LAFAYETTE, La.--(BUSINESS WIRE)--Mar. 8, 2021-- Waitr Holdings Inc. (Nasdaq: WTRH) (“Waitr” or the “Company”), a leader in on-demand ordering and delivery, today reported financial results for the fourth quarter and year ended December 31, 2020.

Fourth Quarter and Full Year 2020 Highlights

• Revenue for the fourth quarter of 2020 was $46.8 million, compared to $43.1 million in the fourth quarter of 2019. Revenue for the year ended December 31, 2020 was $204.3 million, compared to $191.7 million for the year ended December 31, 2019.
• Net income for the fourth quarter of 2020 was $2.6 million, or $0.02 per diluted share, compared to a loss of $21.6 million, or a loss of $0.28 per diluted share, in the fourth quarter of 2019. Net income for the year ended December 31, 2020 was $15.8 million, or $0.15 per diluted share, compared to a loss of $291.3 million, or a loss of $4.00 per diluted share, in the year ended December 31, 2019, an increase of $307.1 million. Net loss for the year ended December 31, 2019 included goodwill and intangible asset impairment charges totaling $191.2 million.
• Adjusted EBITDA¹ for the fourth quarter of 2020 was $9.9 million, compared to a loss of $14.4 million in the fourth quarter of 2019, an increase of $24.3 million. Adjusted EBITDA¹ for the year ended December 31, 2020 was $43.4 million, compared to a loss of $54.8 million in the year ended December 31, 2019, an increase of $98.2 million or 179%.
• As of December 31, 2020, cash on hand was $84.7 million and $88.5 million as of January 31, 2021.

“Our financial results for 2020 reflect the implementation of a myriad of strategic initiatives focused on operating and growing a profitable business, with eleven straight months of consistent profitability and positive operating cash flow. We have a dedicated, hard-working group of team members, a diversified selection of restaurant partners and an independent contractor driver base, all working together to provide our diners with quality service,” said Carl Grimstad, Chairman and CEO of Waitr.

“We continue to work with our restaurant partners, helping them navigate through these challenging times as the pandemic continues to impact their operations. Our commitment to our restaurant partners, diners and the communities in which we operate is unwavering. We have provided numerous job and independent contractor driver opportunities in many of the markets we serve. In addition to the impacts from the ongoing pandemic, during the fourth quarter of 2020 and in early 2021, adverse weather conditions impacted certain of the markets we operate in. Overcoming the challenges presented by these unprecedented weather events has been a top priority,” continued Grimstad.

“In 2021, we look to build on our success from 2020 by focusing on profitable growth, both through organic expansion and strategic acquisitions to bolster our delivery footprint and expansion into new verticals,” concluded Grimstad.

Fourth Quarter and Full Year 2020 Key Business Metrics

• Average Daily Orders were 34,628 and 39,071 for the fourth quarter and full year of 2020, respectively.
• Active Diners as of December 31, 2020 were approximately 2 million.

Liquidity Update

As of December 31, 2020, the Company had cash on hand of $84.7 million and as of January 31, 2021, cash on hand was $88.5 million. The Company had total long-term debt outstanding at December 31, 2020 of $99.1 million, consisting of $49.4 million of term loans, $49.5 million of convertible notes and $0.2 million of promissory notes. The term loans and convertible notes mature in November 2023. As of December 31, 2020, the Company had outstanding short-term loans for insurance financing totaling $2.7 million.

The combination of the effects of implementing several strategic initiatives focused on improving revenue per order, cost per order, cash flow and profitability, along with proceeds from sales of common stock during the period from March 2020 through July 2020 pursuant to the Company’s at-the-market offering program, resulted in increased working capital and liquidity from December 31, 2019.

Fourth Quarter 2020 Earnings Conference Call

The Company will host a conference call to discuss fourth quarter 2020 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 (877) 705-6003, or for international callers (201) 493-6725. 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 13717127. The replay will be available until Monday, March 15, 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, 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 December 31, 2020, Waitr and Bite Squad operated in small and medium sized markets in the United States in over 700 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, 2019, filed with the SEC on March 16, 2020, 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 is set forth in Waitr Holdings, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on March 8, 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. (or to third parties making the forward-looking statements).

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 income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization, business combination related expenses, restructuring expenses, stock-based compensation expense, impairments of intangible assets and goodwill, and other expenses that do not reflect our core operations. 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 income or other performance measures derived in accordance with GAAP. A reconciliation of net income (loss) to Adjusted EBITDA is provided below:

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Source: Waitr Holdings Inc.