LAFAYETTE, La.--(BUSINESS WIRE)--May 6, 2021-- 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.

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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 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 December 31, 2020, filed with the SEC on March 8, 2021, as such factors may be updated from time to time in Waitr Holdings, Inc.’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 Holdings, Inc.’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 Holdings, Inc.’s filings with the SEC. While forward-looking statements reflect Waitr Holdings, Inc.’s good faith beliefs, they are not guarantees of future performance. Waitr Holdings, Inc. 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 Holdings, Inc..

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:

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:

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Source: Waitr Holdings Inc