Just Eat Takeaway.com grew 33% to 1.1 billion orders in 2021, worth €28.2 billion while rapidly improving profitability
Just Eat Takeaway.com N.V. (LSE: JET, AMS: TKWY, NASDAQ: GRUB), hereinafter the “Company” or together with its group companies, “Just Eat Takeaway.com”, one of the world’s largest online food delivery marketplaces, hereby issues a trading update for the fourth quarter of 2021.
Following the merger of Just Eat and Takeaway.com nearly two years ago, we made significant investments to grow our leadership positions and the Company is now six times bigger in terms of orders. On the back of this success, we have markedly improved our profitability throughout the second half of 2021, and we will continue to improve adjusted EBITDA this year. Meanwhile, we expect our market positions to further strengthen driven by our superior network effects.Jitse Groen, CEO of Just Eat Takeaway.com
· In the full year 2021, Just Eat Takeaway.com processed 1.1 billion Orders¹, representing a 33% increase compared with 2020. The Company processed 274 million orders in the fourth quarter of 2021, representing a 14% increase compared with the same period of 2020.
· Gross Transaction Value (GTV¹) was €28.2 billion for the full year of 2021, representing an increase of 31% compared with 2020. GTV¹ amounted to €7.3 billion in the fourth quarter of 2021, up 17% compared with the same period of 2020.
· The adjusted EBITDA margin¹ improved substantially in the fourth quarter of 2021, and as a result the adjusted EBITDA margin¹ for the full year of 2021 is expected to be at the midpoint of the guided range of minus 1% and minus 1.5% of GTV.
· The Company announced several on-demand grocery delivery partnerships, building on its extensive Delivery network, amongst others with Asda and One Stop in the UK. In Canada, a dark store model through Skip Express Lane is rolled out nationally, reaching 70% of Skip’s consumer base by year-end.
· The UK & Ireland was the fastest growing segment for both the quarter and the year, while significantly improving adjusted EBITDA. The Company will continue to invest heavily, especially in its London network, while it expects to further improve profitability in 2022.
· In North America, Grubhub continued to make good progress increasing restaurant selection for diners, most notably in New York, and drove meaningful expansion of GH+ users. A recently launched partnership with Instacart and a Grubhub branded convenience pilot (Grubhub Goods) with 7-Eleven further extends Grubhub’s proposition to drive growth. The Company remains in discussion with several potential strategic partners to strengthen its US position.
· In Northern Europe, Lieferando added 6.9 million incremental orders in Germany in the fourth quarter of 2021, and 47.5 million incremental orders in 2021, compared with the same period last year. This increased scale led to ongoing profitability improvements.
· Just Eat Takeaway.com welcomes the EU Commission's proposals to improve conditions for workers and help them access social protections. Since the Company already employs tens of thousands of couriers across the EU, management believes the Company will benefit from this legislation.
o 2021 has been the peak year of losses, with 2022 adjusted EBITDA margin improving to the range of minus 0.6% to minus 0.8% of GTV
· As announced at the Capital Markets Day on 21 October 2021, the Company changed its reporting structure to better reflect the Company’s existing organisational and management structure and provide investors with greater clarity on Just Eat Takeaway.com’s underlying business performance across its regions. A reconciliation to the old structure is included in this release.
 The Grubhub business was consolidated from 15 June 2021, and the Just Eat business was consolidated from 15 April 2020. These figures are presented as if the combination was completed on 1 January 2020 to provide comparable information for the full year period. These numbers are unaudited.
Jitse Groen, Brent Wissink, and Joerg Gerbig will host an analyst and investor conference call to discuss the Q4 2021 trading update at 10:30 am CET on Wednesday 12 January 2022. Members of the investor community can follow the audio webcast on https://www.justeattakeaway.com/investors/results-and-reports/.
Jitse Groen will host a media and wires call to discuss the Q4 2021 trading update at 8:30 am CET on Wednesday 12 January 2022. Members of the press can join the conference call at +31 20 531 5843.
Just Eat Takeaway.com Analyst Presentation Q4 2021 on our corporate website
This press release contains inside information (i) as meant in clause 7(1) of the Market Abuse Regulation and (ii) in terms of Article 7(1) of the Market Abuse Regulation as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018.
Statements included in this press release that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are, or may be deemed to be, forward-looking statements, including “forward-looking statements” made within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are risks from or uncertainties related to the following: innovation, competition, brand & reputation, acquisitions, global strategic projects, technology reliability & availability, data security & privacy, integration & transformation and social change, legislation & regulation. Additional information concerning key factors that could cause actual results to differ materially from those projected in the forward-looking statements can be found in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s registration statement on Form F-4 (Registration Statement No. 333-255540), which was declared effective by the SEC on May 12, 2021, and Current Reports on Form 6-K, which may be obtained free of charge at the SEC’s website, http://www.sec.gov, and the Company’s Annual Reports, which may be obtained free of charge from the Company’s corporate website, https://justeattakeaway.com.
Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. Forward-looking statements reflect knowledge and information available at, and speak only as of, the date they are made, and the Company expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements.
This presentation shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
This presentation includes certain non-GAAP financial measures as defined by SEC rules and alternative performance measures as defined by European rules. Just Eat Takeaway.com uses these non-GAAP financial measures and alternative performance measures, respectively, as key performance measures because it believes they facilitate operating performance comparisons from period to period by excluding potential differences primarily caused by variations in capital structures, tax positions, the impact of acquisitions and restructuring, the impact of depreciation and amortization expense on its fixed assets and the impact of stock-based compensation expense. These non-GAAP financial measures and alternative performance measures are not measurements of Just Eat Takeaway's financial performance under IFRS and should not be considered as an alternative to performance measures derived in accordance with IFRS and should be read in conjunction with Just Eat Takeaway.com's financial statements prepared in accordance with IFRS. Just Eat Takeaway.com has provided a reconciliation of those measures to the most directly comparable IFRS measures in Just Eat Takeaway.com's 2020 Annual Report.