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Waitr Holdings (WTRH) Q4 Earnings & Revenues Miss Estimates

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·3 min read
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Waitr Holdings WTRH reported fourth-quarter 2020 non-GAAP earnings of 2 cents per share, which missed the Zacks Consensus Estimate by 50%. The company had reported a loss of 28 cents per share in the year-ago quarter.

Revenues of $42.8 million missed the consensus mark by 11.7% but increased 8.7% year over year. The year-over-year growth was driven by continued demand for the company’s online ordering technology platform, including the Waitr and Bite Squad mobile applications, which provide delivery, carryout and dine-in options, connecting restaurants, drivers and diners in cities across the United States.

As of Dec 31, 2020, Waitr Holdings had over 20K restaurants on the platforms and served over 1.9 million active diners.

Waitr Holdings Inc. Price, Consensus and EPS Surprise

Waitr Holdings Inc. Price, Consensus and EPS Surprise
Waitr Holdings Inc. Price, Consensus and EPS Surprise

Waitr Holdings Inc. price-consensus-eps-surprise-chart | Waitr Holdings Inc. Quote

Quarterly Details

Adjusted EBITDA was $9.9 million against adjusted EBITDA loss of $14.4 million.

Research & development expenses as a percentage of revenues contracted 220 basis points (bps) year over year to 1.7%.

General & administrative expenses as a percentage of revenues contracted 670 bps to 22.9%.

Meanwhile, sales & marketing expenses as a percentage of revenues were 7.2% compared with 25% in the year-ago quarter.

Operating income was $4.9 million against loss of $19 million reported in the year-ago quarter.

Balance Sheet and Cash Flow

Waitr Holdings had cash on hand of $84.7 million as of Dec 31, compared with $77.1 million as of Sep 30.

Cash flow provided in operating activities was $38.4 million against $73.5 million used in the year-ago quarter.

As of Dec 31, 2020, the company had total long-term debt outstanding 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.

Outstanding short-term loans for insurance financing stood at $2.7 million.

Zacks Rank & Stocks to Consider

Waitr Holdings currently carries a Zacks Rank #3 (Hold).

AU Optronics Corp AUOTY, Golden Entertainment, Inc. GDEN and Select Interior Concepts, Inc. SIC are some better-ranked stocks in the broader computer and technology sector. Each stock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

While AU Optronics and Golden Entertainment will report fourth-quarter 2020 results on Mar 11, Select Interior Concepts will report the same on Mar 15.

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Waitr Holdings Inc. (WTRH) : Free Stock Analysis Report

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