215 91,793 Effect of dilutive securities: Stock options — — Restricted stock units — — Weighted-average diluted shares 93,215 91,793 Diluted loss per share $ (0.81 ) $ (0.36 ) |
Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share | The number of shares of common stock underlying stock-based awards excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been antidilutive for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 (in thousands) Anti-dilutive shares underlying stock-based awards: Stock options 2,492 2,908 Restricted stock units 4,041 4,403 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value and Carrying Value of Assets and Liabilities Recorded at Other Than Fair Value | The following table presents the fair value, for disclosure purposes only, and carrying value of the Company’s assets and liabilities that are recorded at other than fair value as of March 31, 2021 and December 31, 2020 March 31, 2021 December 31, 2020 Level 2 Carrying Value Level 2 Carrying Value (in thousands) Assets Money market funds $ 31 $ 31 $ 41 $ 41 Commercial paper 63,026 63,061 62,440 62,476 Corporate bonds 5,620 5,621 6,148 6,148 Total assets $ 68,677 $ 68,713 $ 68,629 $ 68,665 Liabilities Long-term debt, including current maturities $ 517,500 $ 500,000 $ 524,350 $ 500,000 Total liabilities $ 517,500 $ 500,000 $ 524,350 $ 500,000 |
Merger Agreement - Additional I
Merger Agreement - Additional Information (Detail) $ / shares in Units, $ in Millions | Jun. 10, 2020$ / sharesshares | Mar. 31, 2021USD ($)$ / shares | Mar. 31, 2020USD ($) | Dec. 31, 2020$ / shares | Jun. 10, 2020€ / shares |
Business Acquisition [Line Items] | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||
General and administrative expenses | |||||
Business Acquisition [Line Items] | |||||
Direct and indirect expense incurred related to merger and acquisitions | $ | $ 0.8 | $ 0.7 | |||
JET, Merger Sub and Merger Sub II | Merger Agreement | |||||
Business Acquisition [Line Items] | |||||
Merger agreement, description | On and subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Initial Merger, each issued and outstanding share of our common stock (other than any shares of our common stock owned by the Company, JET, Merger Sub I, Merger Sub II or any other direct or indirect wholly owned subsidiary of JET), will be converted into one share of common stock, par value $0.0001 per share, of the Initial Surviving Company (the “Initial Surviving Company Stock”). Each such share of Initial Surviving Company Stock will immediately thereafter be automatically exchanged for newly issued American depositary shares of JET (“JET ADS”) representing 0.6710 shares of the share capital of JET with a nominal value of €0.04 per share (“JET Shares”), with each JET ADS representing one-fifth of one JET Share (the “Merger Consideration”). | ||||
Common stock, par value | $ 0.0001 | ||||
Number of American depositary shares exchanged for each common share | shares | 0.6710 | ||||
Just Eat Takeaway Com N V | Merger Agreement | |||||
Business Acquisition [Line Items] | |||||
Common stock, par value | € / shares | € 0.04 |
Summary of Held-to-Maturity Mar
Summary of Held-to-Maturity Marketable Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | $ 68,682 | $ 68,624 |
Unrealized Gains | 1 | |
Unrealized Losses | (36) | (37) |
Estimated Fair Value | 68,646 | 68,588 |
Commercial Paper | Cash and Cash Equivalents | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 12,858 | 15,498 |
Unrealized Losses | (3) | (3) |
Estimated Fair Value | 12,855 | 15,495 |
Commercial Paper | Short Term Investments | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 50,203 | 46,978 |
Unrealized Losses | (32) | (33) |
Estimated Fair Value | 50,171 | 46,945 |
Corporate Bonds | Short Term Investments | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 5,621 | 6,148 |
Unrealized Gains | 1 | |
Unrealized Losses | (1) | (1) |
Estimated Fair Value | $ 5,620 | $ 6,148 |
Summary of Continuous Unrealize
Summary of Continuous Unrealized Loss on Marketable Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | $ 67,145 | $ 67,009 |
Unrealized Loss, Less Than 12 Months | (36) | (37) |
Estimated Fair Value, 12 Months or Greater | 0 | 0 |
Unrealized Loss, 12 Months or Greater | 0 | 0 |
Estimated Fair Value, Total | 67,145 | 67,009 |
Unrealized Loss, Total | (36) | (37) |
Commercial Paper | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | 63,026 | 62,440 |
Unrealized Loss, Less Than 12 Months | (35) | (36) |
Estimated Fair Value, 12 Months or Greater | 0 | 0 |
Unrealized Loss, 12 Months or Greater | 0 | 0 |
Estimated Fair Value, Total | 63,026 | 62,440 |
Unrealized Loss, Total | (35) | (36) |
Corporate Bonds | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Estimated Fair Value, Less Than 12 Months | 4,119 | 4,569 |
Unrealized Loss, Less Than 12 Months | (1) | (1) |
Estimated Fair Value, 12 Months or Greater | 0 | 0 |
Unrealized Loss, 12 Months or Greater | 0 | 0 |
Estimated Fair Value, Total | 4,119 | 4,569 |
Unrealized Loss, Total | $ (1) | $ (1) |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule Of Held To Maturity Securities [Line Items] | ||
Other-than-temporary impairment losses related to marketable securities | $ 0 | $ 0 |
Net Interest (Income) Expense | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Interest income | $ 100,000 | $ 900,000 |
Components of Acquired Intangib
Components of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Total acquired intangible assets, Gross Carrying Amount | $ 667,773 | $ 667,773 |
Amortizable intangible assets, Accumulated Amortization | (222,637) | (212,935) |
Total acquired intangible assets, Net Carrying Value | 445,136 | 454,838 |
Amortizable intangible assets, Gross Carrying Amount | 578,097 | 578,097 |
Amortizable intangible assets, Net Carrying Value | 355,460 | 365,162 |
Indefinite-lived trademarks | 89,676 | 89,676 |
Restaurant relationships | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, Accumulated Amortization | (165,316) | (158,885) |
Amortizable intangible assets, Gross Carrying Amount | 492,791 | 492,791 |
Amortizable intangible assets, Net Carrying Value | 327,475 | 333,906 |
Diner acquisition | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, Accumulated Amortization | (31,982) | (29,567) |
Amortizable intangible assets, Gross Carrying Amount | 48,293 | 48,293 |
Amortizable intangible assets, Net Carrying Value | 16,311 | 18,726 |
Developed technology | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, Accumulated Amortization | (22,534) | (21,696) |
Amortizable intangible assets, Gross Carrying Amount | 34,095 | 34,095 |
Amortizable intangible assets, Net Carrying Value | 11,561 | 12,399 |
Other | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, Accumulated Amortization | (2,805) | (2,787) |
Amortizable intangible assets, Gross Carrying Amount | 2,918 | 2,918 |
Amortizable intangible assets, Net Carrying Value | $ 113 | $ 131 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Intangible assets amortization expense | $ 9,700,000 | $ 12,700,000 | |
Changes in carrying amount of goodwill | 0 | ||
Carrying amount of goodwill | $ 1,007,968,000 | $ 1,007,968,000 |
Estimated Future Amortization o
Estimated Future Amortization of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
The remainder of 2021 | $ 29,107 | |
2022 | 36,847 | |
2023 | 30,348 | |
2024 | 28,141 | |
2025 | 25,736 | |
Thereafter | 205,281 | |
Amortizable intangible assets, Net Carrying Value | $ 355,460 | $ 365,162 |
Components of Property and Equi
Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 468,528 | $ 442,527 |
Accumulated depreciation and amortization | (250,851) | (226,381) |
Property and equipment, net | 217,677 | 216,146 |
Developed software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 239,276 | 223,596 |
Computer equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 121,337 | 112,564 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 74,292 | 74,092 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 13,594 | 13,587 |
Purchased Software and Digital Assets | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 19,771 | 18,432 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 258 | $ 256 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Property Plant And Equipment [Line Items] | |||
Gross carrying amount property and equipment | $ 468,528 | $ 442,527 | |
Accumulated amortization | 250,851 | 226,381 | |
Depreciation and amortization | 37,717 | $ 33,363 | |
Capitalized developed software costs | 19,200 | 19,000 | |
Property And Equipment Excluding Developed Software | |||
Property Plant And Equipment [Line Items] | |||
Depreciation and amortization | 12,300 | 8,700 | |
Developed Software | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations | |||
Property Plant And Equipment [Line Items] | |||
Gross carrying amount property and equipment | 3,500 | ||
Accumulated amortization | 3,500 | ||
Developed software | |||
Property Plant And Equipment [Line Items] | |||
Gross carrying amount property and equipment | 239,276 | $ 223,596 | |
Depreciation and amortization | $ 15,700 | $ 12,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail1) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Accrual related to patent lawsuit | $ 0 | |
Payments related to driver misclassification settlement | $ 12,500,000 |
Schedule of Debt (Detail)
Schedule of Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Less unamortized deferred debt issuance costs | $ (5,670) | $ (5,897) |
Long-term debt | 494,330 | 494,103 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Total debt | $ 500,000 | $ 500,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Jun. 10, 2019 | Feb. 06, 2019 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Debt Instrument [Line Items] | |||||
Unamortized deferred debt issuance costs | $ 5,897,000 | $ 5,670,000 | |||
Interest expense | 7,300,000 | $ 7,300,000 | |||
Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Credit facility, additional borrowing capacity | 250,000,000 | ||||
Credit facility, expiration date | Feb. 5, 2024 | ||||
Credit Agreement | Revolving Loans | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 225,000,000 | ||||
Unamortized debt issuance expense | 1,100,000 | 1,000,000 | |||
Credit Agreement | Term Loans | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 325,000,000 | ||||
Debt extinguishment amount | $ 325,000,000 | ||||
Senior notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 500,000,000 | $ 500,000,000 | |||
Senior notes | Grubhub Holdings Inc. | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 500,000,000 | ||||
Debt instrument, interest rate | 5.50% | ||||
Debt instrument, payment terms | Interest is payable on the Senior Notes semi-annually on January and July of each year, beginning on January 1, 2020 | ||||
Debt instrument, maturity date | Jul. 1, 2027 | ||||
Debt instrument, interest payment | $ 13,800,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation | $ 20,954,000 | $ 20,185,000 |
Total unrecognized stock-based compensation expense | $ 227,900,000 | |
Unrecognized compensation expense recognition period | 2 years 10 months 24 days | |
Recognized excess tax benefits (deficiencies) from stock-based compensation | $ 0 | (2,500,000) |
Stock-based compensation capitalized as website and software development cost | $ 4,600,000 | 4,800,000 |
Options, Granted | 16,841 | |
Aggregate intrinsic value of awards exercised | $ 1,400,000 | 2,000,000 |
Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation | $ 2,100,000 | 3,200,000 |
Unrecognized compensation expense recognition period | 1 year 9 months 18 days | |
Unrecognized stock-based compensation expense | $ 11,000,000 | |
Restricted Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation | $ 18,900,000 | 17,000,000 |
Unrecognized compensation expense recognition period | 2 years 10 months 24 days | |
Fair value of awards vested during the period | $ 25,600,000 | $ 22,500,000 |
Unrecognized compensation expense related to share based awards other than options | $ 216,900,000 | |
Non-vested restricted stock units or awards expected to vest | 3,580,526 | |
Weighted average grant date fair value | $ 65.44 | |
2015 Long-Term Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options, Granted | 16,841 | 224,509 |
Assumptions Used to Determine F
Assumptions Used to Determine Fair Value of Stock Options Granted (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Weighted-average fair value options granted | $ 31.02 | $ 19.67 |
Average risk-free interest rate | 0.33% | 1.44% |
Expected stock price volatility | 55.90% | 48.30% |
Dividend yield | 0.00% | 0.00% |
Expected stock option life (years) | 4 years | 4 years |
Stock Option Activity (Detail)
Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Options | ||
Options, Beginning Balance | 2,511,570 | |
Options, Granted | 16,841 | |
Options, Forfeited | (2,433) | |
Options, Exercised | (34,204) | |
Options, Ending Balance | 2,491,774 | 2,511,570 |
Options, Vested and expected to vest | 2,452,818 | |
Options, Exercisable | 2,065,269 | |
Weighted-Average Exercise Price | ||
Weighted-Average Exercise Price, Beginning Balance | $ 41.58 | |
Weighted-Average Exercise Price, Granted | 72.54 | |
Weighted-Average Exercise Price, Forfeited | 26.34 | |
Weighted-Average Exercise Price, Exercised | 32.24 | |
Weighted-Average Exercise Price, Ending Balance | 41.93 | $ 41.58 |
Weighted-Average Exercise Price, Vested and expected to vest | 41.60 | |
Weighted-Average Exercise Price, Exercisable | $ 36.98 | |
Aggregate Intrinsic Value/Weighted-Average Exercise Term | ||
Aggregate Intrinsic Value | $ 59,508 | $ 88,030 |
Aggregate Intrinsic Value, Vested and expected to vest | 59,267 | |
Aggregate Intrinsic Value, Exercisable | $ 57,112 | |
Weighted-Average Exercise Term, Outstanding Balance | 5 years 7 months 6 days | 5 years 9 months 18 days |
Weighted-Average Exercise Term, Vested and expected to vest | 5 years 6 months 18 days | |
Weighted-Average Exercise Term, Exercisable | 5 years 25 days |
Non-vested Restricted Stock Uni
Non-vested Restricted Stock Units (Detail) - Restricted Stock Units | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Beginning Balance | shares | 3,088,736 |
Shares, Granted | shares | 1,456,877 |
Shares, Forfeited | shares | (156,491) |
Shares, Vested | shares | (347,836) |
Shares, Ending Balance | shares | 4,041,286 |
Weighted-Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 61.47 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 72.56 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 63.93 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 61.71 |
Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares | $ 65.35 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 0.80% | 36.10% |
Benefit related to net operating losses that carried back as result of CARES Act | $ 6,800,000 | |
Tax deficiencies on stock-based compensation | $ 0 | $ (2,500,000) |
Income tax examination description | The Company is currently under examination by the Internal Revenue Service for its federal income tax return for the tax year ended December 31, 2017. The Company does not believe, but cannot predict with certainty, that there will not be any additional tax liabilities, penalties and/or interest as a result of the audit. |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Jan. 22, 2016 | |
Class Of Stock [Line Items] | |||
Number of votes per share | one vote per share | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, shares issued | 93,306,390 | 93,046,676 | |
Common stock, shares outstanding | 93,306,390 | 93,046,676 | |
Treasury stock, shares | 0 | 0 | |
Preferred Stock, shares authorized | 25,000,000 | 25,000,000 | |
Preferred Stock, shares issued | 0 | 0 | |
Preferred Stock, shares outstanding | 0 | 0 | |
Common stock | Stock Repurchase Program | |||
Class Of Stock [Line Items] | |||
Stock repurchase program, announced date | Jan. 25, 2016 | ||
Common stock repurchased, Shares | 0 | ||
Maximum | Common stock | Stock Repurchase Program | |||
Class Of Stock [Line Items] | |||
Authorized to repurchase of common stock | $ 100,000,000 |
Computation of Basic and Dilute
Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Basic loss per share: | ||
Net loss attributable to common stockholders (numerator) | $ (75,461) | $ (33,427) |
Shares used in computation (denominator) | ||
Weighted-average common shares outstanding | 93,215 | 91,793 |
Basic loss per share | $ (0.81) | $ (0.36) |
Diluted loss per share: | ||
Net loss attributable to common stockholders (numerator) | $ (75,461) | $ (33,427) |
Shares used in computation (denominator) | ||
Weighted-average common shares outstanding | 93,215 | 91,793 |
Effect of dilutive securities: | ||
Weighted-average diluted shares | 93,215 | 91,793 |
Diluted loss per share | $ (0.81) | $ (0.36) |
Anti-dilutive Securities Exclud
Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock Options | ||
Anti-dilutive shares underlying stock-based awards: | ||
Anti-dilutive shares underlying stock-based awards | 2,492 | 2,908 |
Restricted Stock Units | ||
Anti-dilutive shares underlying stock-based awards: | ||
Anti-dilutive shares underlying stock-based awards | 4,041 | 4,403 |
Schedule of Fair Value and Carr
Schedule of Fair Value and Carrying Value of Assets and Liabilities Recorded at Other Than Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value | Level 2 | ||
Assets | ||
Assets, fair value disclosure | $ 68,677 | $ 68,629 |
Liabilities | ||
Long-term debt, including current maturities | 517,500 | 524,350 |
Total liabilities | 517,500 | 524,350 |
Carrying Value | ||
Assets | ||
Assets, fair value disclosure | 68,713 | 68,665 |
Liabilities | ||
Long-term debt, including current maturities | 500,000 | 500,000 |
Total liabilities | 500,000 | 500,000 |
Money Market Funds | Fair Value | Level 2 | ||
Assets | ||
Assets, fair value disclosure | 31 | 41 |
Money Market Funds | Carrying Value | ||
Assets | ||
Assets, fair value disclosure | 31 | 41 |
Commercial Paper | Fair Value | Level 2 | ||
Assets | ||
Assets, fair value disclosure | 63,026 | 62,440 |
Commercial Paper | Carrying Value | ||
Assets | ||
Assets, fair value disclosure | 63,061 | 62,476 |
Corporate Bonds | Fair Value | Level 2 | ||
Assets | ||
Assets, fair value disclosure | 5,620 | 6,148 |
Corporate Bonds | Carrying Value | ||
Assets | ||
Assets, fair value disclosure | $ 5,621 | $ 6,148 |