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TABLE_CONTENTS

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2021 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM                      TO                     

 

Commission File Number 001-37788

 

WAITR HOLDINGS INC.

(Exact name of Registrant as specified in its Charter)

 

 

Delaware

 

26-3828008

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer
Identification No.)

214 Jefferson Street, Suite 200

Lafayette, Louisiana

 

70501

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: 1-337-534-6881

______________________

 

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No  

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, Par Value $0.0001 Per Share

 

WTRH

 

The Nasdaq Stock Market LLC

The number of shares of Registrant’s Common Stock outstanding as of November 1, 2021 was 126,617,190.

 

 


TABLE_CONTENTS

 

 

Table of Contents

 

 

 

Page

PART I

Financial Information

1

Item 1.

Condensed Consolidated Financial Statements (unaudited)

1

 

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

1

 

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020

2

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

3

 

Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2021 and 2020

4

 

Notes to Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

33

Item 4.

Controls and Procedures

33

 

 

 

PART II

Other Information

34

Item 1.

Legal Proceedings

34

Item 1A.

Risk Factors

34

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

39

Item 3.

Defaults Upon Senior Securities

39

Item 4.

Mine Safety Disclosures

39

Item 5.

Other Information

39

Item 6.

Exhibits

40

 

 

 

 

Signatures

41

 

 

 

 


TABLE_CONTENTS

 

 

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

WAITR HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

Unaudited

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash

 

$

43,502

 

 

$

84,706

 

Accounts receivable, net

 

 

3,978

 

 

 

2,954

 

Capitalized contract costs, current

 

 

1,091

 

 

 

737

 

Prepaid expenses and other current assets

 

 

6,826

 

 

 

6,657

 

TOTAL CURRENT ASSETS

 

 

55,397

 

 

 

95,054

 

Property and equipment, net

 

 

4,362

 

 

 

3,503

 

Capitalized contract costs, noncurrent

 

 

3,138

 

 

 

2,429

 

Goodwill

 

 

130,592

 

 

 

106,734

 

Intangible assets, net

 

 

40,616

 

 

 

23,924

 

Operating lease right-of-use assets

 

 

4,743

 

 

 

 

Other noncurrent assets

 

 

1,106

 

 

 

588

 

TOTAL ASSETS

 

$

239,954

 

 

$

232,232

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable

 

$

6,084

 

 

$

4,382

 

Restaurant food liability

 

 

3,398

 

 

 

4,301

 

Accrued payroll

 

 

1,661

 

 

 

4,851

 

Short-term loans for insurance financing

 

 

2,331

 

 

 

2,726

 

Income tax payable

 

 

84

 

 

 

122

 

Operating lease liabilities

 

 

1,654

 

 

 

 

Other current liabilities

 

 

19,093

 

 

 

13,922

 

TOTAL CURRENT LIABILITIES

 

 

34,305

 

 

 

30,304

 

Long term debt - related party

 

 

81,671

 

 

 

94,218

 

Accrued medical contingency

 

 

53

 

 

 

16,987

 

Operating lease liabilities

 

 

3,395

 

 

 

 

Other noncurrent liabilities

 

 

2,733

 

 

 

2,627

 

TOTAL LIABILITIES

 

 

122,157

 

 

 

144,136

 

Commitments and contingent liabilities (Note 9)

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value; 249,000,000 shares authorized and 126,616,410

   and 111,259,037 shares issued and outstanding at September 30, 2021 and

   December 31, 2020, respectively

 

 

13

 

 

 

11

 

Additional paid in capital

 

 

478,793

 

 

 

451,991

 

Accumulated deficit

 

 

(361,009

)

 

 

(363,906

)

TOTAL STOCKHOLDERS’ EQUITY

 

 

117,797

 

 

 

88,096

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

239,954

 

 

$

232,232

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


TABLE_CONTENTS

 

WAITR HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUE

 

$

43,448

 

 

$

52,734

 

 

$

143,545

 

 

$

157,483

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations and support

 

 

25,043

 

 

 

27,409

 

 

 

86,654

 

 

 

84,321

 

Sales and marketing

 

 

4,965

 

 

 

3,288

 

 

 

13,481

 

 

 

8,854

 

Research and development

 

 

1,310

 

 

 

820

 

 

 

3,163

 

 

 

3,457

 

General and administrative

 

 

10,843

 

 

 

11,380

 

 

 

33,534

 

 

 

32,252

 

Depreciation and amortization

 

 

3,070

 

 

 

2,103

 

 

 

8,952

 

 

 

6,242

 

Intangible and other asset impairments

 

 

186

 

 

 

 

 

 

186

 

 

 

29

 

Loss on disposal of assets

 

 

11

 

 

 

4

 

 

 

170

 

 

 

15

 

TOTAL COSTS AND EXPENSES

 

 

45,428

 

 

 

45,004

 

 

 

146,140

 

 

 

135,170

 

INCOME (LOSS) FROM OPERATIONS

 

 

(1,980

)

 

 

7,730

 

 

 

(2,595

)

 

 

22,313

 

OTHER EXPENSES (INCOME) AND LOSSES (GAINS), NET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

1,751

 

 

 

2,117

 

 

 

5,333

 

 

 

7,521

 

Interest income

 

 

 

 

 

(14

)

 

 

 

 

 

(95

)

Other (income) expense

 

 

(16,006

)

 

 

965

 

 

 

(10,907

)

 

 

1,640

 

NET INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

 

 

12,275

 

 

 

4,662

 

 

 

2,979

 

 

 

13,247

 

Income tax expense

 

 

25

 

 

 

18

 

 

 

82

 

 

 

52

 

NET INCOME FROM CONTINUING OPERATIONS

 

$

12,250

 

 

$

4,644

 

 

$

2,897

 

 

$

13,195

 

INCOME PER SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.10

 

 

$

0.04

 

 

$

0.02

 

 

$

0.14

 

Diluted

 

$

0.09

 

 

$

0.04

 

 

$

0.02

 

 

$

0.13

 

Weighted average shares used to compute net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – basic

 

 

119,823,181

 

 

 

109,181,847

 

 

 

115,961,454

 

 

 

93,763,069

 

Weighted average common shares outstanding – diluted

 

 

130,167,296

 

 

 

123,785,750

 

 

 

128,279,820

 

 

 

102,519,454

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


TABLE_CONTENTS

 

WAITR HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

2,897

 

 

$

13,195

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Non-cash interest expense

 

 

1,948

 

 

 

5,126

 

Stock-based compensation

 

 

6,100

 

 

 

3,178

 

Loss on disposal of assets

 

 

170

 

 

 

15

 

Depreciation and amortization

 

 

8,952

 

 

 

6,242

 

Intangible and other asset impairments

 

 

186

 

 

 

29

 

Amortization of capitalized contract costs

 

 

686

 

 

 

327

 

Other non-cash income

 

 

 

 

 

(31

)

Other

 

 

(93

)

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

583

 

 

 

(653

)

Capitalized contract costs

 

 

(1,749

)

 

 

(2,219

)

Prepaid expenses and other current assets

 

 

16

 

 

 

3,732

 

Other noncurrent assets

 

 

(311

)

 

 

 

Accounts payable

 

 

373

 

 

 

591

 

Restaurant food liability

 

 

(903

)

 

 

(876

)

Income tax payable

 

 

(38

)

 

 

1

 

Accrued payroll

 

 

(3,389

)

 

 

(3,037

)

Accrued medical contingency

 

 

(16,933

)

 

 

(363

)

Accrued workers’ compensation liability

 

 

 

 

 

(102

)

Other current liabilities

 

 

1,032

 

 

 

3,650

 

Other noncurrent liabilities

 

 

(102

)

 

 

781

 

Net cash (used in) provided by operating activities

 

 

(575

)

 

 

29,586

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(717

)

 

 

(968

)

Internally developed software

 

 

(6,432

)

 

 

(2,387

)

Acquisitions, net of cash acquired

 

 

(25,435

)

 

 

(339

)

Collections on notes receivable

 

 

 

 

 

51

 

Proceeds from sale of property and equipment

 

 

21

 

 

 

14

 

Net cash used in investing activities

 

 

(32,563

)

 

 

(3,629

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of stock

 

 

7,900

 

 

 

47,574

 

Payments on long-term loan

 

 

(14,472

)

 

 

(22,594

)

Borrowings under short-term loans for insurance financing

 

 

5,209

 

 

 

1,906

 

Payments on short-term loans for insurance financing

 

 

(5,605

)

 

 

(4,336

)

Payments on acquisition loans

 

 

(178

)

 

 

 

Proceeds from exercise of stock options

 

 

12

 

 

 

40

 

Taxes paid related to net settlement on stock-based compensation

 

 

(932

)

 

 

(728

)

Net cash (used in) provided by financing activities

 

 

(8,066

)

 

 

21,862

 

Net change in cash

 

 

(41,204

)

 

 

47,819

 

Cash, beginning of period

 

 

84,706

 

 

 

29,317

 

Cash, end of period

 

$

43,502

 

 

$

77,136

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the period for state income taxes

 

$

 

 

$

64

 

Cash paid during the period for interest

 

$

3,385

 

 

$

2,395

 

Supplemental disclosures of non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Conversion of convertible notes to stock

 

$

 

 

$

12,024

 

Stock issued as consideration in acquisition

 

 

13,724

 

 

 

 

Noncash impact of operating lease assets upon adoption

 

 

5,833

 

 

 

 

Noncash impact of operating lease liabilities upon adoption

 

 

6,232

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


TABLE_CONTENTS

 

WAITR HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021

(in thousands, except share data)

(unaudited)

 

Three Months Ended September 30, 2021

 

 

 

Common stock

 

 

Additional

paid in

capital

 

 

Accumulated

deficit

 

 

Total

stockholders’

equity

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at June 30, 2021

 

 

116,701,277

 

 

$

11

 

 

$

466,192

 

 

$

(373,259

)

 

$

92,944

 

Net income

 

 

 

 

 

 

 

 

 

 

 

12,250

 

 

 

12,250

 

Exercise of stock options and vesting of restricted stock units

 

 

667,207

 

 

 

1

 

 

 

3

 

 

 

 

 

 

4

 

Taxes paid related to net settlement on stock-based compensation

 

 

 

 

 

 

 

 

(115

)

 

 

 

 

 

(115

)

Stock-based compensation

 

 

 

 

 

 

 

 

1,635

 

 

 

 

 

 

1,635

 

Equity issued for acquisition

 

 

2,564,103

 

 

 

 

 

 

3,179

 

 

 

 

 

 

3,179

 

Issuance of common stock

 

 

6,683,823

 

 

 

1

 

 

 

7,899

 

 

 

 

 

 

7,900

 

Balances at September 30, 2021

 

 

126,616,410

 

 

$

13

 

 

$

478,793

 

 

$

(361,009

)

 

$

117,797

 

 

 

Nine Months Ended September 30, 2021

 

 

 

Common stock

 

 

Additional

paid in

capital

 

 

Accumulated

deficit

 

 

Total

stockholders’

equity

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2020

 

 

111,259,037

 

 

$

11

 

 

$

451,991

 

 

$

(363,906

)

 

$

88,096

 

Net income

 

 

 

 

 

 

 

 

 

 

 

2,897

 

 

 

2,897

 

Exercise of stock options and vesting of restricted stock units

 

 

2,518,780

 

 

 

1

 

 

 

11

 

 

 

 

 

 

12

 

Taxes paid related to net settlement on stock-based compensation

 

 

 

 

 

 

 

 

(932

)

 

 

 

 

 

(932

)

Stock-based compensation

 

 

 

 

 

 

 

 

6,100

 

 

 

 

 

 

6,100

 

Equity issued for acquisitions

 

 

6,154,770

 

 

 

 

 

 

13,724

 

 

 

 

 

 

13,724

 

Issuance of common stock

 

 

6,683,823

 

 

 

1

 

 

 

7,899

 

 

 

 

 

 

7,900

 

Balances at September 30, 2021

 

 

126,616,410

 

 

$

13

 

 

$

478,793

 

 

$

(361,009

)

 

$

117,797

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


TABLE_CONTENTS

 

 

WAITR HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020

(in thousands, except share data)

(unaudited)

 

 

Three Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

Additional

paid in

capital

 

 

Accumulated

deficit

 

 

Total

stockholders’

equity

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at June 30, 2020

 

 

102,382,511

 

 

$

10

 

 

$

420,368

 

 

$

(371,191

)

 

$

49,187

 

Net income

 

 

 

 

 

 

 

 

 

 

 

4,644

 

 

 

4,644

 

Exercise of stock options and vesting of restricted stock units

 

 

45,071

 

 

 

 

 

 

2

 

 

 

 

 

 

2

 

Stock-based compensation

 

 

 

 

 

 

 

 

1,728

 

 

 

 

 

 

1,728

 

Stock issued for conversion of Notes

 

 

105,384

 

 

 

 

 

 

137

 

 

 

 

 

 

137

 

Issuance of common stock

 

 

7,587,655

 

 

 

1

 

 

 

24,989

 

 

 

 

 

 

24,990

 

Balances at September 30, 2020

 

 

110,120,621

 

 

$

11

 

 

$