Andrew Ross

Andrew Ross from Barclays asked for more details on Grubhub's path to free cash flow breakeven, particularly the levers available if the New York City fee cap amendments do not materialize.

Answer

CEO Jitse Groen stated that significant operational and technological efficiencies, similar to those implemented in the legacy Just Eat Takeaway.com business, are now being applied to Grubhub. He noted that these changes are driving a rapid decrease in Grubhub's cash burn, even as the business has been shrinking. While not providing a specific timeline, he pointed to the substantial progress over the past year as evidence of the strategy's effectiveness.

Andrew Ross of Barclays asked for a breakdown of the company's cash flow, noting the €400 million reduction in gross cash in H1, and inquired about the timeline to reach group-level free cash flow breakeven.

Answer

CEO Jitse Groen provided a brief response, stating that the company is making good progress on improving EBITDA and is actively working to reduce the cash burn below the EBITDA line, concluding that they are in 'quite good shape'.

Andrew Ross from Barclays Capital Securities Ltd. inquired about the strategic partnerships being explored for the U.S. business, asking for details on the types of partners, the nature of potential deals, and any expected timeline.

Answer

CEO Jitse Groen explained that while he could not disclose specifics, the company is in discussions with both strategic and private equity partners. He confirmed that all options are being considered, including joint ventures or selling a stake, with the primary objective of strengthening the Grubhub business. No timeline was provided.