Waitr Reports First Quarter 2021 Results
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
“We completed the acquisition of Delivery Dudes, an established delivery provider in the
“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
______________________________
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
First Quarter 2021 Earnings Conference Call
The Company will host a conference call to discuss first quarter 2021 financial results today at
About
Founded in 2013 and based in
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 Holdings, Inc.’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 Holdings, Inc.’s Annual Report on Form 10-K for the year ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) (Unaudited) |
||||||||
|
|
Three Months Ended |
|
|||||
|
|
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 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
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 |
|
|
|
|
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, |
|
|
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 |
|
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (In thousands) (Unaudited) |
||||||||
|
|
Three Months Ended |
|
|||||
|
|
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 |
|
|
|
— |
|
|
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
|
|
Three Months Ended |
|
|||||
|
|
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 |
|
|
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 |
|
|||||
|
|
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 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210506006008/en/
Investors
WaitrIR@icrinc.com
Media
WaitrPR@icrinc.com
Source: