Waitr Holdings (WTRH) Misses Q1 EPS by 1c, Revenues Beat

Waitr Holdings (NASDAQ: WTRH) reported Q1 EPS of $0.01, $0.01 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $48.45 million versus the consensus estimate of $48.3 million.

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.

For earnings history and earnings-related data on Waitr Holdings (WTRH) click here.

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