Third Quarter 2020 Highlights
- Revenue for the third quarter of 2020 was $52.7 million, compared to $49.2 million in the third quarter of 2019, an increase of 7%.
- Net income for the third quarter of 2020 was $4.6 million, or $0.04 per diluted share, compared to a loss of $220.1 million, or a loss of $2.89 per diluted share, in the third quarter of 2019.
- Adjusted EBITDA 1 for the third quarter of 2020 was $13.0 million, compared to a loss of $15.4 million in the third quarter of 2019, an increase of $28.4 million.
- As of October 31, 2020, cash on hand was approximately $80 million.
- The Company completed its at-the-market common equity offering program on July 10, 2020, issuing an aggregate of 23,698,720 shares of common stock for net proceeds of $47.6 million during the period of March 20, 2020 through July 10, 2020.
- On August 3, 2020, the Company prepaid $10.5 million to its lender in exchange for a rate decrease of 200 basis points for 1 year along with a one-year extension of the maturity date to November 15, 2023 on both its credit facility and convertible notes.
“We achieved a second consecutive quarter of continued profitability and operating cash flow, which we believe is the result of our fundamental strategic initiatives and focus on operating a profitable business. We believe the continued hard work of our team members, diversified selection of restaurant partners and increased driver base strengthens our position in many markets,” said Carl Grimstad, Chairman and CEO of Waitr.
“Some of our restaurant partners have recently faced additional hardships arising from the overall macroeconomic challenges related to the ongoing pandemic as well as headwinds from several recent hurricanes that have hit the Southeast. We are working to help certain of these restaurant partners overcome these hardships in an attempt to return to a sense of normalcy during this tough time,” concluded Grimstad.
Waitr has also diversified its product offering beyond food delivery, having recently introduced its tableside service technology. Combining this “dine-in” offering with its existing delivery and take-out ordering services, Waitr now offers an integrated payment solution that can help restaurants improve their safety protocols, sales and efficiency, both inside and outside the four walls of the restaurant.
Additionally, the Company has continued its expansion into new delivery verticals such as same-day groceries and alcohol delivery services, all while offering no-contact delivery.