QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | o | x | |||||||||
Non-accelerated filer | o | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Unaudited | |||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Capitalized contract costs, current | |||||||||||
Prepaid expenses and other current assets | |||||||||||
TOTAL CURRENT ASSETS | |||||||||||
Property and equipment, net | |||||||||||
Capitalized contract costs, noncurrent | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other noncurrent assets | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
LIABILITIES: | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | $ | |||||||||
Restaurant food liability | |||||||||||
Accrued payroll | |||||||||||
Short-term loans for insurance financing | |||||||||||
Income tax payable | |||||||||||
Operating lease liabilities | |||||||||||
Other current liabilities | |||||||||||
TOTAL CURRENT LIABILITIES | |||||||||||
Long term debt - related party | |||||||||||
Accrued medical contingency | |||||||||||
Operating lease liabilities, net of current portion | |||||||||||
Other noncurrent liabilities | |||||||||||
TOTAL LIABILITIES | |||||||||||
Commitments and contingent liabilities (Note 10) | |||||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Common stock, $ | |||||||||||
Additional paid in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
TOTAL STOCKHOLDERS’ EQUITY | |||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
REVENUE | $ | $ | $ | $ | |||||||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||
Operations and support | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Goodwill impairment | |||||||||||||||||||||||
(Gain) loss on disposal of assets | ( | ( | |||||||||||||||||||||
TOTAL COSTS AND EXPENSES | |||||||||||||||||||||||
LOSS FROM OPERATIONS | ( | ( | ( | ( | |||||||||||||||||||
OTHER EXPENSES AND LOSSES, NET | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Other expense | |||||||||||||||||||||||
NET LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ( | ( | ( | ( | |||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
NET LOSS FROM CONTINUING OPERATIONS | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
LOSS PER SHARE: | |||||||||||||||||||||||
Basic | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted average shares used to compute net loss per share: | |||||||||||||||||||||||
Weighted average common shares outstanding – basic | |||||||||||||||||||||||
Weighted average common shares outstanding – diluted |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
Non-cash interest expense | |||||||||||
Induced conversion expense related to Notes | |||||||||||
Stock-based compensation | |||||||||||
(Gain) loss on disposal of assets | ( | ||||||||||
Depreciation and amortization | |||||||||||
Goodwill impairment | |||||||||||
Amortization of capitalized contract costs | |||||||||||
Change in fair value of contingent consideration liability | |||||||||||
Other | ( | ( | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Capitalized contract costs | ( | ( | |||||||||
Prepaid expenses and other current assets | ( | ||||||||||
Other noncurrent assets | ( | ||||||||||
Accounts payable | ( | ||||||||||
Restaurant food liability | ( | ( | |||||||||
Income tax payable | |||||||||||
Accrued payroll | ( | ( | |||||||||
Accrued medical contingency | ( | ( | |||||||||
Other current liabilities | ( | ||||||||||
Other noncurrent liabilities | ( | ( | |||||||||
Net cash (used in) provided by operating activities | ( | ||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Internally developed software | ( | ( | |||||||||
Purchase of domain names | ( | ||||||||||
Acquisitions, net of cash acquired | ( | ||||||||||
Proceeds from sale of property and equipment | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of stock | |||||||||||
Payments on long-term loan | ( | ( | |||||||||
Borrowings under short-term loans for insurance financing | |||||||||||
Payments on short-term loans for insurance financing | ( | ( | |||||||||
Payments on acquisition loans | ( | ||||||||||
Payments on finance lease obligation | ( | ||||||||||
Proceeds from exercise of stock options | |||||||||||
Taxes paid related to net settlement on stock-based compensation | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net change in cash | ( | ( | |||||||||
Cash, beginning of period | |||||||||||
Cash, end of period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid during the period for interest | $ | $ | |||||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
Conversion of convertible notes to stock | $ | $ | |||||||||
Stock issued as consideration in acquisition | |||||||||||
Noncash impact of operating lease assets upon adoption | |||||||||||
Noncash impact of operating lease liabilities upon adoption |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
Common stock | Additional paid in capital | Accumulated deficit | Total stockholders’ equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balances at March 31, 2022 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | ||||||||||||||||||||||||||
Taxes paid related to net settlement on stock-based compensation | — | — | ( | — | ( | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||
Stock issued for conversion of Notes | — | — | |||||||||||||||||||||||||||
Issuance of common stock, net | — | ||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | $ | $ | ( | $ |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
Common stock | Additional paid in capital | Accumulated deficit | Total stockholders’ equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | ||||||||||||||||||||||||||
Taxes paid related to net settlement on stock-based compensation | — | — | ( | — | ( | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||
Stock issued for conversion of Notes | — | — | |||||||||||||||||||||||||||
Issuance of common stock, net | — | ||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | $ | $ | ( | $ |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Common stock | Additional paid in capital | Accumulated deficit | Total stockholders’ equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balances at March 31, 2021 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Exercise of stock options and vesting of restricted stock units | — | — | |||||||||||||||||||||||||||
Taxes paid related to net settlement on stock-based compensation | — | — | ( | — | ( | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||
Adjustment of consideration for acquisition | — | — | ( | — | ( | ||||||||||||||||||||||||
Balances at June 30, 2021 | $ | $ | $ | ( | $ |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Common stock | Additional paid in capital | Accumulated deficit | Total stockholders’ equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balances at December 31, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Exercise of stock options and vesting of restricted stock units | — | — | |||||||||||||||||||||||||||
Taxes paid related to net settlement on stock-based compensation | — | — | ( | — | ( | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||
Equity issued for asset acquisitions | — | — | |||||||||||||||||||||||||||
Balances at June 30, 2021 | $ | $ | $ | ( | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Delivery transaction fees | $ | $ | $ | $ | |||||||||||||||||||
Payment processing referral fees | |||||||||||||||||||||||
Setup and integration fees | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ |
Six months ended June 30, 2021 | ||||||||
Net revenue | $ | |||||||
Net loss | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Credit card receivables | $ | $ | |||||||||
Residual commissions receivable | |||||||||||
Receivables from restaurants and customers | |||||||||||
Accounts receivable | $ | $ | |||||||||
Less: allowance for doubtful accounts and chargebacks | ( | ( | |||||||||
Accounts receivable, net | $ | $ |
As of June 30, 2022 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Accumulated Impairment | Intangible Assets, Net | ||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||
Software | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Trademarks/Trade name/Patents | ( | — | |||||||||||||||||||||
Customer Relationships | ( | ( | |||||||||||||||||||||
Total intangible assets subject to amortization | ( | ( | |||||||||||||||||||||
Trademarks, not subject to amortization | — | — | |||||||||||||||||||||
Total | $ | $ | ( | $ | ( | $ | |||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Accumulated Impairment | Intangible Assets, Net | ||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||
Software | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Trademarks/Trade name/Patents | ( | — | |||||||||||||||||||||
Customer Relationships | ( | ( | |||||||||||||||||||||
Total intangible assets subject to amortization | ( | ( | |||||||||||||||||||||
Trademarks, not subject to amortization | — | — | |||||||||||||||||||||
Total | $ | $ | ( | $ | ( | $ |
Amortization | |||||
The remainder of 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total future amortization | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Balance, beginning of period | $ | $ | |||||||||
Acquisitions during the period | |||||||||||
Impairments during the period | ( | ||||||||||
Balance, end of period | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Accrued insurance expenses | $ | $ | |||||||||
Accrued estimated workers’ compensation expenses | |||||||||||
Accrued medical contingency | |||||||||||
Accrued legal contingency | |||||||||||
Accrued sales tax payable | |||||||||||
Accrued cash incentives | |||||||||||
Other accrued expenses | |||||||||||
Contingent consideration liability | |||||||||||
Unclaimed property | |||||||||||
Other current liabilities | |||||||||||
Total other current liabilities | $ | $ |
Coupon Rate Range in 2021 through 2Q22 | Effective Interest Rate at June 30, 2022 | Maturity | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Term Loan | May 2024 | $ | $ | ||||||||||||||||||||||||||
Notes | May 2024 | ||||||||||||||||||||||||||||
$ | $ | ||||||||||||||||||||||||||||
Less: unamortized debt issuance costs on Term Loan | ( | ( | |||||||||||||||||||||||||||
Less: unamortized debt issuance costs on Notes | ( | ( | |||||||||||||||||||||||||||
Long term debt - related party | $ | $ | |||||||||||||||||||||||||||
Short-term loans for insurance financing | n/a | August 2022 - March 2023 | |||||||||||||||||||||||||||
Total outstanding debt | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Contractual interest expense | $ | $ | $ | $ | |||||||||||||||||||
Amortization of debt discount | |||||||||||||||||||||||
$ | $ | $ | $ |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||||||||||||||
Forfeited | ( | ( | |||||||||||||||||||||||||||||||||
Expired | ( | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ |
As of June 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||
Options Fully Vested and Expected to Vest | Options Exercisable | Options Fully Vested and Expected to Vest | Options Exercisable | ||||||||||||||||||||
Number of Options | |||||||||||||||||||||||
Weighted-average remaining contractual term (years) | |||||||||||||||||||||||
Weighted-average exercise price | $ | $ | $ | $ | |||||||||||||||||||
Aggregate Intrinsic Value (in thousands) | $ | $ | $ | $ |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (years) | Number of Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (years) | ||||||||||||||||||||||||||||||
Nonvested, beginning of period | $ | $ | |||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Shares vested | ( | ( | |||||||||||||||||||||||||||||||||
Forfeitures | ( | ( | |||||||||||||||||||||||||||||||||
Nonvested, end of period | $ | $ |
November 2021 ATM Program | ||||||||||||||||||||
Sales during December 2021 | Sales during the period from January 1, 2022 through April 12, 2022 | Total | ||||||||||||||||||
Maximum aggregate offering price (in thousands) | $ | |||||||||||||||||||
Total shares sold | ||||||||||||||||||||
Average sales price per share | $ | $ | $ | |||||||||||||||||
Gross proceeds (in thousands) | $ | $ | $ | |||||||||||||||||
Net proceeds (in thousands) | $ | $ | $ |
As of June 30, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Contingent consideration | $ | $ | $ | $ | |||||||||||||||||||
Total liabilities measured and recorded at fair value | $ | $ | $ | $ | |||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Accrued medical contingency | $ | $ | $ | $ | |||||||||||||||||||
Contingent consideration | |||||||||||||||||||||||
Total liabilities measured and recorded at fair value | $ | $ | $ | $ |
Medical Contingency | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Balance, beginning of the period | $ | $ | $ | $ | |||||||||||||||||||
Increases/additions | |||||||||||||||||||||||
Reductions/settlements | ( | ( | ( | ||||||||||||||||||||
Transfers out of Level 3 | ( | ||||||||||||||||||||||
Balance, end of the period | $ | $ | $ | $ |
Contingent Consideration | |||||||||||
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | ||||||||||
Balance, beginning of the period | $ | $ | |||||||||
Additions | |||||||||||
Increase in fair value | |||||||||||
Reductions/settlements | |||||||||||
Balance, end of the period | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Basic and diluted loss per share: | |||||||||||||||||||||||
Net loss attributable to common stockholders - basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted average number of shares outstanding | |||||||||||||||||||||||
Basic and diluted loss per common share | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Antidilutive shares underlying stock-based awards: | |||||||||||||||||||||||
Stock options | |||||||||||||||||||||||
Restricted stock units | |||||||||||||||||||||||
Debt Warrants (see Note 12 - Stockholders’ Equity) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Key Business Metrics(1) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Active Diners (as of period end) | 1,327,971 | 1,878,904 | 1,327,971 | 1,878,904 | |||||||||||||||||||
Average Daily Orders | 18,070 | 38,583 | 20,475 | 38,108 | |||||||||||||||||||
Gross Food Sales (dollars in thousands) | $ | 86,315 | $ | 154,738 | $ | 187,383 | $ | 305,019 | |||||||||||||||
Average Order Size (in dollars) | $ | 52.49 | $ | 44.07 | $ | 50.56 | $ | 44.22 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages(1)) | 2022 | % of Revenue | 2021 | % of Revenue | 2022 | % of Revenue | 2021 | % of Revenue | |||||||||||||||||||||||||||||||||||||||
Revenue | $ | 31,171 | 100 | % | $ | 49,167 | 100 | % | $ | 66,211 | 100 | % | $ | 100,097 | 100 | % | |||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Operations and support | 15,983 | 51 | % | 31,273 | 64 | % | 36,262 | 55 | % | 61,611 | 62 | % | |||||||||||||||||||||||||||||||||||
Sales and marketing | 6,973 | 22 | % | 4,500 | 9 | % | 13,226 | 20 | % | 8,516 | 9 | % | |||||||||||||||||||||||||||||||||||
Research and development | 1,242 | 4 | % | 854 | 2 | % | 2,553 | 4 | % | 1,853 | 2 | % | |||||||||||||||||||||||||||||||||||
General and administrative | 12,213 | 39 | % | 12,505 | 25 | % | 23,758 | 36 | % | 22,691 | 23 | % | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 3,000 | 10 | % | 2,965 | 6 | % | 6,065 | 9 | % | 5,882 | 6 | % | |||||||||||||||||||||||||||||||||||
Goodwill impairment | — | 0 | % | — | 0 | % | 67,190 | 101 | % | — | — | % | |||||||||||||||||||||||||||||||||||
(Gain) loss on disposal of assets | (71) | 0 | % | 162 | 0 | % | (88) | — | % | 159 | — | % | |||||||||||||||||||||||||||||||||||
Total costs and expenses | 39,340 | 126 | % | 52,259 | 106 | % | 148,966 | 225 | % | 100,712 | 101 | % | |||||||||||||||||||||||||||||||||||
Loss from operations | (8,169) | (26) | % | (3,092) | (6) | % | (82,755) | (125) | % | (615) | (1) | % | |||||||||||||||||||||||||||||||||||
Other expenses and losses, net: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 1,461 | 5 | % | 1,681 | 3 | % | 3,165 | 5 | % | 3,582 | 4 | % | |||||||||||||||||||||||||||||||||||
Other expense | 2,024 | 6 | % | 835 | 2 | % | 2,934 | 4 | % | 5,099 | 5 | % | |||||||||||||||||||||||||||||||||||
Net loss before income taxes | (11,654) | (37) | % | (5,608) | (11) | % | (88,854) | (134) | % | (9,296) | (9) | % | |||||||||||||||||||||||||||||||||||
Income tax expense | 17 | 0 | % | 33 | 0 | % | 33 | — | % | 57 | — | % | |||||||||||||||||||||||||||||||||||
Net loss | $ | (11,671) | (37) | % | $ | (5,641) | (11) | % | $ | (88,887) | (134) | % | $ | (9,353) | (9) | % | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Revenue | $ | 31,171 | $ | 49,167 | (37 | %) | $ | 66,211 | $ | 100,097 | (34 | %) |
Three Months Ended June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Operations and support | $ | 15,983 | $ | 31,273 | (49 | %) | $ | 36,262 | $ | 61,611 | (41 | %) | |||||||||||||||||||||||
As a percentage of revenue | 51 | % | 64 | % | 55 | % | 62 | % |
Three Months Ended June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Sales and marketing | $ | 6,973 | $ | 4,500 | 55 | % | $ | 13,226 | $ | 8,516 | 55 | % | |||||||||||||||||||||||
As a percentage of revenue | 22 | % | 9 | % | 20 | % | 9 | % |
Three Months Ended June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Research and development | $ | 1,242 | $ | 854 | 45 | % | $ | 2,553 | $ | 1,853 | 38 | % | |||||||||||||||||||||||
As a percentage of revenue | 4 | % | 2 | % | 4 | % | 2 | % |
Three Months Ended June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
General and administrative | $ | 12,213 | $ | 12,505 | (2 | %) | $ | 23,758 | $ | 22,691 | 5 | % | |||||||||||||||||||||||
As a percentage of revenue | 39 | % | 25 | % | 36 | % | 23 | % |
Three Months Ended June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 3,000 | $ | 2,965 | 1 | % | $ | 6,065 | $ | 5,882 | 3 | % | |||||||||||||||||||||||
As a percentage of revenue | 10 | % | 6 | % | 9 | % | 6 | % |
Three Months Ended June 30, | Percentage Change | Six Months Ended June 30, | Percentage Change | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Other expenses and losses, net | $ | 3,485 | $ | 2,516 | 39 | % | $ | 6,099 | $ | 8,681 | (30 | %) | |||||||||||||||||||||||
As a percentage of revenue | 11 | % | 5 | % | 9 | % | 9 | % |
Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||
Net cash (used in) provided by operating activities | $ | (13,829) | $ | 5,936 | ||||||||||
Net cash used in investing activities | (4,379) | (17,419) | ||||||||||||
Net cash used in financing activities | (13,700) | (12,675) |
Exhibit No. | Description | |||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Dated: August 8, 2022 | By: | /s/ Armen Yeghyazarians | ||||||
Armen Yeghyazarians | ||||||||
Chief Financial Officer and Chief Accounting Officer | ||||||||
(Principal Financial Officer and Duly Authorized Officer) |
Date: | August 8, 2022 | |||||||
By: | /s/ Carl A. Grimstad | |||||||
Carl A. Grimstad Chief Executive Officer and Chairman of the Board (Principal Executive Officer) |
Date: | August 8, 2022 | |||||||
By: | /s/ Armen Yeghyazarians | |||||||
Armen Yeghyazarians Chief Financial Officer and Chief Accounting Officer (Principal Financial Officer) |
By: | /s/ Carl A. Grimstad | |||||||
Carl A. Grimstad Chief Executive Officer and Chairman of the Board (Principal Executive Officer) | ||||||||
Date: | August 8, 2022 |
By: | /s/ Armen Yeghyazarians | |||||||
Armen Yeghyazarians Chief Financial Officer and Chief Accounting Officer (Principal Financial Officer) | ||||||||
Date: | August 8, 2022 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 249,000,000 | 249,000,000 |
Common stock, issued (in shares) | 163,448,742 | 146,094,300 |
Common stock, outstanding (in shares) | 163,448,742 | 146,094,300 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Statement [Abstract] | ||||
REVENUE | $ 31,171,000 | $ 49,167,000 | $ 66,211,000 | $ 100,097,000 |
COSTS AND EXPENSES: | ||||
Operations and support | 15,983,000 | 31,273,000 | 36,262,000 | 61,611,000 |
Sales and marketing | 6,973,000 | 4,500,000 | 13,226,000 | 8,516,000 |
Research and development | 1,242,000 | 854,000 | 2,553,000 | 1,853,000 |
General and administrative | 12,213,000 | 12,505,000 | 23,758,000 | 22,691,000 |
Depreciation and amortization | 3,000,000 | 2,965,000 | 6,065,000 | 5,882,000 |
Goodwill impairment | 0 | 0 | 67,190,000 | 0 |
(Gain) loss on disposal of assets | (71,000) | 162,000 | (88,000) | 159,000 |
TOTAL COSTS AND EXPENSES | 39,340,000 | 52,259,000 | 148,966,000 | 100,712,000 |
LOSS FROM OPERATIONS | (8,169,000) | (3,092,000) | (82,755,000) | (615,000) |
OTHER EXPENSES AND LOSSES, NET | ||||
Interest expense | 1,461,000 | 1,681,000 | 3,165,000 | 3,582,000 |
Other expense | 2,024,000 | 835,000 | 2,934,000 | 5,099,000 |
NET LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (11,654,000) | (5,608,000) | (88,854,000) | (9,296,000) |
Income tax expense | 17,000 | 33,000 | 33,000 | 57,000 |
NET LOSS FROM CONTINUING OPERATIONS | $ (11,671,000) | $ (5,641,000) | $ (88,887,000) | $ (9,353,000) |
LOSS PER SHARE: | ||||
Basic (in dollars per share) | $ (0.07) | $ (0.05) | $ (0.57) | $ (0.08) |
Diluted (in dollars per share) | $ (0.07) | $ (0.05) | $ (0.57) | $ (0.08) |
Weighted average shares used to compute net loss per share: | ||||
Weighted average common shares outstanding – basic | 160,531,778 | 115,644,790 | 157,099,938 | 113,998,589 |
Weighted average common shares outstanding – diluted | 160,531,778 | 115,644,790 | 157,099,938 | 113,998,589 |
Organization |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | OrganizationWaitr Holdings Inc., a Delaware corporation, together with its wholly owned subsidiaries (the “Company,” “Waitr,” “we,” “us” and “our”), operates an online ordering technology platform, providing delivery, carryout and dine-in options, connecting restaurants, merchants, drivers and diners in cities across the United States. The Company’s technology platform includes the Waitr, Bite Squad and Delivery Dudes mobile applications, collectively referred to as the “Platforms”. The Platforms allow consumers to browse local restaurants and menus, track order and delivery status, and securely store previous orders for ease of use and convenience. Restaurants benefit from the online Platforms through increased exposure to consumers for expanded business in the delivery market and carryout sales.Additionally, Waitr facilitates access to third parties that provide payment processing solutions for restaurants and other merchants, pursuant to the acquisition of the Cape Payment Companies (as defined below) on August 25, 2021 (see Note 4 – Business Combinations). |
Basis of Presentation and Summary of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) as they apply to interim financial information. Accordingly, the interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete annual financial statements, although the Company believes that the disclosures made are adequate to make information not misleading. References to the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) included hereafter refer to the ASC and ASUs established by the Financial Accounting Standards Board (the “FASB”) as the source of authoritative GAAP. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). The interim condensed consolidated financial statements are unaudited, but in the Company’s opinion, include all adjustments that are necessary for a fair presentation of the results for the periods presented. The interim results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year. Reclassifications Certain amounts from prior periods have been reclassified to conform to the current period presentation. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and all wholly owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Significant estimates and judgments relied upon in preparing these condensed consolidated financial statements affect the following items: •incurred loss estimates under our insurance policies with large deductibles or retention levels; •loss exposure related to claims; •determination of agent vs. principal classification for revenue recognition purposes; •income taxes; •useful lives of tangible and intangible assets; •equity compensation; •contingencies; •goodwill and other intangible assets, including the recoverability of intangible assets with finite lives and other long-lived assets; and •fair value of assets acquired, liabilities assumed and contingent consideration as part of a business combination. The Company regularly assesses these estimates and records changes to estimates in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions believed to be reasonable under the circumstances. Changes in the economic environment, financial markets, and any other parameters used in determining these estimates could cause actual results to differ from those estimates. Liquidity and Capital Resources The accompanying unaudited condensed consolidated financial statements were prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As a result of recurring losses from operations and declines in cash positions, management considered its ability to continue as a going concern and evaluated the significance of these results during the six months ended June 30, 2022. The Company has experienced recurring losses from operations and has an accumulated deficit of $458,022 as of June 30, 2022. Additionally, during the second quarter of 2022, the Company’s cash position was impacted by the utilization of $20,000 in cash to pay down debt. Management has focused its efforts on certain initiatives to improve revenue, operating income and cash positions, including (i) collaborations with convenience stores, (ii) delivery from retailers in a variety of industries, (iii) the entry into new markets and (iv) the development of a proprietary stadium ordering application. In July 2022, the Company entered into a multi-year sponsorship agreement to serve as the exclusive mobile ordering platform at MetLife Stadium, providing an avenue for the Company to expand its delivery services into the New York and New Jersey markets. Our strategy is to grow order volume and revenue both in existing markets and new markets, such as New York and New Jersey. Additionally, management has evaluated its existing cost structure and will continue to implement cost saving initiatives where appropriate to reduce operating costs and manage the Company’s cash position. Management considered its current business focus on improving revenues and plans to continue to implement cost savings where appropriate, and determined that we currently expect that our cash on hand, estimated cash flow from operations and net proceeds from additional equity raises, including any raises under the ATM Program (see Note 8 – Debt and Note 12 – Stockholders’ Equity), will be sufficient to meet our working capital needs for at least the next twelve months. However, there can be no assurance that we will generate cash flow at the levels we anticipate, nor can there be any assurance that we will be able to raise additional equity capital. Significant Accounting Policies See “Recent Accounting Pronouncements” below for a description of accounting principle changes adopted during the six months ended June 30, 2022. There have been no material changes to our significant accounting policies described in the 2021 Form 10-K. Recent Accounting Pronouncements The Company considered the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on these unaudited condensed consolidated financial statements. Recently Adopted Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt, resulting in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation. ASU 2020-06 was effective for and adopted by the Company on January 1, 2022. The adoption of ASU 2020-06 did not have a material impact on the Company’s disclosures or consolidated financial statements. Pending Accounting Standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which creates an exception to the general recognition and measurement principle in ASC 805 by requiring companies to apply ASC 606 to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. The guidance additionally clarifies that companies should apply the definition of a performance obligation in ASC 606 when recognizing contract liabilities assumed in a business combination. ASU 2021-08 is effective for the Company on January 1, 2023. The Company is currently evaluating the impacts of the provisions of ASU 2021-08 on its consolidated financial statements and related disclosures.
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue The following table presents our revenue disaggregated by offering. Revenue consists of the following for the periods indicated (in thousands):
Revenue from Contracts with Customers Delivery Transaction Fees The Company generates revenue (“Delivery Transaction Fees”) primarily when diners place an order on one of the Platforms. In the case of diner subscription fees relating to our diner subscription program, revenue is recognized for the receipt of the monthly fee in the applicable month for which the delivery service applies to. Delivery Transaction Fees represent the revenue recognized from the Company’s obligation to process orders on the Platforms. The performance obligation is satisfied when the Company successfully processes an order placed on one of the Platforms and the restaurant receives the order at their location. The obligation to process orders on the Platforms represents a series of distinct performance obligations satisfied over time that the Company combines into a single performance obligation. Consistent with the recognition objective in ASC Topic 606, Revenue from Contracts with Customers, the variable consideration due to the Company for processing orders is recognized on a daily basis. As an agent of the restaurant in the transaction, the Company recognizes Delivery Transaction Fees earned from the restaurant on the Platform on a net basis. Delivery Transaction Fees also include a fee charged to the end user customer when they request the order be delivered to their location. Revenue is recognized for diner fees once the delivery service is completed. The contract period for substantially all restaurant contracts is one month as both the Company and the restaurant have the ability to unilaterally terminate the contract by providing notice of termination. Payment Processing Referral Fees The Company also generates revenue by facilitating access to third-party payment processing solution providers. Revenue from such services primarily consists of residual payments received from third-party payment processing solution providers, based on the volume of transactions a payment processing solution provider performs for the merchant. The Company also occasionally receives a bonus up-front fee from third-party payment processing solution providers, paid at the time of a merchant’s initial transaction with a payment processing solution provider, based on a price specified in the agreement between the merchant and the payment processing solution provider. Payment processing referral fees represent revenue recognized from the Company’s offering of referral services, connecting a merchant with a third-party payment processing service. The Company’s performance obligation in its contracts with payment processors is for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the number of transactions submitted by the merchant and processed by the payment processor. Accordingly, the total transaction price is variable. The performance obligation is satisfied when the third-party payment processor finalizes the processing of a transaction through the payment system and transaction volume is available from the payment processor to the Company. Consistent with the recognition objective in ASC Topic 606, the variable consideration due to the Company for serving as the facilitator of the arrangement between the third-party payment processor and merchant is recognized on a daily basis. The Company is the agent in these arrangements as it establishes the relationship between the third-party payment processor and merchant, and thus, recognizes revenue on a net basis. The third-party payment processor is considered the customer of the Company as no direct contract exists between the merchant and the Company. Accounts Receivable The Company records a receivable when it has an unconditional right to the consideration. See Note 5 – Accounts Receivable, Net for additional details on the Company’s accounts receivable. Costs to Obtain a Contract with a Customer The Company recognizes an asset for the incremental costs of obtaining a contract with a restaurant and recognizes the expense over the course of the period when the Company expects to recover those costs. The Company has determined that certain internal sales incentives earned at the time when an initial contract is executed meet these requirements. Capitalized sales incentives are amortized to sales and marketing expense on a straight-line basis over the period of benefit, which the Company has determined to be five years. The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. Deferred costs related to obtaining contracts with restaurants were $3,008 and $2,968 as of June 30, 2022 and December 31, 2021, respectively, out of which $913 and $818, respectively, was classified as current. Amortization of expense for the costs to obtain a contract were $221 and $173 for the three months ended June 30, 2022 and 2021, respectively, and $429 and $322 for the six months ended June 30, 2022 and 2021, respectively. Costs to Fulfill a Contract with a Customer The Company also recognizes an asset for the costs to fulfill a contract with a restaurant when they are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. The Company has determined that certain costs related to onboarding restaurants onto the Platforms meet the capitalization criteria under ASC Topic 340-40, Other Assets and Deferred Costs. Costs related to these implementation activities are deferred and then amortized to operations and support expense on a straight-line basis over the period of benefit, which the Company has determined to be five years. Deferred costs related to fulfilling contracts with restaurants were $1,764 and $1,385 as of June 30, 2022 and December 31, 2021, respectively, out of which $464 and $352, respectively, was classified as current. Amortization of expense for the costs to fulfill a contract were $110 and $56 for the three months ended June 30, 2022 and 2021, respectively, and $204 and $101 for the six months ended June 30, 2022 and 2021, respectively.
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Business Combinations |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Business Combinations 2021 Acquisitions Cape Payment Acquisition On August 25, 2021, the Company completed the acquisition of certain assets and properties of ProMerchant LLC, Cape Cod Merchant Services LLC and Flow Payments LLC (collectively referred to herein as the “Cape Payment Companies”) (the “Cape Payment Acquisition”). The Cape Payment Companies facilitate merchant access to third-party payment processing solution providers and receive residual payments from the payment providers. The purchase price for the Cape Payment Companies consisted of $12,032 in cash and an aggregate of 2,564,103 shares of the Company’s common stock valued at $1.24 per share (the closing price of the Company’s common stock on August 24, 2021). The Cape Payment Acquisition included an earnout provision which provided for a one-time payment to the sellers if the Cape Payment Companies exceed certain future revenue targets. The earnout provision, if any, is payable no later than March 30, 2023, and was valued at $1,686 as of the acquisition date. As of June 30, 2022 and December 31, 2021, the earnout provision was valued at $2,043 and $1,939, respectively (see Note 13 - Fair Value Measurements). The Cape Payment Acquisition was considered a business combination in accordance with ASC 805, and was accounted for using the acquisition method. The results of operations of the Cape Payment Companies are included in our condensed consolidated financial statements beginning on the acquisition date, August 25, 2021, and were immaterial. Pro forma results were deemed immaterial to the Company. Delivery Dudes Acquisition On March 11, 2021, the Company completed the acquisition of certain assets and properties from Dude Holdings LLC (“Delivery Dudes”), a third-party delivery business primarily serving the South Florida market, for $11,500 in cash and 3,562,577 shares of the Company’s common stock valued at $2.96 per share (the closing price of the Company’s common stock on March 11, 2021) (the “Delivery Dudes Acquisition”). The Delivery Dudes Acquisition was considered a business combination in accordance with ASC 805, and was accounted for using the acquisition method. The results of operations of Delivery Dudes are included in our unaudited condensed consolidated financial statements beginning on the acquisition date, March 11, 2021. Revenue and net income of Delivery Dudes included in the unaudited condensed consolidated statement of operations in the three months ended June 30, 2022 totaled approximately $2,905 and $326, respectively, and in the six months ended June 30, 2022 totaled approximately $6,151 and $580, respectively. During the second and third quarters of 2021, the Company acquired the assets of six Delivery Dudes franchisees for total consideration of approximately $2,464, including $2,431 in cash. The asset acquisitions were accounted for under the acquisition method with the purchase consideration allocated to customer relationships. The results of operations of the acquired franchisees are included in our condensed consolidated financial statements beginning on their acquisition dates and were immaterial. Pro forma results were deemed immaterial to the Company. Additional Information Included in general and administrative expenses in the consolidated statement of operations in certain periods are direct and incremental costs, consisting of legal and professional fees, related to business combinations and asset acquisitions. During the three and six months ended June 30, 2021, the Company incurred direct and incremental costs of $63 and $669, respectively, related to the Delivery Dudes Acquisition. Pro-Forma Financial Information The supplemental condensed consolidated results of the Company for the six months ended June 30, 2021 on an unaudited pro forma basis as if the Delivery Dudes Acquisition had been consummated on January 1, 2021 are included in the table below (in thousands).
These pro forma results were based on estimates and assumptions, which the Company believes are reasonable. They are not the results that would have been realized had the Company been a consolidated company during the period presented and are not indicative of consolidated results of operations in future periods. Acquisition costs and other non-recurring charges incurred are included in the period presented.
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Accounts Receivable, Net |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable consist of the following (in thousands):
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Intangibles Assets and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles Assets and Goodwill | Intangibles Assets and Goodwill Intangible Assets Intangible assets with finite useful lives are amortized using the straight-line method over their estimated useful lives and include internally developed software, as well as software to be otherwise marketed, and trademarks/trade name/patents and customer relationships. The Company has determined that the trademark intangible asset and domain names related to the rebranding initiative are indefinite-lived assets and therefore are not subject to amortization but are evaluated annually for impairment. The Bite Squad, Delivery Dudes and Cape Payment Companies trade name intangible assets, however, are being amortized over their estimated useful lives. Intangible assets are stated at cost or acquisition-date fair value less accumulated amortization and consist of the following (in thousands):
During the six months ended June 30, 2022, the Company capitalized approximately $4,318 of software costs related to the development of the Platforms. The Company recorded amortization expense of $2,465 and $2,233 for the three months ended June 30, 2022 and 2021, respectively, and $4,950 and $4,065 for the six months ended June 30, 2022 and 2021, respectively. Estimated future amortization expense of intangible assets subject to amortization as of June 30, 2022 is as follows (in thousands):
Goodwill The change in the Company’s goodwill balance is as follows for the six months ended June 30, 2022 and the year ended December 31, 2021 (in thousands):
The Company recorded $23,890 of goodwill during the year ended December 31, 2021, including $14,343 associated with the Delivery Dudes Acquisition and $9,547 associated with the Cape Payment Acquisition (see Note 4 – Business Combinations). Impairments The Company conducts its goodwill and intangible asset impairment test annually in October, or more frequently if indicators of impairment exist. For purposes of testing for goodwill impairment, the Company has one reporting unit. As a result of a significant decline in the Company’s share price and market capitalization in mid-March 2022, as well as other macroeconomic and industry related conditions during the first quarter of 2022, the Company conducted its impairment test as of the valuation date of March 15, 2022. The impairment test was conducted in accordance with FASB ASC Topic 360, Impairment and Disposal of Long-Lived Assets (“ASC 360”) for certain long-lived assets, including capitalized contract costs, developed technology, customer relationships, and trade names, and in accordance with FASB ASC Topic 350, Intangibles – Goodwill and Other (“ASC 350”) for the reporting unit’s goodwill. The Company engaged a third-party to assist management in estimating the fair values of long-lived assets and the reporting unit for purposes of impairment testing under ASC 360 and ASC 350. ASC 360 requires long-lived assets to be tested for impairment using a three-step impairment test. Step 1 of the test is giving consideration to whether indicators of impairment of long-lived assets are present. Given the significant decline in the Company’s market capitalization and other macroeconomic factors, indications were that an impairment may exist and the Company proceeded to Step 2 to determine whether an impairment loss should be recognized. As a part of Step 2, the Company performed a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the long-lived assets in question to their carrying amounts. Given that the undiscounted cash flows for the long-lived assets were above the carrying amounts, the Company determined that the long-lived asset group is recoverable, and no impairment exists as of March 15, 2022. Customer relationships, the Company’s primary long-lived asset, was tested for impairment under the guidance in ASC 360. The customer relationships intangible asset was valued using the Income Approach, specifically, the multi-period excess earnings method, which measures the after-tax cash flows attributable to the existing customer relationships after deducting the operating costs and contributory asset charges associated with supporting the existing customer relationships. The customer relationships analysis represents a Level 3 measurement as it was based on unobservable inputs reflecting the Company’s assumptions used in developing a fair value estimate. These inputs required significant judgments and estimates at the time of the valuation. ASC 350 requires goodwill and other indefinite lived assets to be tested for impairment at the reporting unit level. For ASC 350 testing purposes, the Company compared the fair value of the reporting unit with its carrying amount. The fair value of the reporting unit was estimated giving consideration to the Income Approach, including the discounted cash flow method, and the Market Approach, including the similar transactions method and guideline public company method. Significant inputs and assumptions in the ASC 350 analysis included forecasts (e.g., revenue, operating costs, capital expenditures, etc.), discount rate, long-term growth rate, tax rates, etc. for the reporting unit under the Income Approach and market-based enterprise value to revenue multiples under the Market Approach. As a result of the ASC 350 analysis, the Company recognized a non-cash pre-tax impairment loss of $67,190 during the three months ended March 31, 2022 to write down the carrying value of goodwill to its implied fair value. There was no goodwill impairment charge recognized during the three months ended June 30, 2022. The non-cash impairment loss is included in the unaudited condensed consolidated statement of operations under the caption “goodwill impairment” during the six months ended June 30, 2022. Determining the fair value of a reporting unit and intangible assets requires the use of estimates and significant judgments that are based on a number of factors including actual operating results. It is reasonably possible that the judgments and estimates described above could change in future periods. There can be no assurance that additional goodwill or intangible assets will not be impaired in future periods.
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Other Current Liabilities |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other Current Liabilities Other current liabilities consist of the following (in thousands):
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The Company’s outstanding debt obligations are as follows (in thousands):
Interest expense related to the Company’s outstanding debt totaled $1,461 and $1,681 for the three months ended June 30, 2022 and 2021, respectively, and $3,165 and $3,582 for the six months ended June 30, 2022 and 2021, respectively. Interest expense includes interest on outstanding borrowings and amortization of debt issuance costs and debt discount. See Note 15 – Related Party Transactions for additional information regarding the Company’s related party long-term debt. Term Loan The Company maintains an agreement with Luxor Capital Group, LP (“Luxor Capital”) (as amended or otherwise modified from time to time, the “Credit Agreement”). The Credit Agreement provides for a senior secured first priority term loan (the “Term Loan”) which is guaranteed by certain subsidiaries of the Company. In connection with the Term Loan, the Company issued to Luxor Capital warrants which are exercisable for 586,845 shares of the Company’s common stock at June 30, 2022 (see Note 12 – Stockholders’ Equity). See Amendments to Loan Agreements below for details on an amendment to the Credit Agreement entered into in May 2022. Interest on the Term Loan is payable quarterly, in cash or, at the election of the Company, as a payment-in-kind, with interest paid in-kind being added to the aggregate principal balance. The Credit Agreement includes a number of customary covenants that, among other things, limit or restrict the ability of the Company and its subsidiaries to incur additional debt, incur liens on assets, engage in mergers or consolidations, dispose of assets, pay dividends or repurchase capital stock and repay certain junior indebtedness. The Credit Agreement also includes customary affirmative covenants, representations and warranties and events of default. Notes Additionally, the Company issued unsecured convertible promissory notes (the “Notes”) to Luxor Capital Partners, LP, Luxor Capital Partners Offshore Master Fund, LP, Luxor Wavefront, LP and Lugard Road Capital Master Fund, LP (the “Luxor Entities”) pursuant to an agreement, herein referred to as the “Convertible Notes Agreement”. The net carrying value of the Notes as of June 30, 2022 and December 31, 2021 totaled $48,426 and $49,069, respectively. See Amendments to Loan Agreements and Conversion Agreement below for details on amendments to the Convertible Notes Agreement and a conversion agreement entered into in May 2022. Interest on the Notes is payable quarterly, in cash or, at the Company’s election, up to one-half of the dollar amount of an interest payment due can be paid-in-kind. Interest paid-in-kind is added to the aggregate principal balance. Interest expense related to the Notes was comprised of the following for the three and six months ended June 30, 2022 and 2021 (in thousands):
The Notes include customary anti-dilution protection, including broad-based weighted average adjustments for issuances of additional shares. Upon maturity, the outstanding Notes (and any accrued but unpaid interest) will be repaid in cash or converted into shares of common stock, at the holder’s election. The Notes are convertible at the holder’s election into shares of the Company’s common stock at a rate of $8.52 per share at June 30, 2022. The Company’s payment obligations on the Notes are not guaranteed. The Convertible Notes Agreement contains negative covenants, affirmative covenants, representations and warranties and events of default that are substantially similar to those that are set forth in the Credit Agreement (except those that relate to collateral and related security interests, which are not contained in the Convertible Notes Agreement or otherwise applicable to the Notes). Amendments to Loan Agreements On May 9, 2022, the Company entered into an amendment to the Credit Agreement and an amendment to the Convertible Notes Agreement (together, the “May 9, 2022 Amended Loan Agreements”). The May 9, 2022 Amended Loan Agreements provide, among other things, (i) that going forward on a quarterly basis, 50% of the proceeds of any future at-the-market public common stock issuances by the Company will be applied to the prepayment of the Term Loan and (ii) a -month extension of the maturity date of the Credit Agreement and Convertible Notes Agreement until May 15, 2024. Additionally, pursuant to the amendment to the Credit Agreement, the Company made a $20,000 prepayment on the Term Loan on May 9, 2022. The Company evaluated the amendments in the May 9, 2022 Amended Loan Agreements under ASC 470-50, “Debt Modification and Extinguishment”, and concluded that the amendments did not meet the characteristics of debt extinguishments under ASC 470-50. Accordingly, the amendments were treated as a debt modification, and thus, no gain or loss was recorded. A new effective interest rate for each of the Term Loan and Notes that equates the revised cash flows to the carrying amount of the original debt is computed and applied prospectively. On May 12, 2022, the Company entered into an additional amendment to the Convertible Notes Agreement (the “May 12, 2022 Amended Convertible Notes Agreement”) which provides that subsequent to the payment in full of the Term Loan outstanding under the existing Credit Agreement, on a quarterly basis, 50% of the proceeds of any future at-the-market public common stock issuances received by the Company will be applied to prepayment of the Notes under the Convertible Notes Agreement. The provisions of the May 12, 2022 Amended Convertible Notes Agreement did not contain changes to the Convertible Notes Agreement that warranted an evaluation of debt modification or extinguishment. Conversion Agreement On May 13, 2022, the Company entered into a conversion agreement (the “Conversion Agreement”), pursuant to which the lenders under the Convertible Notes Agreement were permitted to convert $750 of the outstanding principal amount of the Notes into shares of Company common stock at a conversion rate of 5,882 shares of Company common stock per one thousand principal amount of the Notes (calculated based on a per share price of $0.17 of Company common stock on Nasdaq), notwithstanding the conversion rate then in effect pursuant to the terms of the Notes. Pursuant to the Conversion Agreement, the Luxor Entities converted $750 principal amount of the Notes into 4,411,500 shares of Company common stock during the three months ended June 30, 2022 (see Note 12 - Stockholders’ Equity). In accordance with ASC 470-20, “Debt with Conversion and Other Options”, the fair value of the securities transferred in the induced conversion over the fair value of securities issuable pursuant to the original conversion terms is recognized as induced conversion expense. Accordingly, upon the induced conversion, the Company recognized $930 of expense with a corresponding entry to equity of $1,673 and a net reduction of the Notes of $743, consisting of the $750 of principal, net of related discount. The expense is included in general and administrative expenses in the unaudited condensed consolidated statement of operations for the three and six months ended June 30, 2022. Short-Term Loans The Company has outstanding short-term loans as of June 30, 2022 for the purpose of financing portions of its annual insurance premium obligations. The loans are payable in monthly installments until maturity.
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Income Taxes |
6 Months Ended |
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Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company provides for income taxes using an asset and liability approach under which deferred income taxes are provided for based upon enacted tax laws and rates applicable to periods in which the taxes become payable. The Company recorded income tax expense of $17 and $33 for the three months ended June 30, 2022 and 2021, respectively, and $33 and $57 for the six months ended June 30, 2022 and 2021, respectively. The Company’s income tax expense is entirely related to state taxes in various jurisdictions. The Company recorded a full valuation allowance against net deferred tax assets as of June 30, 2022 and December 31, 2021 as the Company has historically generated net operating losses, and the Company did not consider future book income as a source of taxable income when assessing if a portion of the deferred tax assets is more likely than not to be realized. During 2020, the Company was permitted to defer payment of the employer portion of certain payroll taxes under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The Company did not defer any payroll taxes after December 31, 2020. As of June 30, 2022, the Company has $667 of employer payroll tax deferrals outstanding, all of which will be paid in 2022. This amount is reflected in other current liabilities in the accompanying unaudited condensed consolidated balance sheet.
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Commitments and Contingent Liabilities |
6 Months Ended |
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Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Workers Compensation and Auto Policy Claims We establish a liability under our workers’ compensation and auto insurance policies for claims incurred within our self-insured retention levels and an estimate for claims incurred but not yet reported. As of June 30, 2022 and December 31, 2021, $5,724 and $4,305, respectively, in outstanding workers’ compensation and auto policy reserves are included in the unaudited condensed consolidated balance sheet. Legal Matters In July 2016, Waiter.com, Inc. filed a lawsuit against Waitr Inc. in the United States District Court for the Western District of Louisiana, alleging trademark infringement based on Waitr’s use of the “Waitr” trademark and logo, Civil Action No.: 2:16-CV-01041. The plaintiff sought injunctive relief and damages relating to Waitr’s use of the “Waitr” name and logo. During the third quarter of 2020, the trial date was rescheduled to June 2021. On June 22, 2021, the Company entered into a License, Release and Settlement Agreement (the “Settlement”) to settle all claims related to this lawsuit. Pursuant to the Settlement, the Company paid the plaintiff $4,700 in cash on July 1, 2021. In connection with the Settlement, we agreed to adopt a new trademark or tradename to replace the Waitr trademark and to discontinue use of the Waitr trademark in connection with the marketing, sale or provision of any web-based or mobile app-based delivery, pick-up, carry-out or dine-in services using the Waitr trademark by June 22, 2022, unless extended by additional months in exchange for a one-time payment of $800. During the three months ended March 31, 2022, the Company accrued an $800 reserve in connection with its option to extend the license period by an additional months. The $800 legal reserve and $4,700 legal settlement are included in other expense in the unaudited condensed consolidated statement of operations for the six months ended June 30, 2022 and 2021, respectively. In April 2019, the Company was named as a defendant in a class action complaint filed by certain current and former restaurant partners, captioned Bobby’s Country Cookin’, LLC, et al v. Waitr Holdings Inc., which is currently pending in the United States District Court for the Western District of Louisiana. The plaintiffs assert claims for breach of contract and violation of the duty of good faith and fair dealing, and they seek recovery on behalf of themselves and two separate classes. Based on the current class definitions, as many as 10,000 restaurant partners could be members of the two separate classes at issue. In February 2022, the parties reached a proposed settlement in principle to resolve the litigation in its entirety and requested a stay of the pending litigation. This proposed settlement in principle was subject to Court approval and entry into a settlement agreement between the parties, and contemplated a total potential settlement fund of $2,500 of Company shares of common stock. Ultimately, no settlement agreement was executed by the parties nor was Court approval obtained, and the parties have asked the Court to lift the stay and reopen the litigation. Based on the settlement negotiations, the Company accrued a $1,250 reserve in connection with this lawsuit during the three months ended December 31, 2021. The accrued legal contingency is included in other current liabilities in the unaudited condensed consolidated balance sheet at June 30, 2022. In September 2019, Christopher Meaux, David Pringle, Jeff Yurecko, Tilman J. Fertitta, Richard Handler, Waitr Holdings Inc. f/k/a Landcadia Holdings Inc., Jefferies Financial Group, Inc. and Jefferies, LLC were named as defendants in a putative class action lawsuit entitled Walter Welch, Individually and on Behalf of all Others Similarly Situated vs. Christopher Meaux, David Pringle, Jeff Yurecko, Tilman J. Fertitta, Richard Handler, Waitr Holdings Inc. f/k/a Landcadia Holdings Inc., Jefferies Financial Group, Inc. and Jefferies, LLC. The case was filed in the Western District of Louisiana, Lake Charles Division. In the lawsuit, the plaintiff asserts putative class action claims alleging, inter alia, that various defendants made false and misleading statements in securities filings, engaged in fraud, and violated accounting and securities rules, seeking damages based upon these allegations. A similar putative class action lawsuit, entitled Kelly Bates, Individually and on Behalf of all Others Similarly Situated vs. Christopher Meaux, David Pringle, Jeff Yurecko, Tilman J. Fertitta, Richard Handler, Waitr Holdings Inc. f/k/a Landcadia Holdings Inc., Jefferies Financial Group, Inc. and Jefferies, LLC, was filed in that same court in November 2019. These two cases were consolidated, and an amended complaint was filed in October 2020. The Company filed a motion to dismiss in February 2021. The Court assigned that motion to the Magistrate Judge, who recently issued her Report and Recommendation to the District Court Judge that the motion be granted in all respects. The parties are now briefing their respective positions on the Report and Recommendation and will await the District Court Judge’s ruling. In the meantime, all discovery remains stayed and no trial date has been set. Waitr believes that this lawsuit lacks merit and that it has strong defenses to all of the claims alleged. Waitr continues to vigorously defend the suit. In addition to the lawsuits described above, Waitr is involved in other litigation arising from the normal course of business activities, including, without limitation, vehicle accidents involving employees and independent contractor drivers resulting in claims alleging personal injuries and medical expenses, labor and employment claims, allegations of intellectual property infringement, and workers’ compensation benefit claims as a result of alleged conduct involving its employees, independent contractor drivers, and third-party negligence. Although Waitr believes that it maintains insurance with standard deductibles that generally covers liability for potential damages in many of these matters where coverage is available on acceptable terms (it is not maintained for claims involving intellectual property), insurance coverage is not guaranteed, there are limits to insurance coverage and in certain instances claims are met with denial of coverage positions by the carriers; accordingly, we could suffer material losses as a result of these claims, the denial of coverage for such claims, or damages awarded for any such claim that exceeds coverage. Litigation is unpredictable and we may determine in the future that certain existing claims have greater exposure or liability than previously understood.
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Stock-Based Awards and Cash-Based Awards |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Awards and Cash-Based Awards | Stock-Based Awards and Cash-Based Awards In June 2021, the Company’s stockholders approved the Waitr Holdings Inc. Amended and Restated 2018 Omnibus Incentive Plan (the “2018 Incentive Plan”), which permits the granting of awards in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based awards, and other stock-based or cash-based awards. As of June 30, 2022, there were 5,529,255 shares of common stock available for future grants pursuant to the 2018 Incentive Plan. The Company also has outstanding equity awards under the 2014 Stock Plan (as amended in 2017, the “Amended 2014 Plan”). Total compensation expense related to awards under the Company’s incentive plans was $1,579 and $2,387 for the three months ended June 30, 2022 and 2021, respectively, and $3,250 and $4,465 for the six months ended June 30, 2022 and 2021, respectively. Stock-Based Awards Stock Options During the six months ended June 30, 2021, 500,000 stock options were granted under the 2018 Incentive Plan. Such options were subsequently forfeited during the three months ended September 30, 2021. There were no grants of stock options during the six months ended June 30, 2022. The Company determines the fair value of stock option grants on the grant date using an option-pricing model with various assumptions regarding the risk-free rate, volatility and expected term. As of March 31, 2022, all outstanding stock options were fully vested and there was no remaining unrecognized compensation cost related to stock options. The Company recognized compensation expense for stock options of $358 for the three months ended June 30, 2021, and $13 and $692 for the six months ended June 30, 2022 and 2021, respectively. The stock option activity under the Company’s incentive plans during the six months ended June 30, 2022 and 2021 is as follows:
Outstanding stock options, which were fully vested and expected to vest and exercisable are as follows as of June 30, 2022 and December 31, 2021:
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the fair value of the common stock and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options on each date. This amount will change in future periods based on the fair value of the Company’s stock and the number of options outstanding. There were no exercises of stock options during the six months ended June 30, 2022. The aggregate intrinsic value of awards exercised during the three and six months ended June 30, 2021 was $5 and $20, respectively. Upon exercise, the Company issued new common stock. Restricted Stock The Company’s restricted stock grants include performance-based and time-based vesting awards. The fair value of restricted shares is typically determined based on the closing price of the Company’s common stock on the date of grant. Performance-Based Awards As of June 30, 2022, there were 3,134,325 performance-based RSUs outstanding under the Company’s 2018 Incentive Plan. Such RSUs were granted to the Company’s chief executive officer, Carl Grimstad, in April 2020 (the “Grimstad RSU Grant”). The Grimstad RSU Grant has an aggregate grant date fair value of $3,542 and vests in full in the event of a change of control, as defined in Mr. Grimstad’s employment agreement with the Company, subject to his continuous employment with the Company through the date of a change of control; provided, however, that the Grimstad RSU Grant shall fully vest in the event that Mr. Grimstad terminates his employment for good reason or he is terminated by the Company for reason other than misconduct. No stock-based compensation expense will be recognized for the Grimstad RSU Grant until such time that is probable that the performance goal will be achieved, or at the time that Mr. Grimstad terminates his employment for good reason or he is terminated by the Company for reason other than misconduct, should either occur. Awards with Time-Based Vesting During the six months ended June 30, 2022, 8,470,000 RSUs with time-based vesting were granted pursuant to the 2018 Incentive Plan (with an aggregate grant fair value of value of $3,445). The RSUs generally vest over three years in accordance with the terms specified in the applicable award agreements, all of which accelerate and vest upon a change of control. The Company recognized compensation expense for restricted stock of $1,579 and $2,029 during the three months ended June 30, 2022 and 2021, respectively, and $3,237 and $3,773 during the six months ended June 30, 2022 and 2021, respectively. Unrecognized compensation cost related to unvested time-based RSUs as of June 30, 2022 totaled $13,916, with a weighted average remaining vesting period of approximately 2.5 years. The total fair value of restricted shares that vested during the three months ended June 30, 2022 and 2021 was $153 and $2,893, respectively, and $221 and $5,386 during the six months ended June 30, 2022 and 2021, respectively. The activity for restricted stock with time-based vesting under the Company’s incentive plans is as follows for the six months ended June 30, 2022 and 2021:
Cash-Based Awards Performance Bonus Agreement On April 2020, the Company entered into a performance bonus agreement with Mr. Grimstad, which was extended through January 3, 2025 in connection with the extension of his employment agreement. Pursuant to the performance bonus agreement, upon the occurrence of a change of control in which the holders of the Company’s common stock receive per share consideration that is equal to or greater than $2.00, subject to adjustment in accordance with the 2018 Incentive Plan, the Company shall pay Mr. Grimstad an amount equal to $5,000 (the “Bonus”). In order to receive the Bonus, Mr. Grimstad must remain continuously employed with the Company through the date of the change of control; provided, however, that in the event Mr. Grimstad terminates his employment for good reason or the Company terminates his employment other than for misconduct, Mr. Grimstad will be entitled to receive the Bonus provided the change of control occurs on or before January 3, 2025. Compensation expense related to the bonus agreement will not be recognized until such time that is probable that the performance goal will be achieved.
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Common Stock At June 30, 2022 and December 31, 2021, there were 249,000,000 shares of common stock authorized and 163,448,742 and 146,094,300 shares of common stock issued and outstanding, respectively, with a par value of $0.0001. The Company did not hold any shares as treasury shares as of June 30, 2022 or December 31, 2021. The Company’s common stockholders are entitled to one vote per share. At-the-Market Offering In November 2021, the Company entered into a third amended and restated open market sale agreement with respect to an at-the-market offering program (the “ATM Program”) under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $50,000, through Jefferies LLC (“Jefferies”) as its sales agent. The issuance and sale of shares by the Company under the agreement was made pursuant to the Company’s effective registration statement on Form S-3 which was filed on April 4, 2019. Details of sales pursuant to the ATM Program are included in the table below. There were no sales of common stock pursuant to the ATM Program after April 12, 2022.
Preferred Stock At June 30, 2022 and December 31, 2021, the Company was authorized to issue 1,000,000 shares of preferred stock ($0.0001 par value per share). There were no issued or outstanding preferred shares as of June 30, 2022 or December 31, 2021. Notes The Company has outstanding Notes which are convertible into shares of the Company’s common stock at a rate of $8.52 per share. See Note 8 – Debt for additional information regarding the Notes. Pursuant to the Conversion Agreement, the Luxor Entities converted $750 principal amount of the Notes into 4,411,500 shares of Company common stock during the three months ended June 30, 2022, calculated based on a per share price of $0.17, notwithstanding the conversion rate then in effect pursuant to the terms of the Notes. In connection with the conversion, the Company recognized $930 of induced conversion expense (see Note 8 - Debt). Warrants In November 2018, the Company issued to Luxor Capital warrants which are exercisable for 586,845 shares of the Company’s common stock at June 30, 2022, with an exercise price of $8.52 per share (the “Debt Warrants”). The Debt Warrants expire on November 15, 2022 and include customary anti-dilution protection, including broad-based weighted average adjustments for certain issuances of additional shares. Additionally, holders of the Debt Warrants have customary registration rights with respect to the shares underlying the Debt Warrants.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Medical Contingency At December 31, 2021, the Company had an outstanding medical contingency claim which was measured at fair value on a recurring basis. The estimated loss exposure for the medical contingency claim reflected the liability for unpaid medical expenses and dependent death benefits, totaling $423 as of December 31, 2021. The analysis used in the measurement of the reserve for the medical contingency reflected the Company’s assumptions regarding unpaid medical expenses and estimated death benefits used in developing the fair value estimate and was a Level 3 measurement. These inputs required significant judgments and estimates at the time of the valuation. At March 31, 2022, management no longer deemed the medical contingency claim a liability requiring fair value measurement estimation as the remaining liability at such time consisted entirely of discrete costs related to certain unpaid medical expenses. Accordingly, during the three months ended March 31, 2022, the medical contingency claim was transferred out the Level 3 fair value hierarchy. Contingent Consideration The fair value of contingent consideration is measured at acquisition date, and at the end of each reporting period through the term of the arrangement, using the Black Scholes option-pricing model with assumptions for volatility and risk-free rate. Contingent consideration relates to the earnout provision in the Company’s acquisition of the Cape Payment Companies in August 2021 and the future contingent payment based on the achievement of certain revenue targets (see Note 4 – Business Combinations). The contingent consideration liability was valued at $1,939 at December 31, 2021 and is included in other non-current liabilities on the condensed consolidated balance sheet. As of June 30, 2022, the contingent consideration liability is valued at $2,043 and is included in other current liabilities on the condensed consolidated balance sheet. Expected volatility is based on a blended weighted average of the volatility rates for a number of similar publicly-traded companies. The risk-free rates are based on U.S. Treasury securities with similar maturities as the expected term of the earnout provision at the date of valuation. The fair value measurement was based on significant inputs not observable in the market and thus, represents Level 3 measurements within the fair value hierarchy. These inputs required significant judgments and estimates at the time of the valuation. The Company engaged a third-party specialist to assist management in estimating the fair value of the contingent consideration obligation. Summary by Fair Value Hierarchy The following table presents the Company’s liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (in thousands):
The Company had no assets required to be measured at fair value on a recurring basis at June 30, 2022 or December 31, 2021. Adjustments to the fair value of the accrued medical contingency were recognized in other expense (income) on the condensed consolidated statement of operations. The following table presents a reconciliation of the accrued medical contingency liability which was classified as a Level 3 financial instrument prior to March 31, 2022 (in thousands):
Adjustments to the fair value of the contingent consideration liability at the end of each reporting period are recognized in income (loss) from operations in the condensed consolidated statement of operations. The following table presents a reconciliation of the contingent consideration liability classified as a Level 3 financial instrument for the three and six months ended June 30, 2022 (in thousands):
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Loss Per Share Attributable to Common Stockholders |
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Loss Per Share Attributable to Common Stockholders | Loss Per Share Attributable to Common Stockholders The calculation of basic and diluted loss per share attributable to common stockholders for the three and six months ended June 30, 2022 and 2021 is as follows (in thousands, except share and per share data):
The Company has outstanding Notes which are convertible into shares of the Company’s common stock. See Note 8 – Debt for additional details on the Notes. Based on the conversion price in effect at the end of the respective periods, the Notes were convertible into 5,722,314 and 4,737,237 shares, respectively, of the Company’s common stock at June 30, 2022 and 2021. Such shares were excluded from the fully diluted calculations because the effect on net loss per common share would have been anti-dilutive. Additionally, the following table includes securities outstanding at the end of the respective periods, which have been excluded from the fully diluted calculations because the effect on net loss per common share would have been antidilutive:
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Related-Party Transactions |
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Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions Credit Agreement and Convertible Notes Agreement In November 2018, the Company entered into the Credit Agreement, and in January 2019, the Company entered into an amendment to the Credit Agreement, and an amendment to the Convertible Notes Agreement with the Luxor Entities. In addition, on each of May 21, 2019, July 15, 2020, March 9, 2021 and May 9, 2022, the Company entered into amendments to the Credit Agreement with Luxor Capital and amendments to the Convertible Notes Agreement with the Luxor Entities. Additionally, on May 12, 2022, the Company entered into an amendment to the Convertible Notes Agreement with the Luxor Entities. On May 1, 2020, the Company entered into a Limited Waiver and Conversion Agreement with respect to the Credit Agreement and Convertible Notes Agreement. On May 13, 2022, the Company entered into a Conversion Agreement with respect to the Convertible Notes Agreement. Jonathan Green, a board member of the Company, is a partner at Luxor Capital. See Note 8 - Debt for additional details on related-party debt. Other Transactions with Related Parties As of June 30, 2022, we had over 27,000 restaurants on our Platforms, some of which are affiliated with one current and one prior member of our board of directors (the “Board”). We estimate that we generated total revenue, inclusive of diner fees, of approximately $75 and $200 during the three months ended June 30, 2022 and June 30, 2021, respectively, and $177 and $463 during the six months ended June 30, 2022 and 2021, respectively, from such restaurants that are affiliated with those current and prior members of our Board. Such restaurants enter into customary master service agreements with the Company, which are generally consistent with the other national partner agreements.
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Subsequent Events |
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Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events July Conversion Agreement On July 22, 2022, the Company, various lenders party thereto, and Luxor Capital entered into a conversion agreement (the “July Conversion Agreement”). Pursuant to the July Conversion Agreement, the lenders agreed to convert $6,750 of the outstanding principal amount of the Notes into shares of Company common stock at a conversion rate of 4,000 shares of Company common stock per one thousand principal amount of the Notes (calculated based on a per share price of $0.25 of Company common stock on Nasdaq), notwithstanding the conversion rate then in effect pursuant to the terms of the Notes. On August 5, 2022, the Luxor Entities converted $6,750 of the Notes into 27,000,000 shares of Company common stock, reducing the outstanding principal balance of the Notes to $42,004. Sponsorship Agreement On July 23, 2022 (the “Effective Date”), the Company entered into a multi-year sponsorship agreement with New Meadowlands Stadium Company, LLC (“NMSC”), pursuant to which the Company will be the exclusive mobile ordering platform used at MetLife Stadium. Pursuant to the sponsorship agreement, NMSC agrees to provide the Company with certain promotions, programs and benefits from New York Jets LLC (the “Jets”) and New York Football Giants, Inc. (the “Giants”), throughout each Contract Year (as defined below) of the agreement, NFL season and NFL post-season. Additionally, the Company was provided various benefits and rights including electronic signage, messaging, merchandise, and rights to use a specified number of players from each of the Jets and Giants in conjunction with advertising and promotional programs. The term “Contract Year” under the agreement refers to each year of the agreement with the first Contract Year beginning on the Effective Date and ending on March 31, 2023, and each subsequent Contract Year beginning on April 1 and ending on the last day of the following March. The term of the sponsorship agreement is Contract Years, unless sooner terminated pursuant to provisions in such agreement, and will expire on March 31, 2027. In connection with the sponsorship agreement, the Company has committed to pay an aggregate of $9,128 in sponsorship fees which will be amortized over the performance period. The sponsorship fees are payable over the Contract Years of the agreement, generally in quarterly installments. Additionally, the Company has agreed to pay a post-season sponsor fee in exchange for certain post-season benefits set forth in the agreement, if the Giants and/or Jets appear in any NFL post-season games during the term of the agreement. The Agreement also provides for customary representations, warranties, and indemnification from the parties.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) as they apply to interim financial information. Accordingly, the interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete annual financial statements, although the Company believes that the disclosures made are adequate to make information not misleading. References to the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) included hereafter refer to the ASC and ASUs established by the Financial Accounting Standards Board (the “FASB”) as the source of authoritative GAAP. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). The interim condensed consolidated financial statements are unaudited, but in the Company’s opinion, include all adjustments that are necessary for a fair presentation of the results for the periods presented. The interim results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year.
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Reclassifications | Reclassifications Certain amounts from prior periods have been reclassified to conform to the current period presentation.
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Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and all wholly owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation.
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Use of Estimates | Use of Estimates The preparation of the unaudited condensed consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Significant estimates and judgments relied upon in preparing these condensed consolidated financial statements affect the following items: •incurred loss estimates under our insurance policies with large deductibles or retention levels; •loss exposure related to claims; •determination of agent vs. principal classification for revenue recognition purposes; •income taxes; •useful lives of tangible and intangible assets; •equity compensation; •contingencies; •goodwill and other intangible assets, including the recoverability of intangible assets with finite lives and other long-lived assets; and •fair value of assets acquired, liabilities assumed and contingent consideration as part of a business combination. The Company regularly assesses these estimates and records changes to estimates in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions believed to be reasonable under the circumstances. Changes in the economic environment, financial markets, and any other parameters used in determining these estimates could cause actual results to differ from those estimates.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company considered the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on these unaudited condensed consolidated financial statements. Recently Adopted Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt, resulting in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation. ASU 2020-06 was effective for and adopted by the Company on January 1, 2022. The adoption of ASU 2020-06 did not have a material impact on the Company’s disclosures or consolidated financial statements. Pending Accounting Standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which creates an exception to the general recognition and measurement principle in ASC 805 by requiring companies to apply ASC 606 to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. The guidance additionally clarifies that companies should apply the definition of a performance obligation in ASC 606 when recognizing contract liabilities assumed in a business combination. ASU 2021-08 is effective for the Company on January 1, 2023. The Company is currently evaluating the impacts of the provisions of ASU 2021-08 on its consolidated financial statements and related disclosures.
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Revenue | Revenue from Contracts with Customers Delivery Transaction Fees The Company generates revenue (“Delivery Transaction Fees”) primarily when diners place an order on one of the Platforms. In the case of diner subscription fees relating to our diner subscription program, revenue is recognized for the receipt of the monthly fee in the applicable month for which the delivery service applies to. Delivery Transaction Fees represent the revenue recognized from the Company’s obligation to process orders on the Platforms. The performance obligation is satisfied when the Company successfully processes an order placed on one of the Platforms and the restaurant receives the order at their location. The obligation to process orders on the Platforms represents a series of distinct performance obligations satisfied over time that the Company combines into a single performance obligation. Consistent with the recognition objective in ASC Topic 606, Revenue from Contracts with Customers, the variable consideration due to the Company for processing orders is recognized on a daily basis. As an agent of the restaurant in the transaction, the Company recognizes Delivery Transaction Fees earned from the restaurant on the Platform on a net basis. Delivery Transaction Fees also include a fee charged to the end user customer when they request the order be delivered to their location. Revenue is recognized for diner fees once the delivery service is completed. The contract period for substantially all restaurant contracts is one month as both the Company and the restaurant have the ability to unilaterally terminate the contract by providing notice of termination. Payment Processing Referral Fees The Company also generates revenue by facilitating access to third-party payment processing solution providers. Revenue from such services primarily consists of residual payments received from third-party payment processing solution providers, based on the volume of transactions a payment processing solution provider performs for the merchant. The Company also occasionally receives a bonus up-front fee from third-party payment processing solution providers, paid at the time of a merchant’s initial transaction with a payment processing solution provider, based on a price specified in the agreement between the merchant and the payment processing solution provider. Payment processing referral fees represent revenue recognized from the Company’s offering of referral services, connecting a merchant with a third-party payment processing service. The Company’s performance obligation in its contracts with payment processors is for an unknown or unspecified quantity of transactions and the consideration received is contingent upon the number of transactions submitted by the merchant and processed by the payment processor. Accordingly, the total transaction price is variable. The performance obligation is satisfied when the third-party payment processor finalizes the processing of a transaction through the payment system and transaction volume is available from the payment processor to the Company. Consistent with the recognition objective in ASC Topic 606, the variable consideration due to the Company for serving as the facilitator of the arrangement between the third-party payment processor and merchant is recognized on a daily basis. The Company is the agent in these arrangements as it establishes the relationship between the third-party payment processor and merchant, and thus, recognizes revenue on a net basis. The third-party payment processor is considered the customer of the Company as no direct contract exists between the merchant and the Company.Costs to Obtain a Contract with a Customer The Company recognizes an asset for the incremental costs of obtaining a contract with a restaurant and recognizes the expense over the course of the period when the Company expects to recover those costs. The Company has determined that certain internal sales incentives earned at the time when an initial contract is executed meet these requirements. Capitalized sales incentives are amortized to sales and marketing expense on a straight-line basis over the period of benefit, which the Company has determined to be five years. The Company applies a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. Costs to Fulfill a Contract with a Customer The Company also recognizes an asset for the costs to fulfill a contract with a restaurant when they are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. The Company has determined that certain costs related to onboarding restaurants onto the Platforms meet the capitalization criteria under ASC Topic 340-40, Other Assets and Deferred Costs. Costs related to these implementation activities are deferred and then amortized to operations and support expense on a straight-line basis over the period of benefit, which the Company has determined to be five years.
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Business Combinations | The Cape Payment Acquisition was considered a business combination in accordance with ASC 805, and was accounted for using the acquisition method.The Delivery Dudes Acquisition was considered a business combination in accordance with ASC 805, and was accounted for using the acquisition method. The results of operations of Delivery Dudes are included in our unaudited condensed consolidated financial statements beginning on the acquisition date, March 11, 2021. Revenue and net income of Delivery Dudes included in the unaudited condensed consolidated statement of operations in the three months ended June 30, 2022 totaled approximately $2,905 and $326, respectively, and in the six months ended June 30, 2022 totaled approximately $6,151 and $580, respectively. |
Revenue (Tables) |
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Summary of Revenue | The following table presents our revenue disaggregated by offering. Revenue consists of the following for the periods indicated (in thousands):
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Business Combinations (Tables) |
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Summary of Supplemental Condensed Consolidated Results of Company on an Unaudited Pro Forma Basis | The supplemental condensed consolidated results of the Company for the six months ended June 30, 2021 on an unaudited pro forma basis as if the Delivery Dudes Acquisition had been consummated on January 1, 2021 are included in the table below (in thousands).
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Accounts Receivable, Net (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable | Accounts receivable consist of the following (in thousands):
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Intangibles Assets and Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | Intangible assets are stated at cost or acquisition-date fair value less accumulated amortization and consist of the following (in thousands):
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Schedule of Estimated Future Amortization Expense of Intangible Assets | Estimated future amortization expense of intangible assets subject to amortization as of June 30, 2022 is as follows (in thousands):
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Schedule of Change in Goodwill | The change in the Company’s goodwill balance is as follows for the six months ended June 30, 2022 and the year ended December 31, 2021 (in thousands):
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Other Current Liabilities (Tables) |
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Schedule of Other Current Liabilities | Other current liabilities consist of the following (in thousands):
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Debt (Tables) |
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Schedule of Outstanding Debt Obligations | The Company’s outstanding debt obligations are as follows (in thousands):
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Interest Income and Interest Expense Disclosure | Interest expense related to the Notes was comprised of the following for the three and six months ended June 30, 2022 and 2021 (in thousands):
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Stock-Based Awards and Cash-Based Awards (Tables) |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity under Incentive Plans | The stock option activity under the Company’s incentive plans during the six months ended June 30, 2022 and 2021 is as follows:
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Schedule of Outstanding Stock Options Fully Vested and Expected to Vest and Exercisable | Outstanding stock options, which were fully vested and expected to vest and exercisable are as follows as of June 30, 2022 and December 31, 2021:
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Schedule of Restricted Stock Award Activity under Incentive Plans | The activity for restricted stock with time-based vesting under the Company’s incentive plans is as follows for the six months ended June 30, 2022 and 2021:
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of At The Market Offering Program | Details of sales pursuant to the ATM Program are included in the table below. There were no sales of common stock pursuant to the ATM Program after April 12, 2022.
|
Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (in thousands):
|
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Schedule of Reconciliation of Accrued Medical Contingency Liability Classified as Level 3 Financial Instruments | The following table presents a reconciliation of the accrued medical contingency liability which was classified as a Level 3 financial instrument prior to March 31, 2022 (in thousands):
|
Loss Per Share Attributable to Common Stockholders (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Basic and Diluted Income Per Share Attributable to Common Stockholders | The calculation of basic and diluted loss per share attributable to common stockholders for the three and six months ended June 30, 2022 and 2021 is as follows (in thousands, except share and per share data):
|
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Schedule of Securities Outstanding Excluded From Fully Diluted Calculations | Additionally, the following table includes securities outstanding at the end of the respective periods, which have been excluded from the fully diluted calculations because the effect on net loss per common share would have been antidilutive:
|
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
May 09, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Debt Instrument [Line Items] | ||||
Accumulated deficit | $ (458,022,000) | $ (369,135,000) | ||
Repayments of long-term debt | $ 20,000,000 | $ 14,472,000 | ||
Amended Debt Agreements | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Repayments of long-term debt | $ 20,000,000 |
Revenue - Summary of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 31,171 | $ 49,167 | $ 66,211 | $ 100,097 |
Delivery transaction fees | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 27,756 | 48,251 | 59,332 | 98,727 |
Payment processing referral fees | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 2,783 | 0 | 5,293 | 0 |
Setup and integration fees | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 0 | 1 | 0 | 8 |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 632 | $ 915 | $ 1,586 | $ 1,362 |
Revenue - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Costs to Obtain a Contract With a Customer | |||||
Capitalized Contract Cost [Line Items] | |||||
Capitalized sales incentives amortization period | 5 years | ||||
Deferred costs | $ 3,008 | $ 3,008 | $ 2,968 | ||
Deferred costs, current | 913 | 913 | 818 | ||
Amortization expense | 221 | $ 173 | $ 429 | $ 322 | |
Costs to Fulfill a Contract With a Customer | |||||
Capitalized Contract Cost [Line Items] | |||||
Capitalized sales incentives amortization period | 5 years | ||||
Deferred costs | 1,764 | $ 1,764 | 1,385 | ||
Deferred costs, current | 464 | 464 | $ 352 | ||
Amortization expense | $ 110 | $ 56 | $ 204 | $ 101 |
Business Combinations - Summary of Supplemental Condensed Consolidated Results of Company on an Unaudited Pro Forma Basis (Details) - Delivery Dudes $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Business Acquisition [Line Items] | |
Net revenue | $ 102,573 |
Net loss | $ 8,989 |
Accounts Receivable, Net - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Receivables [Abstract] | ||
Credit card receivables | $ 1,480 | $ 1,354 |
Residual commissions receivable | 1,494 | 1,342 |
Receivables from restaurants and customers | 649 | 660 |
Accounts receivable | 3,623 | 3,356 |
Less: allowance for doubtful accounts and chargebacks | (304) | (329) |
Accounts receivable, net | $ 3,319 | $ 3,027 |
Intangibles Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | $ 143,063,000 | $ 143,063,000 | $ 138,745,000 | |||
Accumulated Amortization | (34,423,000) | (34,423,000) | (29,473,000) | |||
Accumulated Impairment | (69,157,000) | (69,157,000) | (69,157,000) | |||
Total future amortization | 39,483,000 | 39,483,000 | 40,115,000 | |||
Gross Carrying Amount | 146,086,000 | 146,086,000 | 141,756,000 | |||
Intangible Assets, Net | 42,506,000 | 42,506,000 | 43,126,000 | |||
Goodwill impairment | 0 | $ 67,190,000 | $ 0 | 67,190,000 | $ 0 | |
Trademarks | ||||||
Intangible Assets [Line Items] | ||||||
Trademarks, not subject to amortization | 3,023,000 | 3,023,000 | 3,011,000 | |||
Software | ||||||
Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 40,004,000 | 40,004,000 | 35,686,000 | |||
Accumulated Amortization | (12,120,000) | (12,120,000) | (9,632,000) | |||
Accumulated Impairment | (11,779,000) | (11,779,000) | (11,779,000) | |||
Total future amortization | 16,105,000 | 16,105,000 | 14,275,000 | |||
Trademarks/Trade name/Patents | ||||||
Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 6,549,000 | 6,549,000 | 6,549,000 | |||
Accumulated Amortization | (5,852,000) | (5,852,000) | (5,585,000) | |||
Total future amortization | 697,000 | 697,000 | 964,000 | |||
Customer Relationships | ||||||
Intangible Assets [Line Items] | ||||||
Gross Carrying Amount | 96,510,000 | 96,510,000 | 96,510,000 | |||
Accumulated Amortization | (16,451,000) | (16,451,000) | (14,256,000) | |||
Accumulated Impairment | (57,378,000) | (57,378,000) | (57,378,000) | |||
Total future amortization | $ 22,681,000 | $ 22,681,000 | $ 24,876,000 |
Intangibles Assets and Goodwill - Additional Information (Details) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2022
USD ($)
reportingUnit
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Intangible Assets [Line Items] | ||||||
Capitalized computer software | $ 4,318,000 | $ 4,318,000 | ||||
Amortization expense | 2,465,000 | $ 2,233,000 | 4,950,000 | $ 4,065,000 | ||
Acquisitions during the period | $ 0 | $ 23,890,000 | ||||
Number of reporting units | reportingUnit | 1 | |||||
Goodwill impairment | $ 0 | $ 67,190,000 | $ 0 | $ 67,190,000 | $ 0 | |
Delivery Dudes Acquisition | ||||||
Intangible Assets [Line Items] | ||||||
Acquisitions during the period | 14,343,000 | |||||
Cape Payment Companies | ||||||
Intangible Assets [Line Items] | ||||||
Acquisitions during the period | $ 9,547,000 |
Intangibles Assets and Goodwill - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
The remainder of 2022 | $ 5,186 | |
2023 | 11,551 | |
2024 | 9,423 | |
2025 | 6,171 | |
2026 | 3,458 | |
Thereafter | 3,694 | |
Total future amortization | $ 39,483 | $ 40,115 |
Intangibles Assets and Goodwill - Schedule of Change in Goodwill (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Goodwill [Roll Forward] | ||
Balance, beginning of period | $ 130,624 | $ 106,734 |
Acquisitions during the period | 0 | 23,890 |
Impairments during the period | (67,190) | 0 |
Balance, end of period | $ 63,434 | $ 130,624 |
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Accrued insurance expenses | $ 5,436 | $ 3,932 |
Accrued estimated workers’ compensation expenses | 411 | 644 |
Accrued medical contingency | 366 | 370 |
Accrued legal contingency | 1,250 | 1,250 |
Accrued sales tax payable | 100 | 175 |
Accrued cash incentives | 108 | 3,130 |
Other accrued expenses | 3,461 | 3,685 |
Contingent consideration liability | 2,043 | 0 |
Unclaimed property | 2,630 | 2,372 |
Other current liabilities | 2,963 | 3,751 |
Total other current liabilities | $ 18,768 | $ 19,309 |
Debt - Interest Income and Interest Expense Disclosure (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 1,461 | $ 1,681 | $ 3,165 | $ 3,582 |
Notes | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 745 | 501 | 1,488 | 996 |
Amortization of debt discount | 47 | 298 | 101 | 588 |
Interest expense, debt, excluding amortization | $ 792 | $ 799 | $ 1,589 | $ 1,584 |
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 17 | $ 33 | $ 33 | $ 57 |
Employer payroll tax deferrals under CARES Act | $ 667 | $ 667 |
Commitments and Contingent Liabilities - Additional Information (Detail) $ in Thousands |
1 Months Ended | 3 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 01, 2021
USD ($)
|
Jun. 22, 2021
USD ($)
|
Feb. 28, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
partner
|
Dec. 31, 2021
USD ($)
|
|
Commitments and Contingencies Disclosure [Abstract] | ||||||
Outstanding workers compensation and auto policy reserves | $ 5,724 | $ 4,305 | ||||
Cash paid to plaintiff | $ 4,700 | |||||
One time payment in settlement agreement, extension period | 8 months | 8 months | ||||
One-time payment in settlement agreement | $ 800 | $ 800 | ||||
Number of restaurant partner | partner | 10,000 | |||||
Litigation settlement | $ 2,500 | |||||
Estimated litigation liability | $ 1,250 |
Stock-Based Awards and Cash-Based Awards - Schedule of Restricted Stock Award Activity under Incentive Plans (Details) - RSUs and RSAs - 2018 Incentive Plan - $ / shares |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Number of Shares | ||||
Beginning balance (in shares) | 8,614,746 | 4,558,603 | 4,558,603 | |
Granted (in shares) | 8,470,000 | 5,308,960 | ||
Vested (in shares) | (979,570) | (2,103,310) | ||
Forfeitures (in shares) | (989,503) | (230,084) | ||
Ending balance (in shares) | 15,115,673 | 7,534,169 | 8,614,746 | 4,558,603 |
Weighted Average Grant Date Fair Value | ||||
Beginning balance (in dollars per share) | $ 2.15 | $ 2.23 | $ 2.23 | |
Granted (in dollars per share) | 0.41 | 2.55 | ||
Vested (in dollars per share) | 2.34 | 2.03 | ||
Forfeitures (in dollars per share) | 1.21 | 1.50 | ||
Ending balance (in dollars per share) | $ 1.22 | $ 2.53 | $ 2.15 | $ 2.23 |
Weighted Average Remaining Contractual Term (years) | 2 years 6 months | 2 years 9 months 14 days | 2 years 6 months | 1 year 8 months 15 days |
Stockholders' Equity - Schedule Of At The Market Offering Program (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|---|
Dec. 31, 2021 |
Jun. 30, 2022 |
Apr. 12, 2022 |
Apr. 12, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Class Of Stock [Line Items] | ||||||
Gross proceeds (in thousands) | $ 7,120 | $ 0 | ||||
Common stock | ||||||
Class Of Stock [Line Items] | ||||||
Total shares sold (in shares) | 2,616,335 | 12,074,990 | ||||
Common stock | November 2021 ATM Program | ||||||
Class Of Stock [Line Items] | ||||||
Maximum aggregate offering price (in thousands) | $ 50,000 | |||||
Total shares sold (in shares) | 1,679,631 | 12,074,990 | 13,754,621 | |||
Average sales price per share (in dollars per share) | $ 0.83 | $ 0.60 | $ 0.63 | |||
Gross proceeds (in thousands) | $ 1,398 | $ 7,211 | $ 8,609 | |||
Net proceeds (in thousands) | $ 1,359 | $ 7,120 | $ 8,479 |
Fair Value Measurements - Additional Information (Details) - USD ($) |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Estimated loss exposure | $ 423,000 | |
Fair Value, Measurements, Recurring | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Contingent consideration | $ 2,043,000 | 1,939,000 |
Assets to be measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Contingent consideration | $ 2,043,000 | $ 1,939,000 |
Fair Value Measurements - Summary of Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Liabilities | ||
Accrued medical contingency | $ 423 | |
Contingent consideration | $ 2,043 | 1,939 |
Total liabilities measured and recorded at fair value | 2,043 | 2,362 |
Level 1 | ||
Liabilities | ||
Accrued medical contingency | 0 | |
Contingent consideration | 0 | 0 |
Total liabilities measured and recorded at fair value | 0 | 0 |
Level 2 | ||
Liabilities | ||
Accrued medical contingency | 0 | |
Contingent consideration | 0 | 0 |
Total liabilities measured and recorded at fair value | 0 | 0 |
Level 3 | ||
Liabilities | ||
Accrued medical contingency | 423 | |
Contingent consideration | 2,043 | 1,939 |
Total liabilities measured and recorded at fair value | $ 2,043 | $ 2,362 |
Fair Value Measurements - Schedule of Reconciliation of Accrued Medical Contingency Liability Classified as Level 3 Financial Instruments (Details) - Fair Value, Measurements, Recurring - Level 3 - Medical Contingency - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Reconciliation of Accrued Contingency Liabilities [Roll Forward] | ||||
Balance, beginning of the period | $ 0 | $ 17,300 | $ 423 | $ 17,435 |
Increases/additions | 0 | 41 | 0 | 84 |
Reductions/settlements | 0 | (159) | (53) | (337) |
Transfers out of Level 3 | 0 | 0 | (370) | 0 |
Balance, end of the period | $ 0 | $ 17,182 | $ 0 | $ 17,182 |
Fair Value Measurements - Schedule of Reconciliation of Contingent Consideration Liability Classified as Level 3 Financial Instruments (Details) - Fair Value, Measurements, Recurring - Level 3 - Contingent Consideration - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2022 |
|
Contingent Liabilities [Roll Forward] | ||
Balance, beginning of the period | $ 2,020 | $ 1,939 |
Additions | 0 | 0 |
Increase in fair value | 23 | 104 |
Reductions/settlements | 0 | 0 |
Balance, end of the period | $ 2,043 | $ 2,043 |
Loss Per Share Attributable to Common Stockholders - Schedule of Calculation of Basic and Diluted Income Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Net income attributable to common stockholders - basic | $ (11,671) | $ (5,641) | $ (88,887) | $ (9,353) |
Net income attributable to common stockholders - diluted | $ (11,671) | $ (5,641) | $ (88,887) | $ (9,353) |
Weighted average common shares outstanding – basic | 160,531,778 | 115,644,790 | 157,099,938 | 113,998,589 |
Weighted average common shares outstanding – diluted | 160,531,778 | 115,644,790 | 157,099,938 | 113,998,589 |
Diluted (in dollars per share) | $ (0.07) | $ (0.05) | $ (0.57) | $ (0.08) |
Basic (in dollars per share) | $ (0.07) | $ (0.05) | $ (0.57) | $ (0.08) |
Loss Per Share Attributable to Common Stockholders - Additional Information (Details) - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings Per Share [Abstract] | ||
Conversion of notes into common stock | 5,722,314 | 4,737,237 |
Loss Per Share Attributable to Common Stockholders - Schedule of Securities Outstanding Excluded From Fully Diluted Calculations (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Stock options | ||||
Antidilutive shares underlying stock-based awards: | 9,635,601 | 10,212,398 | 9,635,601 | 10,212,398 |
Restricted stock units | ||||
Antidilutive shares underlying stock-based awards: | 18,249,998 | 10,693,494 | 18,249,998 | 10,693,494 |
Warrants | ||||
Antidilutive shares underlying stock-based awards: | 586,845 | 478,464 | 586,845 | 478,464 |
Related-Party Transactions (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022
USD ($)
restaurant
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2022
USD ($)
restaurant
|
Jun. 30, 2021
USD ($)
|
|
Related Party Transaction [Line Items] | ||||
Number of restaurants | restaurant | 27,000 | 27,000 | ||
Affiliated Entity | Restaurants | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ | $ 75 | $ 200 | $ 177 | $ 463 |
Subsequent Events (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 05, 2022
USD ($)
shares
|
Jul. 23, 2022
USD ($)
|
Jul. 22, 2022
USD ($)
$ / shares
|
May 13, 2022
USD ($)
$ / shares
|
Jun. 30, 2022
USD ($)
$ / shares
shares
|
Jun. 30, 2022
$ / shares
shares
|
|
Subsequent Event [Line Items] | ||||||
Notes principal amount | $ 750 | $ 750 | ||||
Conversion ratio | 5.882 | |||||
Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Share price | $ / shares | $ 0.17 | $ 0.17 | $ 0.17 | |||
Stock issued for conversion of Notes (in shares) | shares | 4,411,500 | 4,411,500 | ||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Notes principal amount | $ 6,750 | $ 6,750 | ||||
Conversion ratio | 4.0 | |||||
Convertible debt | $ 42,004 | |||||
Sponsorship agreement term | 5 years | |||||
Sponsorship fees | $ 9,128 | |||||
Subsequent Event | Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Share price | $ / shares | $ 0.25 | |||||
Stock issued for conversion of Notes (in shares) | shares | 27,000,000 |
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