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.