Waitr Holdings Inc. (Nasdaq: WTRH) (“Waitr” or the “Company”), a
leader in on-demand ordering and delivery, today reported financial
results for the first quarter ended March 31, 2021.
First Quarter 2021 Highlights
- Revenue on a pro forma basis, inclusive of the full quarterly
results of the Delivery Dudes, was $53.4 million in the first
quarter of 2021, compared to pro forma revenue of $46.5 million in
the first quarter of 2020.
- Revenue for the first quarter of 2021 was $50.9 million,
compared to $44.2 million in the first quarter of 2020, an increase
of $6.7 million or 15%.
- Net loss for the first quarter of 2021 was $3.7 million which
includes $5.1 million of items we consider to be one-time and
non-recurring, compared to a loss of $2.1 million in the first
quarter of 2020. Adjusted net income1 was $1.4 million for the
first quarter of 2021, compared to a loss of $2.1 million in the
first quarter of 2020, an increase of $3.5 million.
- Adjusted EBITDA2 for the first quarter of 2021 was $8.3
million, compared to $3.7 million in the first quarter of 2020, an
increase of $4.6 million or 121%. Loss per share inclusive of
one-time and non-recurring items for both the first quarter of 2021
and 2020 was $0.03. Adjusted earnings per diluted share3 for the
first quarter of 2021 was $0.01, compared to an adjusted loss per
diluted share of $0.03 for the first quarter of 2020.
- In March 2021, the Company made a $15 million prepayment on its
term loan and closed its acquisition of Delivery Dudes.
- As of March 31, 2021, cash on hand was $67.9 million.
“We are pleased with our financial results for the first quarter
of 2021, as we continued to grow our revenue and generate positive
operating cash flow,” said Carl Grimstad, Chairman and CEO of
Waitr.
“We completed the acquisition of Delivery Dudes, an established
delivery provider in the South Florida market, in March, and are
excited to have them on our team. We added a multitude of national
brands and delivery only “virtual” restaurant concepts to our
Platforms during the first quarter of 2021, further bolstering our
restaurant selection to over 23,000 for our diners. These
initiatives, coupled with the highest number of active independent
contractor drivers in company history on the Platform, has
strengthened our market presence in the on-demand delivery sector,”
continued Mr. Grimstad.
“Over the last several months, we also partnered with many of
the country’s top integrated delivery management and optimization
platforms, providing improved operational efficiency that benefits
both restaurants and customers, a reflection of our continued
efforts to support our restaurant partners and the communities we
serve. While adverse weather-related events during the first
quarter of 2021 impacted many of our markets, we are pleased to
report a 9% increase in average daily order volumes this quarter
compared to the fourth quarter of 2020. Our results continue to
reflect the hard work of our entire team through the execution of
fundamental operational and strategic initiatives,” concluded Mr.
Grimstad.
______________________________ 1 Adjusted net income (loss) is a
non-GAAP financial measure. A reconciliation of GAAP net loss to
adjusted net income (loss) is included in the “Non-GAAP Financial
Measures/Adjusted Net Income (Loss) and Adjusted Earnings (Loss)
Per Diluted Share” table below. 2 Adjusted EBITDA is a non-GAAP
financial measure. A reconciliation of GAAP net loss to Adjusted
EBITDA is included in the “Non-GAAP Financial Measure/Adjusted
EBITDA” table below. 3 Adjusted earnings (loss) per diluted share
is a non-GAAP financial measure, calculated based on adjusted net
income (loss). A reconciliation of GAAP net loss to adjusted net
income (loss) is included in the “Non-GAAP Financial
Measures/Adjusted Net Income (Loss) and Adjusted Earnings (Loss)
Per Diluted Share” table below.
First Quarter 2021 Key Business Metrics
- Average Daily Orders were 37,627 for the first quarter of
2021.
- Active Diners as of March 31, 2021 were approximately 2
million.
Liquidity Update
As of March 31, 2021, the Company had cash on hand of $67.9
million. The Company had total long-term debt outstanding at March
31, 2021 of $84.5 million, including a $35.0 million term loan and
$49.5 million of convertible notes, which mature in November 2023.
As of March 31, 2021, the Company had outstanding short-term loans
for insurance financing totaling $1.1 million.
First Quarter 2021 Earnings Conference Call
The Company will host a conference call to discuss first quarter
2021 financial results today at 5 p.m. ET. The conference call will
be webcast live from the Company’s investor relations website at
http://investors.waitrapp.com. The
call can also be accessed live over the phone by dialing (866)
269-4266, or for international callers (323) 347-3278. A replay
will be available one hour after the call and can be accessed by
dialing (844) 512-2921 or (412) 317-6671 for international callers;
the conference ID is 8040390. The replay will be available until
Thursday, May 13, 2021.
About Waitr Holdings Inc.
Founded in 2013 and based in Lafayette, Louisiana, Waitr
operates an online ordering technology platform, providing
delivery, carryout and dine-in options. Waitr, along with Bite
Squad and Delivery Dudes, connect local restaurants and grocery
stores to diners in underserved U.S. markets. Together, they are a
convenient way to discover, order and receive great food and other
products from local restaurants, national chains and grocery
stores. As of March 31, 2021, Waitr, Bite Squad and Delivery Dudes
operate in small and medium sized markets in the United States in
over 800 cities.
Cautionary Note Concerning Forward-Looking Statements
This press release contains “forward-looking statements,” as
defined by the federal securities laws, including statements
regarding the Company’s financial results, implementation of
strategic initiatives and future performance of the Company.
Forward-looking statements reflect Waitr’s current expectations and
projections about future events, and thus involve uncertainty and
risk. The words “believe,” “expect,” “anticipate,” “will,” “could,”
“would,” “should,” “may,” “might,” “plan,” “estimate,” “intend,”
“predict,” “potential,” “continue,” and the negatives of these
words and other similar expressions generally identify
forward-looking statements. Such forward-looking statements are
subject to various risks and uncertainties, including the impact of
the coronavirus (COVID-19) pandemic on the Company’s business and
operations, and those described under the section entitled “Risk
Factors” in Waitr’s Annual Report on Form 10-K for the year ended
December 31, 2020, filed with the SEC on March 8, 2021, as such
factors may be updated from time to time in Waitr’s periodic
filings with the SEC, which are accessible on the SEC’s website at
www.sec.gov. Additional information will be set forth in Waitr’s
Quarterly Report on Form 10-Q for the three months ended March 31,
2021, which will be filed with the SEC on May 6, 2021, and should
be read in conjunction with these financial results. Accordingly,
there are or will be important factors that could cause actual
outcomes or results to differ materially from those indicated in
these statements. These factors should not be construed as
exhaustive and should be read in conjunction with the other
cautionary statements that are included in this release and in
Waitr’s filings with the SEC. While forward-looking statements
reflect Waitr’s good faith beliefs, they are not guarantees of
future performance. Waitr disclaims any obligation to publicly
update or revise any forward-looking statement to reflect changes
in underlying assumptions or factors, new information, data or
methods, future events or other changes after the date of this
press release, except as required by applicable law. You should not
place undue reliance on any forward-looking statements, which are
based only on information currently available to Waitr.
WAITR HOLDINGS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except share
and per share data)
(Unaudited)
Three Months Ended March
31,
2021
2020
REVENUE
$
50,930
$
44,243
COSTS AND EXPENSES:
Operations and support
30,338
26,365
Sales and marketing
4,016
2,826
Research and development
999
1,470
General and administrative
10,186
10,778
Depreciation and amortization
2,917
2,064
(Gain) loss on disposal of assets
(3
)
8
TOTAL COSTS AND EXPENSES
48,453
43,511
INCOME FROM OPERATIONS
2,477
732
OTHER EXPENSES (INCOME) AND LOSSES
(GAINS), NET
Interest expense
1,901
2,914
Interest income
—
(60
)
Other expense
4,264
(37
)
NET LOSS BEFORE INCOME TAXES
(3,688
)
(2,085
)
Income tax expense
24
17
NET LOSS
$
(3,712
)
$
(2,102
)
LOSS PER SHARE:
Basic and diluted
$
(0.03
)
$
(0.03
)
Weighted-average shares used to compute
net loss per share:
Weighted average common shares
outstanding – basic and diluted
112,334,094
76,884,717
WAITR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except per
share data)
(Unaudited)
March 31,
December 31,
2021
2020
ASSETS
CURRENT ASSETS
Cash
$
67,863
$
84,706
Accounts receivable, net
4,907
2,954
Capitalized contract costs, current
868
737
Prepaid expenses and other current
assets
4,955
6,657
TOTAL CURRENT ASSETS
78,593
95,054
Property and equipment, net
4,961
3,503
Capitalized contract costs, noncurrent
2,759
2,429
Goodwill
122,032
106,734
Intangible assets, net
31,514
23,924
Operating lease right-of-use assets
5,064
—
Other noncurrent assets
750
588
TOTAL ASSETS
$
245,673
$
232,232
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
CURRENT LIABILITIES
Accounts payable
$
5,039
$
4,382
Restaurant food liability
5,890
4,301
Accrued payroll
6,460
4,851
Short-term loans for insurance
financing
1,143
2,726
Deferred revenue, current
290
141
Income tax payable
146
122
Operating lease liabilities
1,518
-
Other current liabilities
24,974
13,781
TOTAL CURRENT LIABILITIES
45,460
30,304
Long term debt - related party
80,508
94,218
Accrued medical contingency
16,844
16,987
Operating lease liabilities
3,885
—
Other noncurrent liabilities
1,740
2,627
TOTAL LIABILITIES
148,437
144,136
STOCKHOLDERS’ EQUITY:
Common stock, $0.0001 par value
11
11
Additional paid in capital
464,843
451,991
Accumulated deficit
(367,618
)
(363,906
)
TOTAL STOCKHOLDERS’ EQUITY
97,236
88,096
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
245,673
$
232,232
WAITR HOLDINGS INC.
CONDENSED CONSOLIDATED CASH
FLOW STATEMENTS
(In thousands)
(Unaudited)
Three Months Ended March
31,
2021
2020
Cash flows from operating
activities:
Net loss
$
(3,712
)
$
(2,102
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Non-cash interest expense
772
2,396
Amortization of operating lease assets
323
—
Stock-based compensation
2,078
848
(Gain) loss on disposal of assets
(3
)
8
Depreciation and amortization
2,917
2,064
Amortization of capitalized contract
costs
194
68
Other non-cash income
—
(12
)
Changes in assets and liabilities:
Accounts receivable
(1,624
)
(90
)
Capitalized contract costs
(655
)
(1,049
)
Prepaid expenses and other current
assets
1,899
3,246
Other noncurrent assets
27
—
Accounts payable
20
698
Restaurant food liability
1,589
(591
)
Deferred revenue
140
(378
)
Income tax payable
24
17
Operating lease liabilities
(389
)
—
Accrued payroll
1,479
2,129
Accrued medical contingency
(143
)
(69
)
Accrued workers’ compensation
liability
—
2
Other current liabilities
7,911
(157
)
Other noncurrent liabilities
(38
)
(1
)
Net cash provided by operating
activities
12,809
7,027
Cash flows from investing
activities:
Purchases of property and equipment
(165
)
(70
)
Internally developed software
(1,722
)
(671
)
Acquisitions
(10,927
)
(242
)
Collections on notes receivable
—
21
Proceeds from sale of property and
equipment
9
3
Net cash used in investing
activities
(12,805
)
(959
)
Cash flows from financing
activities:
Proceeds from issuance of stock
—
6,584
Equity issuance costs
—
(114
)
Payments on long-term loan
(14,472
)
—
Payments on acquisition loans
(66
)
—
Payments on short-term loans for insurance
financing
(1,583
)
(2,028
)
Proceeds from exercise of stock
options
6
8
Taxes paid related to net settlement on
stock-based compensation
(732
)
(459
)
Net cash (used in) provided by
financing activities
(16,847
)
3,991
Net change in cash
(16,843
)
10,059
Cash, beginning of period
84,706
29,317
Cash, end of period
$
67,863
$
39,376
Supplemental disclosures of cash flow
information:
Cash paid during the period for
interest
$
1,129
$
518
Supplemental disclosures of non-cash
investing and financing activities:
Stock issued as consideration in
acquisition
$
11,500
$
—
Noncash impact of operating lease
assets
5,387
—
Noncash impact of operating lease
liabilities
5,792
—
WAITR HOLDINGS INC.
NON-GAAP FINANCIAL
MEASURE
ADJUSTED EBITDA
(In thousands)
(Unaudited)
Adjusted EBITDA is not required by, nor presented in accordance
with generally accepted accounting principles in the United States
of America (“GAAP”). We define Adjusted EBITDA as net loss adjusted
to exclude interest expense, income taxes, depreciation and
amortization expense, stock-based compensation expense, business
combination related expenditures and other non-recurring
adjustments and accrued legal contingency. We use this non-GAAP
financial measure as a key performance measure because we believe
it facilitates 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 our fixed assets, the impact of stock-based
compensation expense and other items that do not reflect our core
operations. Adjusted EBITDA is not a measurement of our financial
performance under GAAP and should not be considered as an
alternative to net loss or other performance measures derived in
accordance with GAAP. A reconciliation of net loss to Adjusted
EBITDA is provided below:
Three Months Ended March
31,
2021
2020
NET LOSS
$
(3,712
)
$
(2,102
)
Interest expense
1,901
2,914
Income taxes
24
17
Depreciation and amortization expense
2,917
2,064
Stock-based compensation expense
2,078
848
Business combination related expenditures
and other non-recurring adjustments
1,068
—
Accrued legal contingency
4,000
—
ADJUSTED EBITDA
$
8,276
$
3,741
WAITR HOLDINGS INC.
NON-GAAP FINANCIAL
MEASURES
ADJUSTED NET INCOME (LOSS)
AND
ADJUSTED EARNINGS (LOSS) PER
DILUTED SHARE
(In thousands, except share
and per share data)
(Unaudited)
Adjusted net income (loss) and adjusted earnings (loss) per
diluted share are not required by, nor presented in accordance with
GAAP. We define adjusted earnings (loss) per diluted share as
adjusted net income (loss) divided by our weighted average common
shares outstanding - diluted. Adjusted net income (loss) is
calculated as net loss plus business combination related
expenditures and other non-recurring adjustments and accrued legal
contingency. We use these non-GAAP financial measures because we
believe they facilitate period to period comparisons of operating
performance, by excluding potential differences primarily caused by
non-recurring items. Business combination related expenses and
accrued legal contingency are considered non-recurring items.
Adjusted net income (loss) and adjusted earnings (loss) per diluted
share are not measurements of our financial performance under GAAP
and should not be considered as an alternative to net loss or loss
per share or other performance measures derived in accordance with
GAAP. A reconciliation of net loss to adjusted net income (loss),
along with adjusted earnings (loss) per diluted share, is provided
below:
Three Months Ended March
31,
2021
2020
Net loss
$
(3,712
)
$
(2,102
)
Business combination related expenditures
and other non-recurring adjustments
1,068
—
Accrued legal contingency
4,000
—
Adjusted net income (loss)
$
1,356
$
(2,102
)
Weighted average common shares outstanding
- diluted
126,350,140
76,884,717
Adjusted earnings (loss) per diluted
share
$
0.01
$
(0.03
)
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Investors WaitrIR@icrinc.com
Media WaitrPR@icrinc.com
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