The company wants potential investors to think it grew at a 67% rate last year, even though in truth it was much less. Like many other tech companies before it (see especially Groupon), GrubHub is fiddling with its numbers to present its most favorable public face ahead of its IPO. Doing some math, we see that 2012 GrubHub platform sales were $36.8 million in 2012 and the more accurate overall growth rate for the combined company from 2012 to 2013 was just 43%, a far cry from the 67% the company advertises at the top of its filing. On page F-17, GrubHub lists it as $118.9 million. Apps allowed restaurants to shift their ordering services from the phone to the internet without having to build their. Only buried deep in the S-1 can we find the real pro forma combined revenues for 2012. Seamless and Grubhub merged in 2014, the same year Uber launched UberEats. Thus, the Seamless platform generated about $110.9 million in revenue on its own. We can then calculate the a real apples-to-apples comparison of revenue growth for the Seamless platform alone, which went from $82.1 million to about $110.9 million last year. Add the $26.3 million from after the merger and you see that in 2013, the GrubHub platform generated just $59.2 million in revenue. The S-1 lists pro forma combined 2013 revenue of $170.1 million, with $32.9 million in GrubHub platform sales prior to the August 8th merger close. The key to understanding why GrubHub promotes this number is to figure out the separate 2013 revenues for each platform.
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