(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
WAITR HOLDINGS INC. | ||||||||
Date: November 9, 2022 | By: | /s/ Thomas C. Pritchard | ||||||
Name: Thomas C. Pritchard | ||||||||
Title: General Counsel |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
REVENUE | $ | 25,141 | $ | 43,448 | $ | 91,352 | $ | 143,545 | |||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||
Operations and support | 13,457 | 25,043 | 49,719 | 86,654 | |||||||||||||||||||
Sales and marketing | 8,263 | 4,965 | 21,489 | 13,481 | |||||||||||||||||||
Research and development | 935 | 1,310 | 3,488 | 3,163 | |||||||||||||||||||
General and administrative | 7,762 | 10,843 | 31,520 | 33,534 | |||||||||||||||||||
Depreciation and amortization | 3,599 | 3,070 | 9,664 | 8,952 | |||||||||||||||||||
Goodwill impairment | 53,898 | — | 121,088 | — | |||||||||||||||||||
Intangible and other asset impairments | — | 186 | — | 186 | |||||||||||||||||||
(Gain) loss on disposal of assets | 55 | 11 | (33) | 170 | |||||||||||||||||||
TOTAL COSTS AND EXPENSES | 87,969 | 45,428 | 236,935 | 146,140 | |||||||||||||||||||
LOSS FROM OPERATIONS | (62,828) | (1,980) | (145,583) | (2,595) | |||||||||||||||||||
OTHER (INCOME) EXPENSES AND (GAINS) LOSSES, NET | |||||||||||||||||||||||
Interest expense | 1,198 | 1,751 | 4,363 | 5,333 | |||||||||||||||||||
Other (income) expense | 9,422 | (16,006) | 12,356 | (10,907) | |||||||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (73,448) | 12,275 | (162,302) | 2,979 | |||||||||||||||||||
Income tax expense | 14 | 25 | 47 | 82 | |||||||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | $ | (73,462) | $ | 12,250 | $ | (162,349) | $ | 2,897 | |||||||||||||||
INCOME (LOSS) PER SHARE: | |||||||||||||||||||||||
Basic | $ | (0.40) | $ | 0.10 | $ | (0.98) | $ | 0.02 | |||||||||||||||
Diluted | $ | (0.40) | $ | 0.09 | $ | (0.98) | $ | 0.02 | |||||||||||||||
Weighted average shares used to compute net income (loss) per share: | |||||||||||||||||||||||
Weighted average common shares outstanding – basic | 183,766,396 | 119,823,181 | 166,086,439 | 115,961,454 | |||||||||||||||||||
Weighted average common shares outstanding – diluted | 183,766,396 | 130,167,296 | 166,086,439 | 128,279,820 |
September 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash | $ | 20,118 | $ | 60,111 | |||||||
Accounts receivable, net | 3,102 | 3,027 | |||||||||
Capitalized contract costs, current | 1,490 | 1,170 | |||||||||
Prepaid expenses and other current assets | 5,180 | 8,706 | |||||||||
TOTAL CURRENT ASSETS | 29,890 | 73,014 | |||||||||
Property and equipment, net | 2,180 | 3,763 | |||||||||
Capitalized contract costs, noncurrent | 3,496 | 3,183 | |||||||||
Goodwill | 9,536 | 130,624 | |||||||||
Intangible assets, net | 41,447 | 43,126 | |||||||||
Operating lease right-of-use assets | 3,244 | 4,327 | |||||||||
Other noncurrent assets | 858 | 1,070 | |||||||||
TOTAL ASSETS | $ | 90,651 | $ | 259,107 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
LIABILITIES: | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | 4,545 | $ | 7,018 | |||||||
Restaurant food liability | 1,661 | 3,327 | |||||||||
Accrued payroll | 1,370 | 2,988 | |||||||||
Short-term loans for insurance financing | 1,224 | 3,142 | |||||||||
Income tax payable | 121 | 74 | |||||||||
Operating lease liabilities | 1,175 | 1,581 | |||||||||
Other current liabilities | 18,483 | 19,309 | |||||||||
TOTAL CURRENT LIABILITIES | 28,579 | 37,439 | |||||||||
Long term debt - related party | 55,941 | 81,977 | |||||||||
Accrued medical contingency | — | 53 | |||||||||
Operating lease liabilities, net of current portion | 2,276 | 3,034 | |||||||||
Other noncurrent liabilities | 20 | 2,115 | |||||||||
TOTAL LIABILITIES | 86,816 | 124,618 | |||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Common stock, $0.0001 par value | 20 | 15 | |||||||||
Additional paid in capital | 535,299 | 503,609 | |||||||||
Accumulated deficit | (531,484) | (369,135) | |||||||||
TOTAL STOCKHOLDERS’ EQUITY | 3,835 | 134,489 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 90,651 | $ | 259,107 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net (loss) income | $ | (162,349) | $ | 2,897 | |||||||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||||||||||
Non-cash interest expense | 1,417 | 1,948 | |||||||||
Induced conversion expense related to Notes | 9,499 | — | |||||||||
Stock-based compensation | 4,588 | 6,100 | |||||||||
(Gain) loss on disposal of assets | (33) | 170 | |||||||||
Depreciation and amortization | 9,664 | 8,952 | |||||||||
Goodwill impairment | 121,088 | — | |||||||||
Intangible and other asset impairments | — | 186 | |||||||||
Amortization of capitalized contract costs | 930 | 686 | |||||||||
Change in estimate of accrued medical contingency | — | (16,715) | |||||||||
Change in fair value of contingent consideration liability | (551) | — | |||||||||
Other | (80) | (93) | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | (75) | 583 | |||||||||
Capitalized contract costs | (1,563) | (1,749) | |||||||||
Prepaid expenses and other current assets | 3,526 | 16 | |||||||||
Other noncurrent assets | 229 | (311) | |||||||||
Accounts payable | (2,473) | 373 | |||||||||
Restaurant food liability | (1,666) | (903) | |||||||||
Income tax payable | 47 | (38) | |||||||||
Accrued payroll | (1,618) | (3,389) | |||||||||
Accrued medical contingency | (53) | (218) | |||||||||
Other current liabilities | (3,054) | 1,032 | |||||||||
Other noncurrent liabilities | 826 | (102) | |||||||||
Net cash used in operating activities | (21,701) | (575) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (224) | (717) | |||||||||
Internally developed software | (6,335) | (6,432) | |||||||||
Purchase of domain names | (27) | — | |||||||||
Acquisitions, net of cash acquired | — | (25,435) | |||||||||
Proceeds from sale of property and equipment | 56 | 21 | |||||||||
Net cash used in investing activities | (6,530) | (32,563) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of stock | 10,266 | 7,900 | |||||||||
Payments on long-term loan | (20,000) | (14,472) | |||||||||
Borrowings under short-term loans for insurance financing | 2,811 | 5,209 | |||||||||
Payments on short-term loans for insurance financing | (4,729) | (5,605) | |||||||||
Payments on acquisition loans | — | (178) | |||||||||
Payments on finance lease obligation | (4) | — | |||||||||
Proceeds from exercise of stock options | — | 12 | |||||||||
Taxes paid related to net settlement on stock-based compensation | (106) | (932) | |||||||||
Net cash used in financing activities | (11,762) | (8,066) | |||||||||
Net change in cash | (39,993) | (41,204) | |||||||||
Cash, beginning of period | 60,111 | 84,706 | |||||||||
Cash, end of period | $ | 20,118 | $ | 43,502 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid during the period for interest | $ | 2,946 | $ | 3,385 | |||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
Conversion of convertible notes to stock | $ | 16,949 | $ | — | |||||||
Stock issued as consideration in acquisition | — | 13,724 | |||||||||
Noncash impact of operating lease assets upon adoption | — | 5,833 | |||||||||
Noncash impact of operating lease liabilities upon adoption | — | 6,232 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
NET (LOSS) INCOME | $ | (73,462) | $ | 12,250 | $ | (162,349) | $ | 2,897 | |||||||||||||||
Interest expense | 1,198 | 1,751 | 4,363 | 5,333 | |||||||||||||||||||
Income taxes | 14 | 25 | 47 | 82 | |||||||||||||||||||
Depreciation and amortization expense | 3,599 | 3,070 | 9,664 | 8,952 | |||||||||||||||||||
Goodwill impairment | 53,898 | — | 121,088 | — | |||||||||||||||||||
Stock-based compensation expense | 1,338 | 1,635 | 4,588 | 6,100 | |||||||||||||||||||
(Gain) loss on disposal of assets | 55 | 11 | (33) | 170 | |||||||||||||||||||
Intangible and other asset impairments | — | 186 | — | 186 | |||||||||||||||||||
Induced conversion expense related to Notes | 8,569 | — | 9,499 | — | |||||||||||||||||||
Change in fair value of contingent consideration liability | (655) | — | (551) | — | |||||||||||||||||||
Medical contingency change in estimate | — | (16,715) | — | (16,715) | |||||||||||||||||||
Transaction related expenditures and other non-recurring adjustments | 776 | 855 | 2,812 | 2,159 | |||||||||||||||||||
Accrued legal contingency and reserve | — | — | 800 | 4,700 | |||||||||||||||||||
ADJUSTED EBITDA | $ | (4,670) | $ | 3,068 | $ | (10,072) | $ | 13,864 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net (loss) income | $ | (73,462) | $ | 12,250 | $ | (162,349) | $ | 2,897 | |||||||||||||||
Goodwill impairment | 53,898 | — | 121,088 | — | |||||||||||||||||||
Induced conversion expense related to Notes | 8,569 | — | 9,499 | — | |||||||||||||||||||
Change in fair value of contingent consideration liability | (655) | — | (551) | — | |||||||||||||||||||
Medical contingency change in estimate | — | (16,715) | — | (16,715) | |||||||||||||||||||
Transaction related expenditures and other non-recurring adjustments | 776 | 855 | 2,812 | 2,159 | |||||||||||||||||||
Accrued legal contingency and reserve | — | — | 800 | 4,700 | |||||||||||||||||||
Adjusted net loss | $ | (10,874) | $ | (3,610) | $ | (28,701) | $ | (6,959) | |||||||||||||||
Weighted average common shares outstanding - diluted | 183,766,396 | 130,167,296 | 166,086,439 | 128,279,820 | |||||||||||||||||||
Adjusted loss per diluted share | $ | (0.06) | $ | (0.03) | $ | (0.17) | $ | (0.05) |
Cover |
Nov. 09, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 09, 2022 |
Entity Registrant Name | WAITR HOLDINGS INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-37788 |
Entity Tax Identification Number | 26-3828008 |
Entity Address, Address Line One | 214 Jefferson Street |
Entity Address, Address Line Two | Suite 200 |
Entity Address, City or Town | Lafayette |
Entity Address, State or Province | LA |
Entity Address, Postal Zip Code | 70501 |
City Area Code | 337 |
Local Phone Number | 534-6881 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, Par Value $0.0001 Per Share |
Trading Symbol | WTRH |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001653247 |
Amendment Flag | false |
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